ThermoView Industries, Inc. Reports First Quarter 2005 Financial Results

ThermoView Industries, Inc. Reports First Quarter 2005 Financial
Results 


LOUISVILLE, Ky., May 24  /PRNewswire-FirstCall/ -- ThermoView Industries, Inc.
(AMEX:THV), which designs, manufactures and markets home improvements under the
brand name "THV: America's Home Improvement Company," today reported financial
results for the first quarter ending March 31, 2005.

Revenues for the first quarter in 2005 were approximately $14.3 million,
compared to revenues in the same quarter of 2004 of $14.8 million, a decrease
of approximately $580,000 or 3.9%.  Gross profit for the quarter fell
approximately $610,000 to approximately $6.4 million in 2005 from approximately
$7.0 million in the same period in 2004.  The company reported a net loss
attributable to common shareholders of approximately $1.3 million or $0.14 per
common share in the first quarter of 2005, which represented a narrowing from
the net loss attributable to common shareholders of approximately $1.5 million
or $0.16 per common share in the first quarter of 2004.

"I am pleased that we were able to narrow our losses by about $170,000 or 11.3%
in this most recent quarter from the same period of 2004.  We achieved this
despite a dip in first quarter revenue and a decrease in our gross margin from
47.0% to 44.6%.  Our gross margin was impacted partly by increased product
costs and partly by fixed costs in the face of lower revenue," said Charles L.
Smith, CEO and President of ThermoView.  Smith continued, "Offsetting these
factors were reductions in Selling, General and Administrative expenses in the
amount of approximately $510,000 and reduced interest expenses in the amount of
approximately $240,000 from the same period in 2004.  I am encouraged by the
continued success of our ongoing efforts to locate efficiencies and realize
savings, especially in light of recent increased product cost pressures."

Smith also reiterated recent optimism regarding the newest THV Model Store
location in Barboursville, West Virginia.  He stated that ThermoView hopes to
build upon its successes and expand the program with several more stores in
2005, noting that, "Recently re-negotiated terms with our lenders will enable
us to develop new markets and grow new revenue streams."  Finally, Smith
reminded shareholders that they can expect additional details about the THV
Model Store program at the annual meeting to be held on May 25, 2005 in
Louisville, Kentucky.

Company officials also stated that the April 12, 2005 Letter to Shareholders
included in ThermoView's 2004 Annual Report included an error.  A sentence in
the second paragraph of the Letter should have stated, "Our income from
operations, excluding the $10 million non-cash charge for impairment to
goodwill on September 30, 2004, increased approximately $1.45 million despite a
$1.2 million fall in revenue," as correctly indicated later on page 3 of the
same Letter.

ThermoView's May 24 conference call and webcast

ThermoView will hold a webcast at 2:00 p.m. EDT on May 24, 2005 to allow
securities analysts and shareholders the opportunity to hear management discuss
the company's quarterly results and update progress on current operational and
administrative initiatives. Live audio of the conference call can be accessed
from http://www.thv.com/ , or http://www.vcall.com/CEPage.asp?ID=92088 . First
time listeners should visit http://www.vcall.com/ in advance to download and
install any necessary audio software.

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 the American Stock Exchange under the ticker symbol "THV."
Additional information on ThermoView Industries is available at
http://www.thv.com/ .

Safe harbor statement

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:

David A. Anderson, Chief Financial Officer, ThermoView Industries, Inc.,
502-968-2020.

                       ThermoView Industries, Inc.
             Condensed Consolidated Statements of Operations
                               (Unaudited)

                                                For the three months ended
                                                          March 31,
                                                     2004          2005

  Revenues                                       $14,839,140   $14,256,726

  Cost of revenues earned                          7,867,099     7,896,547

  Gross profit                                     6,972,041     6,360,179

  Selling, general and administrative expenses     7,480,599     6,970,167
  Depreciation expense                               212,598       203,351
  Amortization expense                                12,983           168

  Loss from operations                              (734,139)     (813,507)

  Equity in earnings (loss) of joint venture          (3,335)        1,821
  Interest expense                                  (768,651)     (527,777)
  Interest income                                      5,563         5,887

  Loss before income taxes                        (1,500,562)   (1,333,576)

  Income tax expense (benefit)                         3,377             -

  Net loss                                       $(1,503,939)  $(1,333,576)

  Basic and diluted loss per common share             $(0.16)       $(0.14)


DATASOURCE: ThermoView Industries Inc.



CONTACT:  David A. Anderson, Chief Financial Officer of ThermoView

Industries, Inc., [phone]



Web site:  http://www.thv.com/

http://www.vcall.com/CEPage.asp?ID=92088

http://www.vcall.com/ 

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