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Interior furnishings supplier Decorator Industries Inc. reported an 8% decline in third-quarter profits despite an 8% increase in sales revenue in the three months ended Sept. 28.
The Pembroke Pines, Fla. firm blamed the mixed results on a 15% decline in manufactured home shipments, which was not completely offset by a 25% increase in RV shipments during the July-through-September period.
Decorator, an American Stock Exchange-listed company, earned $344,000 in the third quarter, compared with $373,000 earned a year earlier. Its third-quarter sales totaled $9.97 million, compared with $9.21 million a year earlier.
However, Decorator’s earnings in the first nine months of this year are up 90% over the same portion of 2001. The company earned $1.16 million in the nine months ended Sept. 28, compared with $610,000 earned in the same portion of 2001.
Decorator’s sales climbed 9% higher for the first nine months of this year to $29.3 million.
The company anticipates the manufactured home industry will begin to rebound in 2003, and Chairman William Bassett said, “We are committed to increasing0 our market share and productivity. We will pursue opportunities for growth both from internal expansion and acquisitions. We are resolved to being the supplier of choice in each of the markets we serve.”