Firstime Design Limited (FTDL) research, news, and more from GeoInvesting

Company description

Wed, 30 Jul 2008 04:00:00 GMT

FirsTime Design Limited, through it's subsidiary, License Products, Inc., does business as FirsTime Manufactory, an industry leading designer, marketer and distributor of timepieces and home decor products sold through national and regional retailers.

Research

Tue, 27 Dec 2022 13:10:50 GMT

Firstime Design Limited (OTC:FTDL), a company that operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, industry-leading designers, marketers, and distributors of home goods and sleep environment products, announced Q2 2022 results:

Sales of $2.8 million vs $5.9 million in the prior year
Loss of $1.43 vs EPS of $0.41

“...as expected, the third quarter continues to be a reset for our business. We continue to work through higher cost inventory due to hyperinflationary forces in the container space which have the impact of suppressing our gross margins. That being said, shipping and container costs remain historically low, and we expect to see gross margins normalize over time. Though we expect the Company’s reset to extend into the fourth quarter, with the normalization of container costs, we hope to see the Company’s losses narrow in 2023.

As a result of the Company’s losses, we are taking steps to continue to put the Company in a position to see through the current situation including consolidating warehouse space, reviewing our operating expenses, and working with all stakeholders in our business as we manage through this period to get the business back to profitability.”

Research

Tue, 27 Sep 2022 14:20:24 GMT

Firstime Design Limited (OTC:FTDL) ($2.52; $2.9M market cap), a company that operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, industry-leading designers, marketers, and distributors of home goods and sleep environment products, announced Q2 2022 results:

Sales of $3.6 million vs $5.3 million in the prior year
Loss of $0.95 vs EPS of $0.04

“the second and third quarters of 2022 will be a reset for our Company as we put the losses driven by the hyperinflationary container environment of 2021 and 2022 behind us. Not only did we bring in fresh capital in the form of a new asset-based line of credit with Aequum Capital Financial, LLC out of Chicago, but we are also fortunate enough to have secured an additional investment from professional small cap investor Karl Brewer. Karl brings expertise to our Company having been a professional small cap investor with William Blair for decades, and we value his insight as we work towards returning to our long-term growth and profitability objectives.

The organization continues to look forward and we see bright spots as we approach the end of the year. Though we expect the third quarter to be as challenging as the second quarter, the cost of shipping from Asia into the United States has fully normalized which has allowed us to restart the flow of inventory from overseas. We had previously put such imports on pause due to hyperinflation in the container shipping market. The Company will have close to $2 million of new inventory hitting warehouses in anticipation of the fourth quarter. We remain optimistic that we can get the business back to profitability as we move through this post-COVID inflationary period due to the myriad of actions we took thus far in 2022. These include right-sizing our warehousing footprint, diversifying our freight forwarding capacities, selectively raising wholesale prices, implementing a new state-of-the-art ERP system, rolling out our direct-to-consumer strategy through www.firstime.com , and recapitalizing the business to improve the Company's liquidity."

Research

Fri, 13 May 2022 17:26:55 GMT

Firstime Design Limited (OTC:FTDL) ($5.50; $6.3M market cap), a company that operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, industry-leading designers, marketers, and distributors of home goods and sleep environment products, announced Q1 2022 results:

Sales of $6.1 million vs $7.3 million in the prior year

Loss of $0.61 vs EPS of $0.54 in the prior year

“the first quarter of 2022 was a difficult one. Inflation costs in the shipping environment remain elevated though we have seen some normalization in the market which we hope bodes well for the back half of the year. We remain committed to the long-term strategy of creating an efficient and flexible operating structure to scale growth when the business environment returns to further normalcy. We have deliberately and specifically attempted to improve everything in our control to be in the best position possible when that occurs. We are working hard on behalf of all stakeholders in the business to make sure we get through this period of volatility and ready to get back to profitable growth when the environment allows it…

…as we harvest losses, we remain committed to long term profitable growth in order to maximize the value of FirsTime."

