PEWAUKEE, WI / ACCESSWIRE / May 12, 2022 / FIRSTIME DESIGN LIMITED (FTDL) today announced financial results for the first-quarter period ending March 31, 2022. First-quarter highlights include:
- The Company consolidated warehouse space of its commercial mattress business as well as its mid-west location to continue to bring down warehouse expense
- The Company continues to use excess cash flow to pay down its Line of Credit
- The Company remains on track to implement its new ERP system in Q3 2022
Financial Results Summary
Income Statement Summary
Operational Results Summary
Chairman and CEO Christopher D. Bering said 'the first quarter of 2022 was a difficult one. Inflation costs in the shipping environment remain elevated though we have seen some normalization in the market which we hope bodes well for the back half of the year. We remain committed to the long-term strategy of creating an efficient and flexible operating structure to scale growth when the business environment returns to further normalcy. We have deliberately and specifically attempted to improve everything in our control to be in the best position possible when that occurs. We are working hard on behalf of all stakeholders in the business to make sure we get through this period of volatility and ready to get back to profitable growth when the environment allows it.'
Andrew Bass, Chairman of the Capital Allocation Committee, said that 'as we harvest losses, we remain committed to long term profitable growth in order to maximize the value of FirsTime.'
About FirsTime Design Limited
FirsTime Design Limited is an industry-leading designer, marketer, and distributor of home goods and sleep environment products, which are sold through multiple, national retailers as well as through a vast network of e-commerce channels. More information about the Company can be found at www.firstime.com or www.otcmarkets.com/stock/FTDL/quote.
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain forward-looking statements about FirsTime and its general business outlook. When used in this document, the words 'anticipates', 'can', 'will', 'look forward to', 'expected' and similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the control of FirsTime, that could cause actual outcomes and results to be materially different from those projected, described, expressed, or implied in this document due to several risks and uncertainties. Potential risks and uncertainties include, among others, the possibility that the anticipated continued growth of FirsTime may not be achieved, general economic conditions in regions in which FirsTime does business, and the possibility that FirsTime may be adversely affected by other financial, business, and/or competitive factors. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of FirsTime.
SOURCE: FirsTime Design Limited
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