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|Murray H. Gross||Brett Maas|
|President & CEO||Hayden Communications|
|Email: email@example.com||Email: firstname.lastname@example.org|
|(212) 488-6300||(646) 536-7331|
U.S. HOME SYSTEMS REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2006
Full Year 2006 Revenue Growth of 22% with Net Income of $4.2 million, $0.51 Per Share
DALLAS, TX, March 19, 2007 U.S. Home Systems, Inc. (NasdaqNGM: USHS) today reported financial results for the fourth quarter and year ended December 31, 2006.
For the fourth quarter 2006, USHS reported consolidated revenues of $32.8 million, an increase of 23.1 percent as compared to $26.7 million in the three months ended December 31, 2005. Consolidated net income was $1.6 million, or $0.19 per share, for the three months ended December 31, 2006, as compared to $384,000, or $0.05 per share, for the three months ended December 31, 2005.
For the year ended December 31, 2006, consolidated revenues increased 22.4 percent to $127.8 million as compared with $104.4 million in the prior year period. Net income was $4.2 million, or $0.51 per share in 2006, as compared with a net loss of ($405,000), or ($0.05) per share, for the year ended December 31, 2005.
I attribute our improved financial results to the dedication and leadership of our management team, and in particular our chief operating officer, Peter Bulger, stated Murray Gross, chairman and chief executive officer. Mr. Bulgers leadership has been instrumental in our growth under The Home Depot programs as well as the successful implementation of the restructuring and consolidation of our deck and kitchen operations. In recognition of his outstanding contribution, I am pleased to announce today that the Board of Directors last Thursday elected Mr. Bulger as president of the Company. Mr. Bulger will continue his duties as the Companys chief operating officer and will continue to serve as the president and chief executive officer of U.S. Remodelers, our home improvement operating subsidiary. I will continue to serve the Company as chairman of the board and chief executive officer.
USHS is engaged in two lines of business: the home improvement business and the consumer finance business. The Companys home improvement principal product lines include kitchen cabinet refacing products, bathroom tub liners and wall surround products, wood and composite decks and related accessories. At December 31, 2006, the Companys home improvement products are marketed exclusively through The Home Depot.
Home Improvement Segment: In the fourth quarter 2006 revenues in the home improvement segment increased 24 percent to $31,025,000 as compared with $25,024,000 in the fourth quarter 2005. Approximately 17 percent of the revenue increase, or $994,000, was realized in markets that were opened prior to 2006. Gross profit margin improved to 53.7 percent of revenues in the current quarter as compared to 48.3 percent of revenues in the fourth quarter of last year. Net income was $1,188,000 as compared with $498,000 in the fourth quarter last year.
For the year ended December 31, 2006, revenues increased 23.1 percent to $120,811,000 as compared with $98,122,000 in 2005. Approximately 53 percent of the revenue increase, or $12,082,000, was realized in markets that were opened prior to 2006. Gross profit in the home improvement business improved to 52.8 percent of revenues in the current year as compared to 49.1 percent of revenues last year. Net income for the year was $4,097,000 as compared with $10,000 in 2005.
The following information was filed by Us Home Systems Inc (USHS) on Wednesday, March 21, 2007 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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