FGI INDUSTRIES ANNOUNCES FOURTH QUARTER AND FULL - YEAR 2023 RESULTS
- None.
- Revenue declined by 2.6% in the fourth quarter and 27.5% for the full year 2023.
- Bath Furniture revenue decreased significantly due to demand weakness and a trade-down to lower-priced offerings.
- Net income remained relatively flat at $0.5 million for the fourth quarter.
- Despite the positive gross margin improvement, the company reported a slight decrease in GAAP net income compared to the prior year.
- The demand environment remains uneven, with industry forecasters predicting modest declines in home improvement industry spending in 2024.
Insights
The financial results of FGI Industries Ltd. reflect a nuanced picture of the company's performance, with a mix of positive and negative developments. The reported increase in gross profit and gross margin indicates a strategic shift towards more profitable products, which is a positive sign for investors looking for long-term value creation. It is important to note that while total revenues have decreased, the company's focus on higher-margin offerings has paid off, leading to an improved bottom line.
However, the decline in total revenues and the specific weakness in the Bath Furniture segment raise concerns about the company's ability to maintain sales growth in a challenging market environment. The market demand for home improvement products is forecasted to decline, which could pose risks to the company's revenue projections. Investors should closely monitor the company's ability to execute its BPC strategy and whether it can continue to generate above-market growth in the face of industry headwinds.
FGI's financial position, as indicated by the reported cash balance and liquidity, suggests a strong ability to fund its strategic objectives and potentially pursue M&A opportunities. The company's disciplined approach to capital deployment and its focus on organic growth are reassuring from a financial management perspective. The guidance for fiscal 2024, with expected increases in adjusted operating income and adjusted net income, reflects management's optimism about the company's growth trajectory.
It is important for stakeholders to evaluate the reliability of these forecasts, given the current market challenges. The company's financial flexibility and strategic investments, if successful, may lead to a competitive advantage and improved shareholder value. Conversely, any missteps in execution or further market downturns could negatively impact the projected financial outcomes.
FGI's disclosure of both GAAP and non-GAAP financial measures, such as adjusted net income and adjusted operating income, provides a more comprehensive view of the company's performance. The reconciliation between these measures is essential for transparency and allows investors to understand the underlying business performance without the distortion of non-recurring items.
Investors should also be aware of the legal implications of the company's licensing agreements, such as the one mentioned for FlushGuard Overflow Technology. Such agreements can offer competitive advantages and contribute to revenue growth, but they also carry legal obligations and risks that the company must manage effectively. The success of these agreements could significantly influence the company's financial results and stock performance.
FOURTH QUARTER 2023 HIGHLIGHTS
(As compared to the prior-year period)
- Total revenues of
$31.0 million 2.6% ) - Gross profit of
$9.0 million 20.1% ; Gross margin of29.2% , +549 basis points - Net Income of
$0.5 million - Adjusted net income of
$0.5 million - Adjusted operating income of
$1.4 million
FULL-YEAR 2023 HIGHLIGHTS
(As compared to the prior-year period)
- Total revenues of
$117.2 million 27.5% ) - Gross profit of
$32.1 million 1.8% ; Gross margin of27.4% , +788 basis points - Net Income of
$0.6 million - Adjusted net income of
$1.0 million - Adjusted operating income of
$2.8 million
* Adjusted net income and Adjusted operating income constitute non-GAAP financial measures. Please see the attached appendix for details. |
MANAGEMENT COMMENTARY
"While 2023 was a difficult year due to uneven demand trends and prolonged inventory de-stocking, we remained committed to executing on our strategic initiatives, and as a result, we finished the year on a positive note and are entering 2024 well positioned to deliver improved financial results," stated David Bruce, President and Chief Executive Officer of FGI. "We saw improved order trends during the fourth quarter, due in large part to the investments we made in organic growth initiatives throughout the year, and we expect the order momentum to continue to build into 2024."
