FirsTime Design profit, sales, down in Q1

Continues downward trend from 2016

New Berlin-based FirsTime Design Ltd. reported a more than 20 percent drop in net income and a sales decline of 7 percent to start its fiscal year.

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The designer, marketer and distributor of clocks and other home décor products reported net income of $192,000 or 13 cents per share, down 21.6 percent from the same time last year. Net sales were down 7.4 percent to $2.06 million.

FirsTime’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.

The declining revenue and profit figures follow 2016 results that included a nearly 23 percent drop in revenue and almost 75 percent drop in net income.

The company said it had $3.58 million in cash and cash equivalents on its balance sheet at the end of the first quarter.

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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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