Exhibit 99.1

 

Contacts:

 

Murray H. Gross

 

Brett Maas

President & CEO

 

Hayden Communications

Email: mgross@ushomesystems.com

 

Email: brett@haydenir.com

(212) 488-6300

 

(646) 536-7331

U.S. HOME SYSTEMS REPORTS FOURTH QUARTER AND FULL YEAR 2005 FINANCIAL RESULTS

USHS reports $0.05 earnings per share in fourth quarter

DALLAS, TX, March 15, 2006 — U.S. Home Systems, Inc. (NasdaqNMS: USHS) today reported financial results for the fourth quarter and full-year period ended December 31, 2005.

For the fourth quarter ended December 31, 2005, consolidated revenues were $26.7 million, an increase of 12.5 percent as compared to $23.7 million reported for the fourth quarter of 2004. Operating expenses for the fourth quarter 2005 totaled $26.1 million, an increase of 8.4 percent from the $24.1 million in the prior year quarter. Operating expenses include a substantial portion of costs which vary with revenues, including cost of remodeling contracts, sales commissions, marketing fees, advertising and interest expense on financing loan portfolios. The higher operating expenses in 2005 were largely attributable to increased revenue growth associated with the Company’s expansion of its home improvement operations which serve The Home Depot. Consolidated operating income for the fourth quarter was $598,000 compared to an operating loss of $376,000 last year. Operating income improved as the Company grew overall revenues and experienced reduced losses in its exterior products segment. Income from continuing operations in the fourth quarter 2005 improved $716,000 to $382,000, or $0.05 per diluted share, as compared to a loss from continuing operations of $334,000, or $0.04 per share, in the fourth quarter 2004.

“Our financial performance in the fourth quarter reflects a strong contribution from our interior products segment coupled with diligent expense controls and improving operating results in our exterior products segment,” commented Murray H. Gross, chairman, president and chief executive officer of US Home Systems, Inc. “We are continuing to successfully execute our growth plan by growing our home improvement operations through our strategic alliance with The Home Depot and believe that the recent award of new markets validates our capabilities as a valued partner positioning us for additional growth in 2006.”

For the year ended December 31, 2005, consolidated revenues were a record $104.4 million, representing an increase of 17.6 percent, compared to $88.8 million reported in the prior year. Total operating expenses for fiscal 2005 were $104.9 million, an increase of 16.4 percent as compared to $90.0 million during 2004. Included in operating expenses for 2005 was a $1.3 million restructuring charge related to the reorganization of the Company’s exterior products operations, of which $1.1 million was a non-cash charge for impairment of certain manufacturing equipment. The increase in year over year operating expenses is principally the result of the Company’s expansion of its home improvement operations which serve The Home Depot and increases in interest expense associated with financing loan portfolios within the consumer finance division. Loss from continuing operations, which included the $1.3 million restructuring charge, improved $510,000 to a loss of $436,000, or $0.05 per share, as compared to a loss from continuing operations of $946,000, or $0.13 per diluted share, for the year ended December 31, 2004.

“While we are pleased with the progress the Company has made in improving profitability in our exterior products division, we also recognize that a combination of increased revenue and further expense rationalization is needed to optimize leverage and margins in this business,” stated Mr. Gross. “Our interior products business continues to post solid margins despite an increase in operating expenses related to the aggressive rollout into additional The Home Depot locations. As these new locations come fully on-line and


The following information was filed by Us Home Systems Inc (USHS) on Thursday, March 16, 2006 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