Nova Lifestyle Inc (NASDAQ: NVFY) rose on reporting Q3 earnings of $2.96 million, or $0.11 per share on revenue of $33.22 million.
Nova, the California-based innovative designer and distributor of modern lifestyle household consumer products, said the Q3 2017 figures compares to $0.3 million or $0.01 per share ($0.01 fully diluted) net income in the third quarter of 2016. The increase in net sales of 8.8% to $33.2 million compared to $30.5 million in the same period of 2016
CEO Tawny Lam commented: “We are pleased to have delivered stellar financial results.
“Nova LifeStyle’s third quarter financial performance reflects the results of our successful transformation from an ‘asset heavy’ furniture-manufacturing business to a ‘light asset,’ high margin, consumer product company focused on innovative product designs and customer-centric marketing. 2017 is Nova LifeStyle’s Diamond Sofa brand's 25th year in business and with a record number of new product SKUs as well as a rapidly expanding, diversified global customer base, Nova LifeStyle is poised for significant growth for years to come.”
As far as guidance is concerned, Ms. Lam concluded, "We continue to see consistent growth leading into the fourth quarter as well as 2018. If this continues, we hope to initiate stock buybacks or start paying cash dividends in the near future to reward our long-term shareholders, as a way to maximize customer and shareholder value."
The Los Angeles-headquartered company saw its stock shoot up 67 cents Monday, or 37.8%, to $2.44, within a 52-week trading range of $1.06 to $3.20.
