OUR NEW PROFILE IS: (NASDAQ: NVFY)
Revenues for the year ended December 31, 2021 increased 13% to $12.8 million, as compared to $11.3 million in the fiscal year 2020
We have an exciting Nasdaq profile for today with bounce potential.
Pull up NVFY immediately.
Nova LifeStyle, Inc., a NASDAQ-listed company headquartered in California, is a fast growing, innovative designer and manufacturer of modern lifestyle furniture. We design sofas, dining room sets, cabinets, office furniture and related components, bedroom sets, and various accessories in matching collections. Our products are made in the US, Europe, and Asia and include lifestyle brands such as Diamond Sofa, Nova QwiK, and Bright Swallow International. We feature urban contemporary styles that integrate comfort and functionality incorporating upscale luxury designs appealing to style-conscious middle and upper middle-income consumers in the U.S., China, Europe, and elsewhere in the world.
LOS ANGELES, May 13, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced financial results for the first quarter ended March 31, 2022.
Key Financial Highlights:
- Net sales for three months ended March 31, 2022 were $3.67 million, an increase of 10% from $3.33 million in the same period of 2021.
- Net loss for the three months ended March 31, 2022 was $0.86 million, as compared to a net loss of $0.76 million in the same period of 2021.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, “The quarter saw the Company progress on plan and within our budget as we aggressively pursue new sales opportunities and get back to our normal operations. We celebrated our 30th year in the home furnishings industry and launched our 30th Anniversary Collection and a 112-page product catalog during the first quarter. We believe these efforts will begin substantial change and growth as we plan to launch our single largest collection at the 2022 Summer Edition of Las Vegas Market this coming July.”
“Our working capital position and inventory levels position us to fulfill orders quickly for customers while capitalizing on inventory shortages that some of our competitors may be facing,” concluded Ms. Lam.
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, jade mats 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, South America, and elsewhere in the world. Visit Nova LifeStyle’s website at www.NovaLifeStyle.com.
Nova LifeStyle Announces Fiscal 2021 Results
LOS ANGELES, April 08, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced financial results for the fiscal year ended December 31, 2021.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, “Throughout 2021, we implemented an aggressive corporate strategy designed to enhance our presence in the market while remaining focused on selling higher margin products. The increase in 2021 revenues is primarily attributed to a 29% increase in the average selling price, even though we had a 13% decrease in sales volume. We believe this strategy, which we implemented a few years ago, will provide us with long term growth as well as an increasing market share in North America. In 2021, North America sales increased 13%, while sales decreased in Asia, primarily due to government lockdown order in Malaysia because of the COVID-19 pandemic.”
Key Financial Highlights:
- Revenues for the year ended December 31, 2021 increased 13% to $12.8 million, as compared to $11.3 million in the fiscal year 2020.
- Net loss in Fiscal 2021 was $20 million, as compared to $26 million loss in 2020.
“We are encouraged with the manner in which 2021 ended. We have emerged from the pandemic with a strong business plan, operating with a focus on efficiency and positioning ourselves to compete in a rapidly changing market. Overall, we believe Nova LifeStyle is in position to support our growth strategy as we develop and sell higher margin products which we believe will support long-term and sustainable growth,” concluded Ms. Lam.
5/4/22 Nova LifeStyle Inc. To Debut 30th Anniversary Collection at Summer Edition of Las Vegas Market
4/8/22 Nova LifeStyle Announces Fiscal 2021 Results
2/1/22 Diamond Sofa Celebrates 30 Year Anniversary at the 2022 Las Vegas Market
11/15/21 Nova LifeStyle, Inc. Reports Third Quarter FY 2021 Results
9/1/21 Nova LifeStyle Inc. Provides Update on Successful Las Vegas Market 2021 Tradeshow
8/16/21 Nova LifeStyle, Inc. Reports Second Quarter FY 2021 Results
7/30/21 Nova LifeStyle, Inc. Announces Pricing of $3.1 Million Registered Direct Offering
6/21/21 Nova LifeStyle Exhibits New Design Line at First High Point Market Furniture Trade Show Following Pandemic
5/17/21 Nova LifeStyle, Inc. Reports First Quarter FY 2021 Results
3/29/21 Nova LifeStyle Announces Fiscal 2020 Results
1/27/21 Nova LifeStyle Plans to Launch HealthLine Membership in Malaysia
12/2/20 Nova LifeStyle Launches Online Sales Platform to Distribute New Line of Health Products
11/20/20 Nova LifeStyle Reports Third Quarter FY2020 Results
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