ThermoView Industries Inc. Reports Positive Income for Second Quarter 2004
16 August 2004 - 11:30PM
PR Newswire (US)
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/
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