Devonshire Industries released their results for the six month period ending September 30, 2002 yesterday.

The company's profits decreased by 15.5 percent over the previous year. General manager Richard Moulder commented that the decline was not related to any slow down in the construction industry.

He said that the company, which markets paints to both retail and trade customers, had experienced some transition issues after the previous general manager John Carey retired. The financial controller had also left the company, and the company did not hold its usual spring sale this year.

Mr. Moulder said that the spring sale usually generated a lot of business and brought more retail customers into the shop.

He added that contractor sales had not dropped off at all, but business accounts had decreased, a factor which he attributed to a smaller number of hotel repainting projects. Mr. Moulder said that the next six months looked about the same as the last six months, however the next fiscal year would be stronger.

The report states revenue for the first six months of 2002 was $1,344,119 as compared with $1,482,519 for the same period last year. Net Income for the period was $200,826, down from $249,039 in 2001.

Earnings per share were $0.46, as compared with $0.57 last year and dividends per share declared and paid for the period remained at $0.50.

Mr. Moulder said that current projects involving Devonshire Industries paints included the Fairmont Southampton and St James Court.

"We also have a very strong foothold in the retail market," he said, but said that profits might be adversely affected if customers chose to economise in the current climate by selecting "own brand" paints marketed by retailers such as Gorhams, the Masters, instead of the Devonshire brands - ACR, Millenium and Decratone paints. He said that the company would definitely be holding a Spring sale this year.