Research

Wed, 11 May 2022 15:08:13 GMT

Firstime Design Limited (OTC:FTDL) ($5.50; $6.3M market cap), a company that operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, industry-leading designers, marketers, and distributors of home goods and sleep environment products, announced Q4 2021 results:

Sales of $4.9 million vs $7.9 million in the prior year
Loss of $0.51 vs EPS of $1.09 in the prior year

“The Company imports finished goods from international and domestic manufacturers and relies on those suppliers to procure sufficient raw materials to be used in production. FirsTime did not experience any significant problems due to the lack of, or availability of, materials or products. InnerSpace did experience significant problems due to the lack of, or availability of, materials or products. The Company expects the problems experienced by InnerSpace with respect to product availability to be fully resolved in 2022.”

The company had posted several strong quarters of growth, boosted by increased online demand due to COVID-19 and cost efficiencies that had been implemented by the company during its restructuring process.

However, Supply chain issues and inflationary pressures began negatively impacting the company’s business starting in Q2 of 2021. Despite measures the company began taking to mitigate these factors in Q3 2021, sales and earnings continue to be affected, as the operating environment has not improved. The company is also going to have to cope with the loss of COVID-19 related revenues.

Research

Tue, 26 Oct 2021 04:00:00 GMT

Firstime Design Limited (OTC:FTDL) ($10.00; $11.5M market cap), a company that operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, industry-leading designers, marketers, and distributors of home goods and sleep environment products, announced Q3 2021 results:

Sales of $5.9 million vs $6.3 million in the prior year
EPS of $0.41 vs $0.67 in the prior year

“Though the operating environment is extremely challenging with supply chains backed up, and container and shipping costs up over 400% versus what they were a year ago, we have been largely spared from the worst impact because the Company made strategic investments into our supply chain in early 2020 to mitigate the substantial global congestion. We continued those investments in the third quarter of 2021 with additions to our West Coast distribution facilities which now comprise over 500,000 square feet in space. Longer-term, we remain extremely optimistic in our strategy. The Company continues to make major investments into infrastructure including a state-of-the-art ERP system as well as human capital that will continue to support the higher growth rates that we are experiencing. Our highly successful core business remains a design company and I strongly believe that our investments today will lead to continued profitable growth in the years to come."

Recall that FTDL has been slammed when it reported weak Q2 sales and earnings on July 16, 2021

Sales of $5.3 million vs $4.3 million in the prior year
EPS of $0.04 vs $0.40 in the prior year

The weak results were explained:

“Though the market remains healthy and the consumer’s appetite for our product assortment is strong, upward cost pressure has begun to creep into the market through increased product and shipping costs which impacted this quarter’s profitability.”

The stock has fallen 60% since then.

While Q3 results were down on a year over year basis, they were up 10% sequentially from Q2 2021 as management continues to battle supply chain issues. More importantly, net income rebounded 900% from Q2, a testament to management’s ability to quickly respond to crises. This achievement indicates that the company is already back to a comparable margin position than it was before the Q2 “blip”. It was also nice to see them talk about profitable growth for years to come. As we mentioned in the last quarterly update, the supply chain challenge will likely be a short term hurdle for the company.

See our fireside chat with management here,

Research

Mon, 19 Jul 2021 17:25:31 GMT

Firstime Design Limited (OTC:FTDL) is an industry-leading designer, marketer, and distributor of home goods and sleep environment products, announced Q2 2021 results:

Sales of $5.3 million vs $4.3 million in the prior year
EPS of $0.04 vs $0.40 in the prior year

Chairman and CEO, Christopher D. Bering, said “we continue to be proud of the Company’s results in this challenging operating environment. Fortunately, I have been managing the vicissitudes of consumer-based markets for over 20 years and in my time, I have seen it all. This time is no different. Though the market remains healthy and the consumer’s appetite for our product assortment is strong, upward cost pressure has begun to creep into the market through increased product and shipping costs which impacted this quarter’s profitability. We have already taken swift action to remain strong and nimble including managing operating expenses, raising product prices where we can, and making sure we have plenty of inventory on hand as we prepare for the fast-approaching holiday season.”

Clearly, the bottom line performance of this quarter caught us off guard. Although we still like management and believe they have the right long term growth plan in place, we are going to want to see how management navigates through this new challenging environment they are facing in terms of escalation of costs.

