Nova LifeStyle, Inc. Reports Third Quarter FY 2022 Results
November 18 2022 - 4:05PM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced its financial results for the third
quarter ended September 30, 2022.
Key Financial Highlights:
Operating Results for the Three Months
Ended September 30, 2022:
- Net sales for three months
ended Sept 30, 2022 were $3.0 million, an increase
of 3% from $2.9 million in the same period of 2021.
- Gross profit was $1.1 million,
compared to a gross profit of $1.4 million in the same period
of 2021.
- Net loss from operations
was $1.7 million, compared to $1.4 million loss
in the same period of 2021.
Operating Results for the Nine Months
Ended September 30, 2022:
- Net sales for the nine months ended
Sept 30, 2022 were $10.5 million, an increase of 7%
from $9.8 million in the same period 2021.
- Gross loss was $882 thousand,
compared to a gross loss of $1.2 million in the same period of
2021.
- Net loss from operations
was $8.3 million, compared to $8.5 million loss
in the same period of 2021.
Tawny Lam, Chairperson and Chief Executive
Officer of Nova LifeStyle, stated, “We increased sales in the
third quarter during a challenging operating environment. Through
the ongoing efforts of our dedicated employees and partners around
the world, we continue to drive product recognition and
successfully implemented certain price reduction actions to make us
competitive and reduce inventory. As we work through the fourth
quarter, we are proceeding with a cautiously optimistic perspective
given the overall environment, inflation and some manufacturing
challenges that may occur overseas. We are focusing on supporting
our customers and driving sales to ensure we deliver on our
commitments to them with high quality and price competitive
products and lead us into 2023 in a strong position within our
markets.”
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 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, 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,” “focus,” “work
to,” “attempt,” “pursue,” 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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