Business
FirsTime Design Limited Announces Third Quarter 2021 Results
FirsTime Design Limited Announces Third Quarter 2021 Results.
About this update from Firstime Design Ltd.
[{"type":"text","content":"PEWAUKEE, WI / ACCESSWIRE / October 25, 2021 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the third quarter period ending September 30, 2021. Third-quarter highlights include:The Company opened its sixth distribution facility, located near the port of Los Angeles, to support planned growthThe Company is in the process of migrating to a new Oracle ERP system which will be completed in early 2022 which will help scale business operationsThe Company has undertaken its first full financial audit which it expects will be completed by the end of Q1 2022 for Fiscal Year 2021Financial Results SummaryIncome Statement Summary Third Quarter Period Year to Date Period 9/30/2021 9/30/2020 9/30/2021 9/30/2020 Net Sales $5,995,000 $6,355,000 $18,609,000 $14,000,000 Sales Growth % -5.7% 82.2% 32.9% 45.3% EBITDA $564,000 $833,000 $1,449,000 $1,500,000 Margin % 9.4% 13.1% 7.8% 10.7% Net Income $470,000 $774,000 $1,138,000 $1,338,000 Margin % 7.8% 12.2% 6.2% 9.6% Earnings per Share $0.41 $0.67 $0.99 $1.16 EPS Growth % -38.9% 509.1% -11.4% 163.3% Wtd. Avg. Shares Out. 1,154,651 1,154,651 1,154,651 1,154,651 Balance Sheet Summary Year to Date Period 9/30/2021 9/30/2020 Net Tangible Working Capital $13,654,000 $6,672,000Net Debt $7,596,000 $3,110,000Total Shareholder's Equity $10,201,000 $5,670,000 Operational Results SummaryChairman and CEO Christopher D. Bering said "I am extremely pleased with the organization's accomplishments despite the unprecedented global logistical headwinds that all businesses are facing today. Regardless, the Company performed well, even when compared to the same period in 2020, which COVID-19 positively influenced."Bering went on to say, "Though the operating environment is extremely challenging with supply chains backed up, and container and shipping costs up over 400% versus what they were a year ago, we have been largely spared from the worst impact because the Company made strategic investments into our supply chain in early 2020 to mitigate the substantial global congestion. We continued those investments in the third quarter of 2021 with additions to our West Coast distribution facilities which now comprise over 500,000 square feet in space. Longer-term, we remain extremely optimistic in our strategy. The Company continues to make major investments into infrastructur...