New Berlin-based FirsTime Design Ltd. reported net income of $1.8 million for 2015 and earnings of $1.15 per common share, an increase of 208 percent from the prior year.
The company designs, markets and distributes decorative timepieces, thermometers and other home décor at retailers including Kohl’s, Bed Bath & Beyond, Bon-Ton stores and more. The company partners with manufacturers in China and Southeast Asia to produce products and has a 50,000-square-foot distribution facility in New Berlin.
FirsTime reported revenue for the year was $10.9 million, an increase of 18.8 percent from the previous year.
“We laid the foundation in 2014 for a strong 2015 which did not disappoint,” said Christopher Bering, FirsTime chief executive officer. “We continue to work to execute the articulated strategy of organic growth through market share gains. Additionally, a burgeoning online business has allowed us to widen our distribution channels and diversify our customer base.”
The company said the full year net income included a non-recurring gain of $589,000 dure to the partial release of the valuation allowance it keeps on net operating losses. Excluding the impact of the gain, net income was up 104 percent for the year.