"We experienced solid growth trends across most of our business portfolio during the fourth quarter owing to growing momentum from new programs, generally stable end market demand, and a normalization of inventory levels in the channel," noted Bruce. "Each of our business segments showed year-over-year growth during the fourth quarter, other than Bath Furniture, which continues to be impacted by demand weakness and a trade down to lower-priced offerings. Total revenue ended down
"Our continued strategic focus on higher margin products drove another quarter of strong gross margin improvement, with fourth quarter gross margin increasing 549 basis points to
"As we discussed on our first call as a public company almost exactly two years ago, we are committed to driving value creation for shareholders by executing on our long-term strategic plan, which is based on driving above market organic growth through a focus on our BPC (Brands, Products, Channels) strategy, enhanced margin performance, and efficient capital deployment," continued Bruce. "We remained focused on our strategic plan during 2023, despite what was a very challenging operating environment, and I am very proud of all we accomplished during the year. From a commercial perspective we made important progress on several key initiatives that will help us drive above-market growth in the coming years, including the launch of several new products and expanded penetration with key customer partners in Sanitaryware, the introduction of value-priced offerings in Bath Furniture to address shifts in market demand, continued growth in our shower business, and significant expansion in the dealer network for our custom kitchen cabinetry business. I could not be more pleased by our gross profit margin performance during 2023, as we increased our full year gross margin by 788 basis points, despite the revenue declines, owing to our strategic focus on growing our higher margin product categories. Finally, we continued our discipled focus on capital deployment, as we reduced working capital usage and ended the year in a very strong financial position that will provide us the financial flexibility to pursue our strategic objectives."
"We maintained our strict financial discipline during the quarter, resulting in a cash balance of nearly
"While inventory levels have largely normalized, the demand environment remains uneven, with several industry forecasters predicting modest declines in home improvement industry spending in 2024," continued Bruce. "However, based on the growing momentum in our new programs and product launches under our BPC program, we expect to generate above-market growth in 2024. As a result, we are forecasting full year 2024 revenues of
STRATEGIC UPDATE
FGI intends to drive long-term shareholder value through the execution of its Brands, Products and Channel (BPC) strategy to drive organic growth, enhanced financial performance, and efficient capital deployment. Some of the accomplishments achieved during the fourth quarter of 2023 and the key priorities for 2024 are as follows:
- BPC Strategy: FGI has continued to invest in its BPC strategy despite the market challenges, which is expected to drive improved organic growth longer-term. Some of the key successes during the quarter were as follows:
- FGI recently announced it entered into a 5-year licensing agreement that will provide the Company access to an industry leading overflow toilet technology. The company will market this technology as FlushGuard Overflow Technology. During the fourth quarter, the Company was awarded product placements utilizing the FlushGuard technology at several large customers, including two of the largest commercial distributors in
North America . FGI exhibited a new line of retail and commercial sanitaryware products featuring FlushGuard at the 2024 Kitchen & Bath Show. - FGI continues to focus on its initiatives to expand geographically, with recently signed agreements providing entry into
India ,Eastern Europe ,Australia , and theUK . In theUK , FGI landed its first new customer partners in 2023 and as recently as this past month, three new distributor partners inIndia . - The Company continued to execute on recently announced awards, including its online shower door program for an existing large Canadian retail partner that commenced in June 2023, and the roll-out of FGI's industry leading shower wall program into as many as 300 locations of a large
U.S. retailer. Both programs continue to ramp up and contributed to improved shower systems growth in the fourth quarter, and the programs are expected to further build momentum into 2024. - During the third quarter, FGI announced it had initiated an in-store promotion with a large US retailer that did not previously carry any of the Company's sanitaryware products in an effort to lay the groundwork for future growth. Following a successful promotion, the Company was able to place several new sanitaryware SKUs with this retailer, which feature the new FlushGuard overflow technology.
- The premium Covered Bridge kitchen cabinetry brand added 203 new dealers during 2023, bringing the total active dealer count to 302 at the end of the year. FGI had a large display at the 2024 Kitchen & Bath show that showcased its Covered Bridge custom kitchen cabinetry line.
- Key priorities under the Company's BPC strategy for 2024 include the continued execution under recently launched programs, further expansion of sanitaryware products utilizing the new FlushGuard overflow technology, the launch of new value-priced bath furniture offerings to better address current market trends, new product launches in shower systems, and the introduction of Isla Porter, the Company's new digital custom kitchen cabinetry business.
