Home Solutions of America Reports 3rd Quarter Results; Revenue Increased 17% Sequentially
November 24 2003 - 8:00AM
PR Newswire (US)
Home Solutions of America Reports 3rd Quarter Results; Revenue
Increased 17% Sequentially HOUSTON, Nov. 24 /PRNewswire-FirstCall/
-- Home Solutions of America, Inc. , a niche provider of specialty
residential services, reported third quarter earnings for the
period ended September 30, 2003. The Company reported revenues of
approximately $3.6 million, a 17% increase versus the second
quarter. It had no revenues for the fiscal 2002 third quarter. The
Company generated operating income of $191,000, resulting in net
income of $43,000, or $0.00 per diluted share. For the year earlier
period, Home Solutions reported an operating loss of $434,000, or
($0.03) per share. For the nine months ended September 30, 2003,
the Company reported revenues of $10.6 million, EBITDA of $593,000
and operating income of $166,000. The Company reported a loss of
$119,000, or ($0.01) per diluted share. During the comparable
fiscal 2002 period, the Company had no revenues and a loss of
($0.03) per share. During the third quarter, the Company closed the
acquisition of Central Texas Residential Services ("CTRS") and
Fiber Seal Systems ("FSS"). CTRS and FSS are the second and third
acquisitions the Company has completed since announcing its
specialty residential services strategy in 2002. Subsequent to the
end of the quarter, Home Solutions announced that it had signed a
letter of intent to acquire a Florida-based specialty interior
services company with revenues of approximately $14 million
annually. The Company expects to complete the acquisition before
the end of the year. "Our recently completed acquisitions position
Home Solutions to gain significant market share within these niche
residential markets," said Frank Fradella, Chairman and CEO of Home
Solutions. "However, we are most excited by the potential from the
Florida acquisition we recently announced. This acquisition will
create synergies among our existing businesses, enable us to
penetrate new geographies and potentially triple our cash flow from
operations. Furthermore, since the housing market remains strong,
we expect there to be significant cross-selling opportunities both
for our new and existing customers." Home Solutions is a niche
provider of specialty residential services including Restoration
Services, Cleaning and Fabric Protection Services and Residential
Renovation Sales. Home Solutions closed its first acquisition, PW
Stephens, in November of 2002 and has subsequently closed two
additional acquisitions in July 2003 as part of this strategy. In
addition, Home Solutions currently has two letters of intent
outstanding. 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.hsoacorp.com/
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