Devonshire Industries this week reported a 25 percent decline in annual profit after seeing its best profit in five years in 2004.

The parent company of Bermuda Paint posted net income of $350,897 for the year end March 31, 2005, down $144,031 from $465,000 posted for the year ended March 31, 2004. The latter profit was 41.4 higher than 2003 when the company?s net income stood at $328,743. Broken down per share net income for 2005 was 80 cents compared to $1.06 per share in 2004. Sales were marginally off over the prior year at $2.99 million in 2005 from $3 million in 2004. Operating income for the year ended March 2005 was $288,657compared to $352, 603 in 2004.

Cash deposits for the year were down by $231,470.00 or 21 percent due in part to an increase in plant, equipment purchases and building improvements.

The prior year?s results were also boosted by customers in need of paint to repair homes damaged in Hurricane Fabian.The decline was a result of a combination of higher expenses including the exterior buildings, internal renovations of the Retail Shop and equipment repairs. During 2005, the company has increased the size of its retail space by some 30 percent and plans to add an additional 30 percent of space in the coming year. Richard A. Moulder general manager said: ?We need to have the ability to expand on the product range which will give the customers a one stop shop and at the same time we are looking at putting up a new administration building this year in between the manufacturing and retail shop.?

Management also decided to increase store hours on Saturdays from 8 a.m. to 5 p.m. which also boosted the companies? employment roster by one. Over the last two years, the company has been working with two of the largest roof installers of non-traditional roofing systems to supply them with their roof coatings.

With testing complete, they are now ready to rollout their Bermuda True Roof System.

?Our chemist developed a roofing system that is comparable with the non-Bermudian slate roofing system,? Mr. Moulder said.

?We have two contractors that have used it over the last two years and even with Fabian they did not have any roof failure. With that in mind we are now in position to offer it to all contractors.?