- FGI recently announced it entered into a 5-year licensing agreement that will provide the Company access to an industry leading overflow toilet technology. The company will market this technology as FlushGuard Overflow Technology. During the fourth quarter, the Company was awarded product placements utilizing the FlushGuard technology at several large customers, including two of the largest commercial distributors in
- Enhanced Margin Performance: FGI generated fourth quarter gross margin of
29.2% , up from23.7% in the same period last year owing to the ongoing mix shift to higher margin products. For the full year 2023, gross margin was27.4% , up nearly 800 basis points from the19.5% gross margin generated in the prior year. During 2024, FGI expects gross margin to remain consistent with the 27-28% gross margin generated during fiscal year 2023, with operating margin improvement driven by volume leverage. - Efficient Capital Deployment: FGI will continue to prioritize capital deployment in support of organic growth opportunities, while continuing to evaluate strategic M&A opportunities. With total liquidity of
$24.4 million
FOURTH QUARTER 2023 RESULTS
Revenue totaled
- Sanitaryware revenue was
$20.6 million 1.8% from revenue of$20.2 million - Bath Furniture revenue was
$2.5 million $6.1 million - Shower Systems revenue was
$5.7 million 55.3% from revenue of$3.7 million U.S. retailer with initial shipments that began in December. - Other revenue, which consists primarily of the custom kitchen cabinetry business, was
$2.1 million $1.7 million
Gross profit was
Operating income was
The Company reported GAAP net income of
FINANCIAL RESOURCES AND LIQUIDITY
As of December 31, 2023, the Company had
FINANCIAL GUIDANCE
FGI believes the long-term outlook for the repair and remodel markets remains attractive, and the Company continues to be encouraged by the progress achieved on its organic growth initiatives through the BPC strategy. While inventory de-stocking headwinds have largely normalized, the Company expects uneven demand trends across sales geographies coupled with continued strategic investments throughout the organization for future growth. As a result of these factors, the Company is providing fiscal 2024 guidance as follows:
- Total Revenue of
$115 million $128 million - Total Adjusted Operating Income of
$2.8 million $3.8 million - Total Adjusted Net Income of
$1.2 million $2.0 million
Guidance for adjusted operating income and adjusted net income is presented on an adjusted basis and excludes non-recurring items. All guidance is current as of the time provided and is subject to change.
FOURTH QUARTER CONFERENCE CALL
FGI will conduct a conference call on Thursday, March 21 at 9:00 am Eastern Time to discuss the quarterly results.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company's corporate website at https://investor.fgi-industries.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and download and install any necessary audio software.
To participate in the live teleconference:
Toll Free: | 1-844-826-3035 | |
International Live: | 1-412-317-5195 |
To listen to a replay of the teleconference, which will be available through April 4, 2024:
Domestic Replay: | 1-844-512-2921 | |
International Replay: | 1-412-317-6671 | |
Conference ID: | 10186279 |
ABOUT FGI INDUSTRIES
FGI Industries Ltd. (Nasdaq: FGI) is a leading global supplier of kitchen and bath products. For over 30 years, we have built an industry-wide reputation for product innovation, quality, and excellent customer service. We are currently focused on the following product categories: sanitaryware (primarily toilets, sinks, pedestals and toilet seats), bath furniture (vanities, mirrors and cabinets), shower systems, customer kitchen cabinetry and other accessory items. These products are sold primarily for repair and remodel activity and, to a lesser extent, new home or commercial construction. We sell our products through numerous partners, including mass retail centers, wholesale and commercial distributors, online retailers and specialty stores.
