PEMBROKE PINES, Fla., March 25, 2011 (GLOBE NEWSWIRE) -- Decorator Industries, Inc. (Pink Sheets:DINI), a leading supplier of interior furnishings for the hospitality, healthcare, manufactured housing ("MH") and recreational vehicle ("RV") industries has terminated its registration under Section 12(g) of the Securities Exchange Act of 1934, suspending its duty to file reports under Section 13 and 15(d) of the Securities Exchange Act of 1934.
The company will continue to provide its shareholders with annual audited financial statements prior to the Annual Meeting of Stockholders. However, we will discontinue the release and publication of quarterly financial information. Proxy cards and annual reports will be made available to all shareholders in the next couple of weeks ahead of the Annual Meeting of Stockholders on Wednesday June 1, 2011.
Mr. Johnson, President, stated:
"This was the final action needed to position the company to capitalize on the recovery of our existing markets. We saw the RV market rebound somewhat in 2010 and have begun to see recent signs of a recovery in the hospitality market. However, based on continued uncertainties in the overall economy such as high unemployment, increasing commodity prices and large numbers of home foreclosures, we know the rebound will be slow and uneven.
"The recent modification we made to our lending agreement with Wells Fargo strengthened our balance sheet and allows us to focus more of our attention on returning the company to its long history of profitability. This will be achieved to some extent through organic growth from our existing markets. One recent initiative to jump start sales was the release of our new website in an effort to leverage the internet to expand our visibility and better market our capabilities.
"In addition, we will return to our past practice of seeking growth through acquisition. During the recession we have seen and expect to continue seeing opportunities arise that could provide the company with additional sales volume, human capital or an entirely new product or market.
"To conclude, I want to acknowledge the hard work and commitment of our employees. I believe the longevity we have among the management ranks has been instrumental in weathering the recession. In addition, these people were an integral part of our past successes. For this reason I am confident we will once again provide a strong return to our stockholders."
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, THE COMPANY'S ABILITY TO RETAIN OR REPLACE ITS LINE-OF-CREDIT, INTEREST RATE FLUCTUATIONS, THE AVAILABILITY OF CONSUMER CREDIT, FUEL PRICES, 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, CUBICLE CURTAINS, SHADES, BLINDS, VALANCE BOARDS, BEDSPREADS, COMFORTERS, PILLOWS AND CUSHIONS. DECORATOR IS A LEADING SUPPLIER TO THE LODGING INDUSTRY, HEALTHCARE INDUSTRY, MANUFACTURED HOUSING AND RECREATIONAL VEHICLE MARKETS.
CONTACT: William Johnson, President/CEO 954-436-8909 bill.johnson@decind.com