Nova LifeStyle, Inc. Announces Financial and Operating Results For Fiscal 2019
12 Mai 2020 - 10:35PM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced financial results for fiscal year ended
December 31, 2019.
Key Financial Highlights:
- Revenues for the year ended December 31, 2019 were $21.9
million, as compared to $81.1 million in the fiscal year for
2018.
- Gross Profit was $1.2 million in 2019, as compared to $15.3
million in 2018.
- Net loss from continuing operations was $6.1 million in 2019,
as compared to a $5.2 million profit in 2018.
The key financial highlights exclude Bright Swallow
International Group Limited. As of December 31, 2019,
operations of Bright Swallow were reported as discontinued
operations in the consolidated financial statements for all periods
presented. Accordingly, assets, liabilities, revenues, expenses and
cash flows related to Bright Swallow have been reclassified in the
consolidated financial statements as discontinued operations for
all periods presented. Information with respect to the sale of
Bright Swallow is included in Form 10-K. The information in this
press release is subject to the more complete presentation set
forth in in our Annual Report on Form 10-K for the period ended
December 31, 2019 which was filed with the Securities and Exchange
Commission on May 12, 2019.
Tawny Lam, Chairperson and Chief Executive Officer of Nova
LifeStyle, stated, “I am pleased to announce the second half of
2019 was strong and in-line with our business plan moving forward.
As we shifted our business to higher margin product lines
throughout 2019, we believe our company to be in a position to take
advantage of market opportunities as we are moving forward.”
“I am very proud of and would like to congratulate our entire
organization for always putting safety first. The entire team has
shown real dedication during the pandemic by quickly and
effectively implementing new protocols to promote the safety and
welfare of our employees and the communities in which we serve,”
stated Ms. Lam. “As we continue to transition to higher margin
products, we are working with our suppliers, distributors and
manufacturers to ensure we provide the best products at a price
point that will be well-received by consumers.”
“We finished 2019 with a strong balance sheet to support our
business plan moving forward and we implemented a number of
initiatives to mitigate the impact of the COVID-19 outbreak
on our business operations. In 2019 we initiated a
plan to increase the number of products to be offered in 2020 by
25%, and up to 40% in certain furnishing categories. Our
manufacturers have experienced production delays due to COVID-19,
but we continue to work with our partners to ensure quality and
scheduled delivery under these difficult circumstances,” concluded
Ms. Lam.
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, innovative designer
and distributor of modern lifestyle furniture; primarily sofas,
dining room furniture, cabinets, office furniture and related
components, bedroom furniture, and various accessories, in matching
collections. Nova LifeStyle’s product lines include the Nova Brands
and Diamond Sofa (www.diamondsofa.com). Nova's products feature
urban contemporary styles that integrate comfort and functionality,
incorporating upscale luxury designs which appeal to middle and
upper middle-income consumers in the USA, China, Europe, and
elsewhere in the world.
Visit Nova LifeStyle's website at www.NovaLifeStyle.com.
Forward-Looking Statements
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including, among others, our expected future growth prospects, our
ability to capitalize on future market opportunities, and our
exploration of acquisition opportunities. All statements other than
statements of historical fact are, or may be deemed to be,
forward-looking statements. In some cases, forward-looking
statements can be identified by the use of forward-looking terms
such as “anticipate,” “estimate,” “believe,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,”
“expect,” “objective,” “projection,” “forecast,” “goal,”
“guidance,” “outlook,” “effort,” “target,” “trajectory” or the
negative of these terms or other comparable terms. However, the
absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on
certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances. All
forward-looking statements attributable to us are expressly
qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our
annual report on Form 10-K for the year ended December 31, 2019 and
our other reports and filings with SEC.
Investor Relations ContactAndrew Barwicki
516-662-9461andrew@barwicki.comir@novalifestyle.com
Nova Lifestyle (NASDAQ:NVFY)
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