Nova LifeStyle Reports 4Q, Year-End Results

April 1, 2014  by in Financial Reports, Industry   

Net income for the quarter was $1.3 million, compared to $1.9 million in the prior year fourth quarter.

Net sales for the fiscal year ended Dec. 31 was $78.4 million, an 18.2 percent increase compared to the prior year net sales of $66.3 million. Net income for the year was $4.9 million, compared to $5.4 million reported in fiscal 2012.

"In 2014 we remain focused on continued product innovation as well as expanding our presence globally through further penetration of existing channels of distribution and the addition of new ones," said Tawny Lam, president. "This includes the development of our own e-commerce platform aimed at the China market, which we believe will help diversify our customer base and end-user markets, and increase profitability in the long-term. We expect to benefit from many of the new supply agreements we have in place both in the near and the longer-term as well as from initiatives to improve profit margins, and expect to increase our net income in fiscal year 2014 over fiscal 2013. Our recent listing on NASDAQ will also provide us with greater visibility in the investment community as we expand our overall global market presence."

The complete earnings report is available online.