ThermoView Industries Inc. Reports Fourth Quarter and 2003
Financial Results * Company restructured long-term debt LOUISVILLE,
Ky., March 31 /PRNewswire-FirstCall/ -- ThermoView Industries, Inc.
, one of the nation's largest full-service home improvement
remodeling companies, today reported financial results for the
fourth quarter and the 2003 calendar year. ThermoView,
headquartered in Louisville, sells and installs replacement
windows, doors and other home improvements to residential consumers
in 17 states. President and CEO Charles L. Smith said the company
accomplished goals in many important areas during 2003 despite a
decline in revenue, including reducing overhead, maximizing
purchasing efficiencies, restructuring long-term debt, streamlining
corporate operations, developing new products and unified branding
for its subsidiaries. "While our financial results for 2003 were
disappointing, we have continued progress toward our long term goal
of transforming ThermoViewinto the largest full service home
improvement company in the United States," said Smith. Calendar
year 2003 results Revenues declined from $86.4 million in 2002 to
$70.1 million in 2003 due to numerous external factors such as
national recession, harsh winter in the first quarter of 2003, the
war in Iraq and the federal "do not call" legislation. "2003 was,
without a doubt, a very difficult year yet we did improve our
efficiencies. The continued drop in revenue was a result of factors
outside of our control," said Smith. The net loss attributable to
common stockholders in 2003 was $1.8 million, or $.20 per share. In
2002, the net loss attributable to common stockholders was $30.2
million, or $3.33 per basic share, reflecting a $30 million
non-cash charge to comply with an accounting rule requiring the
write-off of impaired goodwill. Selling, general and administrative
expenses (SG&A) continue to decrease. SG&A were $33 million
in 2003 versus $39 million in 2002. $1.4 million of this reduction
was due to cost saving initiatives. There were 9.2 million basic
average weighted shares outstanding in 2003, and 9.1 million in
2002. Fourth quarter 2003 vs. a year-ago Revenues for the fourth
quarter of 2003 were $16.5 million, compared with $19.8 million for
the last quarter of 2002. In addition to the external factors
mentioned above, multiple subsidiaries were affected by the
implementation of the federal "do not call" regulations and
internal restructuring in the fourth quarter. For the fourth
quarter of 2003, the company reported net loss attributable to
common stockholders of $1.2 million, or 20 cents per share. In the
year- earlier fourth quarter, the company reported a net income
attributable to common stockholders of $77,435, or 1 cent per
share. Fourth quarter 2003 net loss is directly related to loss of
revenue during that period. Selling, general and administrative
expenses were 12 percent lower in the fourth quarter of 2003, as
compared with the same quarter in 2002, due to lower sales volumes
as well as cost savings initiatives. Depreciation and amortization
expense foe 2003 was relatively constant compared to 2002. The 2003
fourth quarter financials include ThermoView's 40 percent interest
in a joint venture manufacturing operation with Royal Group
Technologies. ThermoView's equity in the earnings was $86,000 for
the quarter. Smith said ThermoView's priorities for 2004 include: *
Refining our advertising and marketing models to enhance sales. *
Rolling out of the technologically superior Compozit window to all
of our retailers. * Opening a number of streamlined, efficient,
retail showrooms in smaller communities as a means of increasing
sales volumes. * Expansion of our manufacturing facility to provide
windows to more of our retail locations * Completion of the Master
Job Tracking System and enhancement of our best practices model for
our companies operations. * Completion of the loan finder software
systems as a means of locating ready financing sources for our
customers. "I believe a more efficient THV will emerge in 2004. As
external factors improve THV, with very modest top line growth can
drive bottom line earnings," said Smith. About ThermoView
Industries, Inc. ThermoView is a national company that designs,
manufactures, markets and installs high-quality replacement windows
and doors as part of a full-service array of home improvements for
residential homeowners. ThermoView's common stock is listed on
theAmerican Stock Exchange under the ticker symbol "THV."
