Nova LifeStyle Inc. Announces a 53.6% Increase in Revenues in its Annual 10-K Filing
LOS ANGELES, April 2, 2013 /PRNewswire/ -- Tawny Lam, President of Nova LifeStyle Inc. (OTCQB: STVS) announced that the company's annual report filing yesterday includes an impressive 53.6% increase in year over year revenues (FY 2011 revenues of $43.16M compared with FY 2012 revenues of $66.29M).
North America sales showed an increase of $11.31M while China sales increased by $6.83M; accounting for approximately 78.5% of the company's total growth. After tax profits remained stable at $5.43M reflecting $0.29 in earnings per share.
With the recently announced acquisition of the Bright Swallow International Group Limited nearing completion, revenue growth in the North American market should see strong improvement due to that company's relationship with The Brick Limited (www.TheBrick.com), a furniture company having over 200 locations across Canada.
Nova LifeStyle Inc. continues to focus on the development of new customer and manufacturing relationships in its pursuit of creating the best in contemporary LifeStyle Home Furnishings Solutions.
About Nova LifeStyle, Inc.
Nova LifeStyle, Inc., a U.S. company headquartered in California, is a fast growing, innovative designer and manufacturer of modern LifeStyle furniture; primarily sofas, dining rooms, cabinets, bedrooms, and accessories in matching collections. Nova's products are made in the US, Europe, and Asia including brands such as Diamond Sofa (www.diamondsofa.com), Colorful World, Giorgio Mobili, and Bright Swallow International. Nova's products feature urban contemporary styles with comfort and functionality and upscale luxury designs appealing to LifeStyle-conscious middle and upper middle-income consumers in the U.S., China, Europe and elsewhere in the world. To learn more about Nova LifeStyle, Inc., please visit www.novalifestyle.com.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Nova's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Nova's filings with the Securities and Exchange Commission.
Tawny Lam, President
Nova LifeStyle, Inc.
Tel: (323) 888-9999
Brett Roper, IR Services and Support
SOURCE Nova LifeStyle, Inc.