THV Thermoview Industries

ThermoView Industries, Inc. Reports Fourth Quarter 2004 Financial Results LOUISVILLE, Ky., April 6 /PRNewswire-FirstCall/ -- ThermoView Industries, Inc. (AMEX:THV), which designs, manufactures and markets home improvements under the brand name "THV: America's Home Improvement Company," today reported financial results for the fourth quarter ending December 31, 2004. Revenues for the fourth quarter in 2004 were approximately $16.7 million, compared to revenues in the same quarter of the previous year of $16.5 million, an increase of approximately $240,000 or 1.46%. Gross profit for the quarter grew to $8.01 million in 2004 from $7.60 million in the same period in 2003, an increase of approximately $455,000 or 6%. The company also reported net income attributable to common stockholders of approximately $184,000 for the fourth quarter of 2004, compared to a net loss attributable to common stockholders of approximately $1.18 million for the same period in 2003. Revenues for the twelve months ended December 31, 2004 were approximately $68.9 million, compared to revenues of approximately $70.1 million for the same period in 2003, a decrease of 1.7%. Gross profit for the twelve months ended December 31, 2004 fell to $33.3 million from $33.7 million for the twelve months ended December 31, 2003, a decrease of approximately $427,000 or 1.3%. For the entire year, the company reported a net loss attributable to common stockholders of approximately $10.3 million in 2004, compared to a net loss attributable to common stockholders of approximately $1.8 million in 2003. "In 2004, we would have reported a net loss of approximately $280,000, but for the $10 million non-cash charge for impairment to goodwill taken in the third quarter of the year. This compares favorably to our net loss of $1.8 million in 2003. The company continues on the right track of improving cost structures, and I am pleased by the growth in revenues in the fourth quarter," said Charles L. Smith, CEO and President of ThermoView. Smith continued, "Looking forward to 2005, I am hopeful that our cost-cutting and efficiencies will coalesce with an improving revenue stream to produce a rewarding year for our company and its stockholders." Additionally, Smith reported that he remains confident about ThermoView's new model THV stores. "Now that we have over eight months' operating results for the THV model store, we can see real promise in the business prototype and will allocate even greater resources into developing this model into the future of ThermoView. Last quarter I indicated our plan to open more model stores in 2005, and I anticipate announcing new THV Store openings in the very near future. I will have more information on these stores in our April 11 conference call with investors." ThermoView's April 11 conference call and webcast ThermoView will hold a webcast at 2:00 p.m. EDT on April 11, 2005 to allow securities analysts and shareholders the opportunity to hear management discuss the company's quarterly results and update progress on current operational and administrative initiatives. Live audio of the conference call can be accessed from http://www.thv.com/ , or http://www.vcall.com/CEPage.asp?ID=91354 . First time listeners should visit http://www.vcall.com/ in advance to download and install any necessary audio software. About ThermoView Industries, Inc. ThermoView is a national company that designs, manufactures, markets and installs high-quality replacement windows and doors as part of a full-service array of home improvements for residential homeowners. ThermoView's common stock is listed on the American Stock Exchange under the ticker symbol "THV." Additional information on ThermoView Industries is available at http://www.thv.com/ . Safe harbor statement Statements in this news release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expect," "intends," "believes," "plans," "anticipates" and "likely" also identify forward-looking statements. All forward-looking statements are based on current facts and analyses. Actual results may differ materially from those currently anticipated due to a number of factors including, but not limited to our history of operating losses, anticipated future losses, competition, future capital needs, the need for market acceptance, dependence upon third parties, disruption of vital infrastructure, general economic downturn and intellectual property rights. All forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. Contacts: David A. Anderson, Chief Financial Officer, ThermoView Industries, Inc., 502-968-2020. ThermoView Industries, Inc. Selected Quarterly Data (Unaudited) Quarterly data for 2003 was as follows: First(1) Second Third Fourth Revenues $16,193,013 $18,112,855 $19,307,308 $16,466,635 Gross profit 7,736,792 8,868,778 9,583,655 7,559,118 Net income (loss) (1,526,703) 240,326 292,264 (1,179,130) Net income (loss) attributable to common stockholders (1,758,200) 795,329 292,264 (1,179,130) Basic income (loss) per common share (0.19) .09 .03 (.13) Diluted income (loss) per common share (0.19) .08 .03 (.13) Quarterly data for 2004 was as follows: First(1) Second Third(2) Fourth Revenues $14,839,140 $19,110,764 $18,204,373 $16,706,836 Gross profit 6,972,041 9,360,741 8,974,525 8,014,088 Impairment of goodwill - - (10,000,000) - Net income (loss) (1,503,939) 619,194 (9,580,416) 184,470 Net income (loss) attributable to common stockholders (1,503,939) 619,194 (9,580,416) 184,470 Basic income (loss) per common share (0.16) .07 (1.04) .02 Diluted income (loss) per common share (0.16) .07 (1.04) .02 (1) The Company's business is seasonal, with the lowest sales and profitability experienced in the first quarter due to winter weather. (2) The company recorded an impairment of goodwill in connection with its annual valuation of goodwill. DATASOURCE: ThermoView Industries, Inc. CONTACT: David A. Anderson, Chief Financial Officer of ThermoView Industries, Inc., +1-502-968-2020 Web site: http://www.thv.com/

Copyright