Profitable Growth Continues Due to Strong Demand for New Product
OTTAWA, Sept. 9 /CNW Telbec/ - Design 1st Inc., a physical product design
consulting company, today announced FY2009 financial results that are the best
in its corporate history. Over the last three fiscal years, the company has
experienced sequential annual growth with revenue increasing over 100% and
over 8x increase in profitability.
Design 1st provides innovative physical product design for
multinationals, product companies and start-up ventures and recorded a 52%
increase in client projects secured since FY2006. In FY2009 the company signed
65 new projects compared to 39 in FY2006. Enjoying a strong referral business,
55% of revenue in FY2009 was from existing customers while 45% of the revenue
resulting from new customers.
In addition to new business, Design 1st is focused on increasing
diversification of its client base by geography and industry. Revenue from
clients outside of the Ottawa market - Chicago, California, Southern Ontario
and Western Canada - increased to 49% in FY2009 from 40% in FY2006. Although
the Ottawa region remains a strong base, the company is attracting attention
from other North American clients and is growing a presence in other
geographical markets and industries. Design 1st develops product enclosures
for clients in the Medical, Bio-tech, Commercial, Communications, Consumer and
Outdoor ruggedized markets.
"In spite of the current economic environment, we are pleased to record
the best year in our corporate history. Our growth has been fueled by a strong
and steady demand for new product development by multinationals to well-funded
start-ups," said Kevin Bailey, Founder and President, Design 1st. "In
response, we've doubled in size both in revenue and in head count, while
bringing our depth of knowledge and program management skills to clients with
technically challenging requirements in new geographies and markets."
"We continue to be encouraged by the strength of Ottawa and local area
companies that are moving forward with new product development. This says a
lot about the diversity of industry, skills and entrepreneurial passion that
exists locally," commented Bailey.
About Design 1st
Based in Ottawa, Canada, Design 1st is a product design team of highly
talented Industrial Design and Mechanical Engineers who understand how to make
a product's design look great and operate the way it is expected to. Clients
rely on Design 1st to turn a napkin sketch into compelling images and then
design, engineer and document a distinctive product solution. As product
development consultants, Design 1st brings 25 years of experience in enclosure
design and engineering - making them the ideal partner for corporations and
start-ups to outsource their physical product design and development. Equipped
with in-house machining, finishing and part prototyping facilities, Design 1st
can create finished models, first parts and assemblies in days. Recent
projects include BelAir WiFi Networks, Christie Cinema Projectors, ProDrive
Dental Systems, We-Vibe(TM) Human Care and Stanley HealthCare Patient RFID
Monitoring. For more information, visit www.design1st.com.
The Design 1st name and the Design 1st logo are trademarks of Design 1st
Inc. Other registered and unregistered trademarks are the property of
their respective owners.
(C) Copyright 2009 Design 1st Inc. All rights reserved. Information is
subject to change without notice.
For further information:
For further information: Kevin Bailey, Tel: (613) 235-1004 ext.225,