Nova Lifestyle, Inc. Reports Consolidated Earnings Results for the Full Year Ended December 31, 2011; Provides Sales Guidance for the Year 2012
April 02, 2012 at 07:16 am EDT
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Nova Lifestyle, Inc. reported consolidated earnings results for the full year ended December 31, 2011. For the year, the company reported net sales of $43.16 million, an increase of 50% from $28.82 million in 2010. The increase in net sales resulted primarily from a 19% increase in sales volume in 2011 and its acquisition of the Diamond Sofa brand in August 2011, which contributed $6.22 million in additional sales for the year. Net income was $5.37 million in 2011, an increase of 28% year-over-year. Net profit margin was 12%, a decrease of 3% from the 2010 period due primarily to increased sales and gross profit margin, but offset by increased operating expenses. Income from operations was $6,939,676 compared to $5,266,672 last year. Basic and diluted earnings per share were $0.37 compared to $0.43 per share last year. Income before income tax was $6,825,676 compared to $5,238,090 last year. Net cash used in operating activities was $465,766 compared to net cash provided by operating activities of $4,895,684 last year. Purchase of property and equipment was $589,185 compared to $4,742,229 last year.
The company anticipates net sales of between $50 million and $58 million and net income of between $7 million and $8 million from organic growth.
Nova LifeStyle, Inc. is a 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. The Companyâs product lines include the Nova Brands and Diamond Sofa (www.diamondsofa.com). Its products feature urban and contemporary styles, combining comfort and functionality in matching furniture collections and upscale luxury pieces appealing to lifestyle-conscious middle and upper middle-income consumers. Its product lines feature upholstered, wood and metal-based furniture pieces. It classifies its products by room, designation or series, such as living room, dining room, bedroom and home office series, and by category or product types, such as sofas, chairs, dining tables, beds, entertainment consoles, cabinets and cupboards. It also sells physiotherapeutic jade mats for use in therapy clinics, hospitality, and real estate projects.