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LOS ANGELES, 18 Nov. 2022 (GLOBE NEWSWIRE) — 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 September 30, 2022 were $3.0 million, an increase of 3% from $2.9 million in the same period of 2021.
- It grossed $1.1 million, compared to grossing $1.4 million in the same period of 2021.
- Net loss from operations was $1.7 million compared to a loss of $1.4 million in the same period of 2021.
Operating results for the nine months ended September 30, 2022:
- Net sales for the nine months ended September 30, 2022 were $10.5 million, an increase of 7% from $9.8 million in the same period of 2021.
- The 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 a loss of $8.5 million in the same period of 2021.
Tawny Lam, Chairman and Chief Executive Officer of Nova LifeStyle, stated, “We increased sales in the third quarter in a challenging work environment. Through the continuous efforts of our dedicated employees and partners around the world, we continue to drive product recognition and successfully implement certain price reductions to make us competitive and reduce inventory. As we work through the fourth quarter, we continue with a cautiously optimistic outlook given the overall environment, inflation and some of the manufacturing challenges that may arise overseas. We are focused on supporting our customers and driving sales to ensure we deliver on our promises to them with high-quality and price-competitive products and lead us into 2023 with a strong foothold within our markets.”
About Nova Lifestyle
Nova LifeStyle, Inc. is an established, innovative designer and distributor of contemporary lifestyle furniture; mainly sofas, dining room furniture, cabinets, office furniture and related parts, 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, with high-end luxury designs appealing to middle and upper middle income earners in the US and elsewhere in the world.
Visit the Nova LifeStyle website at www.NovaLifeStyle.com.
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 other things, our ability to fully resume operations and remain financially sound, our anticipated future growth prospects. All statements other than statements of historical fact are forward-looking statements or could be considered 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”, “guideline”, “outlook”, “effort”, “goal” “, “pathway,” “focus,” “working toward,” “attempt,” “pursue” or the negation of these terms or other similar 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 analyzes 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 that we believe are appropriate in the circumstances.
Investor Relations ContactAndrew Barwicki516-662-9461[email protected][email protected]
Source: Nova Lifestyle, Inc.