Thermoview (AMEX:THV)
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ThermoView Industries, Inc. Reports Profitability Strategies for
2005
LOUISVILLE, Ky., Jan. 28 /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 made announcements
about its business plans for 2005 and its focus on profitability. ThermoView
believes that fiscal year 2005 could see the company reach the significant
milestone of positive annual earnings. To realize this vision, the company is
implementing several strategies for the year focused upon streamlining and
efficiency.
First, the company is suspending all development of the new Compozit window.
Over the past year, materials prices have increased seven times resulting in a
greater than 100% rise in materials costs. While the Compozit materials are
superior to vinyl, these cost increases have made further progress prohibitive.
ThermoView CEO Charles L. Smith said, "ThermoView will not terminate this
project but rather will take a wait-and-see approach to allow possible material
price moderation over the next year. Should materials pricing reach a more
reasonable level, we will be able to resume the new Compozit product
development project. We still believe the new Compozit window could
revolutionize the replacement window industry and look forward to being at the
forefront of that revolution." In the meantime, ThermoView will focus its
attention on near-term profitability in 2005.
Second, the company has retained the operational consulting services of Morris
Anderson. On January 26, 2005, Morris Anderson began its review and analysis
of ThermoView's operations, allowing the company to identify and affect further
savings and efficiencies. Smith stated that he is "eager to pinpoint and
acquire additional operational improvements" from this engagement. The review
and analysis will likely conclude in April of this year, resulting in potential
operational benefits for the remainder of the fiscal year and thereafter.
Smith also stated that he expects additional news on profitability strategies
in 2005 as the company continues to focus on its goal of positive annual
earnings this year.
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.
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/