THV Thermoview Industries

ThermoView Industries Inc. Reports Income for Third Quarter 2003 LOUISVILLE, Ky., Nov. 12 /PRNewswire-FirstCall/ -- ThermoView Industries Inc. , which designs, manufactures and markets home improvements under the brand name "THV: America's Home Improvement Company," today reported financial results for the third quarter and nine months ending September 30, 2003. Third quarter 2003 revenues were $19.3 million, compared to year-ago quarterly revenues of $22.1 million. The net income attributable to common stockholders was $292,264 or 3 cents per basic and diluted share. That compares to a net income related to common stockholders of $60,726, or 1 cent per basic and diluted share for the third quarter of 2002. Revenues for the first nine months of 2003 were $53.6 million, compared to revenues of $66.6 million for the first nine months of 2002. The net loss attributable to common stockholders was $670,607 or 7 cents per basic and diluted share, for the first nine months of 2003 after a $796,000 unusual gain related to converting $1 million of debt to 680,000 common stock warrants and a $796,000 benefit from redeeming $1 million of the Series D preferred stock for another 680,000 common stock warrants. That compares to a net loss attributable to common stockholders for the first nine months of 2002 of $30.3 million, or $3.36 per share, including a $30 million ($3.33 per share) non- cash charge for writing off impaired goodwill. "ThermoView's third quarter performance is a consequence of operational efficiencies and the restructure of our debt late in the second quarter," said Charles L. Smith, CEO and President of ThermoView. Smith continued, "ThermoView is now poised for a bottom line return to shareholders as our focus transitions to improving top-line growth. In addition to the recently announced additions to our management staff, we will continue to work diligently to assemble a top-flight management team to lead our focus on revenue growth. We are optimistic that these efforts, along with an improving economy, will result in improved financial results for our shareholders." In other developments, ThermoView Chairman Stephen A. Hoffmann announced the resignation of Ronald L. Carmicle as a member of the Board of Directors effective November 10, 2003. Mr. Carmicle has served as a ThermoView director since February 2000. "Ron Carmicle has been a tremendous asset to ThermoView during his tenure as a director. On behalf of everyone at ThermoView, I would like to express to Ron our gratitude for the contributions that he has made to our organization. We wish him nothing but the best in his future endeavors," said Hoffmann. ThermoView's November 20 conference call and webcast ThermoView will hold a webcast at 2:00 p.m. EST on November 20, 2003 to allow securities analysts and shareholders the opportunity to hear management discuss the company's quarterly results. Live audio of the conference call can be accessed from http://www.thv.com/, or http://www.vcall.com/CEPage.asp?ID=84355. 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 markets home improvements in 16 Midwest and Western states under well-known regional home center brands that include Thomas, Primax, Rolox, Leingang and ThermoView. All of these brands are consolidating under a national brand, "THV, America's Home Improvement Company." ThermoView's common stock is listed on the American Stock Exchange under the ticker symbol "THV." Additional information 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. Contact: Jeffrey L. Fisher Chief Financial Officer ThermoView Industries, Inc. 502-968-2020 ThermoView Industries, Inc. Condensed Consolidated Statements of Operations (Unaudited) For the three For the nine months ended months ended September 30, September 30, 2002 2003 2002 2003 Revenues $22,117,216 $19,307,308 $66,597,024 $53,613,176 Cost of revenues earned 11,349,514 9,723,653 33,330,767 27,423,951 Gross profit 10,767,702 9,583,655 33,266,257 26,189,225 Selling, general and administrative expenses 9,666,491 8,298,750 30,293,389 25,182,605 Unusual credit-gain on conversion of debt to warrants -- -- -- (796,000) Depreciation expense 241,886 192,186 769,015 605,929 Amortization expense 2,311 12,982 70,848 23,111 Income from operations 857,014 1,079,737 2,133,005 1,173,580 Equity in earnings (loss) of joint venture 16,284 4,535 48,564 (41,689) Interest expense (680,424) (594,156) (2,000,870) (1,932,652) Interest expense on mandatory redeemable preferred -- (167,290) -- (167,290) Interest income 22,436 4,247 51,174 20,976 Income (loss) before income taxes 215,310 327,073 231,873 (947,075) Income tax expense (benefit) (95,175) 34,809 (102,341) 47,038 Income (loss) before cumulative effect of an accounting change 310,485 292,264 334,214 (994,113) Cumulative effect of an accounting change--charge for impairment of goodwill -- -- (30,000,000) -- Net income (loss) 310,485 292,264 (29,665,786) (994,113) Less non-cash Series D and E preferred stock dividends (249,759) -- (634,613) (472,494) Plus benefit of redemption of Series D stock -- -- -- 796,000 (249,759) -- (634,613) 323,506 Net income (loss) attributable to common stockholders $60,726 $292,264 $(30,300,399) $(670,607) Basic income (loss) per common share: Income (loss) attributable to common stockholders $0.01 $0.03 $(0.03) $(0.07) Cumulative effect of an accounting change -- -- (3.33) -- Net income (loss) attributable to common stockholders $0.01 $0.03 $(3.36) $(0.07) Diluted income (loss) per common share: Income (loss) attributable to common stockholders $0.01 $0.03 $(0.03) $(0.07) Cumulative effect of an accounting change -- -- $(3.33) -- Net income (loss) attributable to common stockholders $0.01 $0.03 $(3.36) $(0.07) See accompanying notes. http://www.vcall.com/CEPage.asp?ID=84355DATASOURCE: ThermoView Industries Inc. CONTACT: Jeffrey L. Fisher, Chief Financial Officer of ThermoView Industries, Inc., +1-502-968-2020 Web site: http://www.thv.com/

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