Nova LifeStyle Pronounces Third Quarter 2018 Monetary Outcomes

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Nova LifeStyle Announces Third Quarter 2018 Financial Results


North American Gross sales Up 11% Versus Prior Yr Interval

LOS ANGELES, Nov. 09, 2018 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY), a number one U.S.-based, progressive designer and distributor of contemporary LifeStyle dwelling merchandise, at present introduced monetary outcomes for the third quarter and 9 months ended September 30, 2018.

Administration CommentaryTawny Lam, Chief Government Officer of Nova LifeStyle, commented, “Our North American gross sales elevated by 11%, which was offset by a lower of gross sales to Australia and our gross sales efforts proceed to be targeted on larger margin merchandise following our exit from the low-margin, mass product section of the market. We’re optimistic that our gross sales progress will proceed in North American area. Our largest promoting product classes within the three months ended September 30, 2018 have been sofas, cupboards and beds, which accounted for roughly 64%, 10% and 9% of gross sales, respectively. Total, third quarter gross sales confronted a really difficult comparability with final 12 months because the prior 12 months interval featured very vital orders from an Australian buyer. We’re additionally working diligently with current clients to shorten our assortment cycle and decrease our receivable quantities, and anticipate to make nice progress on this regard within the coming fourth quarter. We’re wanting ahead to a powerful 12 months finish after stable order exercise and vital indications of curiosity on the current Excessive Level Market.”

About Nova LifeStyleNova LifeStyle, Inc., a NASDAQ World Market listed firm headquartered in California, is a quick rising, progressive designer and distributor of contemporary LifeStyle furnishings; primarily sofas, eating rooms, cupboards, workplace furnishings and associated parts, bedrooms, and numerous equipment in matching collections. Nova’s merchandise are made within the US, Europe, and Asia that embody LifeStyle manufacturers corresponding to Diamond Couch, Nova QwiK, and Vivid Swallow Worldwide. Nova’s merchandise characteristic city up to date types that combine consolation and performance, incorporating upscale luxurious designs appeals to center and higher middle-income customers within the U.S., China, Europe, and elsewhere on this planet. Go to Nova LifeStyle’s web site at www.NovaLifeStyle.com.

Protected Harbor StatementAll statements on this press launch that aren’t historic are forward-looking statements made pursuant to the “secure harbor” provisions of the Personal Securities Litigation Reform Act of 1995. There will be no assurance that precise outcomes won’t differ from the corporate’s expectations. You might be cautioned to not place undue reliance on any forward-looking statements on this press launch as they mirror Nova’s present expectations with respect to future occasions and are topic to dangers and uncertainties that will trigger precise outcomes to vary materially from these contemplated. Potential dangers and uncertainties embody, however are usually not restricted to, the dangers described in Nova’s filings with the Securities and Trade Fee.

Firm Contact:Investor Relations:The Fairness Group Inc.In U.S.Adam Prior, Senior Vice President+1 (212) [email protected]

NOVA LIFESTYLE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017 (UNAUDITED) 9 Months Ended Three Months Ended September 30, September 30, 2018 2017 2018 2017 ———— ———— ———— ———— Internet Gross sales $ 63,159,929 $ 70,813,414 $ 16,747,827 $ 33,222,625 Price of Gross sales 50,834,321 58,741,122 13,529,002 27,323,972 – ———- – ———- – ———- – ———- Gross Revenue 12,325,608 12,072,292 3,218,825 5,898,653 – ———- – ———- – ———- – ———- Working Bills Promoting bills 2,534,436 2,690,342 853,378 1,003,906 Normal and administrative bills 7,570,814 7,608,323 3,722,250 2,124,614 – ———- – ———- – ———- – ———- Whole Working Bills 10,105,250 10,298,665 4,575,628 3,128,520 – ———- – ———- – ———- – ———- Revenue (Loss) From Operations 2,220,358 1,773,627 (1,356,803 ) 2,770,133 – ———- – ———- – ———- – ———- Different Revenue (Bills) Non-operating expense, internet 596 797 (3,486 ) — International alternate transaction loss (430 ) (324 ) 11 (94 ) Curiosity expense, internet (92,416 ) (133,093 ) (36,630 ) (40,932 ) Monetary expense (106,889 ) (86,335 ) (37,392 ) (34,508 ) – ———- – ———- – ———- – ———- Whole Different Bills, Internet (199,139 ) (218,955 ) (77,497 ) (75,534 ) – ———- – ———- – ———- – ———- Revenue (Loss) Earlier than Revenue Taxes 2,021,219 1,554,672 (1,434,300 ) 2,694,599 Revenue Tax Profit (505,074 ) (750,037 ) (942,267 ) (262,034 ) – ———- – ———- – ———- – ———- Internet Revenue (Loss) and Complete Revenue $ 2,526,293 $ 2,304,709 $ (492,033 ) $ 2,956,633 (Loss) – ———- – ———- – ———- – ———- Primary weighted common shares excellent 28,349,945 27,570,425 28,439,977 27,846,921 – ———- – ———- – ———- – ———- Diluted weighted common shares excellent 28,659,655 27,704,406 28,439,977 27,980,629 – ———- – ———- – ———- – ———- Internet earnings (loss) per share of widespread inventory Primary $ 0.09 $ 0.08 $ (0.02 ) $ 0.11 – ———- – ———- – ———- – ———- Diluted $ 0.09 $ 0.08 $ (0.02 ) $ 0.11 – ———- – ———- – ———- – ———-