Non-GAAP Measures
In addition to the measures presented in our consolidated financial statements, we use the following non-GAAP measures to evaluate our business, measure our performance, identify trends affecting our business and assist us in making strategic decisions. Our non-GAAP measures are: Adjusted Operating Income, Adjusted Operating Margins and Adjusted Net Income. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles in
We use these non-GAAP measures, along with
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipate," "expect," "could," "may," "intend," "plan", "see" and "believe," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements regarding FGI's guidance, expectations for the home improvement market, the Company's growth strategies, the company's planned product launches and new customer partnerships, estimates of customer de-stock and timing of market recoveries. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties, including but not limited to, the levels of residential repair and remodel activity, and to a lesser extent, new home construction; the effects of inflationary pressures and interest rates on demand for our products, our costs and our ability to access capital; our ability to maintain our strong brands and reputation and to develop innovative products; our ability to maintain our competitive position in our industries; our reliance on key suppliers and customers; the length and severity of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer confidence, our production capabilities, our employees and our supply chain; the cost and availability of materials and the imposition of tariffs; risks associated with our international operations and global strategies; our ability to achieve the anticipated benefits of our strategic initiatives; our ability to successfully execute our acquisition strategy and integrate businesses that we may acquire; risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new technology; our ability to attract, develop and retain talented and diverse personnel; our ability to obtain additional capital to finance our planned operations; regulatory developments in
FGI INDUSTRIES LTD. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
As of | As of | |||||
December 31, 2023 | December 31, 2022 | |||||
USD | USD | |||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash | $ | 7,777,241 | $ | 10,067,428 | ||
Accounts receivable, net | 16,195,543 | 14,295,859 | ||||
Inventories, net | 9,923,852 | 13,292,591 | ||||
Prepayments and other current assets | 4,617,751 | 2,588,081 | ||||
Prepayments and other receivables – related parties | 7,600,283 | 5,643,649 | ||||
Total current assets | 46,114,670 | 45,887,608 | ||||
PROPERTY AND EQUIPMENT, NET | 1,910,491 | 1,269,971 | ||||
OTHER ASSETS | ||||||
Intangible assets | 102,227 | — | ||||
Operating lease right-of-use assets, net | 15,203,576 | 9,815,572 | ||||
Deferred tax assets, net | 1,168,833 | 1,265,539 | ||||
Other noncurrent assets | 1,245,133 | 2,128,240 | ||||
Total other assets | 17,719,769 | 13,209,351 | ||||
Total assets | $ | 65,744,930 | $ | 60,366,930 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES | ||||||
Short-term loans | $ | 6,959,175 | $ | 9,795,052 | ||
Accounts payable | 14,524,607 | 14,718,969 | ||||
Accounts payable – related parties | 735,308 | 104,442 | ||||
Income tax payable | 189,119 | 33,350 | ||||
Operating lease liabilities – current | 1,595,998 | 1,543,031 | ||||
Accrued expenses and other current liabilities | 4,039,499 | 3,580,359 | ||||
Total current liabilities | 28,043,706 | 29,775,203 | ||||
OTHER LIABILITIES | ||||||
Operating lease liabilities – noncurrent | 13,674,452 | 7,847,317 | ||||
Total liabilities | 41,718,158 | 37,622,520 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||
SHAREHOLDERS' EQUITY | ||||||
Preference Shares ( | — | — | ||||
Ordinary shares ( | 955 | 950 | ||||
Additional paid-in capital | 20,877,832 | 20,459,859 | ||||
Retained earnings | 4,413,524 | 3,679,920 | ||||
Accumulated other comprehensive loss | (1,111,499) | (1,396,319) | ||||
FGI Industries Ltd. shareholders' equity | 24,180,812 | 22,744,410 | ||||
