Business
FirsTime Design Limited Announces First Quarter 2022 Results
FirsTime Design Limited Announces First Quarter 2022 Results.
About this update from Firstime Design Ltd.
[{"type":"text","content":"PEWAUKEE, WI / ACCESSWIRE / May 12, 2022 / FIRSTIME DESIGN LIMITED (FTDL) today announced financial results for the first-quarter period ending March 31, 2022. First-quarter highlights include:The Company consolidated warehouse space of its commercial mattress business as well as its mid-west location to continue to bring down warehouse expenseThe Company continues to use excess cash flow to pay down its Line of CreditThe Company remains on track to implement its new ERP system in Q3 2022Financial Results SummaryIncome Statement Summary First Quarter Period 3/31/20223/31/2021 Net Sales $6,138,000$7,309,000Sales Growth % -16.0%118.8%EBITDA $(609,000)$699,000Margin % -9.9%9.6%Net Income/(Loss) $(710,000)$625,000Margin % -11.6%8.6%Earnings per Share $(0.61)$0.54EPS Growth % N/A518.8%Wtd. Avg. Shares Out. 1,154,6511,154,651Balance Sheet Summary First Quarter Period 3/31/20223/31/2021 Net Tangible Working Capital $ 12,325,000$ 10,552,000Net Debt $ 7,372,000$ 4,885,000Total Shareholder's Equity $ 8,792,000$ 9,708,000Operational Results SummaryChairman and CEO Christopher D. Bering said "the first quarter of 2022 was a difficult one. Inflation costs in the shipping environment remain elevated though we have seen some normalization in the market which we hope bodes well for the back half of the year. We remain committed to the long-term strategy of creating an efficient and flexible operating structure to scale growth when the business environment returns to further normalcy. We have deliberately and specifically attempted to improve everything in our control to be in the best position possible when that occurs. We are working hard on behalf of all stakeholders in the business to make sure we get through this period of volatility and ready to get back to profitable growth when the environment allows it."Andrew Bass, Chairman of the Capital Allocation Committee, said that "as we harvest losses, we remain committed to long term profitable growth in order to maximize the value of FirsTime."About FirsTime Design LimitedFirsTime Design Limited is an industry-leading designer, marketer, and distributor of home goods and sleep environment products, which are sold through multiple, national retailers as well as through a vast network of e-commerce channels. More information about the Company can be found at www.firstime.com ...