Business
FirsTime Design Limited Announces Second Quarter 2017 Results
FirsTime Design Limited Announces Second Quarter 2017 Results.
About this update from Firstime Design Ltd.
[{"type":"text","content":"\n \n (Numbers in thousands, except per share amounts)\n \n \n FIRSTIME DESIGN LIMITED (FTDL) today announced net sales for the six \n months ended June 30, 2017 of $3,516, a decrease of 8.5% compared to the \n same period last year. The Company reported a consolidated net loss of \n $169 or ($0.11) per common share for the six month period, with a second \n quarter net loss of $361 or ($0.24) per common share. The loss for the \n quarter was attributed in part with the acquisition costs related to \n InnerSpace Luxury Products, LLC (“InnerSpace”) of $263. The Company \n ended the quarter with $2,495 of cash and cash equivalents on the \n balance sheet.\n \n \n FirsTime acquired 100% of InnerSpace, located in Dalton GA, through a \n stock purchase on June 16, 2017. InnerSpace is a distributor of high \n quality custom bedding and home goods with a strong online and \n e-commerce platform. Q2 2017 financial results included 15 days of \n InnerSpace activity. Assuming InnerSpace was acquired on January 1, \n 2017, the combined net sales would have been $6,736, a 75.4% increase \n over the six months ended June 30, 2016. These figures are compiled / \n unaudited accounts of the normalized performance of the combined \n operations intended to give shareholders a snapshot of the financial \n impact of the acquisition of InnerSpace.\n \n \n Christopher D. Bering, Chairman and Chief Executive Officer of FTDL, \n commented, “We are very pleased with both the addition of high quality \n product lines and with the quality of the people and talent who have \n joined our team as a result of the acquisition of InnerSpace. InnerSpace \n is an online retailer of home décor products, similar to our core \n product offering at FirsTime, as well as a distributor of mattresses and \n other related products for the Over the Road Truck Industry called the \n Mobile InnerSpace division. We feel that both the online retailer of \n home décor, as well as the Mobile InnerSpace division, provide \n significant growth opportunities. We have already begun to integrate our \n design expertise and innovative marketing approach at InnerSpace which \n will allow us to reveal exciting new products in 2018.”\n \n \n Andrew Bass, a member of FTDL’s Board of Directors said, “More \n opportunity and synergies are being ...