Printer Friendly

DECORATOR INDUSTRIES, INC., ISSUES FOURTH QUARTER, YEAR-END RESULTS

DECORATOR INDUSTRIES, INC., ISSUES FOURTH QUARTER, YEAR-END RESULTS
 PEMBROKE PINES, Fla., March 23 /PRNewswire/ -- Decorator Industries, Inc. (AMEX: DII), which manufactures draperies, bedspreads and other accessories for the hospitality (motel/hotel), recreational vehicle and manufactured housing industry, today reported its results for the fourth quarter and year-end of 1991.
 William Bassett, president, reported that 1991 completed the second year of a generally poor U.S. economy and that the markets the company services, manufactured housing, recreational vehicles and motels/hotels, suffered from the effects of weak demand in this environment, which resulted in sales and earnings declines for the company.
 He advised that throughout this two-year period management has taken actions to address these conditions. The company has closed three plants, reduced inventories, lowered overhead and increased operating efficiencies. He said this process has had its cost, but the company believes these steps will result in savings that will increase earnings in future years.
 Bassett also advised that during 1991, the company had further strengthened its financial condition. Inventories and accounts receivable were down over $700,000, cash increased by over $1,000,000 to almost $2,000,000. The current ratio improved to 2.4 and the company had no bank debt except for mortgages.
 During the fourth quarter of 1991 and in January of 1992, the company repurchased 156,100 shares of the company's common stock at $3.00 per share for a total purchase price of $468,300.
 Bassett further advised that as 1992 begins there are encouraging signs that both the recreational vehicle and manufactured housing markets are improving. The company expects that the actions it has taken to enhance profitability, in conjunction with more favorable market conditions, will enable the company to turn in a strong performance in the year ahead.
 The figures are as follows.
 DECORATOR INDUSTRIES, INC.
 Consolidated Report of Sales and Earnings
 Period Fourth Quarter Fiscal Year
 Ended 12/28/91 12/29/90 12/28/91 12/29/90
 Net sales $4,157,202 $4,376,511 $18,072,368 $20,712,356
 Inc. from cont. opers.
 bef. inc. taxes 78,009 35,230 214,609 356,609
 Income taxes 29,160 13,000 81,000 134,000
 Income from continuing
 operations 48,849 22,230 133,609 222,609
 Loss on discontinued
 operations -- -- (259,160) --
 Net income (loss) 48,849 22,230 (125,551) 222,609
 Inc. from cont. opers.,
 per share $0.05 $0.02 $0.13 $0.21
 Loss on discont. opers.,
 per share $0.00 $0.00 $(0.25) $0.00
 Total primary earnings
 (loss) per share $0.05 $0.02 $(0.12) $0.21
 Fully diluted earnings
 (loss) per share $0.05 $0.02 $(0.12) $0.21
 Average number of shares
 outstanding 1,028,254 1,054,356 1,047,830 1,054,356
 -0- 3/23/92
 /CONTACT: William Bassett, president, 305-436-8909, or Jerome B. Lieber, secretary, in Pittsburgh, 412-392-2121, both of Decorator Industries/
 (DII) CO: Decorator Industries, Inc. ST: Florida IN: TEX SU: ERN


DM-CD -- PG014 -- 0704 03/23/92 15:40 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 23, 1992
Words:510
Previous Article:RIVERWOOD INTERNATIONAL SIGNS AGREEMENT TO ACQUIRE MACON KRAFT ASSETS
Next Article:STANDARD PRODUCTS DECLARES REGULAR DIVIDEND; CONFIRMS ARNDT AS V.P.-FINANCE
Topics:


Related Articles
DECORATOR INDUSTRIES, INC. REPORTS RECORD EARNINGS
DECORATOR INDUSTRIES, INC. REPORTS 892 PERCENT FOURTH QUARTER EARNINGS INCREASE
DECORATOR INDUSTRIES, INC. FIRST QUARTER PROFITS SOAR 161 PERCENT ON INCREASED SALES
DECORATOR INDUSTRIES, INC. REPORTS ALL-TIME RECORD EARNINGS
DECORATOR INDUSTRIES, INC. REPORTS ALL-TIME RECORD EARNINGS
DECORATOR INDUSTRIES, INC. REPORTS RECORD NINE MONTHS EARNINGS
DECORATOR INDUSTRIES, INC. REPORTS SALES AND EARNINGS FOR 1995
DECORATOR INDUSTRIES, INC. ISSUES FIRST QUARTER REPORT
DHB Announces Fourth Quarter and Year-End 2002 Results; - Company Issues Positive Outlook as Backlog Swells to $57 Million -.
DHB Industries Fourth Quarter Revenues Increase 124% to a Record $72.9 Million; - Fourth Quarter Operating Income Soars 127% -.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters