- Third quarter net sales were $30.5 million, an increase of 26.9% compared to $24.0 million in the prior year period.
- The year over year increase was the result of a 55% increase in average selling price as the Company's recent efforts to focus its sales mix on premium products began yielding positive results. As expected, the focus on higher-margin, lower volume products did negatively impact overall volumes, which fell 19% in the quarter.
- Third quarter gross margin was 15.1%, compared to 14.6% in the prior year period, as the product focus noted above had a positive impact on margins.
- Gross profit increased 31.3% to $4.6 million for the three months ended September 30, 2016 compared to $3.5 million in the same quarter of the prior year.
- Operating expenses in the third quarter of 2016 were $3.5 million, compared to $3.0 million in the third quarter of 2015. As a percentage of sales, operating expenses in the third quarter of 2016 were 11.6% of sales versus 12.3% during the same period a year ago.
- Net income from continuing operations was $1.0 million, or $0.04 per diluted share based on 25.7 million shares outstanding in the third quarter of 2016, compared to net income from continuing operations of $0.4 million or $0.02 per diluted share based on 24.1 million shares outstanding in the same period of the prior year.
- The Company agreed to sell its Chinese manufacturing operations for $8.5 million in order to focus the business on an "asset light" operating model.
LOS ANGELES, Calif., Nov. 14, 2016 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ:NVFY), a U.S. based fast-growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture, today announced financial results for the third quarter ended September 30, 2016. Third Quarter 2016 Financial Highlights :