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Murray H. Gross
Chairman & CEO
U.S. HOME SYSTEMS FIRST QUARTER REVENUES INCREASE 8% TO $42 MILLION
Net Income Increases 52% to $853,000 - EPS Increases 38% to $0.11 vs. $0.08
Record New Orders of $46 Million in First Quarter
DALLAS, TX, May 15, 2012 U.S. Home Systems, Inc. (NasdaqNGM: USHS) today reported financial results for the first quarter ended March 31, 2012. 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 2012 Highlights
USHS reported record new orders of $46.4 million, an increase of 7.4% from $43.2 million in the first quarter last year. USHS had backlog of uncompleted orders of $25.3 million at March 31, 2012 vs. $24.3 million at March 31, 2011.
The Company reported $42.2 million in revenue, the highest first quarter revenue in USHS history, exceeding guidance of $40.5 million and up 8.3% compared to $39.0 million in the first quarter last year.
Fixed operating costs, consisting of branch operating and general and administrative expenses, declined to 11.4% of revenues in the first quarter 2012 from 12.8% in the same quarter last year. The decline reflected increased leverage from higher revenues.
USHS reported earnings per share of $0.11, better than guidance of $0.09 per share and compared to $0.08 per share in the first quarter last year.
Murray Gross, chairman and chief executive officer, commented, I am pleased to report we had two new records this quarter. First, a record new order input for any quarter in our history and second, record revenue for a first quarter, both which significantly exceeded our expectations. I want to recognize our strategic partner, The Home Depot, whose marketing initiatives continue to drive demand.
Mr. Gross Continued, In January we launched our new line of Martha Stewart LivingTM kitchen cabinet refacing products. Due to the popularity and reputation for style and quality inherent in the Martha Stewart brand replacement kitchen cabinets, we developed a line of refacing products which provide a refacing solution to The Home Depot customers who prefer the look of the Martha Stewart LivingTM line of cabinetry in a refacing product. We are very excited about the reception of these products by our customers. This line of new refacing products contributed to our record new order input in the quarter. We believe the Martha Stewart LivingTM line of kitchen refacing products will be an exciting extension to our kitchen refacing product portfolio.
The following information was filed by Us Home Systems Inc (USHS) on Thursday, May 17, 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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