U.S. Home Systems Announces Strong Revenue and Earnings Growth for the Year

Apr 02, 2001, 01:00 ET from U.S. Home Systems, Inc.

    DALLAS, April 2 /PRNewswire/ -- U.S. Home Systems, Inc. (Nasdaq:   USHS)
 today announced proforma earnings of $2.1 million, or $0.41 per share, for the
 year ended December 31, 2000.  This compares with proforma earnings of
 $292,000, or $0.04 per share, for the prior year.  Revenues from ongoing
 operations for the year ended December 31, 2000, were $37.7 million, a 14%
 increase compared with $33.0 million from the prior year.  The proforma
 operating results of the company reflect the operations of U.S. Remodelers,
 Inc. which merged with the company in February 2001.  The former business of
 the company, which was previously known as U.S. Pawn, Inc., was sold prior to
 the merger and is not included in U.S. Home Systems' proforma results.
     "Our company's success within the home remodeling industry continues to
 grow, as reflected in the substantial increase in both revenue and income,"
 said Murray Gross, president and chief executive officer of the company.  "We
 are extremely pleased to have recapitalized our company through this merger so
 that we may continue our expansion geographically, and through acquisitions
 and new products."
 
 
      U.S. Home Systems
      Proforma Consolidated Statements of Operations
      (dollars in thousands, except per share amounts)
 
                                             For the year ended December 31,
                                                  2000           1999
     Revenue                                    $37,654        $33,036
     Income from operations                       2,618            600
     Net income                                 $ 2,084        $   292
     Net income per common share                $  0.41        $  0.04
 
     Weighted average common
      shares outstanding                      4,902,579      4,980,794
 
     U.S. Home Systems is engaged, through direct consumer marketing, in the
 manufacture, design, sales and installation of custom quality specialty home
 improvement products.  The company's current product lines include kitchen
 cabinet refacing and countertop products utilized in kitchen remodeling,
 bathroom refacing and related products utilized in bathroom remodeling, and
 vinyl replacement windows.  The company presently operates sales and
 installation centers in 13 major metropolitan areas in the United States and
 manufactures its own cabinet refacing, custom countertops and bathroom
 cabinetry products in its Virginia-based manufacturing facility.
     As previously reported, on February 1, 2001, U.S. Pawn sold substantially
 all of its assets to a third party.  Subsequently, on February 13, 2001, U.S.
 Pawn completed its merger with U.S. Remodelers and changed its name to U.S.
 Home Systems, Inc.  On February 15, 2001, the company effected a one share for
 four shares reverse split of its common stock.
     For the year ended December 31, 2000, U.S. Pawn reported a net loss of
 $3.4 million, or $1.03 per share, on revenues of $9.0 million.  The loss
 included approximately $2.1 million from the disposal of the pawnshop business
 segment and $293,000 in transaction expenses related to the merger.  The
 operating results of U.S. Pawn for the years ended December 31, 2000 and 1999
 are not included in the proforma operating results of U.S. Home Systems.
     This press release may contain forward-looking statements that are based
 on a number of assumptions, including expectations for continued market growth
 and anticipated revenue levels.  Although the company believes these
 assumptions are reasonable, no assurance can be given that they will prove
 correct.  The company's ability to continue to grow sales, and to expand
 geographically and through new products and acquisitions will be key to its
 success in the future.  If the industry's or the company's performance differs
 materially from these assumptions or estimates U.S. Home Systems' actual
 results could vary significantly from the estimated performance reflected in
 any forward-looking statements.
 
 

SOURCE U.S. Home Systems, Inc.
    DALLAS, April 2 /PRNewswire/ -- U.S. Home Systems, Inc. (Nasdaq:   USHS)
 today announced proforma earnings of $2.1 million, or $0.41 per share, for the
 year ended December 31, 2000.  This compares with proforma earnings of
 $292,000, or $0.04 per share, for the prior year.  Revenues from ongoing
 operations for the year ended December 31, 2000, were $37.7 million, a 14%
 increase compared with $33.0 million from the prior year.  The proforma
 operating results of the company reflect the operations of U.S. Remodelers,
 Inc. which merged with the company in February 2001.  The former business of
 the company, which was previously known as U.S. Pawn, Inc., was sold prior to
 the merger and is not included in U.S. Home Systems' proforma results.
     "Our company's success within the home remodeling industry continues to
 grow, as reflected in the substantial increase in both revenue and income,"
 said Murray Gross, president and chief executive officer of the company.  "We
 are extremely pleased to have recapitalized our company through this merger so
 that we may continue our expansion geographically, and through acquisitions
 and new products."
 
 
      U.S. Home Systems
      Proforma Consolidated Statements of Operations
      (dollars in thousands, except per share amounts)
 
                                             For the year ended December 31,
                                                  2000           1999
     Revenue                                    $37,654        $33,036
     Income from operations                       2,618            600
     Net income                                 $ 2,084        $   292
     Net income per common share                $  0.41        $  0.04
 
     Weighted average common
      shares outstanding                      4,902,579      4,980,794
 
     U.S. Home Systems is engaged, through direct consumer marketing, in the
 manufacture, design, sales and installation of custom quality specialty home
 improvement products.  The company's current product lines include kitchen
 cabinet refacing and countertop products utilized in kitchen remodeling,
 bathroom refacing and related products utilized in bathroom remodeling, and
 vinyl replacement windows.  The company presently operates sales and
 installation centers in 13 major metropolitan areas in the United States and
 manufactures its own cabinet refacing, custom countertops and bathroom
 cabinetry products in its Virginia-based manufacturing facility.
     As previously reported, on February 1, 2001, U.S. Pawn sold substantially
 all of its assets to a third party.  Subsequently, on February 13, 2001, U.S.
 Pawn completed its merger with U.S. Remodelers and changed its name to U.S.
 Home Systems, Inc.  On February 15, 2001, the company effected a one share for
 four shares reverse split of its common stock.
     For the year ended December 31, 2000, U.S. Pawn reported a net loss of
 $3.4 million, or $1.03 per share, on revenues of $9.0 million.  The loss
 included approximately $2.1 million from the disposal of the pawnshop business
 segment and $293,000 in transaction expenses related to the merger.  The
 operating results of U.S. Pawn for the years ended December 31, 2000 and 1999
 are not included in the proforma operating results of U.S. Home Systems.
     This press release may contain forward-looking statements that are based
 on a number of assumptions, including expectations for continued market growth
 and anticipated revenue levels.  Although the company believes these
 assumptions are reasonable, no assurance can be given that they will prove
 correct.  The company's ability to continue to grow sales, and to expand
 geographically and through new products and acquisitions will be key to its
 success in the future.  If the industry's or the company's performance differs
 materially from these assumptions or estimates U.S. Home Systems' actual
 results could vary significantly from the estimated performance reflected in
 any forward-looking statements.
 
 SOURCE  U.S. Home Systems, Inc.