Interior furnishings supplier Decorator Industries Inc. reported its third quarter earnings declined 62% and its sales revenue was down 22%.
The Pembroke Pines, Fla.-based company earned $211,000 during the three months ended Sept. 30 on sales of $10.1 million.
During the first nine months of this year, Decorator’s earnings declined 60% to $851,000 and its sales were down 10% to $35.9 million.
Decorator’s sales to RV industry customers declined 24% while its RV-related sales during the first nine months of this year were down a more modest 4%.
“While we are hopeful that the recent slowness in the RV market is temporary, we anticipate that the slowness will persist at least through the remainder of the year,” said William Bassett, chairman.
Decorator also supplies customers in the manufactured housing and hospitality industries. The company’s manufactured home-related sales declined 36% while its hospitality industry sales increased 15% in the third quarter.
Meanwhile, Decorator reduced its quarterly cash dividend to 3 cents a share, from 7 cents a share. The smaller dividend will be payable Dec. 15 to shareholders of record as of Dec. 1.
The company lowered its dividend because of sluggish market conditions and negative sales trends.