Non-controlling interests | (154,040) | — | ||||
Total shareholders' equity | 24,026,772 | 22,744,410 | ||||
Total liabilities and shareholders' equity | $ | 65,744,930 | $ | 60,366,930 | ||
FGI INDUSTRIES LTD. | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||
Three Months Ended | ||||||
December 31, | ||||||
2023 | 2022 | |||||
USD | USD | |||||
REVENUES | $ | 30,956,813 | $ | 31,790,227 | ||
COST OF REVENUES | 21,921,378 | 24,267,371 | ||||
GROSS PROFIT | 9,035,435 | 7,522,856 | ||||
OPERATING EXPENSES | ||||||
Selling and distribution | 5,887,712 | 4,224,614 | ||||
General and administrative | 1,678,028 | 2,028,729 | ||||
Research and development | 224,290 | 265,922 | ||||
Total operating expenses | 7,790,030 | 6,519,265 | ||||
INCOME FROM OPERATIONS | 1,245,405 | 1,003,591 | ||||
OTHER INCOME (EXPENSES) | ||||||
Interest income | 4,019 | 2,720 | ||||
Interest expense | (189,999) | (202,573) | ||||
Other expenses, net | (196,826) | (58,310) | ||||
Total other expenses, net | (382,806) | (258,163) | ||||
INCOME BEFORE INCOME TAXES | 862,599 | 745,428 | ||||
PROVISION FOR INCOME TAXES | ||||||
Current | 171,837 | (66,022) | ||||
Deferred | 239,796 | 104,395 | ||||
Total provision for income taxes | 411,633 | 38,373 | ||||
NET INCOME | 450,966 | 707,055 | ||||
Less: net loss attributable to non-controlling shareholders | (87,997) | — | ||||
Net income attributable to FGI Industries Ltd. Shareholders | 538,963 | 707,055 | ||||
OTHER COMPREHENSIVE INCOME | ||||||
Foreign currency translation adjustment | 304,321 | 264,736 | ||||
COMPREHENSIVE INCOME | 755,287 | 971,791 | ||||
Less: comprehensive loss attributable to non-controlling shareholders | (87,997) | — | ||||
Comprehensive income attributable to FGI Industries Ltd. Shareholders | $ | 843,284 | $ | 971,791 | ||
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES | ||||||
Basic | 9,547,607 | 9,500,000 | ||||
Diluted | 9,870,454 | 9,708,863 | ||||
EARNINGS PER SHARE | ||||||
Basic | $ | 0.06 | $ | 0.07 | ||
Diluted | $ | 0.05 | $ | 0.07 | ||
FGI INDUSTRIES LTD. | ||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||
For the Years Ended | ||||||
December 31, | ||||||
2023 | 2022 | |||||
USD | USD | |||||
REVENUES | $ | 117,241,604 | $ | 161,718,543 | ||
COST OF REVENUES | 85,164,322 | 130,209,538 | ||||
GROSS PROFIT | 32,077,282 | 31,509,005 | ||||
OPERATING EXPENSES | ||||||
Selling and distribution | 19,971,912 | 17,533,028 | ||||
General and administrative | 8,424,083 | 7,830,023 | ||||
Research and development | 1,376,844 | 1,053,976 | ||||
Total operating expenses | 29,772,839 | 26,417,027 | ||||
INCOME FROM OPERATIONS | 2,304,443 | 5,091,978 | ||||
OTHER INCOME (EXPENSES) | ||||||
Interest income | 10,543 | 3,159 | ||||
Interest expense | (749,729) | (600,798) | ||||
Other (expenses) income, net | (177,469) | 46,211 | ||||
Total other expenses, net | (916,655) | (551,428) | ||||
INCOME BEFORE INCOME TAXES | 1,387,788 | 4,540,550 | ||||
PROVISION FOR INCOME TAXES | ||||||
Current | 711,518 | 658,694 | ||||
Deferred | 96,706 | 201,936 | ||||
Total provision for income taxes | 808,224 | 860,630 | ||||
NET INCOME | 579,564 | 3,679,920 | ||||
Less: net loss attributable to non-controlling shareholders | (154,040) | — | ||||
Net income attributable to FGI Industries Ltd. Shareholders | 733,604 | 3,679,920 | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||
Foreign currency translation adjustment | 284,820 | (741,587) | ||||
COMPREHENSIVE INCOME | 864,384 | 2,938,333 | ||||
Less: comprehensive loss attributable to non-controlling shareholders | (154,040) | — | ||||
Comprehensive income attributable to FGI Industries Ltd. Shareholders | $ | 1,018,424 | $ | 2,938,333 | ||
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES | ||||||
Basic | 9,525,434 | 9,335,616 | ||||
Diluted | 9,821,112 | 9,341,921 | ||||
EARNINGS PER SHARE | ||||||
Basic | $ | 0.08 | $ | 0.39 | ||
Diluted | $ | 0.07 | $ | 0.39 | ||
FGI INDUSTRIES LTD. | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
For the Years Ended December 31, | ||||||
2023 | 2022 | |||||
