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|NEWS||CONTACT: Murray H. Gross, President & CEO|
|U.S. Home Systems, Inc.|
|Terri MacInnis, Dir. of Investor Relations|
|Bibicoff & Associates, Inc.|
U.S. HOME SYSTEMS REPORTS OPERATING RESULTS FOR YEAR ENDED 2004
20% Revenues Increase and Net Less $0.08 Per Share
DALLAS, TX., MAR. 29, 2005 U.S. Home Systems, Inc. (NasdaqNMS: USHS) today reported financial results for the year ended December 31, 2004.
For the year ended December 31, 2004, consolidated revenues were a record $88,765,736, an increase of 20%, as compared with $73,948,168 in the prior year. Net loss for the year was $600,338, or $0.08 per share, compared with net income of $1,527,943, or $0.22 per diluted share, in the prior year period.
Home Improvement Operations: As previously reported, during 2004, USHSs home improvement operations have been engaged in an aggressive expansion program with The Home Depot. In connection with its expansion program, the Companys interior products business opened five kitchen and bath sales and installation centers in new markets and converted three of its existing kitchen and bath centers, which it previously operated under its own brands, in three other markets. At December 31, 2004, the Companys kitchen and bath refacing products and services were available to The Home Depot customers in over 320 stores in designated markets in the Western and Midwest United States, as compared with 126 stores at December 31, 2003.
In the Companys interior products business, revenues for the year ended December 31, 2004 and 2003 were $61,379,000 and $50,278,000, respectively. Net income from continuing operations was $976,000 and $1,352,000 for the same periods, respectively.
In USHSs exterior products business, the Company opened new deck manufacturing facilities in Westboro, Massachusetts and Bridgeport, Connecticut. Combined with its manufacturing facility in Glen Mills, Pennsylvania, which it opened in October 2003, and its original manufacturing facility in Woodbridge, Virginia, USHSs deck products and services were available to The Home Depot customers in approximately 240 The Home Depot stores at December 31, 2004, as compared with 105 stores at the end of 2003.
Revenues for the Companys exterior products business for the year ended December 31, 2004 were $21,522,000, as compared with $19,333,000 in the year ended December 2003. Net loss was $1,847,000 as compared with net income of $320,000 for the same periods, respectively.
In 2004 we accelerated the opening of sales and manufacturing facilities in certain markets to serve The Home Depot customers. Opening these sales and manufacturing facilities in new markets requires capital and other expenditures, and requires funding operating losses during the initial months following the opening of each facility. As we previously reported, although we were generating increased revenues, our expected start-up operating losses in these new operations were greater than originally anticipated due to several operating challenges. Consequently, while we achieved our plans to expand into new markets with The Home Depot, our revenue growth was insufficient to cover our increased operating expenses, resulting in an operating loss for the year, said Murray H. Gross, Chairman, President and Chief Executive Officer of USHS.
- Continued -
Exhibit 99.1 Page 1
The following information was filed by Us Home Systems Inc (USHS) on Tuesday, March 29, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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