Nova Lifestyle, Inc. Reports Third Quarter FY 2019 Results
November 13 2019 - 9:00AM
Nova Lifestyle, Inc. (NASDAQ:
NVFY) (“Nova
LifeStyle” or the “Company”) today announced its financial results
for the quarter and nine months ended September 30, 2019.
Tawny Lam, Chairperson and Chief Executive Officer of Nova
LifeStyle, stated, “I am pleased to announce that our third quarter
2019 net sales more than doubled our second quarter 2019 net
sales. We believe that this quarter to quarter revenue
increase reflects the market’s acceptance of our new higher margin
product line and indicates great promise of continued revenue
growth from our new product line. We will continue to work to
enhance our distribution channels for our new products in an effort
to continue to increase our revenues and return to
profitability.”
Key Financial Highlights:
- Net sales for three months ended September 30, 2019 were $9.3
million, a decrease of 44% from $16.7 million in the same period of
2018.
- Net loss for the three months ended September 30, 2019 was $396
thousand, as compared to a loss of $492 thousand in the same period
of 2018.
- Net sales for the nine months ended September 30, 2019, were
$24.6 million, a decrease of 61% from $63.1 million in the same
period of 2018.
- Net loss for the nine months ended September 30, 2019 was $582
thousand, as compared to a profit of $2.5 million in the same
period of 2018.
The information in this press release is subject to the more
complete presentation set forth in in our Quarterly Report on Form
10-Q for the period ended September 30, 2019 which was filed with
the Securities and Exchange Commission on November 12, 2019.
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's family of brands include Diamond Sofa and
Bright Swallow. 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 our financial targets for our consolidated adjusted
EBITDA and free cash flow, our expected future growth prospects 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.
Investor Relations Contact Andrew Barwicki 516-662-9461
andrew@barwicki.com ir@novalifestyle.com
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