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Home Solutions of America Reports 3rd Quarter Results; Revenue Increased 17%
Sequentially
HOUSTON, Nov. 24 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc. , a
niche provider of specialty residential services, reported third quarter
earnings for the period ended September 30, 2003. The Company reported revenues
of approximately $3.6 million, a 17% increase versus the second quarter. It had
no revenues for the fiscal 2002 third quarter. The Company generated operating
income of $191,000, resulting in net income of $43,000, or $0.00 per diluted
share. For the year earlier period, Home Solutions reported an operating loss
of $434,000, or ($0.03) per share.
For the nine months ended September 30, 2003, the Company reported revenues of
$10.6 million, EBITDA of $593,000 and operating income of $166,000. The Company
reported a loss of $119,000, or ($0.01) per diluted share. During the
comparable fiscal 2002 period, the Company had no revenues and a loss of ($0.03)
per share.
During the third quarter, the Company closed the acquisition of Central Texas
Residential Services ("CTRS") and Fiber Seal Systems ("FSS"). CTRS and FSS are
the second and third acquisitions the Company has completed since announcing its
specialty residential services strategy in 2002. Subsequent to the end of the
quarter, Home Solutions announced that it had signed a letter of intent to
acquire a Florida-based specialty interior services company with revenues of
approximately $14 million annually. The Company expects to complete the
acquisition before the end of the year.
"Our recently completed acquisitions position Home Solutions to gain significant
market share within these niche residential markets," said Frank Fradella,
Chairman and CEO of Home Solutions. "However, we are most excited by the
potential from the Florida acquisition we recently announced. This acquisition
will create synergies among our existing businesses, enable us to penetrate new
geographies and potentially triple our cash flow from operations. Furthermore,
since the housing market remains strong, we expect there to be significant
cross-selling opportunities both for our new and existing customers."
Home Solutions is a niche provider of specialty residential services including
Restoration Services, Cleaning and Fabric Protection Services and Residential
Renovation Sales. Home Solutions closed its first acquisition, PW Stephens, in
November of 2002 and has subsequently closed two additional acquisitions in July
2003 as part of this strategy. In addition, Home Solutions currently has two
letters of intent outstanding.
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.hsoacorp.com/