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Interior furnishings supplier Decorator Industries Inc. reported a net loss on lower sales, impacted by a 65% decline in RV-related revenue.
The Pembroke Pines, Fla.-based company said sales in the fourth quarter were $7.2 million, down 27% from $9.9 million for the same period a year ago while the net loss was $642,120 compared to a net loss of $664,788 in the previous year. Results included a one time pre-tax charges of $321,523 related to the closing of certain facilities.
For the full year, sales declined 14% to $39.6 million from $46.1 million the year prior. Decorator reported a net loss of $2.6 million compared with a net loss of $807,509 a year ago, which included a one time pre-tax charge of $2.1 million related to the impairment of assets, the closing of facilities and an increase in the bad debt reserves during the year.
The company noted that operating results ended on Jan. 3, which made for a 53-week fiscal year and 14-week fourth quarter.
Sales to RV customers decreased 65% to $1.6 million in the fourth quarter, compared with last year’s sales for the same period of $4.7 million. For fiscal 2008, RV sales decreased 47% to $13.3 million compared with $25.2 million for the same period a year ago.
“Our performance was severely impacted by the economic climate we experienced throughout the fourth quarter,” said President and CEO William Johnson. “The collapse of the banking and housing markets has destroyed consumer confidence and choked off access to the credit markets.
“The MH and RV industries experienced sharp declines during the fourth quarter due to a lack of floorplan lending and stricter consumer lending criteria.”
For the full report go to Decorator Industries.