USD | USD | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income | $ | 579,564 | $ | 3,679,920 | ||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation and amortization | 2,017,502 | 218,662 | ||||
Share-based compensation | 417,978 | 383,572 | ||||
Provision for credit losses | 78,640 | 261,381 | ||||
Reversal of defective return | (851,554) | (1,696,263) | ||||
Foreign exchange transaction loss | 185,317 | 7,417 | ||||
Deferred income tax expense | 96,707 | 213,050 | ||||
Changes in operating assets and liabilities | ||||||
Accounts receivable | (1,126,770) | 13,489,673 | ||||
Inventories | 3,368,740 | 7,971,370 | ||||
Prepayments and other current assets | (2,029,670) | (1,041,458) | ||||
Prepayments and other receivables – related parties | (1,956,634) | (2,523,826) | ||||
Other noncurrent assets | 883,108 | 860,770 | ||||
Income taxes | 155,769 | (1,187,589) | ||||
Right-of-use assets | — | 858,322 | ||||
Accounts payable | (194,362) | (17,290,882) | ||||
Accounts payable-related parties | 630,866 | 104,442 | ||||
Operating lease liabilities | (1,324,641) | (1,396,218) | ||||
Accrued expenses and other current liabilities | 459,139 | (1,932,078) | ||||
Net cash provided by operating activities | 1,389,699 | 980,265 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Proceeds from disposal of property and equipment | — | 400 | ||||
Purchase of property and equipment | (840,387) | (1,064,223) | ||||
Purchase of intangible assets | (102,227) | — | ||||
Net cash used in investing activities | (942,614) | (1,063,823) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Net repayments of revolving credit facility | (2,835,876) | (4,862,228) | ||||
Net proceeds from issuance of ordinary shares in IPO | — | 12,370,800 | ||||
Excess payment over carrying value on long-lived assets acquisition from common-control affiliate | — | (498,005) | ||||
Net cash (used in) provided by financing activities | (2,835,876) | 7,010,567 | ||||
EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH | 98,604 | (743,477) | ||||
NET CHANGES IN CASH | (2,290,187) | 6,183,532 | ||||
CASH, BEGINNING OF YEAR | 10,067,428 | 3,883,896 | ||||
CASH, END OF YEAR | $ | 7,777,241 | $ | 10,067,428 | ||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Cash paid during the period for interest | (749,646) | (600,043) | ||||
Cash paid during the period for income taxes | (552,163) | (1,835,823) | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||
New addition on Right-of-use assets | (7,204,742) | (2,585,925) | ||||
Non-GAAP Measures | |||||||||||||
For the three months ended | For the year ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Income from operations | $ | 1,245,405 | $ | 1,003,591 | $ | 2,304,443 | $ | 5,091,978 | |||||
Adjustments: | |||||||||||||
Non-recurring IPO-related compensation | 59,719 | 59,719 | 238,876 | 435,028 | |||||||||
IPO and arbitration legal fee | — | 221,258 | 50,000 | 221,258 | |||||||||
Anti-dumping penalty | — | 124,865 | — | 124,865 | |||||||||
Business expansion expense | 61,770 | — | 247,082 | — | |||||||||
Adjusted income from operations | 1,366,894 | 1,409,433 | 2,840,401 | 5,873,129 | |||||||||
Revenue | $ | 30,956,813 | $ | 31,790,227 | $ | 117,241,604 | $ | 161,718,543 | |||||
Adjusted operating margins | 4.4 | % | 4.4 | % | 2.4 | % | 3.6 | % | |||||
For the three months ended | For the year ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Net income | $ | 450,966 | $ | 707,055 | $ | 579,564 | $ | 3,679,920 | |||||
Adjustments: | |||||||||||||
Non-recurring IPO-related compensation | 59,719 | 59,719 | 238,876 | 435,028 | |||||||||
IPO and arbitration legal fee | — | 221,258 | 50,000 | 221,258 | |||||||||
Anti-dumping penalty | — | 124,865 | — | 124,865 | |||||||||
Business expansion expense | 61,770 | — | 247,082 | — | |||||||||
Total | 572,455 | 1,112,897 | 1,115,522 | 4,461,071 | |||||||||
Tax impact of adjustment at | (22,962) | (73,052) | (101,296) | (140,607) | |||||||||
Adjusted net income | $ | 549,493 | $ | 1,039,845 | $ | 1,014,226 | $ | 4,320,464 | |||||
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SOURCE FGI Industries Ltd.
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