DECORATOR INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS
DECORATOR INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS PEMBROKE PINES, Fla., Nov. 8 /PRNewswire/ -- Decorator Industries,
Inc. (AMEX: DII), which manufactures draperies, bedspreads and other accessories for the Hospitality (Motel/Hotel), Health Care, Recreational Vehicle and Manufactured Housing Industry, today reported its results for the Third Quarter of 1991.
Sales for the Third Quarter of 1991 decreased about 5 percent from a year ago. Although sales continue in a downward trend, that decline is significantly less than the 20 percent decrease of the first six months of this year. Income from continuing operations before charges for restructuring show improvement over the comparable year earlier periods, up almost 20 percent for the Quarter and 34 percent for the year to date. The restructuring charges provided for are necessary due to business conditions according to Management. William Bassett, president, advised that the drapery/bedspread program for the Healthcare Market has been a disappointment. Sales have not grown as anticipated and the Company does not project any significant change in that trend. Accordingly, it is believed prudent to write off the costs of this program at this time. The Company will continue to try to develop this market but recognizes that results will come more slowly than had originally been expected. In response to the continued shrinking of the manufactured housing market the Company intends to further consolidate plant operations to reduce costs. Bassett further advised that the charge for discontinued operations results from reversing the gain on the sale of the Qual Fab building on which the purchase option given to QF Industries, Inc. has expired. Subsequently, a contract to sell the building was entered into with a third party, but the Company was unable to conclude that sale. Management said it remains hopeful for improved market conditions and continues to take actions to improve efficiency and profits. DECORATOR INDUSTRIES, INC. Consolidated report of sales of earnings (A) Third Quarter 39 Weeks Periods Sept. 28 Sept. 29 Sept. 28 Sept. 29 ended 1991 1990 1991 1990 Net sales $4,814,097 $5,050,087 $13,915,166 $16,335,845 Income from continuing operations before restructuring charges and income taxes 131,664 108,691 433,436 321,379 Less restructuring charges Plant consolidation 61,493 --- 61,493 --- Health care market program 191,413 --- 235,343 --- Income (loss) from continuing operations before income taxes (121,242) 108,691 136,600 321,379 Inc. taxes (benefit) (46,160) 41,000 51,840 121,000 Net income (loss) from cont. operations (75,082) 67,691 84,760 200,379 (Loss) on discontinued operations (259,160) --- (259,160) --- Net income (loss) (334,242) 67,691 (174,400) 200,379 Income (loss) per share from continuing operations ($0.07) $0.06 $0.08 $0.19 (Loss) per share on discontinued operations ($0.25) $0.00 ($0.25) $0.00 Total primary earnings (loss) per share ($0.32) $0.06 ($0.17) $0.19 Fully diluted earnings (loss) per share ($0.32) $0.06 ($0.17) $0.19 Average shares outstanding 1,054,356 1,054,361 1,054,356 1,054,361 (A) Unaudited. -0- 11/8/91 /CONTACT: William Bassett, president, 305-436-8909, or Jerome B. Lieber, secretary, 412-392-2121, both of Decorator Industries/ (DII) CO: Decorator Industries, Inc. ST: Florida IN: TEX SU: ERN LJ-JS -- PG007 -- 2621 11/08/91 13:32 EST
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|Date:||Nov 8, 1991|
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