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Interior furnishings supplier Decorator Industries Inc. announced today (March 30) that it will be restating its net income for fiscal year 2004 following a review by the Securities and Exchange Commission (SEC) of the company’s accounting for the acquisition of Fleetwood Enterprises Inc.’s drapery operation.
The Pembroke Pines, Fla.-based company said it capitalized certain excess costs that were incurred while it was redistributing production from the acquired facility in Douglas, Ga., to its other plants. These excess costs were being amortized over the initial term of that agreement, but the SEC contends that those costs should be recorded as incurred.
The adjustment lowered Decorator Industries’ net income in fiscal 2004 to $1.4 million from previously stated earnings of $1.7 million.