Thermoview (AMEX:THV)
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ThermoView Industries, Inc. Reports Third Quarter 2004 Financial
Results
LOUISVILLE, Ky., Nov. 23 /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 third quarter ending September 30, 2004.
Every year on September 30, the company evaluates its accounting for goodwill
through an independent expert. This year, the company reported that the annual
evaluation resulted in an impairment to goodwill and a subsequent charge of $10
million. The company does not expect this non-cash charge to affect its plans
for future growth.
Revenues for the third quarter in 2004 were approximately $18.2 million,
compared to revenues in the same quarter for the previous year of $19.3
million. However, the company decreased its selling, general and
administrative expenses in the third quarter of 2004 approximately $500,000
from the third quarter of 2003. Due to the $10 million non-cash charge, the
company reported a net loss attributable to common stockholders of $9.58
million or $1.04 per diluted share for the third quarter 2004, compared to a
net gain attributable to common stockholders of approximately $292,000 or 3
cents per diluted share for the third quarter of 2003. For the nine months
ended September 30, 2004, the company reported a net loss attributable to
common stockholders of $10.4 million or $1.14 per diluted share, compared to a
net loss attributable to common stockholders of approximately $670,000 or 7
cents per diluted share for the same period in 2003.
"The fact that an otherwise 43% increase in third quarter operating income from
the same period last year was negated by the non-cash charge is disappointing,
but the actual results exhibit an encouraging continuation of the company's
trend toward profitability," said Charles L. Smith, CEO and President of
ThermoView. Smith continued, "A decline in revenues for the third quarter from
the same period in 2003 should be offset by our increased backlog into the
fourth quarter. These third quarter operating results continue the progress we
have made in cost cutting and implementing efficient best practices across the
company. We continued to reduce our selling, general and administrative
expenses while keeping our gross margins steady. We still believe we are well
positioned for the future and will continue our initiatives to improve top line
growth."
In addition, Smith stated he is optimistic about ThermoView's new model THV
stores opened in June. "We continue to see positive results several months
into the model store operations and have gained a great deal of experience in
formulating a successful model for future outlets," said Smith. "The new
marketing model at the forefront of these test stores will be instrumental in
the execution of our plan to open two or more model THV stores in 2005. I am
encouraged by our progress so far and look forward to continuing this success."
ThermoView's November 23 conference call and webcast
ThermoView will hold a webcast at 2:00 p.m. EST on November 23, 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=89748 . 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 For the nine months
ended ended
September 30, September 30,
2003 2004 2003 2004
Revenues $19,307,308 $18,204,373 $53,613,176 $52,154,277
Cost of revenues
earned 9,723,653 9,229,849 27,423,951 26,846,971
Gross profit 9,583,655 8,974,524 26,189,225 25,307,306
Selling, general
and administrative
expenses 8,298,750 7,735,014 25,182,605 23,117,435
Unusual credit-gain
on conversion of
debt to warrants - - (796,000) -
Impairment of goodwill - 10,000,000 - 10,000,000
Depreciation expense 192,186 200,940 605,929 641,841
Amortization expense 12,982 3,179 23,111 29,143
Income from
operations 1,079,737 (8,964,609) 1,173,580 (8,481,113)
Equity in earnings
(loss) of joint
venture 4,535 (12,672) (41,689) (17,171)
Interest expense (594,156) (433,634) (1,932,652) (1,498,120)
Interest expense on
mandatorily
redeemable
preferred (167,290) (159,253) (167,290) (463,485)
Interest income 4,247 4,291 20,976 14,488
Income (loss) before
income taxes 327,073 (9,565,877) (947,075) (10,445,401)
Income tax expense
(benefit) 34,809 14,541 47,038 19,762
Net income (loss) 292,264 (9,580,418) (994,113) (10,465,163)
Less non-cash Series
D and E preferred
stock dividends - - (472,494) -
Plus benefit of
redemption of
Series D stock - - 796,000 -
Net income (loss)
attributable to
common stockholders $292,264 $(9,580,418) $(670,607) $(10,465,163)
Basic income (loss)
per common share:
Net income (loss)
attributable to
common stockholders $0.03 $(1.04) $(0.07) $(1.14)
Diluted income (loss)
per common share:
Net income (loss)
attributable to
common stockholders $0.03 $(1.04) $(0.07) $(1.14)
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/
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