It certainly appears that in the short term, shares are going to come up under extreme pressure. So, we are reducing the model portfolio ranking on the stock to a 2, from 1. We may also sell some of our position in the stock, even though it is currently a small position. In the meantime, we are going to reach out to management to see how long they believe cost pressures will stick around.

Research

Tue, 25 May 2021 14:46:27 GMT

Firstime Design Limited (OTC:FTDL) ($20.00; $23.0M market cap), a company that operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, industry-leading designers, marketers, and distributors of home goods and sleep environment products, announced Q1 2021 results:

Sales of $7.3 million vs $3.3 million in the prior year
EPS of $0.54 vs $0.09 in the prior year

"The Company has posted record results in the first quarter of 2021. Traditionally, the Company's first quarter is the lowest revenue-producing quarter of our fiscal year however 2021 proved to be a significant exception. In addition to strength in our core business, our recently launched new product introductions have proven exceedingly successful. The Company's spring product roll-out - the largest and most diverse in our history - strongly represents our move into higher-value categories."

the Company secured another consequential increase in its Line of Credit. This increase will ensure that our balance sheet can keep up with the higher business activity as well as provide operational financing for the foreseeable future. Simultaneously, the Company paid off its 5-year term loan in under three years. This prepayment should allow the Company more flexibility in its capital structure to explore ways to meaningfully increase intrinsic value per share while we focus on the Company's next multi-year business cycle."

FTDL has a trailing 12 month non-GAAP EPS of $2.76, and is currently trading at a P/E of 7.2.

We recently published our research report on FTDL, which you can read here.

Research

Fri, 05 Feb 2021 14:44:06 GMT

Firstime Design Limited (OTC:FTDL) ($16.00; $18.4M market cap) operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, which are industry-leading designers, marketers, and distributors of home goods and sleep environment products announced preliminary fourth quarter 2021 results:

Sales of $7.9 million vs $4.1 million in the prior year
EBITDA of $1.1 million vs $0.38 million in the prior year

"the Company produced record revenue and profits this year. Additionally, our current set of products in the market today is the most diversely designed our team of artisan designers has made to date...Part of the success came from our international supply chains agility, including the addition of suppliers in several new countries that we set up in 2020, as well as the Company's state-of-the-art West Coast distribution center which proved to be a perfectly timed move for our supply chain improvements. Our newly procured product launches, and expanded assortments are producing robust results. This is all being done during the most challenging and complex retail environment that I have experienced in 20 years. Though these time periods provide many tough lessons, they have allowed us to build quality, flexibility, character, and a culture prepared for sustainable growth in any market environment...

...any way you spin it, it is hard not to be humbled by the significant revenue and income generation capability of the business in 2020. Given the continued shift of the consumer into the e-commerce space, and the Company's additionally planned new product introductions in 2021, we expect to continue to put up record results. This is an extremely positive development given our significant Federal and State Net Operating Loss. Accordingly, the Company will have minimal cash tax obligations in respect of its 2020 revenues which we feel is a catalyst to unlock per share value in our Company. We are actively exploring ways to unlock further value in our business including actively working on corporate level initiatives through the Capital Allocation Committee. No options are off the table as we work to create meaningful, and sustainable, increases in the risk-adjusted returns that we offer our shareholders.

Reminders:

**We recently published our research report on FTDL, see the full report here.
FTDL management joined us on a Jan 26 episode of Avoiding The Crowd, which you can view here.

Research

Tue, 03 Nov 2020 17:03:11 GMT

**Calls To Action - FTDL, HGBL

After strong interviews with management, we are adding Firstime Design Limited (OTC:FTDL) ($8.70; $10.0M market cap) and Heritage Global Inc. (NASDAQ:HGBL) ($1.69; $59.4M market cap) to our disclosed longs list.

FTDL (Home Furnishing and Decor) - ecommerce shift boosting sales growth, reported 3 strong quarters in a row, strong bal sheet, deep value. See our recent earnings coverage here.
HGBL (asset purchases, liquidation and services ) - Insiders participated in recent offering, strong 2021 EPS estimates of $0.30 after adjusting for recent offerings, current economic environment bodes well for their business (asset liquidation) See our recent introductory note here that we wrote after attending an LD Micro Virtual Conference.

