EXHIBIT 99.1

 

NEWS       CONTACT:        Murray H. Gross, President & CEO
        U.S. Home Systems, Inc.
        214.488.6300    mgross@ushomesystems.com
        Terri MacInnis, Dir. of Investor Relations
        Bibicoff & Associates, Inc.
        818.379.8500    terrimac@bibicoff.com

 

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, USHS’s home improvement operations have been engaged in an aggressive expansion program with The Home Depot. In connection with its expansion program, the Company’s 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 Company’s 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 Company’s 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 USHS’s 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, USHS’s 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 Company’s 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.

View differences made from one year to another to evaluate Us Home Systems Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Us Home Systems Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account