New Berlin-based FirsTime Design Ltd. reported first quarter net income of $245,000, or 16 cents per share, up 12.4 percent from net income of $218,000, or 14 cents per share, in the first quarter of 2015.
First quarter operating expenses were $463,000, up from $416,000 in the first quarter of 2015, driven by higher general and administrative costs.
The company’s first quarter revenue was $2.2 million, down 3.2 percent from $2.3 million in the same period last year.
At the end of the first quarter, FirsTime had $3.3 million in cash and cash equivalents on its balance sheet, up from $2.3 million at the same point in 2015.
FirsTime Design Ltd., through its subsidiary FirsTime Manufactory Inc., designs, markets and distributes clocks, thermometers and other home décor products to national retailers including Kohl’s Corp., Cabela’s, Bed Bath & Beyond and Meijer. It trades on the OTC Markets.
