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Home Solutions Announces Record Third Quarter Results
Company Reports 122% Increase in Revenues and EPS of $0.03; Increases Fourth
Quarter and Full-Year EPS Guidance to $0.12 to $0.14 Per Share
DALLAS, Nov. 15 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc.
(AMEX:HOM), a niche provider of specialty residential services, announced today
financial results for its third quarter and nine months ended September 30,
2004. The Company recorded third quarter revenues of approximately $7.9
million, a 122% increase versus $3.6 million for the year earlier period, and
net income of $685,000, or $0.03 per basic share, versus net income of $43,000,
or $0.00 per basic share for the 2003 third quarter. The Company generated
$1,230,000 in EBITDA (which includes $1,026,000 of operating income plus
$204,000 of depreciation and amortization) in the 2004 third quarter versus net
income of $43,000 and $305,000 in EBITDA (which includes $191,000 of operating
income plus $114,000 of depreciation and amortization) for the prior year's
period.
For the nine months ended September 30, 2004, the Company recorded revenues of
$22.1 million, a 109% increase versus $10.6 million for the year earlier
period, and net income of $1,691,000 or $0.08 per basic share versus a net loss
of $(119,000), or a loss of $(0.01) per basic share for the nine months ended
September 30, 2003. During this period, the Company generated $2,992,000 in
EBITDA (which includes $2,365,000 of operating income plus $627,000 of
depreciation and amortization) versus $593,000 in EBITDA (which includes
$166,000 of operating income plus $427,000 of depreciation and amortization)
for the same period in 2003.
"We are pleased to again report another strong quarter of operating results,"
said Rick O'Brien, Chief Financial Officer of Home Solutions. "These results
demonstrate that we are not only able to acquire other providers of specialty
residential services, but we are able to grow the business organically. Our
Restoration Services business grew organically by 10%. Revenue from our
Specialty Interior services division, which we acquired this year, showed
another quarter of strong sequential growth. We believe that the acquisition
of a home warranty company in California, which is scheduled to close before
the end of the year, will further position us for growth in 2005.
"We believe the opportunities for growth across our business lines remain
strong," said Frank Fradella, Chairman and Chief Executive Officer. "The
recent hurricanes in Florida have created significant demand for our services
in the area, which is expected to provide substantial work for several years to
come. We were able to deploy some of the resources from our operations in
California to service the overflow of business in Florida. The acquisition of
RAM Home Warranty, once complete, should 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."
Business Outlook
The Company expects to report fourth quarter revenues of between $8.2 and $8.5
million and to generate net income of $0.04 to $0.07 per basic share. This
would result in full-year net income of $0.12 to $0.14 per basic share, an
increase from the Company's previously announced guidance of $0.10 to $0.14
cents per basic share. This guidance does not include the financial effect of
any acquisitions. Home Solutions expects to provide 2005 financial guidance
when it announces its fourth quarter and year-end results.
Interested participants should call (888) 554-9234 and reference Conference ID
2052832. There will be a playback available as well. To listen to the
playback, please call (800) 642-1687. Please use conference ID 2052832 for the
replay. The replay will be available beginning at 5:15 pm the day of the call
and will be accessible through December 15. 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 from November 16 until
November 30.
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.
HOME SOLUTIONS OF AMERICA, INC
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/