Please wait while we load the requested 10-K report or click the link below:
|Murray H. Gross||Brett Maas|
|Chairman & CEO||Hayden IR|
|Email: email@example.com||Email: firstname.lastname@example.org|
|(214) 488-6300||(646) 536-7331|
U.S. HOME SYSTEMS REPORTS FINANCIAL RESULTS FOR THE FOURTH
QUARTER AND YEAR ENDED DECEMBER 31, 2009
DALLAS, TX, March 3, 2010 U.S. Home Systems, Inc. (NasdaqNGM: USHS) today reported financial results for the fourth quarter and year ended December 31, 2009. USHS is engaged in the specialty products home improvement business. The Companys principal product lines include kitchen cabinet refacing products, bathroom tub liners and wall surround products, storage organization systems for closets and garages and related accessories.
For the fourth quarter, U.S. Home Systems, Inc. (USHS) had revenues of $30.9 million, a sequential increase of 8.6% compared to $28.4 million for the third quarter and an increase of 2.5% compared to $30.1 million in the same quarter last year. Excluding revenues from deck products, which USHS phased out in 2008, revenues increased 11.2% or $3.2 million from $27.7 million in the fourth quarter last year.
USHS reported a net loss for the fourth quarter 2009 of $1.3 million or $0.18 per share The loss in the quarter included pre-tax charges of $2.2 million ($1.5 million after tax) related to settlement of a class action lawsuit pending against the company in the United States District Court for the Northern District of California and an on-going sales tax matter. Excluding these charges, net income was $204,000, or $0.03 per share in the fourth quarter 2009.
Net loss in the fourth quarter of 2008 was $540,000, or $0.07 per share, which included one-time charges of $425,000 ($236,000 after tax) for asset write-downs in connection with the Companys decision to cease offering deck products. Excluding the non-recurring charges, net loss in the fourth quarter 2008 was $304,000, or $0.04 per share.
Murray Gross, chairman and chief executive officer, commented, In the fourth quarter we continued to experience both sequential and year-over-year quarterly improvement in new orders. We believe that our efforts to stimulate sales, including sales incentives and marketing promotions have had a positive effect on the level of our new orders in the quarter. Further, we believe that the continued sequential quarterly improvement in new orders gives us confidence that we are recovering from the severe economic decline of the past two years and that consumers are feeling more comfortable proceeding with home improvement projects.
Fourth Quarter 2009 Highlights
USHS reported new orders in the fourth quarter, excluding deck products, increased 35.6% to $32.7 million from $24.1 million in the fourth quarter of 2008 and 5.9% sequentially from $30.9 million in the third quarter 2009. Historically new orders in the fourth quarter decline from the third quarter due to the holiday season.
Careful cost controls and favorable product mix contributed to a 180 basis point improvement in gross profit margin in the current quarter as compared to the fourth quarter last year, excluding one-time charges.
USHS continued to restructure its in-store marketing initiatives resulting in reduced lead generation costs in the fourth quarter 2009 compared with the fourth quarter last year. USHS believes that its in-store marketing strategy will drive sales growth and reduce lead generation costs as the economic environment improves.
The following information was filed by Us Home Systems Inc (USHS) on Wednesday, March 3, 2010 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 this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Us Home Systems Inc.