We are performing further due diligence on both companies. However, both look like they could end up being added to our Favorite Model Portfolio at some point in the future. We are currently working on an FTDL report and HGBL has agreed to participate in a live webcast interview session on GEO.

Research

Tue, 20 Oct 2020 20:14:56 GMT

Firstime Design Limited (OTC:FTDL) ($6.50; $7.5M market cap) operates through its subsidiaries, FirsTime Manufactory, Inc. and InnerSpace Luxury Products, LLC, which are industry-leading designers, marketers, and distributors of home goods and sleep environment products. The products are sold through multiple, national retailers as well as through a vast network of eCommerce channels. The company announced Q3 2020 results:

Sales of $6.35 million vs $3.48 million in the prior year
EPS of $0.67 vs $0.11 in the prior year

“we are delighted with the organization's overall performance, both top and bottom line. These results come from years of strategic initiatives that have allowed us to take advantage of the shift in consumer spending patterns. The diversification of our customers, and the increase in our eCommerce presence, combined with our global manufacturing base with locations in China, Egypt, Italy, Vietnam, Taiwan, India and the USA, has allowed us to successfully overcome the supply issues from COVID-19. I am also very excited to announce the opening of our new West Coast distribution facility... I am enthusiastic about the Company's operational positioning, which has taken several restructurings over many years to complete. These moves have allowed the organization to stay agile and fluid, imperative in these ever-changing markets...

...the business momentum is strong, and the trends we are experiencing gives me the confidence in the vision and path forward. We remain focused on value-driving strategies, which should continue to create favorable results in the years to come."

This marks our third go around with FTDL. We first began tracking FTDL on January 21, 2014, when the stock was trading at $3.90. The stock never panned out as we hoped during its tenure. On July 24, 2017 we stated we were once again placing FTDL back on our radar due to a recent acquisition, as well as corporate actions undertaken by the company.

It now seems that the restructuring efforts plus the accelerated pace to even more online trends due to Covid have propelled FTDL. The company has posted extremely strong first half 2020 results and comments suggest they see the trend continuing. We will reach out to set up a call with management.

Research

Wed, 04 Oct 2017 17:24:58 GMT

FTDL ($6.30), a seller of home decor products, announced its Q2 2017 results:

Sales of $1.4 million vs $1.6 million in the prior year
Loss per share of $0.24 vs EPS of $0.09 in the prior year

On July 24, 2017 we stated we were once again placing FTDL back on our radar due to a recent acquisition, as well as corporate actions undertaken by the company. The acquisition of InnerSpace Luxury products will nearly double sales to $14 million and result in combined EBITDA exceeding $1 million. We will continue to track to see if management shift to a more online sales approach begins to lift the legacy business as the new acquisition begins to kick in.

Research

Mon, 24 Jul 2017 04:00:00 GMT

Ex-GeoBargain FTDL ($6.80), an industry leading designer, marketer and distributor of decorative timepieces, thermometers and other home décor products sold at major-national retailers, never lived up to our expectations. However, we are placing it back on our radar due to a recent acquisition, as well as corporate actions undertaken.

On June 16, 2017 FTDL announced the acquisition of InnerSpace Luxury Products, a distributor of high quality custom bedding and home goods with a strong online and e-commerce platform. “Before synergies, we expect the combined gross revenues to exceed $14 million with combined EBITDA exceeding $1 million. The Company expects that sales and profits will increase as a result of the acquisition as we take advantage of synergies.” With TTM sales of $6 million, the acquisition doubles the size of the Company.

Quotes from management:

“The completion of the acquisition of InnerSpace is an enormous opportunity for the parties involved. Our continual goal to increase shareholder value over the next 3 and 5-year cycles remains paramount...

...FirsTime has significantly broadened its product offering, and through the integration process, we will be able to provide crossover synergies to both entities. Significant increases in sales and profits is exciting, but it’s only the beginning in our long term strategy to provide growth and value to our shareholders.”

On June 30, 2017, the Company announced several corporate developments:
- A non-brokered private placement of up to 521,739 shares of restricted common stock, 6-2/3 cents par value per share, of FTDL, at $5.75 per share.
- The Board of Directors of FTDL also announced today that it has authorized the repurchase of up to $2,000,000 of FTDL’s common stock from time to time on the open market or in privately negotiated transactions.
- The Board of Directors of FTDL has also voted to decrease the size of the Board, from four to three

We first began tracking FTDL on January 21, 2014, when the stock was trading at $3.90. The stock never panned out as we hoped during its tenure as a GeoBargain and was removed from the list in January 2015 after disappointing Q4 2014 results.

