New Berlin-based FirsTime Design Limited reported a 63 percent drop in net income during the third quarter to $154,000.
The company, which designs, markets and distributes timepieces and home décor products sold at national retailers, has seen its net income fall 41 percent in the first nine months of the year to $529,000.
Revenue is down 21 percent during that time period to $5.6 million.
“Despite the Q3 and YTD reported numbers, we remain optimistic given newly acquired customers and strengthening legacy customer relationships. FirsTime has also seen improved gross profit margins, operating more efficiently this year. Additionally, we continue to invest in our e-commerce business, which is continuing to report profitable, double-digit revenue increases,” said Christopher Bering, FirsTime president and chief executive officer.
He said the company’s Capital Allocation Committee, created to recommend external capital investments to the board of directors, had spent half of 2015 and the early part of 2016 vetting a potential transaction that the board ultimately turned down “for the benefit of the company and our shareholders.”
“The committee continues to remain active in its exploration for, and vetting of, transactions that will benefit the company, and equally as important, the shareholders’ interests in an effort to create value over market cycles,” Bering said.
