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biz.yahoo.com
Thursday February 25, 11:28 am Eastern Time
Company Press Release
Interiors Inc. Announces the Completion of the Acquisition of Stylecraft Lamps, Inc.
Lamp Manufacturer Realized Annual Revenues of more than $26 Million and Profits of Approximately $3 Million During the Year Ended December 31, 1998
MT. VERNON, N.Y.--(BUSINESS WIRE)--Feb. 25, 1999-- Interiors, Inc. (NASDAQ:INTXA - news; the ''Company'') announced today that it has completed the acquisition of Stylecraft Lamps, Inc., (''Stylecraft'') a manufacturer of portable lamps for the home furnishings industry. The acquisition, which was a cash transaction, is expected to add $26 million in annual revenues and be accretive to the earnings of Interiors, Inc. The company was pleased with the terms of the acquisition, considering Stylecraft's revenue base and level of profitability.
Established in 1972, and located in Mississippi, Stylecraft designs and manufactures ''portable'' lighting, such as table and floor lamps, and has an established reputation for providing quality products, as reflected in its nationwide customer base, which includes a number of the leading national furnishing and lighting retailers. Stylecraft will continue to be operated by its current management, who are responsible for the company's growth and highly respected reputation in the lighting products industry.
The addition of Stylecraft will increase Interiors' variety of lighting products and further enhance its position in this highly fragmented marketplace. Along with the management of Stylecraft, Interiors expects to capitalize on numerous cross marketing and merchandising opportunities, as well as combine the operations of Stylecraft with the Company's other lighting divisions, and strengthen its channels of distribution.
Max Munn, President and CEO of Interiors, Inc. commented, ''I am pleased to welcome Stylecraft as an important part of our growing Company. Stylecraft is a nationally known name in the home lighting industry, offering a variety of quality table and floor lamps, and significantly strengthens our presence in the lighting products market. The operations of Stylecraft are highly compatible with our existing corporate structure and immediately strengthens our position as a 'single-source' provider of designed and coordinated accessories for the home''.
Interiors, Inc. designs, manufactures and markets a wide range of quality decorative accessories, with more than 5,000 products for the home furnishings industry. The company's strategic plan is to continue its growth as a 'single-source' provider of decorative home furnishing accessories through acquisition and internal growth. Following the completion of the previously announced acquisition of Petals, Inc., annualized pro-forma revenues will have increased during the last ten (10) months from approximately $6 million to more than $140 million. The Company also recently announced its plans to offer decorative accessories directly to consumers over the Internet, and is currently constructing its own web site; interiors.com, expected to open shortly.
This statement may contain 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.
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Contact:
Interiors Inc, Mt. Vernon
Max Munn, President
914/665-5400 Ext. 801
or
Strategic Growth International, Inc., Great Neck
Stan Altschuler, President
516/829-7111
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