-----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, LUxe8YVbeUsB1kA/PfxpRsNBZTkK3tHAs4e9CqwmHAe4ABpWKWYhsfk8z9Z+UGRk do/84NuTE6T34JEnuLfSmg== 0001354488-10-001269.txt : 20100422 0001354488-10-001269.hdr.sgml : 20100422 20100422163152 ACCESSION NUMBER: 0001354488-10-001269 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100420 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20100422 DATE AS OF CHANGE: 20100422 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: 10764810 BUSINESS ADDRESS: STREET 1: 10011 PINES BLVD SUITE 201 CITY: PEMBROKE PINES STATE: FL ZIP: 33024 BUSINESS PHONE: 3054368909 8-K 1 dii_8k.htm CURRENT REPORT DECORATOR INDUSTRIES, INC.


 

 

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): April 22, 2010 (April 20, 2010)

______________

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)

(954) 436-8909

Registrant’s telephone number, including area code

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 1.01.

Entry into a Material Definitive Agreement.

On April 20, 2010 the Company entered into a loan agreement with Crestmark Bank (Crestmark). The demand loan will provide up to $2,000,000 of borrowing availability and will be secured by the Company’s accounts receivable and inventory and their products and proceeds. Crestmark will advance up to 85% of the eligible accounts receivable. The term of the agreement is two years.


The available funds will be used for working capital requirements of the Company. The Company does not expect to immediately borrow against this facility.


The interest rate on borrowed funds will be prime plus 3.50% but will not be lower than 6.75%. Fees include a one percent commitment fee, payable monthly, and a maintenance fee equal to the greater of .4% of the average monthly loan balance or $2,500. The Company will also be responsible for other fees associated with the  facility.


The Company must maintain a tangible net worth of not less than $5,000,000 and its working capital ratio, excluding its debt to Wachovia Bank, must not be less than 1.20:1.





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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)

 

 

 

 

By:

/s/ MICHAEL K. SOLOMON

 

 

Michael K. Solomon

 

 

Vice President

Date: April 22, 2010



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