-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ug+1/k5HwN6mUNYF8h+VEd0K2ckY4dnlQFIj/oA/MTFXE7r5PHTXa1jk6MpI7Yk8 0L67IjgMtHGtdGoIni6Ptw== 0001275287-05-001825.txt : 20050509 0001275287-05-001825.hdr.sgml : 20050509 20050509155256 ACCESSION NUMBER: 0001275287-05-001825 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050509 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050509 DATE AS OF CHANGE: 20050509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DECORATOR INDUSTRIES INC CENTRAL INDEX KEY: 0000027613 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED TEXTILE PRODUCTS [2390] IRS NUMBER: 251001433 STATE OF INCORPORATION: PA FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07753 FILM NUMBER: 05811711 BUSINESS ADDRESS: STREET 1: 10011 PINES BLVD SUITE 201 CITY: PEMBROKE PINES STATE: FL ZIP: 33024 BUSINESS PHONE: 3054368909 8-K 1 di2691.txt ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 9, 2005 DECORATOR INDUSTRIES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 1-7753 25-1001433 ------------------------ ------------------------ ------------------- (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) 10011 Pines Boulevard, Pembroke Pines, Florida 33024 ---------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (954) 436-8909 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On May 9, 2005, registrant issued a press release announcing its financial results for the fiscal quarter ended April 2, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report. The information in this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DECORATOR INDUSTRIES, INC. (Registrant) Date: May 9, 2005 By: /s/ Michael K. Solomon ---------------------------- Michael K. Solomon Vice President and Principal Financial Officer EX-99.1 2 di2691ex991.txt Exhibit 99.1 DECORATOR INDUSTRIES REPORTS STRONG FIRST QUARTER RESULTS PEMBROKE PINES, Fla., May 9 /PRNewswire-FirstCall/ -- Decorator Industries, Inc. (Amex: DII), a supplier of interior furnishings for recreational vehicles ("RV"), manufactured housing ("MH") and the lodging industry, today announced that net income for the first quarter ended April 2, 2005 was $418,336 or 14 cents per diluted share. This compares with net income for the first quarter a year ago of $200,884 or 7 cents per diluted share. Last year's results included pre-tax charges of $399,349 or $228,189 net of income taxes, associated with the acquisition of Fleetwood Enterprises' Drapery operation in January 2004 which originally had been capitalized. Net sales for the first quarter of 2005 were $12,431,382 compared with $12,792,048 for the same period last year. Our sales to RV customers decreased by 12% from last year. Sales to both our MH and lodging industry customers increased by 10% and 17% respectively. The RV industry reported mixed results for the first quarter, with travel trailer shipments increasing by 10% and motor home shipments decreasing by 10% from a year earlier. The MH industry reported that shipments for the first quarter increased by 8% from a year ago. The Recreational Vehicle Industry Association is forecasting that factory shipments in 2005 will remain strong as part of an upward trend expected during the next decade. Total RV shipments for 2005 are projected to be 360,800, the second best year since 1978. The MH industry is expecting a modest improvement in factory shipments for 2005. Hopefully, the current strong demand in Arizona, California, and Florida is the vanguard of a more broad-based recovery for the industry. We believe that both the short-term and long-term outlook for Decorator Industries is very positive. In addition to favorable conditions for the markets we serve, we have the resources and capabilities to achieve above market performance. We look forward to another successful year in 2005. Statements contained in this release that are not historical facts are forward-looking statements that could differ materially from actual results. Primary factors that could cause actual results to materially differ from those in the forward-looking statements are the level of demand for recreational vehicles, manufactured housing and hotel/motel accommodations, the general economic conditions, interest rate fluctuations, competitive products and pricing pressures within the Company's markets, the Company's ability to contain its manufacturing costs and expenses, and other factors. Decorator Industries, Inc., founded in 1953, designs, manufactures and sells interior furnishing products, principally draperies, curtains, shades, blinds, valance boards, bedspreads, comforters, pillows, cushions and trailer tents. Decorator is a leading supplier of such products to the manufactured housing and recreational vehicle markets and is a growing supplier to the hospitality market. THE UNAUDITED FIGURES ARE AS FOLLOWS: CONDENSED STATEMENT OF INCOME FOR THIRTEEN WEEKS ENDED: ----------------------------- April 2, 2005 April 3, 2004 ------------- ------------- NET SALES $ 12,431,382 $ 12,792,048 NET INCOME $ 418,336 $ 200,884 EARNINGS PER SHARE: BASIC $ 0.15 $ 0.07 DILUTED $ 0.14 $ 0.07 AVERAGE NUMBER OF SHARES OUTSTANDING 2,852,270 2,805,963 CONDENSED BALANCE SHEET April 2, 2005 January 1, 2005 ------------- ---------------- (Unaudited) (Audited) CASH AND EQUIVALENTS $ 327,644 $ 730,539 ACCOUNTS RECEIVABLE 4,459,312 3,464,674 INVENTORIES 5,064,714 5,113,651 OTHER CURRENT ASSETS 572,097 588,853 TOTAL CURRENT ASSETS 10,423,767 9,897,717 NET PROPERTY AND EQUIPMENT 7,698,851 7,857,743 OTHER ASSETS 6,042,811 6,206,617 TOTAL ASSETS $ 24,165,429 $ 23,962,077 TOTAL CURRENT LIABILITIES $ 5,482,112 $ 5,729,841 LONG-TERM DEBT 1,776,730 1,752,568 DEFERRED TAXES 657,000 680,000 STOCKHOLDERS' EQUITY 16,249,587 15,799,668 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 24,165,429 $ 23,962,077 SOURCE Decorator Industries, Inc. -----END PRIVACY-ENHANCED MESSAGE-----