FirsTime Design ends 2016 on down note

Revenue, profits fall after strong 2015

Last updated on July 7th, 2019 at 02:20 pm

New Berlin-based FirsTime Design Ltd. reported sharp declines in revenue and net income in fiscal 2016.

Christopher Bering, FirsTime Design chief executive officer
Christopher Bering, FirsTime Design chief executive officer

The designer, marketer and distributor of clocks and other home décor products reported $7.3 million in revenue for the year, a 22.6 percent decrease from 2015. Net income was down 74.3 percent to $450,000 or 30 cents per common share.

The company did not include quarterly results in its release, but prior filings suggest revenue was down 28.9 percent in the fourth quarter to $1.6 million. In the first three quarters of the year the company reported combined net income of $528,000, meaning the fourth quarter included a $78,000 net loss.

FirsTime reported $3.8 million in cash on its balance sheet at the end of the year.

The company’s products are sold at major retailers including Kohl’s, Bed Bath & Beyond, Bon-Ton stores and more. FirsTime partners with manufacturers in China and Southeast Asia to produce products and has a 50,000-square-foot distribution facility in New Berlin.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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