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