Nova LifeStyle, Inc. Reports Third Quarter FY 2021 Results
15 November 2021 - 10:05PM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced its financial results for the third
quarter ended September 30, 2021.
Key Financial Highlights:
Operating Results for the Three Months
Ended September 30, 2021
- Net sales for three months ended Sept 30,
2021 were $2.9 million, a decrease of 12% from $3.3
million in the same period of 2020.
- Gross profit was $1.4 million, compared to a gross loss of
$6.6 million in the same period of 2020; Gross profit was $1.2
million if excluding our write down of $7.8 million of our
slow-moving inventory in the same period of 2020.
- Net loss from continuing operations was $1.4 million,
compared to $8.2 million loss in the same period of
2020.
Operating Results for the Nine Months
Ended September 30, 2021
- Net sales for the nine months ended Sept 30,
2021 were $9.8 million, an increase of 25% from $7.8
million in the same period 2020.
- Gross loss was $1.2 million, compared to a gross loss of
$4.9 million in the same period of 2020; Gross profit was $4.3
million if excluding of our write down of $5.5 million of our
slow-moving inventory, compared to a gross profit of $2.8 million
if excluding of our write down of $7.8 million of our slow-moving
inventory in the same period of 2020.
- Net loss from continuing operations was $8.5 million,
compared to $9.7 million loss in the same period of
2020.
Tawny Lam, Chairperson and Chief Executive
Officer of Nova LifeStyle, stated, “The third quarter results
had a moderate decrease in sales but with our shift to higher
margin products we generated strong gross profit margins which
illustrates the success of our strategy of shifting to higher
margin products.”
“During the third quarter we successfully raised
capital to strengthen our position and allow us to execute on a
number of initiatives that we believe will contribute to our sales
and marketing efforts. We also believe our inventory levels allow
us to support incoming orders and expedite customer purchase orders
in a quick and efficient manner. We were also very encouraged by
the responses we received at the Las Vegas Market Tradeshow in
September," 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, Southeast Asia, and elsewhere in the
world.
Visit Nova LifeStyle's website
at www.NovaLifeStyle.com.
Forward-Looking Statements
This press release may contain 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 ability to fully
resume our operations and remain financially healthy, our expected
future growth prospects. 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,” “focus,” “work
to,” “attempt,” “pursue,” 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.
Investor Relations ContactAndrew
Barwicki516-662-9461andrew@barwicki.comir@novalifestyle.com
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