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ThermoView Industries Inc. Reports Positive Income for Second
Quarter 2004
LOUISVILLE, Ky., Aug. 16 /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 second quarter ending June 30, 2004.
Second quarter 2004 revenues were up 5.5% to $19.1 million, compared to
year-ago quarterly revenues of $18.1 million. The net income attributable to
common shareholders was approximately $619,000 or 7 cents per basic share and 6
cents per diluted share. In the same quarter of 2003, net income attributable
to common shareholders was approximately $795,000 or 9 cents per basic share
and 8 cents per diluted share. The second quarter of 2003 included $796,000 in
unusual gains from the conversion of debt to warrants.
"I am pleased to report that ThermoView's second quarter revenues have
increased compared to 2003," said Charles L. Smith, CEO and President of
ThermoView. Smith continued, "These second quarter results are some of the best
results in the history of ThermoView's reported second quarter earnings. We
believe that these positive results are a culmination of the company's efforts
on both cost cutting and top-line growth. We believe that we are on the right
track in attempting to meet our future projections and can move forward with
more confidence."
In addition, Smith stated that ThermoView met their aggressive goal of opening
two new model THV stores in the prospective June time frames. "We are seeing
positive results after only 45 actual business days," said Smith. "Both THV
stores have been well received by the public with the Paducah, KY office
exceeding initial expectations. Our new marketing model in these locations
(Paducah, KY and Peoria, IL) has been at the forefront of this model THV test.
Although it is early, these stores are positive representations of our best
practices model in action. We believe that these new stores could set the
standard for THV to obtain continuous growth."
ThermoView's August 16 conference call and webcast
ThermoView will hold a webcast at 2:00 p.m. EDT on August 16, 2004 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=89008 . 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 For the six months ended
June 30, June 30,
2003 2004 2003 2004
Revenues $18,112,855 $19,110,765 $34,305,868 $33,949,906
Cost of revenues
earned 9,244,077 9,750,022 17,700,298 17,617,122
Gross profit 8,868,778 9,360,743 16,605,570 16,332,784
Selling, general
and administrative
expenses 8,487,674 7,901,823 16,883,855 15,382,421
Unusual credit-gain
on conversion of
debt to warrants (796,000) - (796,000) -
Depreciation expense 199,642 228,303 413,743 440,901
Amortization expense 5,065 12,982 10,129 25,964
Income from operations 972,397 1,217,635 93,843 483,498
Equity in earnings
(loss) of joint
venture (20,017) (1,164) (46,224) (4,499)
Interest expense (706,366) (600,067) (1,338,496) (1,368,718)
Interest income 6,965 4,634 16,729 10,195
Income (loss) before
income taxes 252,979 621,038 (1,274,148) (879,524)
Income tax expense
(benefit) 12,653 1,843 12,229 5,221
Net income (loss) 240,326 619,195 (1,286,377) (884,745)
Less non-cash Series
D and E preferred
stock dividends (240,997) - (472,494) -
Plus benefit of
Series D preferred
stock redemption 796,000 - 796,000 -
555,003 - 323,506 -
Net income (loss)
attributable to
common stockholders $795,329 $619,195 $(962,871) $(884,745)
Basic income (loss)
per common share:
Income (loss)
attributable to
common stockholders $0.09 $0.07 $(0.10) $(0.10)
Net income (loss)
attributable to
common stockholders $0.09 $0.07 $(0.10) $(0.10)
Diluted income (loss)
per common share:
Income (loss)
attributable to
common stockholders $0.08 $0.06 $(0.10) $(0.10)
Net income (loss)
attributable to
common stockholders $0.08 $0.06 $(0.10) $(0.10)
See accompanying notes.
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/