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Home Solutions Announces Record Second Quarter Results; Company
Reports 143% Increase in Revenues and EPS of $0.02
DALLAS, Aug. 16 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc.
(AMEX:HOM), a niche provider of specialty residential services, announced today
financial results for its second quarter ended June 30, 2004. The Company
recorded second quarter revenues of approximately $7.4 million, a 143% increase
versus $3.1 million for the year earlier period, and net income of $0.02 per
share versus a net loss of $(0.02) per share for the 2003 second quarter. The
Company generated $579,000 in net income and $1,098,000 in EBITDA (which
includes $892,000 of operating income plus $206,000 of depreciation and
amortization) in the 2004 second quarter versus a net loss of $(176,000) and
$3,000 in EBITDA (which includes $(184,000) of operating loss plus $187,000 of
depreciation and amortization) for the prior year's period. The Company
generated 11% sequential revenue growth in the second quarter versus the first
quarter.
For the six months ended June 30, 2004, the Company recorded revenues of $14.1
million, a 102% increase versus $7.0 million for the year earlier period, and
net income of $1,006,000 or $0.05 per share versus a net loss of $(162,000), or
a net loss of $(0.01) per share for the six months ended June 30 2003. During
this period, the Company generated $1,759,000 in EBITDA (which includes
$1,336,000 of operating income plus $423,000 of depreciation and amortization)
versus $288,000 in EBITDA (which includes $(25,000) of operating loss plus
$313,000 of depreciation and amortization) for the same period in 2003.
As announced on July 13th, Home Solutions has signed a definitive agreement to
acquire a home warranty company in California. This acquisition is expected to
close within the next few months but is subject to regulatory approvals and
other conditions.
"The results we generated for the first six months demonstrate that we are able
to acquire and integrate niche residential services businesses," said Rick
O'Brien, Chief Financial Officer of Home Solutions. "Each of our operating
units performed extremely well during the second quarter, highlighting the
strong demographic trends occurring in our current target markets of
California, Texas and Florida. Upon completion of regulatory review and other
related conditions, we believe the acquisition of RAM Home Warranty will create
powerful cross selling opportunities in our existing markets. We expect to be
able to sell home warranty service to many of our existing residential service
customers and to market our existing services to our new home warranty
customers."
The Company's executives will hold a conference call to discuss these results
and the business outlook. The conference call will take place at 4:30 PM EDT
today. Interested participants should call (888) 554-9234 and reference
Conference ID 9357189. There will be a playback available as well. To listen
to the playback, please call (800) 642-1687. Please use conference ID 9357189
for the replay. The replay will be available beginning at 5:30 pm the day of
the call and will be accessible for two weeks. The Company will also webcast
the call. Investors may access the webcast by going to the Company's website
http://www.homcorp.com/ . The webcast will be available until August 30th.
Home Solutions is a niche provider of specialty residential services including
Restoration Services and Specialty Interior Services. The Company has
operations in the California, Texas and Florida markets and is rapidly growing
its core business through both an internal and an acquisition strategy. For
more information on Home Solutions, please see our website at
http://www.homcorp.com/ .
Statements included in this update that are not historical in nature are
intended to be, and are hereby identified as, "forward-looking statements" for
purposes of the safe harbor provided by Section 21E of the Securities Exchange
Act of 1934, as amended by Public Law 104-67. Forward-looking statements may
be identified by words including "anticipate," "believe," "intends,"
"estimates," "expect," and similar expressions. The Company cautions readers
that forward-looking statements including, without limitation, those relating
to the Company's future business prospects are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
indicated in the forward-looking statements, due to factors such as those
relating to economic, governmental, technological, and other risks and factors
identified from time to time in the Company's reports filed with the SEC.
CONTACT: Cormac Glynn, CEOcast, Inc.
PHONE: 212-732-4300
DATASOURCE: Home Solutions of America, Inc.
CONTACT: Cormac Glynn of CEOcast, Inc., +1-212-732-4300, for Home
Solutions of America, Inc.
Web site: http://www.homcorp.com/