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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 FINANCIAL RESULTS FOR FOURTH QUARTER
AND FULL YEAR 2011
Revenues Increase 13% to a Record $164.9 Million and EPS Increases 110% for Full Year
2011 Basic EPS $0.65, Diluted EPS $0.63
Board Declares 50% Increase In Dividend to $0.03 Per Share
DALLAS, TX, March 27, 2012 U.S. Home Systems, Inc. (NasdaqNGM: USHS) today reported financial results for the fourth quarter and year ended December 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.
Fourth Quarter and Full-Year 2011 Highlights
USHS reported new orders increased to $37.9 million in the fourth quarter 2011 from $37.2 million in the fourth quarter last year.
Full-year new orders increased 11.7% to $166.1 million from $148.6 million in 2010.
USHS had a backlog of uncompleted orders of $21.2 million at December 31, 2011.
Revenues and net income in the fourth quarter 2011 increased to $38.7 million and $0.12 per diluted share from $38.0 million and $0.10 per diluted share in the fourth quarter last year, respectively.
Revenues from the Companys SCN market expansion and DIY programs which were initiated in 2010, increased $7.3 million or 122% in 2011. At December 31, 2011 the SCN network served 359 The Home Depot stores, 177 of which are in 17 new expansion markets.
Full-year revenues increased 13.1% to a record $164.9 million from $145.9 million in 2010.
Fixed operating costs, consisting only of branch operating and general and administrative expenses, declined to 11.9% of revenues in 2011 from 12.5% of revenues in 2010. The decline principally reflected increased leverage from higher revenues.
For the fourth quarter, USHS revenues increased to $38.7 million as compared to $38.0 million in the fourth quarter 2010. Net income was $927,000 or $0.12 per diluted share as compared to $708,000 or $0.10 per diluted share, respectively.
The following information was filed by Us Home Systems Inc (USHS) on Thursday, March 29, 2012 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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