LOS ANGELES, Nov. 13, 2019 (GLOBE NEWSWIRE) -- 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.
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.