THV Thermoview Industries

ThermoView Industries, Inc. Reports First Quarter 2005 Financial Results LOUISVILLE, Ky., May 24 /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 first quarter ending March 31, 2005. Revenues for the first quarter in 2005 were approximately $14.3 million, compared to revenues in the same quarter of 2004 of $14.8 million, a decrease of approximately $580,000 or 3.9%. Gross profit for the quarter fell approximately $610,000 to approximately $6.4 million in 2005 from approximately $7.0 million in the same period in 2004. The company reported a net loss attributable to common shareholders of approximately $1.3 million or $0.14 per common share in the first quarter of 2005, which represented a narrowing from the net loss attributable to common shareholders of approximately $1.5 million or $0.16 per common share in the first quarter of 2004. "I am pleased that we were able to narrow our losses by about $170,000 or 11.3% in this most recent quarter from the same period of 2004. We achieved this despite a dip in first quarter revenue and a decrease in our gross margin from 47.0% to 44.6%. Our gross margin was impacted partly by increased product costs and partly by fixed costs in the face of lower revenue," said Charles L. Smith, CEO and President of ThermoView. Smith continued, "Offsetting these factors were reductions in Selling, General and Administrative expenses in the amount of approximately $510,000 and reduced interest expenses in the amount of approximately $240,000 from the same period in 2004. I am encouraged by the continued success of our ongoing efforts to locate efficiencies and realize savings, especially in light of recent increased product cost pressures." Smith also reiterated recent optimism regarding the newest THV Model Store location in Barboursville, West Virginia. He stated that ThermoView hopes to build upon its successes and expand the program with several more stores in 2005, noting that, "Recently re-negotiated terms with our lenders will enable us to develop new markets and grow new revenue streams." Finally, Smith reminded shareholders that they can expect additional details about the THV Model Store program at the annual meeting to be held on May 25, 2005 in Louisville, Kentucky. Company officials also stated that the April 12, 2005 Letter to Shareholders included in ThermoView's 2004 Annual Report included an error. A sentence in the second paragraph of the Letter should have stated, "Our income from operations, excluding the $10 million non-cash charge for impairment to goodwill on September 30, 2004, increased approximately $1.45 million despite a $1.2 million fall in revenue," as correctly indicated later on page 3 of the same Letter. ThermoView's May 24 conference call and webcast ThermoView will hold a webcast at 2:00 p.m. EDT on May 24, 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=92088 . 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. Condensed Consolidated Statements of Operations (Unaudited) For the three months ended March 31, 2004 2005 Revenues $14,839,140 $14,256,726 Cost of revenues earned 7,867,099 7,896,547 Gross profit 6,972,041 6,360,179 Selling, general and administrative expenses 7,480,599 6,970,167 Depreciation expense 212,598 203,351 Amortization expense 12,983 168 Loss from operations (734,139) (813,507) Equity in earnings (loss) of joint venture (3,335) 1,821 Interest expense (768,651) (527,777) Interest income 5,563 5,887 Loss before income taxes (1,500,562) (1,333,576) Income tax expense (benefit) 3,377 - Net loss $(1,503,939) $(1,333,576) Basic and diluted loss per common share $(0.16) $(0.14) 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/ http://www.vcall.com/CEPage.asp?ID=92088 http://www.vcall.com/

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