Nova LifeStyle, Inc. Reports First Quarter FY 2021 Results
May 17 2021 - 4:05PM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced financial results for the first quarter
ended March 31, 2021.
Key Financial Highlights:
- Net sales for three months ended March 31,
2021 were $3.3 million, an increase of 51% from $2.2
million in the same period of 2020.
- Net loss from continuing operations for the three months
ended March 31, 2021 was $763,537, as compared to a
loss from continuing operations of $1.01 million in the same
period of 2020.
Tawny Lam, Chairperson and Chief Executive
Officer of Nova LifeStyle, stated "Our strategy as we entered
into 2021 was to get back to business operations at pre-pandemic
levels as quickly as possible. While we are not there just yet and
we believe the pandemic continues to impact our operations, our
sales growth reflects the strength and commitment of our
organization and the partnerships we have. I believe our strategy
to manufacturer and sell higher margins products has come to
fruition with our gross profit margins increasing in the first
quarter of 2021 to 41% from 35% in the same period of 2020 and our
net loss decreased to $763,537 in the first quarter of 2021 from
$1.01 million in the same period of 2020.”
“We will continue to focus on our sales
channels, including our commitment to meeting customers’ needs by
delivering high quality and differentiated products,” continued Ms.
Lam. “We also believe the investments we made over the last year,
including having a good amount of inventory allows us to better
serve our customers with product availability and quick
service.”
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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