PEWAUKEE, WI / ACCESSWIRE / May 11, 2022 / FIRSTIME DESIGN LIMITED (OTC PINK:FTDL) today announced financial results for the fourth quarter period ending December 31, 2021. Fourth-quarter highlights include:
- The Company completed and received its first clean Financial Audit for Fiscal Year End 2021
- The Company made further progress in migrating to a new Oracle ERP system which will be fully implemented by Q3 2022
- The Company expanded into a new freight forwarding relationship, as well as procured additional warehousing space near the east coast, to further strengthen its supply chain
Financial Results Summary
Operational Results Summary
Chairman and CEO Christopher D. Bering said 'though I have not seen an operational environment this challenging in the over 20 years that I have been managing international supply chains, I am elated at how we have not only navigated through the challenging times but also strengthened the business for massive scale once the supply chain environment begins to settle down. While the cost to bring product into the United States went hyperinflationary with container prices increasing by 400% seemingly overnight starting in late Summer 2021, we took a few swift and decisive actions including halting all product importing until container costs normalize, staging finished goods inventory in Asia in the event that if we saw further importing restrictions we would not be reliant upon sub-component manufacturers, and diversifying our freight forwarding relationships in order to create a competitive cost environment.'
Bering continued with 'while we were managing through the hyperinflationary environment, we cultivated further action to strengthen our model for when we get through these unprecedented times. We have fully tested and vetted our late 2021 product rollout of over 300 items which positions us well for when the environment normalizes to restart the flow of inventory for that program, as well as we developed our next round of product rollouts which amounts to over an additional 500 items. Additionally, we made significant progress on our ERP implementation strategy with a Companywide rollout to occur in the third quarter of this year, and we have fully vetted and set up relationships for new warehousing space on the east coast of the United States which will not only provide some diversity away from the Port of Los Angeles, but also allow us to stage more inventory closer to our customers. In the long run, these actions should allow us to stay competitively positioned and grow at above market rates in the future.'
Andrew Bass, Chairman of the Capital Allocation Committee, said that 'Christopher and the team are doing an exceptional job of navigating through these challenging times and strengthening the business model for when the operating environment normalizes. At a corporate level, the Company has completed its first Financial Audit for Fiscal Year 2021 which will set up the business for opportunities in the future. Finally, the Company remains focused on long term profitability to use its sizable Federal Net Operating Loss.'
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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