THV Thermoview Industries

ThermoView Industries Inc. Reports Income for First Quarter 2004 LOUISVILLE, Ky., May 17 /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 first quarter ending March 31, 2004. First quarter 2004 revenues were $14.8 million, compared to year-ago quarterly revenues of $16.2 million. The net loss attributable to common stockholders was $1,503,939 or 16 cents per basic and diluted share. That compares to a net loss related to common stockholders of $1,758,200 or 19 cent per basic and diluted share for the first quarter of 2003. "ThermoView's first quarter revenues declined compared to 2003," said Charles L. Smith, CEO and President of ThermoView. Smith continued, "However, our first quarter 2004 gross sales exceeded the same period for 2003. In addition, our backlog (contracts to be installed) at the end of the quarter has also increased from 2003 levels. This should prove to be positive as we may attempt to reach our future projections with this increased install base." Smith also stated that ThermoView has made significant progress in its efforts to open two new model THV locations. Both locations are on schedule to open in their expected June 2004 timeframes. "Our due diligence should pay off with these new THV sites in Paducah, KY and Peoria, IL. We are excited at putting our best practices to work and we will heavily market our presence in these promising new locations," said Smith. ThermoView's May 17 conference call and webcast ThermoView will hold a webcast at 2:00 p.m. EDT on May 17, 2004 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=88195 . 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. ThermoView Industries, Inc. Condensed Consolidated Statements of Operations (Unaudited) For the three months ended March 31, 2003 2004 Revenues $16,193,013 $14,839,140 Cost of revenues earned 8,456,221 7,867,099 Gross profit 7,736,792 6,972,041 Selling, general and administrative expenses 8,396,181 7,480,599 Depreciation expense 214,101 212,598 Amortization expense 5,064 12,983 Loss from operations (878,554) (734,139) Equity in earnings (loss) of joint venture (26,207) (3,335) Interest expense (632,130) (768,651) Interest income 9,764 5,563 Loss before income taxes (1,527,127) (1,500,562) Income tax expense (benefit) (424) 3,377 Net loss (1,526,703) (1,503,939) Less non-cash Series D and E preferred stock dividends (231,497) - Net loss attributable to common stockholders $(1,758,200) $(1,503,939) Basic and diluted loss per common share: Net Loss attributable to common stockholders $(0.19) $(0.16) Net loss attributable to common stockholders $(0.19) $(0.16) Contacts: David A. Anderson, Chief Financial Officer, ThermoView Industries, Inc., 502-968-2020. 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/

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