Business
FirsTime Design Limited Announces Second Quarter Results and Formation of a Capital Allocation Committee
FirsTime Design Limited Announces Second Quarter Results and Formation of a Capital Allocation Committee.
About this update from Firstime Design Ltd.
[{"type":"text","content":"\n \n FIRSTIME DESIGN LIMITED (FTDL) today announced net sales for the six \n months ended June 30, 2015 of $4,623,000 an increase of 16.4% compared \n to the same period of last year. The Company reported consolidated net \n income of $476,000 or $.31 per common share, an increase of 54.6% \n compared to the same six-month period of last year. Second quarter net \n income was $257,000 or $0.17 per common share, an increase of 52.7% as \n compared to the same three-month period of last year. FTDL ended the \n quarter with $1,874,000 of cash and cash equivalents on the balance \n sheet.\n \n \n Additionally, the Company announced the formation of a Capital \n Allocation Committee to review and recommend to the Board of Directors \n “for” or “against” external capital investments, acquisitions, \n securities purchases or sales, mergers and general investments. Newly \n elected Chairman of the Committee, Andrew Bass, said “the Board of \n Directors and Company recognize that in addition to maintaining a \n profitable and growing core business, FTDL should explore opportunities \n to deploy capital, in a deliberative manner, with the intent of \n maximizing per share value.”\n \n \n Forward Looking Statements\n \n \n Statements included in this press release that are not historical in \n nature are “forward-looking statements” within the meaning of the \n Private Securities Litigation Reform Act of 1995 (the “1995 Act”). The \n words “believe,” “expect,” “anticipate,” “estimate,” “guidance,” \n “target” and similar expressions identify forward-looking statements. \n The Company cautions readers that forward-looking statements are subject \n to certain risks and uncertainties, which could cause actual results to \n differ materially from those projected in the forward-looking \n statements. Certain risks and uncertainties are identified from time to \n time in the Company’s reports. Some factors that could cause results to \n differ materially from those projected in the forward-looking statements \n include: market conditions, liquidation value of assets, and the market \n value and future liquidity of FirsTime Design Ltd. stock. The Company \n claims the protection of the safe harbor for forward-...