FirsTime Design Limited Announces Fourth Quarter Results
NEW BERLIN, Wis., Feb. 25, 2013 /PRNewswire/ -- FIRSTIME DESIGN LIMITED (FTDL) today announced record net sales for the twelve months ended December 31, 2012, at $7,646,000 an increase of 62.5% compared to the same period last year. The Company reported consolidated net income of $446,000 or $0.26 per common share, as compared to a net loss of $1,205,000 or ($0.76) per common share last year. Three month net income ended December 31, 2012, was $110,000 or $0.07 per common share, as compared to a net loss of $803,000 or ($0.50) per common share last year; and gross margins at 17 percent compared to 16 percent in the same quarter last year.
"We are pleased with our results as they demonstrate ongoing progress in our revenue growth and profitability," said Christopher D. Bering, FirsTime's President and COO. "Total revenues were at record levels, driven by large initial orders from new customers as well as large expansion orders from major existing customers; profitable sales growth, from existing and new customers, has been a key area of focus for us in 2012."
Mr. Bering concluded, "We are encouraged by the record level of sales and earnings achieved in 2012. Our management team remains committed to sustaining profitable revenue growth, further improving operating margins, generating cash flows and maintaining a strong balance sheet."About FirsTime Design LimitedFirsTime Design Limited, through its subsidiary, License Products, Inc., does business as FirsTime Manufactory, an industry leading designer, marketer and distributor of timepieces and home decor products sold through national and regional retailers.
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