Nova LifeStyle Announces Fiscal 2020 Results
March 29 2021 - 4:15PM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced financial results for the fiscal year
ended December 31, 2020.
Tawny Lam, Chairperson and Chief Executive
Officer of Nova LifeStyle, stated, “I want to emphasize our view of
the Company’s importance to the communities where we have a
presence throughout the globe and of our ongoing focus on keeping
our employees safe while supporting customers during the pandemic.
Throughout 2020, we expanded our business model while operating in
the challenges posed by the COVID-19 pandemic.”
Key Financial Highlights:
- Revenues for the
year ended December 31, 2020 were $11.3 million, as compared to
$21.9 million in the fiscal year for 2019.
- Gross Loss was $26.0
million in 2020, as compared to a gross loss of $8.6 million in
2019.
- Net loss from
continuing operations was $25.7 million in 2020, as compared to a
$6.1 million loss in 2019.
“While we are disappointed with our financial
results, our team responded to the challenges of the pandemic to
provide a level of customer service that our customers have come to
know and love. We believe that switching to higher margin products
could be quite opportunistic for our future direction. To that end,
we successfully launched an online platform to distribute a new
line of health products,” continued Ms. Lam. “We are looking
forward to the future as we carefully and strategically plan to
expand our operations and meet the demand of our partners and
customers.”
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 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, among others, our expected future growth prospects, our
ability to capitalize on future market opportunities, 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. All
forward-looking statements attributable to us are expressly
qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our
annual report on Form 10-K for the year ended December 31, 2020 and
our other reports and filings with SEC.
Investor Relations ContactAndrew Barwicki
516-662-9461andrew@barwicki.comir@novalifestyle.com
Nova Lifestyle (NASDAQ:NVFY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nova Lifestyle (NASDAQ:NVFY)
Historical Stock Chart
From Apr 2023 to Apr 2024