THV Thermoview Industries

ThermoView Industries Inc. Reports Positive Income for Second Quarter 2004 LOUISVILLE, Ky., Aug. 16 /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 second quarter ending June 30, 2004. Second quarter 2004 revenues were up 5.5% to $19.1 million, compared to year-ago quarterly revenues of $18.1 million. The net income attributable to common shareholders was approximately $619,000 or 7 cents per basic share and 6 cents per diluted share. In the same quarter of 2003, net income attributable to common shareholders was approximately $795,000 or 9 cents per basic share and 8 cents per diluted share. The second quarter of 2003 included $796,000 in unusual gains from the conversion of debt to warrants. "I am pleased to report that ThermoView's second quarter revenues have increased compared to 2003," said Charles L. Smith, CEO and President of ThermoView. Smith continued, "These second quarter results are some of the best results in the history of ThermoView's reported second quarter earnings. We believe that these positive results are a culmination of the company's efforts on both cost cutting and top-line growth. We believe that we are on the right track in attempting to meet our future projections and can move forward with more confidence." In addition, Smith stated that ThermoView met their aggressive goal of opening two new model THV stores in the prospective June time frames. "We are seeing positive results after only 45 actual business days," said Smith. "Both THV stores have been well received by the public with the Paducah, KY office exceeding initial expectations. Our new marketing model in these locations (Paducah, KY and Peoria, IL) has been at the forefront of this model THV test. Although it is early, these stores are positive representations of our best practices model in action. We believe that these new stores could set the standard for THV to obtain continuous growth." ThermoView's August 16 conference call and webcast ThermoView will hold a webcast at 2:00 p.m. EDT on August 16, 2004 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=89008 . 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 For the six months ended June 30, June 30, 2003 2004 2003 2004 Revenues $18,112,855 $19,110,765 $34,305,868 $33,949,906 Cost of revenues earned 9,244,077 9,750,022 17,700,298 17,617,122 Gross profit 8,868,778 9,360,743 16,605,570 16,332,784 Selling, general and administrative expenses 8,487,674 7,901,823 16,883,855 15,382,421 Unusual credit-gain on conversion of debt to warrants (796,000) - (796,000) - Depreciation expense 199,642 228,303 413,743 440,901 Amortization expense 5,065 12,982 10,129 25,964 Income from operations 972,397 1,217,635 93,843 483,498 Equity in earnings (loss) of joint venture (20,017) (1,164) (46,224) (4,499) Interest expense (706,366) (600,067) (1,338,496) (1,368,718) Interest income 6,965 4,634 16,729 10,195 Income (loss) before income taxes 252,979 621,038 (1,274,148) (879,524) Income tax expense (benefit) 12,653 1,843 12,229 5,221 Net income (loss) 240,326 619,195 (1,286,377) (884,745) Less non-cash Series D and E preferred stock dividends (240,997) - (472,494) - Plus benefit of Series D preferred stock redemption 796,000 - 796,000 - 555,003 - 323,506 - Net income (loss) attributable to common stockholders $795,329 $619,195 $(962,871) $(884,745) Basic income (loss) per common share: Income (loss) attributable to common stockholders $0.09 $0.07 $(0.10) $(0.10) Net income (loss) attributable to common stockholders $0.09 $0.07 $(0.10) $(0.10) Diluted income (loss) per common share: Income (loss) attributable to common stockholders $0.08 $0.06 $(0.10) $(0.10) Net income (loss) attributable to common stockholders $0.08 $0.06 $(0.10) $(0.10) See accompanying notes. 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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