Home Solutions of America Announces Financial Results for 2003
March 30 2004 - 9:01AM
PR Newswire (US)
Home Solutions of America Announces Financial Results for 2003
Company Reiterates First Quarter EPS Guidance of $0.02 to $0.03 Per
Share and 2004 EPS of $0.10 to $0.14 Per Share HOUSTON, March 30
/PRNewswire-FirstCall/ -- Home Solutions of America, Inc. , a niche
provider of specialty residential services, announced today
financial results for the period ended December 31, 2003. The
Company generated revenue of $14.0 million in 2003 versus $2.6
million in 2002. Home Solutions had a loss of $(702,000), or
$(0.06) per share for 2003, versus a loss of $(477,000) and $(0.05)
per share for 2002. These results include a non-cash charge of
$297,000 of expenses incurred from the rescission of the
acquisition of Central Texas Residential Services in the fourth
quarter of 2003. Excluding these non-recurring items, the Company
reported a loss of $(405,000) or $(0.03) per share. The 2003
operating results do not include any revenue or expenses from the
acquisition of Southern Exposure, which was effective December 31,
2003. However, including a full year of financial results for
acquisitions closed throughout 2003, Home Solutions would have
generated approximately $26.2 million in pro forma revenue, $1.1
million in net income, $3.5 million in EBITDA (after adding back
the effects of pro forma depreciation and amortization, income tax
expense, net interest expense and minority interest totaling $2.4
million to pro forma net income) and $0.08 in earnings per share.
The Company reiterated it earnings guidance for the fiscal 2004
first quarter ending March 31, 2004 of $0.02 to $0.03 in earnings
per share and full year 2004 guidance of approximately $0.10 to
$0.14 in earnings per share. This guidance excludes the impact of
future acquisitions. "Fiscal year 2003 represented a strong
validation of our strategy of identifying rapidly growing,
well-managed companies in the specialty residential services area
and integrating them into our model," said Frank Fradella, Chairman
and CEO of Home Solutions. "Our revenue increased by over 400%
compared to 2002 as we were able to integrate these acquisitions
efficiently and effectively. We also grew our asset base by over
60% to $31.0 million and improved our balance sheet by converting
$6.0 million of debt to equity. Home Solutions is now on track to
generate a full-year of earnings after only 13 months of executing
our specialty residential services strategy. This is quite an
accomplishment, but we believe there are significant growth
opportunities for this business in the near future. To add further
to our EPS estimate for 2004, we are already in discussions with
several accretive acquisition candidates which we believe will
further enhance our position as a leader in this highly fragmented
sector." Home Solutions is a niche provider of specialty
residential services including Restoration Services and Specialty
Interior Services. The Company has operations in the California,
Texas and Florida markets and is rapidly growing its core business
through both an internal and an acquisition strategy. For more
information on Home Solutions, please see our website at
http://www.homcorp.com/ . Statements included in this update that
are not historical in nature are intended to be, and are
herebyidentified 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. 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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