ThermoView Industries, Inc. Reports Third Quarter 2004 Financial
Results LOUISVILLE, Ky., Nov. 23 /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
third quarter ending September 30, 2004. Every year on September
30, the company evaluates its accounting for goodwill through an
independent expert. This year, the company reported that the annual
evaluation resulted in an impairment to goodwill and a subsequent
charge of $10 million. The company does not expect this non-cash
charge to affect its plans for future growth. Revenues for the
third quarter in 2004 were approximately $18.2 million, compared to
revenues in the same quarter for the previous year of $19.3
million. However, the company decreased its selling, general and
administrative expenses in the third quarter of 2004 approximately
$500,000 from the third quarter of 2003. Due to the $10 million
non-cash charge, the company reported a net loss attributable to
common stockholders of $9.58 million or $1.04 per diluted share for
the third quarter 2004, compared to a net gain attributable to
common stockholders of approximately $292,000 or 3 cents per
diluted share for the third quarter of 2003. For the nine months
ended September 30, 2004, the company reported a net loss
attributable to common stockholders of $10.4 million or $1.14 per
diluted share, compared to a net loss attributable to common
stockholders of approximately $670,000 or 7 cents per diluted share
for the same period in 2003. "The fact that an otherwise 43%
increase in third quarter operating income from the same period
last year was negated by the non-cash charge is disappointing, but
the actual results exhibit an encouraging continuation of the
company's trend toward profitability," said Charles L. Smith, CEO
and President of ThermoView. Smith continued, "A decline in
revenues for the third quarter from the same period in 2003 should
be offset by our increased backlog into the fourth quarter. These
third quarter operating results continue the progress we have made
in cost cutting and implementing efficient best practices across
the company. We continued to reduce our selling, general and
administrative expenses while keeping our gross margins steady. We
still believe we are well positioned for the future and will
continue our initiatives to improve top line growth." In addition,
Smith stated he is optimistic about ThermoView's new model THV
stores opened in June. "We continue to see positive results several
months into the model store operations and have gained a great deal
of experience in formulating a successful model for future
outlets," said Smith. "The new marketing model at the forefront of
these test stores will be instrumental in the execution of our plan
to open two or more model THV stores in 2005. I am encouraged by
our progress so far and look forward to continuing this success."
ThermoView's November 23 conference call and webcast ThermoView
will hold a webcast at 2:00 p.m. EST on November 23, 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=89748 .
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 For the nine months
ended ended September 30, September 30, 2003 2004 2003 2004
Revenues $19,307,308 $18,204,373 $53,613,176 $52,154,277 Cost of
revenues earned 9,723,653 9,229,849 27,423,951 26,846,971 Gross
profit 9,583,655 8,974,524 26,189,225 25,307,306 Selling, general
and administrative expenses 8,298,750 7,735,014 25,182,605
23,117,435 Unusual credit-gain on conversion of debt to warrants -
- (796,000) - Impairment of goodwill - 10,000,000 - 10,000,000
Depreciation expense 192,186 200,940 605,929 641,841 Amortization
expense 12,982 3,179 23,111 29,143 Income from operations 1,079,737
(8,964,609) 1,173,580 (8,481,113) Equity in earnings (loss) of
joint venture 4,535 (12,672) (41,689) (17,171) Interest expense
(594,156) (433,634) (1,932,652) (1,498,120) Interest expense on
mandatorily redeemable preferred (167,290) (159,253) (167,290)
(463,485) Interest income 4,247 4,291 20,976 14,488 Income (loss)
before income taxes 327,073 (9,565,877) (947,075) (10,445,401)
Income tax expense (benefit) 34,809 14,541 47,038 19,762 Net income
(loss) 292,264 (9,580,418) (994,113) (10,465,163) Less non-cash
Series D and E preferred stock dividends - - (472,494) - Plus
benefit of redemption of Series D stock - - 796,000 - Net income
(loss) attributable to common stockholders $292,264 $(9,580,418)
$(670,607) $(10,465,163) Basic income (loss) per common share: Net
income (loss) attributable to common stockholders $0.03 $(1.04)
$(0.07) $(1.14) Diluted income (loss) per common share: Net income
(loss) attributable to common stockholders $0.03 $(1.04) $(0.07)
$(1.14) 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/ http://www.vcall.com/
http://www.vcall.com/CEPage.asp?ID=89748
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