LOS ANGELES, December 11, 2017 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NVFY) (“Nova LifeStyle” or the “Company”), a California-based innovative designer and global distributor of modern lifestyle household consumer products, today announced that its Board of Directors has approved the buyback of up to $5 million of the Company’s common stock.
“As Nova LifeStyle continues to experience record profit growth, with strong balance sheet and cash flow the Company is pleased to announce our first buyback program that enables us to return value to shareholders, while at the same time continuing to invest in opportunities that will further strengthen our robust growth well into 2018,” said Tawny Lam, CEO of Nova LifeStyle. “The Board of Directors believes that the company’s shares are an attractive investment opportunity and repurchasing stock is an important part of our capital allocation strategy.”
The Company has recently provided fourth quarter earnings guidance, anticipates record earnings growth in 2018.
The share buyback program will be funded from the Company’s cash and future cash provided by operating activities.
The buyback program will depend on a number of factors, including, but not limited to, market condition (such as price, trading volume) and the company’s working capital requirements, general business conditions and other factors. The share buyback program has a time limit of one year and maybe suspended, modified for periods and discontinued at any time at management’s discretion.