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Home furnisher Decorator Ind releases Q2 & six-month results
12 Aug '05
3 min read
US based Home furnishing maker Decorator Industries Inc announced results for the three and six month periods ending July 2, 2005.
Second quarter 2005 net sales were $13,275,952 compared to $14,320,830 for the same period a year ago. Net sales for the first six months of 2005 were $25,707,334 compared with $27,112,878 in 2004. Net income for second quarter of 2005 was $241,317 or 8 cents per diluted share compared with $538,612 or 18 cents per diluted share in last year's second quarter. Net income for the first six months of fiscal 2005 was $659,653 or 22 cents per diluted share compared with $739,496 or 25 cents per diluted share for the same period a year ago.
Bassett, Chairman, stated:
"The decrease in sales for both the quarter and six month period of 2005 was due to a decline in sales to RV customers partially offset by a modest increase in sales to MH customers and record quarterly hospitality shipments. Sales to our RV customers declined by $1,633,000 and $2,593,000 respectively for the second quarter and six month periods of 2005 compared with the same periods a year ago. Customers directly related the reduction in our RV sales to lower production of travel trailers and motor homes.
"Gross profit for the second quarter of 2005 declined by $383,383 from last year's second quarter. This decline was largely attributable to the reduced sales. Additionally, they experienced higher manufacturing costs. Some of the increased costs aredue to the opening of their new factory in Phoenix, Arizona. Selling and administrative expenses increased in the second quarter of 2005 due to a pretax charge of $165,647 resulting from a decision to convert "enterprise resource planning" system to a different software platform.
Second quarter 2005 net sales were $13,275,952 compared to $14,320,830 for the same period a year ago. Net sales for the first six months of 2005 were $25,707,334 compared with $27,112,878 in 2004. Net income for second quarter of 2005 was $241,317 or 8 cents per diluted share compared with $538,612 or 18 cents per diluted share in last year's second quarter. Net income for the first six months of fiscal 2005 was $659,653 or 22 cents per diluted share compared with $739,496 or 25 cents per diluted share for the same period a year ago.
Bassett, Chairman, stated:
"The decrease in sales for both the quarter and six month period of 2005 was due to a decline in sales to RV customers partially offset by a modest increase in sales to MH customers and record quarterly hospitality shipments. Sales to our RV customers declined by $1,633,000 and $2,593,000 respectively for the second quarter and six month periods of 2005 compared with the same periods a year ago. Customers directly related the reduction in our RV sales to lower production of travel trailers and motor homes.
"Gross profit for the second quarter of 2005 declined by $383,383 from last year's second quarter. This decline was largely attributable to the reduced sales. Additionally, they experienced higher manufacturing costs. Some of the increased costs aredue to the opening of their new factory in Phoenix, Arizona. Selling and administrative expenses increased in the second quarter of 2005 due to a pretax charge of $165,647 resulting from a decision to convert "enterprise resource planning" system to a different software platform.
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