Decorator Industries, Inc. Announces the Acquisition of Doris Lee Draperies
PEMBROKE PINES, Fla., Dec. 3 -- Decorator Industries, Inc. (AMEX:DII), a supplier of interior furnishings for recreational vehicles ("RV"), manufactured housing ("MH") and the hospitality industry, today announced it has acquired certain assets of Doris Lee Draperies ("Doris Lee") for approximately $825,000 fortifying its position as the leading drapery and interior furnishing supplier to the manufactured housing industry. The acquisition closed on November 30, 2007. The assets included inventory, accounts receivable and office furniture and equipment. Additional payments for the business may be made over the next five years depending on the sales to Doris Lee's existing customers.
Mr. Johnson, President, stated:
"During a sixty day transition period, Doris Lee's operations will be phased out and moved into Decorator's existing facilities where we already have the fixed costs in place.
The acquisition should increase Decorator's manufactured housing revenues by 33% and we expect the transaction to be highly accretive to earnings after the transition period."
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 industry.
Source: Decorator Industries, Inc.
CONTACT: William Johnson, President of Decorator Industries, Inc.,
+1-954-436-8909
Web site: http://decoratorindustries.com/
