Home Solutions Announces Record First Quarter Results
May 03 2004 - 10:26AM
PR Newswire (US)
Home Solutions Announces Record First Quarter Results Company
Reports 70% Increase in Revenues and EPS of $0.02; Company
Reaffirms 2004 Full-year Guidance DALLAS, May 3
/PRNewswire-FirstCall/ -- Home Solutions of America, Inc. , a niche
provider of specialty residential services, announced today record
financial results for its first quarter ended March 31, 2004. The
Company recorded first quarter revenues of approximately $6.7
million, a 70% increase versus $3.9 million for the year earlier
period, and net income of $0.02 per share, versus $0.00 for the
2003 first quarter. The Company generated $421,000 in net income
and $655,000 in EBITDA ($438,000 of operating income plus $217,000
of depreciation and amortization) in the first quarter 2004 versus
$14,000 in net income and $285,000 in EBITDA ($159,000 of operating
income plus $126,000 of depreciation and amortization) for the
prior period. These financial results meet or exceed its previously
announced earnings guidance. The Company also re-affirmed its full
year guidance for net income of $0.10 to $0.14 per share, before
additional acquisitions. Home Solutions' previously announced
letter of intent to acquire a home warranty company is currently in
the due diligence stage. "We continue to deliver solid operating
results, as we consolidate the specialty residential services
niche," said Rick O'Brien, Chief Financial Officer of Home
Solutions. "These results reflect full quarter operations for all
acquisitions closed to date. Our core businesses are performing as
expected, and we continue to see significant acquisition
opportunities in the near future, which we expect will be accretive
to earnings. By these results, we have demonstrated the synergies
created by the platform we have developed as we seek attractive
additional opportunities to consolidate the sector." "In the span
of a little more than a year, Home Solutions has developed its
strategy from only a concept into a $30 million annual revenue
corporation, providing California, Texas and Florida with niche
services to the homeowner," said Frank Fradella, Chairman and CEO
of Home Solutions. "Best of all, this concept allows us to rapidly
scale earnings, as our quarterly results demonstrate. While we are
pleased with our execution to date, we believe there are numerous
attractive acquisition opportunities that will expand our platform
further, allowing us to capitalize on the blueprint we have
developed." 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 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. 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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