U.S. Home Systems, Inc. today reported that it has completed the sale of its Woodbridge, Virginia deck manufacturing facility. USHS ceased offering deck products in December 2008.
USHS reported that proceeds from the sale were approximately $1.0 million after commissions, retirement of the mortgage on the property, including a prepayment fee of $73,000, and other related expenses.
Murray Gross, chairman and chief executive officer, commented, "We are delighted to have completed the sale of the property. In the third quarter 2010, we will record a one-time loss on the sale of the facility of approximately $169,000 which includes the prepayment fee on the pay off of the mortgage. Despite the one time charge, we will recognize on-going annual savings. In 2009 we incurred expenses of $167,000 related to the facility including property taxes, repairs, maintenance and interest on the mortgage."
Mr. Gross continued, "We intend to retain the proceeds generated from the transaction for on-going working capital purposes. With the sale of this facility, this completes our transition out of the deck business."
About U.S. Home Systems, Inc.
U.S. Home Systems, Inc. manufactures or procures, designs, sells and installs custom quality specialty home improvement products. The Company's product lines include kitchen cabinet refacing products utilized in kitchen remodeling, bathroom tub liners and wall surround products utilized in bathroom remodeling, and storage organization systems for closets and garages. The Company manufactures its own cabinet refacing products and bathroom cabinetry.
Source: U.S. Home Systems Inc.