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Home Solutions of America Provides 2005 Financial Guidance
Company Expects Minimum 2005 Revenue Growth of at Least 75% and EBITDA Increase
of Approximately 80% Resulting in Diluted EPS of $0.14 - $0.18
DALLAS, April 5 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc.
(AMEX:HOM), a niche provider of specialty residential services, announced today
financial guidance for its fiscal year ending December 31, 2005. The Company,
which completed the acquisition of Cornerstone Building and Remodeling, Inc.
last week, expects to generate record full-year revenue of $55 to $60 million,
EBITDA of $8.5 to $9.5 million and record net income of $0.14 to $0.18 per
fully diluted share. For the full-year ended December 31, 2004, the Company
generated revenue of $31.1 million, EBITDA of $4.9 million and net income of
$0.10 per fully diluted share.
"The acquisition of Cornerstone creates a powerful company which combines Home
Solutions' strong regional customer base with Cornerstone's national customer
base, including Home Depot and Lowe's," said Frank Fradella, Chairman and Chief
Executive Officer of Home Solutions. "As can be seen from our financial
expectations, we believe the integration of the two companies can achieve
significant scale, resulting in strong organic top-line growth and enhanced
operating efficiencies, leading to per share net income growth that could be as
much as 80% when compared to 2004. While we feel that there are other
attractive acquisition candidates available, we believe that we can grow our
existing business by at least 20% this year, and that the cross-selling
opportunities will be substantial with Cornerstone's customer base. The entire
management team and our employees are excited by the opportunities ahead."
The Company will hold a conference call today at 4:15 p.m. Eastern Daylight
time to discuss its 2005 guidance. Interested participants should call (888)
554-9234 and reference Conference ID 5307002. There will be a 30-day playback
available as well. To listen to the playback, please call (800) 642-1687.
Please use conference ID 5307002 for the replay. The replay will be available
beginning at 5:00 pm the day of the call and will be accessible through May 5,
2005. 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 April 30th.
Home Solutions is a niche provider of specialty residential services including
Restoration and Specialty Interior Services. The Company has operations in the
California, Texas, Florida, Alabama, Georgia and South Carolina markets through
its four subsidiaries, Cornerstone Building and Remodeling, Southern Exposure,
P.W. Stephens and Fiber Seal Systems. Cornerstone is a leading supplier and
installer of granite materials for kitchens and baths to national home centers,
as well as national builders and remodeling companies, in the southeastern
United States. Southern Exposure and related companies is a provider of
cabinet and countertop installation services in the Florida marketplace. P.W.
Stephens provides mold and asbestos remediation services, and fire and water
restoration services in California and Florida, and Fiber Seal Systems is a
national franchise of cleaning and fabric protection businesses.
For more information on Home Solutions, please see the Company's 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/