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Devonshire Industries Releases Letter to Shareholders
Sales are down by $182,888 or 6.5% over the prior year. Net Income is down by $93,145 or 22% through the combination of not running the annual spring sale, lower interest rates on the time deposits and a weakening economy.
Cash deposits for the year were down $126,000 or 9.6%, due in part to an increase in plant and equipment purchases, decrease in account receivables and inventories.
The events to and during the U.S. war on Iraq have impacted, to some degree, our sales for the last few months of the financial year. This factor, coupled with the rise in crude oil affected the cost of the raw materials. There were a few marginal increases to recover these expenses.
We are pleased to have Mr. John Carey appointed to the Board and the Finance Committee in mid November of last year. We look forward to the use of his knowledge in the paint business and his support to Mr. Richard Moulder in the continual growth of the business.
Miles Outerbridge
Chairman