From Home Furnishing Business
Decorize Leaving AMEX Exchange
2007 by in UnCategorized
By Home Furnishings Business in Accessories on April 2007
Decorize, Springfield, Mo., which provides home accents products to major furniture manufacturers and retailers, has received notice that the American Stock Exchange plans to start a delisting procedure.
The notification is due to the company not maintaining compliance with some shareholder equity requirements. In a statement, Decorize CEO Steve Crowder said the company was already in the process of applying to be listed on the Over the Counter Bulletin Board (OTCBB) when it received the AMEX notification. The Decorize board of directors has determined that the OTCBB would provide sufficient liquidity for its shareholders and that the Company would obtain savings from not having to pay significant AMEX listing fees.
Decorize has recently achieved profitability, is generating positive cash flow, and our year-to-date financial results clearly illustrate the tremendous progress we have made, Crowder said. We do not believe that it would be in the best interest of our shareholders to raise equity just to meet the AMEX requirement. Our most recent equity raise has provided the company with capital to expand production capacity to meet the 70 percent growth the company is currently experiencing. We are committed to a long-term goal of $50 (million) in annual sales and will review the listing requirements on the various exchanges at that time. We are committed to continuing to create value for our shareholders.
In February, Decorize announced that revenues for the first six months of its fiscal year reached $7.68 million, an increase of 105 percent over the same period in 2006. The company had an operating profit of $112,000 for the first half of the fiscal year after posting a $1.04 million loss in the same period a year earlier.