Nova LifeStyle, Inc. Reports First Quarter FY 2022 Results
13 Mai 2022 - 10:33PM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced financial results for the first quarter
ended March 31, 2022.
Key Financial Highlights:
- Net sales for three
months ended March 31, 2022 were $3.67 million, an
increase of 10% from $3.33 million in the same period of
2021.
- Net loss for the three months ended March 31,
2022 was $0.86 million, as compared to a net loss
of $0.76 million in the same period of 2021.
Tawny Lam, Chairperson and Chief Executive Officer of Nova
LifeStyle, stated, "The quarter saw the Company progress on plan
and within our budget as we aggressively pursue new sales
opportunities and get back to our normal operations. We celebrated
our 30th year in the home furnishings industry and launched
our 30th Anniversary Collection and a 112-page product catalog
during the first quarter. We believe these efforts will begin
substantial change and growth as we plan to launch our single
largest collection at the 2022 Summer Edition of Las Vegas
Market this coming July.”
“Our working capital position and inventory levels position us
to fulfill orders quickly for customers while capitalizing on
inventory shortages that some of our competitors may be facing,”
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, jade mats 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, South America, 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” 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
Nova Lifestyle (NASDAQ:NVFY)
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