Research

Wed, 07 Oct 2015 14:57:54 GMT

Ex-GeoBargain FTDL is is an industry leading designer, marketer and distributor of decorative timepieces, thermometers and other home décor products sold at major-national retailers. The company's new distribution channels and initiatives of trying to increase shelf space with retailers may be paying off. FTDL reported solid Q3 2015results:

Sales of $2.5 million vs $1.7 million in the prior year
EPS of $0.28 vs $0.13 in the prior year

We first begantracking FTDL on January 21, 2014, when the stock was trading at $3.90. The stock never panned out as we hoped during its tenure as GeoBargain. On January 27, 2015 we removed FTDL from the GeoBargain list due to disappointing Q4 2014 results. We will look to speak with management once again to determine if initiatives and distribution channels can continue to boost sales and earnings growth going forward

Comments & Business Outlook

Wed, 15 Jul 2015 13:02:22 GMT

Second Quarter 2015 Results

Q2 2015 sales of $2.3 million vs $1.9 million
Q2 2015 EPS of $0.17 vs $0.11 in the prior year

Additionally, the Company announced the formation of a Capital Allocation Committee to review and recommend to the Board of Directors “for” or “against” external capital investments, acquisitions, securities purchases or sales, mergers and general investments. Newly elected Chairman of the Committee, Andrew Bass, said “the Board of Directors and Company recognize that in addition to maintaining a profitable and growing core business, FTDL should explore opportunities to deploy capital, in a deliberative manner, with the intent of maximizing per share value.”

Special Dividend

Thu, 25 Jun 2015 04:00:00 GMT

NEW BERLIN, Wis.--(BUSINESS WIRE)--FIRSTIME DESIGN LIMITED (FTDL) announced its Board of Directors has approved a $0.05 per share special cash dividend on its common stock, payable on July 31, 2015 to shareholders of record at the close of business on July 15, 2015.

Comments & Business Outlook

Thu, 16 Apr 2015 04:00:00 GMT

First Quarter 2015 Results

Net sales for the three months ended March 31, 2015 of $2,300,000 an increase of 12.1% compared to the same period last year.
The Company reported first quarter consolidated net income of $218,000 or $0.14 per common share, an increase of 56.9%, as compared to net income of $139,000 or $0.09 per common share for the same quarter last year.

Christopher D. Bering, President and Chief Executive Officer, commented, “Our ability to curate and integrate new categories and businesses, then test and rapidly scale them across our multi-channel platform, is at the core of our ability to gain share in the home furnishings marketplace. Our accelerated revenue and net income growth in the quarter clearly demonstrates the earning power of our business model, and our team’s drive to deliver industry-leading results.”

Mr. Bering added, “The business momentum and strong trends we’re experiencing gives us further confidence in the vision and path of the organization. Looking forward, we remain focused on our value driving strategies, which include the expansion of our product offering, and the continued enhancement of our operating infrastructure. I would like to thank all of our team members for their commitment to our cause, and our partners and shareholders for your continued support.”

Research

Tue, 27 Jan 2015 05:00:00 GMT

Yesterday we stated we had sold our long position to move into other more timely opportunities, but we would keep FTDL coded as a GeoBargain and reevaluate after its upcoming Q4 2014 earnings report. After the close, FTDL reported disappointing Q4 2014 results.

Net revenues were $1.88 million, a decrease of 15.5% from $2.22 million in the same quarter last year.
EPS was $0.04 vs $0.14 in the same period last year.

As a result of another quarter of weak financial results, we are now removing FTDL from the GeoBargain list.

Comments & Business Outlook

Mon, 26 Jan 2015 05:00:00 GMT

NEW BERLIN, Wis.--(BUSINESS WIRE)--FIRSTIME DESIGN LIMITED (FTDL) today announced net sales for the twelve months ended December 31, 2014 of $7,635,000 a decrease of 6.9% compared to the same period last year. The Company reported consolidated net income of $568,000 or $0.37 per common share, a decrease of 24.2% compared to the same twelve-month period last year. Fourth quarter net income was $57,000 or $0.04 per common share, a decrease of 73.6%, as compared to a net income of $216,000 or $0.14 per common share for the same quarter last year. FTDL ended the quarter with $2,168,000 of cash and cash equivalents on the balance sheet.

