Interiors, Inc. Completes Acquisition of Petals, Inc., A Manufacturer and Catalog Marketer of Decorative Silk Flowers With Sales of $42 Million
March 24, 1999 07:59 AM
MT. VERNON, N.Y.--(BUSINESS WIRE)--March 24, 1999--
Interiors Annualized Pro-forma Revenues Reach Approximately $150 million
Interiors, Inc. INTXA announced today that it has completed the acquisition of Petals, Inc., a premier manufacturer and catalog marketer of decorative silk flowers and trees, with annual revenues of approximately $42 million. This represents the fourth acquisition successfully completed by the company since July 1998 and the sixth such transaction over the last twelve (12) months. Interiors now has annualized consolidated pro-forma revenues of approximately $150 million, representing an increase of more than 1000% over total revenues of $13.4 million that the company reported for the fiscal year ended June 30, 1998. Terms of the acquisition were not disclosed.
Located in White Plains, N.Y., with manufacturing facilities in New York and Florida, Petals is regarded as one of America's leading manufacturers and nationwide catalog distributors of decorative silk flowers, plants and accessories. Approximately 2.5 million households regularly receive copies of the Petals catalog. In total Petals issues approximately 15 million copies of its catalog annually to consumers across the country.
The acquisition opens up an exciting new market for products of Interiors to be prominently featured in Petals' sales catalog, which is circulated to millions of households annually. Interiors' sales force will also market silk floral products directly to its home furnishings customer base, establishing a new channel of distribution for Petals products.
This acquisition further expands Interior's position in the decorative accessories industry and significantly enhances the company's level of brand awareness, since Petals is one of the most highly regarded and recognized names in the decorative silk flower industry, established for more than sixty (60) years.
Max Munn, chairman and CEO of Interiors, Inc. commented "We are extremely pleased to complete the acquisition of Petals, Inc., since it adds a significant new product line to our Company and expands our annualized sales to approximately $150 million. As one of the most highly recognized names in the decorative silk flower industry, Petals gives us an immediate presence, and a powerful new platform from which we can capitalize on a number of exciting opportunities to cross-market and cross-merchandise our products, as well as those manufactured by Petals. We intend to market Petals products though our sales force, directly to the home furnishing industry, as a natural adjunct to what we are already currently selling. In addition, we will take advantage of the Petals web site (www.petals.com) to further establish our entry into "e-commerce" which we view as an exciting new avenue for our company. We expect Petals' highly recognized name, successful product lines and established channels of distribution to be significant factors in our continued growth."
Interiors, Inc. is a rapidly growing designer, manufacturer, and marketer of a wide range of quality decorative accessories for the home furnishings industry. Through its acquisition strategy, annualized pro-forma revenues have increased during the last twelve months from $13.4 million to approximately $150 million. This statement contains certain forward-looking statements, which may involve known and unknown risks, uncertainties and other factors not under the company's control which may cause actual results, performance and achievements of the company to be materially different from the results, performance, or expectations of the company. These factors include, but are not limited to those detailed in the company's periodic filings with the Securities and Exchange Commission. |
