Thermoview (AMEX:THV)
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ThermoView Industries Inc. Reports Income for Third Quarter 2003
LOUISVILLE, Ky., Nov. 12 /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 third quarter and nine months ending September 30, 2003.
Third quarter 2003 revenues were $19.3 million, compared to year-ago quarterly
revenues of $22.1 million. The net income attributable to common stockholders
was $292,264 or 3 cents per basic and diluted share. That compares to a net
income related to common stockholders of $60,726, or 1 cent per basic and
diluted share for the third quarter of 2002.
Revenues for the first nine months of 2003 were $53.6 million, compared to
revenues of $66.6 million for the first nine months of 2002. The net loss
attributable to common stockholders was $670,607 or 7 cents per basic and
diluted share, for the first nine months of 2003 after a $796,000 unusual gain
related to converting $1 million of debt to 680,000 common stock warrants and a
$796,000 benefit from redeeming $1 million of the Series D preferred stock for
another 680,000 common stock warrants. That compares to a net loss attributable
to common stockholders for the first nine months of 2002 of $30.3 million, or
$3.36 per share, including a $30 million ($3.33 per share) non- cash charge for
writing off impaired goodwill.
"ThermoView's third quarter performance is a consequence of operational
efficiencies and the restructure of our debt late in the second quarter," said
Charles L. Smith, CEO and President of ThermoView. Smith continued, "ThermoView
is now poised for a bottom line return to shareholders as our focus transitions
to improving top-line growth. In addition to the recently announced additions to
our management staff, we will continue to work diligently to assemble a
top-flight management team to lead our focus on revenue growth. We are
optimistic that these efforts, along with an improving economy, will result in
improved financial results for our shareholders."
In other developments, ThermoView Chairman Stephen A. Hoffmann announced the
resignation of Ronald L. Carmicle as a member of the Board of Directors
effective November 10, 2003. Mr. Carmicle has served as a ThermoView director
since February 2000. "Ron Carmicle has been a tremendous asset to ThermoView
during his tenure as a director. On behalf of everyone at ThermoView, I would
like to express to Ron our gratitude for the contributions that he has made to
our organization. We wish him nothing but the best in his future endeavors,"
said Hoffmann.
ThermoView's November 20 conference call and webcast
ThermoView will hold a webcast at 2:00 p.m. EST on November 20, 2003 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=84355.
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 markets home
improvements in 16 Midwest and Western states under well-known regional home
center brands that include Thomas, Primax, Rolox, Leingang and ThermoView. All
of these brands are consolidating under a national brand, "THV, America's Home
Improvement Company." ThermoView's common stock is listed on the American Stock
Exchange under the ticker symbol "THV." Additional information 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.
Contact:
Jeffrey L. Fisher
Chief Financial Officer
ThermoView Industries, Inc.
502-968-2020
ThermoView Industries, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
For the three For the nine
months ended months ended
September 30, September 30,
2002 2003 2002 2003
Revenues $22,117,216 $19,307,308 $66,597,024 $53,613,176
Cost of revenues earned 11,349,514 9,723,653 33,330,767 27,423,951
Gross profit 10,767,702 9,583,655 33,266,257 26,189,225
Selling, general and
administrative expenses 9,666,491 8,298,750 30,293,389 25,182,605
Unusual credit-gain on
conversion of debt to
warrants -- -- -- (796,000)
Depreciation expense 241,886 192,186 769,015 605,929
Amortization expense 2,311 12,982 70,848 23,111
Income from operations 857,014 1,079,737 2,133,005 1,173,580
Equity in earnings (loss)
of joint
venture 16,284 4,535 48,564 (41,689)
Interest expense (680,424) (594,156) (2,000,870) (1,932,652)
Interest expense on
mandatory
redeemable preferred -- (167,290) -- (167,290)
Interest income 22,436 4,247 51,174 20,976
Income (loss) before income
taxes 215,310 327,073 231,873 (947,075)
Income tax expense
(benefit) (95,175) 34,809 (102,341) 47,038
Income (loss) before
cumulative
effect of an accounting
change 310,485 292,264 334,214 (994,113)
Cumulative effect of an
accounting change--charge
for
impairment of goodwill -- -- (30,000,000) --
Net income (loss) 310,485 292,264 (29,665,786) (994,113)
Less non-cash Series
D and E
preferred stock dividends (249,759) -- (634,613) (472,494)
Plus benefit of redemption
of Series D stock -- -- -- 796,000
(249,759) -- (634,613) 323,506
Net income (loss)
attributable
to common stockholders $60,726 $292,264 $(30,300,399) $(670,607)
Basic income (loss) per
common share:
Income (loss)
attributable to
common stockholders $0.01 $0.03 $(0.03) $(0.07)
Cumulative effect of an
accounting change -- -- (3.33) --
Net income (loss)
attributable
to common stockholders $0.01 $0.03 $(3.36) $(0.07)
Diluted income (loss) per
common share:
Income (loss)
attributable to
common stockholders $0.01 $0.03 $(0.03) $(0.07)
Cumulative effect of an
accounting change -- -- $(3.33) --
Net income (loss)
attributable
to common stockholders $0.01 $0.03 $(3.36) $(0.07)
See accompanying notes.
http://www.vcall.com/CEPage.asp?ID=84355DATASOURCE: ThermoView Industries Inc.
CONTACT: Jeffrey L. Fisher, Chief Financial Officer of ThermoView
Industries, Inc., +1-502-968-2020
Web site: http://www.thv.com/