SPRINGFIELD, MO: December 6, 2001: Decorize, Inc. (OTC BB: DCRZ), a rapidly-emerging provider of direct sourcing solutions for the global home décor market, announced today its revenues for the first quarter of fiscal 2002 ended September 30, 2001.
Decorize reported first quarter revenues of $2,938,739 compared to $265,853 for the same period a year ago. The Company reported revenues of $4,745,134 and net income of $221,880 for the four months ended October 31, prior to a non-recurring non-cash charge of $153,499. Decorize currently has a backlog in excess of $3 million.
"During the first quarter, we seamlessly integrated our two strategic acquisitions, Faith Walk Designs and GuildMaster, and launched our e-procurement arm, Decorize.com," said Jon Baker, Decorize's CEO. "We have built a solid technology infrastructure and developed a proprietary overseas network. We can now begin to realize our true sales potential. Our management team has worked very hard to achieve tremendous growth in under 19 months of operations, and we are now beginning to see the results as we have recently landed several large contracts. We believe that the best is yet to come."
Mr. Baker is currently featured in an interview with CEOcast, Inc., a leading financial portal, where he discusses the first quarter results. The interview is available at www.ceocast.com.
About Decorize, Inc.
Decorize, Inc. is the proprietor of a breakthrough sourcing, logistics and technology model that reduces the non-value added costs that have traditionally been channeled into the home furnishings category. The Company strips away layers of handling and storage steps to deliver products directly from the Far East to the doors of retailers, at unprecedented cost savings.
The Company's business model affords aggressive savings of up to 70% for large retailers and 30% for small retailers. Decorize deploys a "one-price" approach at Decorize.com. For the first time in the industry, small retailers can ship directly from the Far East with a minimum order of $500, including freight, while enjoying cost savings of 30% over wholesale prices. Decorize offers over 10,000 SKUs through its brands: Faith Walk, GuildMaster and decorize.com. Additional information on the Company and its products can be found www.decorize.com. Investors may also visit www.otcfn.com/dcrz.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.