Nova LifeStyle, Inc. ("Nova") announces Third Quarter and Nine Months 2013 Financial Results
LOS ANGELES, Nov. 18, 2013 /PRNewswire/ -- Nova LifeStyle, Inc. (OTCQB: STVS) announced that it filed its 10Q today recounting its generally positive performance for the 3rd Quarter of FY 2013.
- Revenues for 9 months was $56.5M, a 21.8% increase from $46.3M in 2012.
- Operating income for 9 months remained stable at approximately $4.7M while comprehensive income was $3.9M, an increase from $3.57M in 2012; operating income for 3 months remained stable at approximately $1.71M while comprehensive income was $1.29M, an increase from $1.21M in 2012.
- Earnings per share decreased slightly to $0.19 per share in comparison with FY 2012 value of $0.20 noting an increase in the shares outstanding year over year of 383,923 shares which would account for this modest decrease in EPS.
- Net income as well as comprehensive income remained stable in the 3rd quarter on a year to year comparison.
Ms. Tawny Lam, President and Chairperson of the Board of the Company noted: "We are excited by our integration of our new product lines as recently unveiled at the Shanghai (PRC) and Las Vegas (USA) Home Furnishing Conventions into our expanded distribution channels. Additionally, online sales continue to increase and our North American sales increased from $18.3M in FY 2012 (9 months) to $30.8M in FY 2013 (9 months) as we continue to work to fully integrate the Bright Swallow acquisition earlier this year. We are looking forward to an excellent fourth quarter and year end finish. Sales related to other geographies were stable as we continue to focus on the consumers continued growth of interest in the urban contemporary lines we provide."
One of Nova's long term partners, Nebraska Furniture Mart's (a subsidiary of Berkshire Hathaway) has recently begun the development of a new Dallas/Ft. Worth, Texas project, Grandscape® that will be adding 3.9 million square feet of retail space as well as a substantial new furniture outlet for service of that general north Texas geography. Giving our long standing relationship with NFM we anticipate this expansion will provide us an opportunity to expand further in the North Texas market.
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, office furniture and related components, bedrooms, and various accessories in matching collections. Nova's products are made in the US, Europe, and Asia and include LifeStyle brands such as Diamond Sofa, Colorful World, Giorgio Mobili, NOVA QWIK, and Bright Swallow International. Nova's products feature urban contemporary styles that integrate comfort and functionality incorporating 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 our website at 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.
Nova LifeStyle, Inc.
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