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Decorator Industries Inc., supplier of interior furnishings to the RV and manufactured housing industries, reports its net income increased 61% in 2002, despite a 10% decline in net earnings during the fourth quarter of last year.
The Pembroke Pines, Fla., company earned $1.4 million for all of 2002, compared with $862,000 earned in 2001.
During the three months ended Dec. 28, Decorator earned $227,000, compared with $252,000 earned a year earlier.
The company’s sales revenue increased 11% to $38.6 million for all of 2002 and its fourth-quarter sales climbed 17% higher to $9.4 million.
Decorator experienced a sharp rise in orders from RV industry customers, reflecting the 21% increase in total RV shipments that occurred last year, Chairman William Bassett said.
Meanwhile, its orders from manufactured housing industry customers fell, reflecting that industry’s 13% decline in production volume last year.
“The RV market continued to perform well, with shipments in January up over 18% from a year ago,” Bassett said. “We are hopeful that the concerns overhanging the national economy will not seriously impact this market.”
Bassett added he does not believe the manufactured home market will begin to grow again until late this year.
“We will pursue opportunities for growth from both internal expansion and acquisitions,” he said.
Decorator primarily supplies draperies, curtains, shades, blinds, valance boards, bedspreads, comforters, pillows and cushions to RV and manufactured home builders and to the hotel/motel market.