PEMBROKE PINES, Fla., May 18 /PRNewswire-FirstCall/ -- Decorator
Industries, Inc. (AMEX:DII) today announced its operating results
for the first quarter ended April 4, 2009. Decorator, a leading
supplier of interior furnishings for recreational vehicles ("RV"),
manufactured housing ("MH") and the hospitality industry, today
reported a net loss of $1,290,929, or $0.44 per diluted share for
the first quarter ended April 4, 2009, compared to a net loss of
$475,518 million, or $0.16 per diluted share in the same quarter
one year ago. Mr. Johnson, President, stated: "The economic crisis
impacted all of our markets in the first quarter of 2009. Net sales
for the first quarter decreased 51% to $5,105,638 compared to
$10,503,898 for the first quarter of 2008. Our sales to RV
customers were $853,000, a decrease of 82% from $4,820,000 in last
year's first quarter. Sales to MH customers decreased by 46% to
$1,300,000 from $2,391,000 in last year's first quarter.
Hospitality sales decreased by 10% to $2,953,000 from $3,293,000.
"The RV industry reported that total RV wholesale shipments
declined 63% in the first quarter of 2009 from last year's first
quarter. Towable RV shipments, primarily travel trailers, declined
by 61% while motor home shipments decreased about 78% from the
first quarter of 2008. The Company's sales to the RV industry
decreased by more than the overall market because two of the
Company's major RV customers filed bankruptcies during the first
week of March 2009. Sales to these two customers were just over
$100,000 in the first quarter of 2009 versus more than $2 million
in the first quarter 2008. The MH industry reported that wholesale
shipments for this year's first quarter decreased by 46% from a
year ago. The hospitality industry has seen declines in occupancy,
room rates, number of new rooms coming online and hotel real estate
transactions. Based on the current economic conditions we can not
expect to see meaningful improvement from any of our markets over
the next several quarters. To overcome the decline in our markets
we will aggressively seek new opportunities to grow market share.
"The operating loss increased to $1,770,195 or 34.7% of net sales
in 2009 from $757,866 or 7.2% of net sales in the first quarter of
2008. The increased loss was caused by a one-time $750,000 charge
related to our decision to discontinue the manufacturing of sewn
goods for the RV industry as well as the significant reduction in
total sales volume. Significant cost savings totaling almost
$688,000 for first quarter of 2009 were offset by the decline in
sales and one-time charge. "We recently completed the
sale-leaseback of two facilities and used the proceeds of
$1,438,000 to pay down our line of credit with Wachovia Bank. "We
have an experienced and committed management team that is
determined to navigate through these tough times. We will continue
to review our operations at all levels and take the aggressive
actions necessary to make sure we overcome these challenging
times." STATEMENTS CONTAINED IN THIS RELEASE THAT ARE NOT
HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS THAT COULD DIFFER
MATERIALLY FROM ACTUAL RESULTS. PRIMARY FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO MATERIALLY DIFFER FROM THOSE IN THE
FORWARD-LOOKING STATEMENTS ARE THE LEVEL OF DEMAND FOR RECREATIONAL
VEHICLES, MANUFACTURED HOUSING AND HOTEL/MOTEL ACCOMMODATIONS, THE
GENERAL ECONOMIC CONDITIONS, INTEREST RATE FLUCTUATIONS, THE
AVAILABILITY OF CONSUMER CREDIT, FUEL PRICES, COMPETITIVE PRODUCTS
AND PRICING PRESSURES WITHIN THE COMPANY'S MARKETS, THE COMPANY'S
ABILITY TO CONTAIN ITS MANUFACTURING COSTS AND EXPENSES, AND OTHER
FACTORS. DECORATOR INDUSTRIES, INC., FOUNDED IN 1953, DESIGNS
MANUFACTURES AND SELLS INTERIOR FURNISHING PRODUCTS, PRINCIPALLY
DRAPERIES, CURTAINS, SHADES, BLINDS, VALANCE BOARDS, BEDSPREADS,
COMFORTERS, PILLOWS, CUSHIONS AND TRAILER TENTS. DECORATOR IS A
LEADING SUPPLIER TO THE MANUFACTURED HOUSING AND RECREATIONAL
VEHICLE MARKETS AND IS A GROWING SUPPLIER TO THE LODGING INDUSTRY.
(DIIG) THE UNAUDITED FIGURES ARE AS FOLLOWS: STATEMENT OF INCOME
FOR QUARTERS ENDED: -------------------------- April 4, March 29,
2009 2008 ----------- ----------- NET SALES $5,105,638 $10,503,898
COST OF PRODUCTS SOLD 4,386,843 9,007,688 ----------- -----------
GROSS PROFIT 718,795 1,496,210 SELLING AND ADMINISTRATIVE EXPENSES
2,488,990 2,254,076 ----------- ----------- OPERATING LOSS
(1,770,195) (757,866) OTHER INCOME (EXPENSES) Interest, Investment
and Other Income 3,631 19,449 Interest Expense (36,365) (30,101)
----------- ----------- LOSS BEFORE INCOME TAXES (1,802,929)
(768,518) PROVISION FOR INCOME TAXES (512,000) (293,000)
----------- ----------- NET LOSS $(1,290,929) $(475,518)
=========== =========== EARNINGS (LOSS) PER SHARE: BASIC $(0.44)
$(0.16) =========== =========== DILUTED $(0.44) $(0.16) ===========
=========== WEIGHTED - AVERAGE NUMBER OF SHARES OUTSTANDING BASIC
2,953,560 2,936,556 DILUTED 2,953,560 2,936,556 CONDENSED BALANCE
SHEET April 4, January 3, 2009 2009 ----------- ----------- CASH
AND EQUIVALENTS $43,370 $16,499 ACCOUNTS RECEIVABLE 2,138,103
2,214,256 INVENTORIES 2,910,909 3,783,581 OTHER CURRENT ASSETS
473,376 524,879 ----------- ----------- TOTAL CURRENT ASSETS
5,565,758 6,539,215 NET PROPERTY AND EQUIPMENT 8,241,003 8,570,067
OTHER ASSETS 5,620,313 5,037,527 ----------- ----------- TOTAL
ASSETS $19,427,074 $20,146,809 =========== =========== TOTAL
CURRENT LIABILITIES $6,704,821 $6,132,116 LONG-TERM DEBT 585,000
615,000 STOCKHOLDERS' EQUITY 12,137,253 13,399,693 -----------
----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $19,427,074
$20,146,809 =========== =========== DATASOURCE: Decorator
Industries, Inc. CONTACT: William Johnson, President/CEO, Decorator
Industries, Inc., +1-954-436-8909 Web Site:
http://www.decoratorindustries.com/
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