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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 RECORD REVENUE AND NET INCOME FOR
SECOND QUARTER ENDED JUNE 30, 2011
Revenues Increase 24% to $43.8 Million; EPS Increases 250% to $0.21 vs. $0.06
Declares Dividend of $0.015 Per Share
DALLAS, TX, August 11, 2011 U.S. Home Systems, Inc. (NasdaqGM: USHS) today reported financial results for the second quarter and six months ended June 30, 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.
Second Quarter 2011 Highlights
USHS reported record revenue of $43.8 million, exceeding guidance of $40 to $41 million and up 24.4% compared to $35.2 million in the second quarter last year.
USHS reported earnings per share of $0.21, significantly better than guidance of $0.11 to $0.13 per share and compared to $0.06 per share in the second quarter last year.
New orders increased to a record $44.0 million in the second quarter 2011 from $37.4 million in the second quarter last year. The Companys backlog of uncompleted orders was $24.5 million at June 30, 2011.
Fixed operating costs, consisting of branch operating and general and administrative expenses, declined to 12.1% of revenues in the second quarter 2011 from 13.5% in the same quarter last year. The decline reflected increased leverage from higher revenues.
For the second quarter, USHS had record revenues of $43.8 million, an increase of 24.4%, as compared to $35.2 million in the second quarter 2010. Net income was $1.6 million or $0.21 per share as compared to $464,000 or $0.06 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 second quarter and achieved a record $43.8 million. Faster installation cycle time coupled with a significant increase in new orders during the period boosted revenues above guidance. Our new orders increased 17.7%, from $37.4 million in the second quarter last year to a record $44.0 million in the second quarter 2011.
Mr. Gross continued, The marketing programs we initiated in 2010 are continuing to drive demand and new orders, as evidenced by our record level of bookings. In addition, our SCN market expansion and DIY
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The following information was filed by Us Home Systems Inc (USHS) on Friday, August 12, 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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