Comments & Business Outlook

Fri, 17 Oct 2014 04:00:00 GMT

Third Quarter 2014 Results

Q3 2014 revenues of $1.8 million vs $2.2 million in the prior year period
Q3 2014 EPS of $0.13 vs $0.16 in the prior year period

Quotes from management:

“The slight decrease in sales was due in part to some of the challenges facing the retail segment. This included slower than expected foot traffic, which was combined with the up and downs of consumer spending and confidence. In an effort to improve on sales we have implemented a new strategy, which allows us to strengthen our position and presence in the e-commerce arena. In a short time we have developed a number of new online relationships and we believe this expansion will afford us the opportunity to broaden our market presence, produce a new means of revenue and create a more sustainable business that is less reliant on a few major customers.”

Comments & Business Outlook

Tue, 15 Jul 2014 04:00:00 GMT

Second Quarter 2014 Results

Net sales for the three months ended June 30, 2014 of $1.9 million vs $1.9 million in the same period last year.
Second quarter net income was $168,000 or $0.11 per common share, an increase of 8.4%, as compared to a net income of $156,000 or $0.10 per common share for the same quarter last year.

Comments & Business Outlook

Thu, 10 Apr 2014 04:00:00 GMT

First Quarter 2014 Results

Sales for the three months ended March 31, 2014, of $2,052,000 an increase of 12.5% compared to the same period last year.
EPS for the three months ended March 31, 2014 of $0.09 vs $0.09 in the prior year.

Christopher D. Bering, FirsTime’s President and CEO said, “the growth in sales reflects strong execution across all aspects of the organization and it demonstrates that we are successfully navigating a still challenging environment in home accessory-retail.”

“FirsTime® is a growing brand with roots as a leader in premium functional décor,” said Mr. Bering. “The goal is to offer affordable functional décor, that connects with consumers. Our consistent growth, in part, is a reflection of our initiatives to better understand not only our retail partners, but also the end-consumer. Understanding the markets and designing products that resonate will help ensure we stay on a long-term, sustainable path.”

Special Dividend

Thu, 13 Feb 2014 05:00:00 GMT

NEW BERLIN, Wis.--(BUSINESS WIRE)--FIRSTIME DESIGN LIMITED (FTDL) today announced its Board of Directors has approved a $0.25 per share special cash dividend on its common stock, payable on March 15, 2014 to shareholders of record at the close of business on February 28, 2014, as part of its ongoing plan to generate shareholder value.

Christopher D. Bering, FirsTime’s President and CEO, said, “Given the $1.7 million in cash on our balance sheet at the end of 2013, combined with the projected cash needs of the business over the next 12 months, we believe a larger than average cash distribution maximizes shareholder value.”

Bering went on to say, “Once again, we would like to acknowledge our shareholders who have partnered with us throughout the restructuring process and continue to believe that our focus on maximizing shareholder value will lead to our long term success.”

Research

Tue, 21 Jan 2014 05:00:00 GMT

FTDL, through its subsidiary, License Products, Inc., designs and distributes decorative clocks and other home decor product. The company has lost money from at least 2007 to 2011. However, we believe there are reasons for tracking the company:

It appears that the company begun a restructuring process in 2011 to address product offerings and operational structure.
Shortly after implementing these initiatives, the company was soon able to reverse prior year losses and it has reported 8 straight quarters of profitability with year-over-year growth.
The company is more profitable today than it was at a higher revenue level when it was losing money.
Management commentary infers the company is finally in a position to grow sales while maintaining margins.
The company paid a special dividend in its first quarter of 2013
We like tracking companies that serve niche and obscure markets; they can fly under the radar creating opportunity for early entry investors.
Small Float (1.3 million shares)

Caveat:

We need to review the capital structure in order to determine any existence of dilutive securities.

We are now coding FTDL as a GeoBargain on the Radar, and will attempt to interview management