Thermoview (AMEX:THV)
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ThermoView Industries, Inc. Reports Fourth Quarter 2004 Financial
Results
LOUISVILLE, Ky., April 6 /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 fourth quarter ending December 31, 2004.
Revenues for the fourth quarter in 2004 were approximately $16.7 million,
compared to revenues in the same quarter of the previous year of $16.5 million,
an increase of approximately $240,000 or 1.46%. Gross profit for the quarter
grew to $8.01 million in 2004 from $7.60 million in the same period in 2003, an
increase of approximately $455,000 or 6%. The company also reported net income
attributable to common stockholders of approximately $184,000 for the fourth
quarter of 2004, compared to a net loss attributable to common stockholders of
approximately $1.18 million for the same period in 2003.
Revenues for the twelve months ended December 31, 2004 were approximately $68.9
million, compared to revenues of approximately $70.1 million for the same
period in 2003, a decrease of 1.7%. Gross profit for the twelve months ended
December 31, 2004 fell to $33.3 million from $33.7 million for the twelve
months ended December 31, 2003, a decrease of approximately $427,000 or 1.3%.
For the entire year, the company reported a net loss attributable to common
stockholders of approximately $10.3 million in 2004, compared to a net loss
attributable to common stockholders of approximately $1.8 million in 2003.
"In 2004, we would have reported a net loss of approximately $280,000, but for
the $10 million non-cash charge for impairment to goodwill taken in the third
quarter of the year. This compares favorably to our net loss of $1.8 million
in 2003. The company continues on the right track of improving cost
structures, and I am pleased by the growth in revenues in the fourth quarter,"
said Charles L. Smith, CEO and President of ThermoView. Smith continued,
"Looking forward to 2005, I am hopeful that our cost-cutting and efficiencies
will coalesce with an improving revenue stream to produce a rewarding year for
our company and its stockholders."
Additionally, Smith reported that he remains confident about ThermoView's new
model THV stores. "Now that we have over eight months' operating results for
the THV model store, we can see real promise in the business prototype and will
allocate even greater resources into developing this model into the future of
ThermoView. Last quarter I indicated our plan to open more model stores in
2005, and I anticipate announcing new THV Store openings in the very near
future. I will have more information on these stores in our April 11
conference call with investors."
ThermoView's April 11 conference call and webcast
ThermoView will hold a webcast at 2:00 p.m. EDT on April 11, 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=91354 . 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.
Selected Quarterly Data (Unaudited)
Quarterly data for 2003 was as follows:
First(1) Second Third Fourth
Revenues $16,193,013 $18,112,855 $19,307,308 $16,466,635
Gross profit 7,736,792 8,868,778 9,583,655 7,559,118
Net income (loss) (1,526,703) 240,326 292,264 (1,179,130)
Net income (loss)
attributable to
common stockholders (1,758,200) 795,329 292,264 (1,179,130)
Basic income (loss)
per common share (0.19) .09 .03 (.13)
Diluted income (loss)
per common share (0.19) .08 .03 (.13)
Quarterly data for 2004 was as follows:
First(1) Second Third(2) Fourth
Revenues $14,839,140 $19,110,764 $18,204,373 $16,706,836
Gross profit 6,972,041 9,360,741 8,974,525 8,014,088
Impairment of goodwill - - (10,000,000) -
Net income (loss) (1,503,939) 619,194 (9,580,416) 184,470
Net income (loss)
attributable to
common stockholders (1,503,939) 619,194 (9,580,416) 184,470
Basic income (loss)
per common share (0.16) .07 (1.04) .02
Diluted income (loss)
per common share (0.16) .07 (1.04) .02
(1) The Company's business is seasonal, with the lowest sales and
profitability experienced in the first quarter due to winter weather.
(2) The company recorded an impairment of goodwill in connection with its
annual valuation of goodwill.
DATASOURCE: ThermoView Industries, Inc.
CONTACT: David A. Anderson, Chief Financial Officer of ThermoView
Industries, Inc., +1-502-968-2020
Web site: http://www.thv.com/