Decorize reports higher revenues for fiscal 2003

Decorize Inc., a Springfield-based provider of direct sourcing solutions for the global home dcor market, reported higher revenues and a lower net loss for the fiscal year ended June 30.

Decorize reported revenues of $15.4 million for the fiscal year, an increase of $1.3 million from fiscal year-end 2002.

Decorize also reported an operating loss of approximately $500,000, which represents a decrease of almost $1.1 million from fiscal 2002 when the company had an operating loss of $1,620,000.

Decorize reported interest expense of about $250,000 and noncash debt discount amortization expenses of approximately $500,000 for fiscal 2003, resulting in a net loss of approximately $1.2 million, or 11 cents per share.

_Fiscal 2003 was a challenging year for Deorize and for our industry,_ said Jim Parsons, Decorize CEO, in a news release. _We experienced a dock strike, which slowed our deliveries and put pressure on sales. We also believe that the uncertainties surrounding the war in Iraq dampened sales. In spite of these challenges, we continued our work to build relationships with leading home furnishings retailers and increased our revenues over the previous year.

Decorize has served more than 2,000 small and large retail accounts, including such national retailers as Dillard_s, Rooms to Go and Sears.