LOS ANGELES, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) ("Nova LifeStyle" or the "Company") today announced its financial results for the third quarter and nine months ended September 30, 2024.
Key Financial Highlights:
Operating Results for the Three Months Ended September 30, 2024:
- Net sales for three months ended Sept 30, 2024 were $2.6 million, an increase of 6% from $2.5 million in the same period of 2023.
- Gross profit was $1.2 million, compared to a gross profit of $1.1 million in the same period of 2023.
- Net loss from operations was $2.5 million, compared to $1.3 million loss in the same period of 2023.
Operating Results for the Nine Months Ended September 30, 2024:
- Net sales for the nine months ended Sept 30, 2024 were $7.7 million, a decrease of 13% from $8.8 million in the same period 2023.
- Gross profit was $3.4 million, compared to a gross loss of $3.2 million in the same period of 2023.
- Net loss from operations was $4.5 million, compared to $3.0 million loss in the same period of 2023.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, "During the third quarter we continued to strengthen the underlying fundamentals of the business. We implemented a number operational steps, including improvements to our logistics network to improve efficiencies while maintaining inventory levels to ensure customer deliveries. While these changes negatively impacted operations and expenses in the third quarter, we believe that these efforts position us well moving forward. We are committed to accelerating our strategy in a disciplined manner that avoids excess spending and will position the business for growth over the long term."
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, innovative designer and distributor of modern lifestyle furniture; primarily sofas, dining room furniture, cabinets, office furniture and related components, 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, incorporating upscale luxury designs which appeal to middle and upper middle-income consumers in the USA, China, Southeast Asia, and elsewhere in the world.
Visit Nova LifeStyle's website at www.NovaLifeStyle.com.
Forward-Looking Statements
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 others, our ability to fully resume our operations and remain financially healthy, our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, 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," "guidance," "outlook," "effort," "target," "trajectory," "focus," "work to," "attempt," "pursue," or the negative of these terms or other comparable 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 analyses 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 we believe are appropriate in the circumstances.
Investor Relations Contact
Andrew Barwicki
516-662-9461
andrew@barwicki.com
ir@novalifestyle.com