Additional information on ThermoView Industries is available at
http://www.thermoviewinc.com/ . Statements in this news release
that are not descriptions of historical facts are forward-looking
statements that are subject to risks and uncertainties. Words such
as "expect," "intends," "believes," "plans," "anticipates" and
"likely" also identify forward-looking statements. All
forward-looking statements are based on current facts and analyses.
Actual results may differ materially from those currently
anticipated due to a number of factors including, but not limited
to our history of operating losses, anticipated future losses,
competition, future capital needs, the need for market acceptance,
dependence upon third parties, disruption of vital infrastructure,
general economic downturn and intellectual property rights. All
forward-looking statements are made pursuant to the Securities
Litigation Reform Act of 1995. Additional information on factors
that may affect the business and financial results of the Company
can be found in filings of the Company with the Securities and
Exchange Commission. Contacts: Jeffrey L. Fisher CFO, ThermoView
Industries, Inc. ( http://www.thermoviewinc.com/ ) 502-968-2020
ThermoView Industries, Inc. Consolidated Statements of Operations
Quarter Ended Year Ended 12/31/2002 12/31/2003 12/31/2002
12/31/2003 Revenues $19,762,054 $16,466,635 $86,359,078 $70,079,811
Cost of revenues earned 9,997,885 8,907,517 43,328,652 36,331,468
Gross profit 9,764,169 7,559,118 43,030,426 33,748,343 Selling,
general and administrative expenses 8,659,721 7,910,253 38,953,057
33,092,857 Unusual charges (credits) -- -- -- (796,000)
Depreciation expense 217,461 179,105 986,476 785,034 Amortization
expense 2,782 12,982 73,630 36,094 Income (loss) from operations
884,205 (543,222) 3,017,263 630,358 Equity in earnings of joint
venture 92,791 86,589 141,355 44,900 Interest expense (603,971)
(596,490) (2,604,841) (2,529,141) Interest expense on mandatorily
redeemable preferred stock -- (129,929) -- (297,219) Interest
income 8,000 4,458 59,174 25,432 Income (loss) before income taxes
381,025 (1,178,594) 612,951 (2,125,670) Income tax expense
(benefit) 57,289 534 (45,000) 47,573 Net income (loss) before
cumulative effect of an accounting change 323,736 (1,179,130)
657,951 (2,173,243) Cumulative effect of an accounting change -
charge for impairment of goodwill -- -- (30,000,000) -- Net income
(loss) 323,736 (1,179,130) (29,342,049) (2,173,243) Less non-cash
preferred stock dividends (246,301) -- (880,914) (472,494) Plus
benefit of Series D redemption -- -- -- 796,000 Net income (loss)
attributable to common stockholders $77,435 $(1,179,129)
$(30,222,963) $(1,849,737) Basic income (loss) per common share:
Income (loss) attributable to common stockholders before cumulative
effect of an accounting change $0.01 $(0.13) $(.02) $(0.20)
Cumulative effect of an accounting change -- -- (3.31) -- Net
income (loss) attributable to common stockholders $0.01 $(0.13)
$(3.33) $(0.20) Diluted income (loss) per common share: Income
(loss) attributable to common stockholders before cumulative effect
of an accounting change $0.01 $(0.13) $(.02) $(0.20) Cumulative
effect of an accounting change -- -- (3.31) -- Net income (loss)
attributable to common stockholders $0.01 $(0.13) $(3.33) $(0.20)
Weighted average shares outstanding- basic 9,190,059 9,190,059
9,069,092 9,190,059 Weighted average shares outstanding- diluted
10,006,121 9,190,059 9,069,092 9,190,059 DATASOURCE: ThermoView
Industries Inc. CONTACT: Jeffrey L. Fisher, CFO, ThermoView
Industries, Inc., +1-502-968-2020 Web site:
http://www.thermoviewinc.com/
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Thermoview (AMEX:THV)
過去 株価チャート
から 8 2024 まで 9 2024
Thermoview (AMEX:THV)
過去 株価チャート
から 9 2023 まで 9 2024