Firstime Design Limited (OTCPink: MDLL.PK) reported net sales for its first quarter ended March 31, 2012 increased 35.7% to $1.52 million, compared to net sales of $1.12 million for the first quarter of the prior year. Net sales for the the first quarter of 2012 benefited from one of the company’s largest customers replenishing their inventory after significantly reducing inventory at year end.
For the first quarter of 2012 the company reported net income of $115 thousand or $0.07 per share, versus a net loss of $218 thousand or $0.14 per share for the first quarter of 2011. Net income for the first quarter of 2012 benefited from increased gross profit margins and a nearly 41% reduction in operating expenses. The drop in operating expenses was primarily the result of a lease termination fee of $172 thousand recorded during the first quarter of 2011.
As of March 31, 2012, the balance sheet reflected current assets of $3.85 million (including cash and cash equivalents of $1.21 million), total assets of $3.9 million, current liabilities of $554 thousand and no long-term debt. During the first quarter of 2012, shareholders’ equity increased 3.5% to $3.35 million.
Firstime Design Limited is engaged in the design and marketing of clocks and home decor products that are sold through major national retailers.
Source: Firstime Design Limited