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.
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.