Home Solutions of America Provides 2005 Financial Guidance
April 05 2005 - 5:00PM
PR Newswire (US)
Home Solutions of America Provides 2005 Financial Guidance Company
Expects Minimum 2005 Revenue Growth of at Least 75% and EBITDA
Increase of Approximately 80% Resulting in Diluted EPS of $0.14 -
$0.18 DALLAS, April 5 /PRNewswire-FirstCall/ -- Home Solutions of
America, Inc. (AMEX:HOM), a niche provider of specialty residential
services, announced today financial guidance for its fiscal year
ending December 31, 2005. The Company, which completed the
acquisition of Cornerstone Building and Remodeling, Inc. last week,
expects to generate record full-year revenue of $55 to $60 million,
EBITDA of $8.5 to $9.5 million and record net income of $0.14 to
$0.18 per fully diluted share. For the full-year ended December 31,
2004, the Company generated revenue of $31.1 million, EBITDA of
$4.9 million and net income of $0.10 per fully diluted share. "The
acquisition of Cornerstone creates a powerful company which
combines Home Solutions' strong regional customer base with
Cornerstone's national customer base, including Home Depot and
Lowe's," said Frank Fradella, Chairman and Chief Executive Officer
of Home Solutions. "As can be seen from our financial expectations,
we believe the integration of the two companies can achieve
significant scale, resulting in strong organic top-line growth and
enhanced operating efficiencies, leading to per share net income
growth that could be as much as 80% when compared to 2004. While we
feel that there are other attractive acquisition candidates
available, we believe that we can grow our existing business by at
least 20% this year, and that the cross-selling opportunities will
be substantial with Cornerstone's customer base. The entire
management team and our employees are excited by the opportunities
ahead." The Company will hold a conference call today at 4:15 p.m.
Eastern Daylight time to discuss its 2005 guidance. Interested
participants should call (888) 554-9234 and reference Conference ID
5307002. There will be a 30-day playback available as well. To
listen to the playback, please call (800) 642-1687. Please use
conference ID 5307002 for the replay. The replay will be available
beginning at 5:00 pm the day of the call and will be accessible
through May 5, 2005. The Company will also webcast the call.
Investors may access the webcast by going to the Company's website
http://www.homcorp.com/ . The webcast will be available until April
30th. Home Solutions is a niche provider of specialty residential
services including Restoration and Specialty Interior Services. The
Company has operations in the California, Texas, Florida, Alabama,
Georgia and South Carolina markets through its four subsidiaries,
Cornerstone Building and Remodeling, Southern Exposure, P.W.
Stephens and Fiber Seal Systems. Cornerstone is a leading supplier
and installer of granite materials for kitchens and baths to
national home centers, as well as national builders and remodeling
companies, in the southeastern United States. Southern Exposure and
related companies is a provider of cabinet and countertop
installation services in the Florida marketplace. P.W. Stephens
provides mold and asbestos remediation services, and fire and water
restoration services in California and Florida, and Fiber Seal
Systems is a national franchise of cleaning and fabric protection
businesses. For more information on Home Solutions, please see the
Company's website at http://www.homcorp.com/ . Statements included
in this update that are not historical in nature are intended to
be, and are hereby identified as, "forward-looking statements" for
purposes of the safe harbor provided by Section 21E of the
Securities Exchange Act of 1934, as amended by Public Law 104-67.
Forward-looking statements may be identified by words including
"anticipate," "believe," "intends," "estimates," "expect," and
similar expressions. The Company cautions readers that
forward-looking statements including, without limitation, those
relating to the Company's future business prospects are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking
statements, due to factors such as those relating to economic,
governmental, technological, and other risks and factors identified
from time to time in the Company's reports filed with the SEC. HOME
SOLUTIONS OF AMERICA, INC. CONTACT: Cormac Glynn, CEOcast, Inc.
Phone: 212 732 4300 DATASOURCE: Home Solutions of America, Inc.
CONTACT: Cormac Glynn of CEOcast, Inc., +1-212-732-4300, for Home
Solutions of America, Inc. Web site: http://www.homcorp.com/
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