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ThermoView Industries Inc. Reports Income for First Quarter 2004
LOUISVILLE, Ky., May 17 /PRNewswire-FirstCall/ -- ThermoView Industries Inc. ,
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, 2004.
First quarter 2004 revenues were $14.8 million, compared to year-ago quarterly
revenues of $16.2 million. The net loss attributable to common stockholders was
$1,503,939 or 16 cents per basic and diluted share. That compares to a net loss
related to common stockholders of $1,758,200 or 19 cent per basic and diluted
share for the first quarter of 2003.
"ThermoView's first quarter revenues declined compared to 2003," said Charles
L. Smith, CEO and President of ThermoView. Smith continued, "However, our first
quarter 2004 gross sales exceeded the same period for 2003. In addition, our
backlog (contracts to be installed) at the end of the quarter has also
increased from 2003 levels. This should prove to be positive as we may attempt
to reach our future projections with this increased install base."
Smith also stated that ThermoView has made significant progress in its efforts
to open two new model THV locations. Both locations are on schedule to open in
their expected June 2004 timeframes. "Our due diligence should pay off with
these new THV sites in Paducah, KY and Peoria, IL. We are excited at putting
our best practices to work and we will heavily market our presence in these
promising new locations," said Smith.
ThermoView's May 17 conference call and webcast
ThermoView will hold a webcast at 2:00 p.m. EDT on May 17, 2004 to allow
securities analysts and shareholders the opportunity to hear management discuss
the company's quarterly results. Live audio of the conference call can be
accessed from http://www.thv.com/ , or http://www.vcall.com/CEPage.asp?ID=88195
. 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.
ThermoView Industries, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
For the three months ended
March 31,
2003 2004
Revenues $16,193,013 $14,839,140
Cost of revenues earned 8,456,221 7,867,099
Gross profit 7,736,792 6,972,041
Selling, general and administrative expenses 8,396,181 7,480,599
Depreciation expense 214,101 212,598
Amortization expense 5,064 12,983
Loss from operations (878,554) (734,139)
Equity in earnings (loss) of joint venture (26,207) (3,335)
Interest expense (632,130) (768,651)
Interest income 9,764 5,563
Loss before income taxes (1,527,127) (1,500,562)
Income tax expense (benefit) (424) 3,377
Net loss (1,526,703) (1,503,939)
Less non-cash Series D and E preferred
stock dividends (231,497) -
Net loss attributable to
common stockholders $(1,758,200) $(1,503,939)
Basic and diluted loss per common share:
Net Loss attributable to common stockholders $(0.19) $(0.16)
Net loss attributable to common stockholders $(0.19) $(0.16)
Contacts:
David A. Anderson, Chief Financial Officer, ThermoView Industries, Inc.,
502-968-2020.
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/