Decorize posts first annual profit

Springfield-based home furnishings and accessories company Decorize Inc. posted a full-year profit for the first time in the company's history, according to financial results released Wednesday morning.

Decorize net income totaled $9,000 in fiscal 2009, which ended June 30, compared to a net loss of $585,000 last fiscal year. Operating income for fiscal 2009 totaled $307,000, compared to $15,000 in fiscal 2008.

The company's gross margins increased to 40.9 percent from 34.4 percent a year earlier.

"Our vertically integrated design, production and logistics model, including our wholly-owned manufacturing facilities in Indonesia and China, allows us to stay ahead of the curve and react more quickly to changing business environments than our competitors," President and CEO Steve Crowder said in the earnings release. "Additionally, we have been able to substantially reduce manufacturing and logistics costs by maintaining our own overseas production facilities which has lead to significant increases in our gross margins over the past several years."

Shares of Decorize (OTC: DCZI.OB) last traded at 10.5 cents, compared to a 52-week range of 2 cents to 55 cents.