NOVA LIFESTYLE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2018 (UNAUDITED) AND DECEMBER 31, 2017 September December 31, 30, 2018 2017 ———— ———— Property Present Property Money and money equivalents $ 883,948 $ 5,722,716 Accounts receivable, internet 53,718,740 54,006,513 Advance to suppliers 19,721,445 8,580,609 Inventories 5,787,459 6,374,560 Pay as you go bills and different receivables 186,400 232,935 – ———- – ———- Whole Present Property 80,297,992 74,917,333 – ———- – ———- Noncurrent Property Plant, property and tools, internet 141,719 157,246 Lease deposit 43,260 43,260 Goodwill 218,606 218,606 Intangible property, internet 3,897,580 4,202,608 Deferred tax asset 318,961 318,961 – ———- – ———- Whole Noncurrent Property 4,620,126 4,940,681 – ———- – ———- Whole Property $ 84,918,118 $ 79,858,014 – ———- – ———-

NOVA LIFESTYLE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS – CONTINUED SEPTEMBER 30, 2018 (UNAUDITED) AND DECEMBER 31, 2017 September December 31, 30, 2018 2017 ———— ———— Liabilities and Stockholders’ Fairness Present Liabilities Accounts payable $ 3,449,481 $ 1,634,554 Line of credit score 4,851,825 – Advance from clients 99,402 19,826 Accrued liabilities and different payables 594,536 847,756 Revenue tax payable 394,562 178,307 – ———- – ———- Whole Present Liabilities 9,389,806 2,680,443 – ———- – ———- Noncurrent Liabilities Line of credit score – 4,202,118 Revenue tax payable 3,579,320 4,527,849 – ———- – ———- Whole Noncurrent Liabilities 3,579,320 8,729,967 – ———- – ———- Whole Liabilities 12,969,126 11,410,410 – ———- – ———- Contingencies and Commitments Stockholders’ Fairness Frequent inventory, $0.001 par worth; 75,000,000 shares licensed, 28,474,490 and 28,191,927 shares issued and excellent 28,474 28,192 as of September 30, 2018 and December 31, 2017, respectively Further paid-in capital 39,657,190 38,682,377 Statutory reserves 6,241 6,241 Retained earnings 32,257,087 29,730,794 – ———- – ———- Whole Stockholders’ Fairness 71,948,992 68,447,604 – ———- – ———- Whole Liabilities and Stockholders’ Fairness $ 84,918,118 $ 79,858,014 – ———- – ———-

NOVA LIFESTYLE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017 (UNAUDITED) 9 Months Ended September 30, 2018 2017 ————- ————- Money Flows From Working Actions Internet earnings $ 2,526,293 $ 2,304,709 Changes to reconcile internet earnings to internet money utilized in working actions: Depreciation and amortization 333,516 1,143,319 Deferred tax profit — (623,872 ) Inventory compensation expense 1,004,470 1,773,537 Adjustments in unhealthy debt allowance 2,298,488 203,905 Adjustments in working property and liabilities: Accounts receivable (2,010,715 ) 4,960,037 Advance to suppliers (11,140,836 ) (8,281,288 ) Inventories 587,101 (3,939,526 ) Different present property (14,694 ) (21,452 ) Accounts payable 1,814,927 (2,206,628 ) Advance from clients 79,576 (494,582 ) Accrued liabilities and different payables (252,867 ) (54,458 ) Taxes payable (732,274 ) (126,163 ) – ———– – ———– Internet Money Utilized in Working Actions (5,507,015 ) (5,362,462 ) – ———– – ———– Money Flows From Investing Actions Task charge obtained — 1,250,000 Buy of property and tools (12,960 ) (17,443 ) Advances to unrelated events — (8,835,000 ) Compensation from unrelated events — 15,835,000 – ———– – ———– Internet Money (Utilized in) Offered by Investing Actions (12,960 ) 8,232,557 – ———– – ———– Money Flows From Financing Actions Proceeds from line of credit score and financial institution mortgage 56,063,918 36,881,842 Compensation to line of credit score and financial institution mortgage (55,414,211 ) (41,537,643 ) Proceeds from the train of choices for widespread shares 31,500 — – ———– – ———– Internet Money Offered by (Utilized in) Financing Actions 681,207 (4,655,801 ) – ———– – ———– (4,838,768 ) (1,785,706 ) Internet lower in money and money equivalents Money and money equivalents, starting of interval 5,722,716 2,587,743 – ———– – ———– Money and money equivalents, ending of interval $ 883,948 $ 802,037 – ———– – ———– Supplemental Disclosure of Money Circulate Data Money paid in the course of the interval for: Revenue tax funds $ 227,200 $ — – ———– – ———– Curiosity expense $ 87,110 $ 159,686 – ———– – ———–



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