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Decorize BoD approves FY 2009 plan
03 Jul '08
2 min read
Decorize Inc a recognized leader in the home accents industry, announced certain members of the management team have purchased shares on the open market of the Company's common stock.
Vik Karode, Vice President of Operations and Steve Crowder, Chief Executive Officer have purchased shares of the Company's common stock within the last two weeks.
Their purchases came after the Board of Directors unanimously approved a change to the Company's Insider Trading Policy at the Company's June 17, 2008 Board meeting.
The new policy allows directors and officers to trade two days after filing financial reports and up to ten days prior to the end of a quarter and eliminates the restriction on the number of shares that the officers and directors may purchase each quarter.
"The new policy is consistent with other companies in this industry," stated Dan Graham, Chief Financial Officer of Decorize Inc. "This will allow the officers and directors an additional ten days each quarter for stock transactions," said
Graham.
With the previously announced conversions of debt into common stock, major shareholders, officers and directors collectively have purchased over 2,035,000 common shares of the company since February 2008.
The Board of Directors also approved the Company's fiscal year 2009 Plan which forecasts a 30% increase in sales over fiscal year 2008.
"We are continuing to see strong sales at our markets and large retailers such as Dillard's and Pottery Barn are placing orders," stated Steve Crowder, Chief Executive Officer of Decorize Inc.
"We have built an infrastructure to scale the business over the next few years to become the market leader in the home accessory and accent furniture industry.
We have eliminated over 30% of the costs typically incurred by our competitors in this industry by vertically integrating. This is evidenced by the continued quarterly improvement in our gross margins," said Crowder.
Vik Karode, Vice President of Operations and Steve Crowder, Chief Executive Officer have purchased shares of the Company's common stock within the last two weeks.
Their purchases came after the Board of Directors unanimously approved a change to the Company's Insider Trading Policy at the Company's June 17, 2008 Board meeting.
The new policy allows directors and officers to trade two days after filing financial reports and up to ten days prior to the end of a quarter and eliminates the restriction on the number of shares that the officers and directors may purchase each quarter.
"The new policy is consistent with other companies in this industry," stated Dan Graham, Chief Financial Officer of Decorize Inc. "This will allow the officers and directors an additional ten days each quarter for stock transactions," said
Graham.
With the previously announced conversions of debt into common stock, major shareholders, officers and directors collectively have purchased over 2,035,000 common shares of the company since February 2008.
The Board of Directors also approved the Company's fiscal year 2009 Plan which forecasts a 30% increase in sales over fiscal year 2008.
"We are continuing to see strong sales at our markets and large retailers such as Dillard's and Pottery Barn are placing orders," stated Steve Crowder, Chief Executive Officer of Decorize Inc.
"We have built an infrastructure to scale the business over the next few years to become the market leader in the home accessory and accent furniture industry.
We have eliminated over 30% of the costs typically incurred by our competitors in this industry by vertically integrating. This is evidenced by the continued quarterly improvement in our gross margins," said Crowder.
Decorize Inc
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