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|Murray H. Gross||Brett Maas|
|Chairman & CEO||Hayden IR|
|Email: firstname.lastname@example.org||Email: email@example.com|
|(214) 488-6300||(646) 536-7331|
U.S. HOME SYSTEMS REPORTS $39 MILLION IN REVENUE FOR FIRST QUARTER ENDED MARCH 31, 2011
Revenues Increase 18% to $39 Million, Record for First Quarter;
EPS Increases 60% to $0.08 vs. $0.05
DALLAS, TX, May 12, 2011 U.S. Home Systems, Inc. (NasdaqNGM: USHS) today reported financial results for the first quarter ended March 31, 2011. USHS is engaged in the specialty products home improvement business. The Companys principal product lines include kitchen cabinet refacing products, bathroom remodeling products, storage organization systems for closets and garages and related accessories.
First Quarter 2011 Highlights
The Company reported $39 million in revenue, the highest first quarter revenue in USHS history, exceeding guidance of $36 to $37 million and up 17.7% compared to $33.1 million in the first quarter last year.
USHS reported earnings per share of $0.08, better than guidance of $0.06 to $0.07 per share and compared to $0.05 per share in the first quarter last year.
USHS reported new orders increased to a record $43.2 million in the first quarter 2011 from $34.4 million in the first quarter last year. USHS had backlog of uncompleted orders of $24.3 million at March 31, 2011.
In connection with USHS market expansion program, since January 2010 through March 31, 2011, USHS initiated service in fourteen new markets, encompassing 191 The Home Depot stores.
During the first quarter 2011 USHS expanded its bath product offering to an additional 109 The Home Depot stores.
Fixed operating costs, consisting of branch operating and general and administrative expenses, declined to 12.8% of revenues in the first quarter 2011 from 14.2% in the same quarter last year. The decline reflected increased leverage from higher revenues.
For the first quarter, USHS had record revenues of $39.0 million, an increase of 17.7%, as compared to $33.1 million in the first quarter 2010. Net income was $560,000 or $0.08 per share as compared to $365,000 or $0.05 per share, respectively.
Murray Gross, chairman and chief executive officer, commented, We recorded our seventh consecutive year-over-year quarterly increase in revenues in the first quarter and reached $39 million, the best first quarter in our history. Our new orders increased 25.5%, from $34.4 million in the first quarter last year to a record $43.2 million in the first quarter 2011, enabling us to exceed guidance for both revenue and earnings per share. Our revenue exceeds pre-recession highs, demonstrating renewed consumer interest and increased demand for our solutions.
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The following information was filed by Us Home Systems Inc (USHS) on Friday, May 13, 2011 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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