Thermoview (AMEX:THV)
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ThermoView Industries Inc. Reports Fourth Quarter and 2003
Financial Results
* Company restructured long-term debt
LOUISVILLE, Ky., March 31 /PRNewswire-FirstCall/ -- ThermoView Industries, Inc.
, one of the nation's largest full-service home improvement remodeling
companies, today reported financial results for the fourth quarter and the 2003
calendar year.
ThermoView, headquartered in Louisville, sells and installs replacement windows,
doors and other home improvements to residential consumers in 17 states.
President and CEO Charles L. Smith said the company accomplished goals in many
important areas during 2003 despite a decline in revenue, including reducing
overhead, maximizing purchasing efficiencies, restructuring long-term debt,
streamlining corporate operations, developing new products and unified branding
for its subsidiaries.
"While our financial results for 2003 were disappointing, we have continued
progress toward our long term goal of transforming ThermoViewinto the largest
full service home improvement company in the United States," said Smith.
Calendar year 2003 results
Revenues declined from $86.4 million in 2002 to $70.1 million in 2003 due to
numerous external factors such as national recession, harsh winter in the first
quarter of 2003, the war in Iraq and the federal "do not call" legislation.
"2003 was, without a doubt, a very difficult year yet we did improve our
efficiencies. The continued drop in revenue was a result of factors outside of
our control," said Smith.
The net loss attributable to common stockholders in 2003 was $1.8 million, or
$.20 per share. In 2002, the net loss attributable to common stockholders was
$30.2 million, or $3.33 per basic share, reflecting a $30 million non-cash
charge to comply with an accounting rule requiring the write-off of impaired
goodwill.
Selling, general and administrative expenses (SG&A) continue to decrease. SG&A
were $33 million in 2003 versus $39 million in 2002. $1.4 million of this
reduction was due to cost saving initiatives.
There were 9.2 million basic average weighted shares outstanding in 2003, and
9.1 million in 2002.
Fourth quarter 2003 vs. a year-ago
Revenues for the fourth quarter of 2003 were $16.5 million, compared with $19.8
million for the last quarter of 2002. In addition to the external factors
mentioned above, multiple subsidiaries were affected by the implementation of
the federal "do not call" regulations and internal restructuring in the fourth
quarter.
For the fourth quarter of 2003, the company reported net loss attributable to
common stockholders of $1.2 million, or 20 cents per share. In the year- earlier
fourth quarter, the company reported a net income attributable to common
stockholders of $77,435, or 1 cent per share. Fourth quarter 2003 net loss is
directly related to loss of revenue during that period.
Selling, general and administrative expenses were 12 percent lower in the fourth
quarter of 2003, as compared with the same quarter in 2002, due to lower sales
volumes as well as cost savings initiatives. Depreciation and amortization
expense foe 2003 was relatively constant compared to 2002.
The 2003 fourth quarter financials include ThermoView's 40 percent interest in a
joint venture manufacturing operation with Royal Group Technologies.
ThermoView's equity in the earnings was $86,000 for the quarter. Smith said
ThermoView's priorities for 2004 include:
* Refining our advertising and marketing models to enhance sales.
* Rolling out of the technologically superior Compozit window to all of
our retailers.
* Opening a number of streamlined, efficient, retail showrooms in smaller
communities as a means of increasing sales volumes.
* Expansion of our manufacturing facility to provide windows to more of
our retail locations
* Completion of the Master Job Tracking System and enhancement of our
best practices model for our companies operations.
* Completion of the loan finder software systems as a means of locating
ready financing sources for our customers.
"I believe a more efficient THV will emerge in 2004. As external factors improve
THV, with very modest top line growth can drive bottom line earnings," said
Smith.
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 theAmerican Stock Exchange under the ticker symbol "THV."
Additional information on ThermoView Industries is available at
http://www.thermoviewinc.com/ .
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:
Jeffrey L. Fisher
CFO, ThermoView Industries, Inc.
( http://www.thermoviewinc.com/ )
502-968-2020
ThermoView Industries, Inc.
Consolidated Statements of Operations
Quarter Ended Year Ended
12/31/2002 12/31/2003 12/31/2002 12/31/2003
Revenues $19,762,054 $16,466,635 $86,359,078 $70,079,811
Cost of revenues
earned 9,997,885 8,907,517 43,328,652 36,331,468
Gross profit 9,764,169 7,559,118 43,030,426 33,748,343
Selling, general and
administrative
expenses 8,659,721 7,910,253 38,953,057 33,092,857
Unusual charges
(credits) -- -- -- (796,000)
Depreciation expense 217,461 179,105 986,476 785,034
Amortization expense 2,782 12,982 73,630 36,094
Income (loss) from
operations 884,205 (543,222) 3,017,263 630,358
Equity in earnings of
joint venture 92,791 86,589 141,355 44,900
Interest expense (603,971) (596,490) (2,604,841) (2,529,141)
Interest expense on
mandatorily redeemable
preferred stock -- (129,929) -- (297,219)
Interest income 8,000 4,458 59,174 25,432
Income (loss) before
income taxes 381,025 (1,178,594) 612,951 (2,125,670)
Income tax expense
(benefit) 57,289 534 (45,000) 47,573
Net income (loss)
before cumulative
effect of an
accounting change 323,736 (1,179,130) 657,951 (2,173,243)
Cumulative effect of
an accounting change
- charge for
impairment of
goodwill -- -- (30,000,000) --
Net income (loss) 323,736 (1,179,130) (29,342,049) (2,173,243)
Less non-cash
preferred stock
dividends (246,301) -- (880,914) (472,494)
Plus benefit of
Series D redemption -- -- -- 796,000
Net income (loss)
attributable to
common
stockholders $77,435 $(1,179,129) $(30,222,963) $(1,849,737)
Basic income (loss) per
common share:
Income (loss)
attributable to
common stockholders
before cumulative
effect of an
accounting change $0.01 $(0.13) $(.02) $(0.20)
Cumulative effect of
an accounting change -- -- (3.31) --
Net income (loss)
attributable to common
stockholders $0.01 $(0.13) $(3.33) $(0.20)
Diluted income (loss) per
common share:
Income (loss)
attributable to
common stockholders
before cumulative
effect of an
accounting change $0.01 $(0.13) $(.02) $(0.20)
Cumulative effect of
an accounting change -- -- (3.31) --
Net income (loss)
attributable to common
stockholders $0.01 $(0.13) $(3.33) $(0.20)
Weighted average
shares outstanding-
basic 9,190,059 9,190,059 9,069,092 9,190,059
Weighted average
shares outstanding-
diluted 10,006,121 9,190,059 9,069,092 9,190,059
DATASOURCE: ThermoView Industries Inc.
CONTACT: Jeffrey L. Fisher, CFO, ThermoView Industries, Inc.,
+1-502-968-2020
Web site: http://www.thermoviewinc.com/