Devonshire Industries boosted its profits by four percent or $18,175 for the year ended March 31, 2009, due mainly to a $25,487 drop in operating expenses.

Net income rose to $444,886 or $1.01 per share compared to $426,711 or 97 cents per share for the same period in 2008.

The company, however, suffered a 14 percent or $132,629 decrease in cash and deposits for the year, as a result of shorter credit terms for some of the purchases compared to last year, and the timing of settlement of payables, despite maintaining a strong cash flow.

Meanwhile Dr. James King, Lars Knudsen and John Pereira have all stepped down from the board of directors, and Andrew Pereira, Zane DeSilva and Jacob Hocking have been appointed in their place.

"This year has been a very challenging year for the company. The global recession, the decline in the construction industry and reduced spending by consumers left sales flat," said Barry Hanson, chairman of Devonshire Industries.

"Further during the last three months of our financial year, we had two months of rain and unsettled weather."

Mr. Hanson said the company was looking to improve working conditions and the retail shop within its building, while management was working on a new approach to selling and manufacturing its products to ensure future profitability.

Devonshire's assets declined slightly to $2.88 million in 2009 from $2.9 million last year, while liabilities also fell from $220,835 in 2008 versus $146,673 this year, with shareholders' equity and net earnings remaining steady.

The company also made $3.6 million in sales for 2009 compared to $3.5 million in 2008.