DALLAS -- U.S. Home Systems, Inc. today announced that the Leading Indicator of Remodeling Activity (LIRA) report recently released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University validates the Company's optimism about the start of a recovery in the home improvement industry. The Company's principal product lines include kitchen cabinet refacing products, bathroom remodeling products, storage organization systems for closets and garages and related accessories.
The report indicated that "a recovery in home improvement spending will soon be underway and remodeling spending is expected to increase on an annual basis by the end of the year, and the LIRA points to growth accelerating to the double-digit range in the first quarter of 2011." It also indicated that the "recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades."
Murray Gross, chairman and chief executive officer, commented, "As we stated in our first quarter press release and conference call, we are optimistic about an improving recovery and we stated that we were gaining momentum each month of the quarter. Our guidance for second quarter 2010 was equally confident - as we were already seeing the benefits of these trends - with an expectation of revenue in the range of $34-$35 million, or a 33-37% increase compared to the second quarter of 2009. This new study by Harvard, a highly respected third party source, validates our optimism and reinforces our belief that a recovery is underway."
Mr. Gross continued, "Consumers appear to be accepting that the equity in their home has declined and consequently they will be remaining in their homes longer. Improving their current home is a viable option today, and this is driving increased remodeling expenditures. We continue to be well-positioned to benefit from this growth as we are aligned with the industry leading home improvement brand, have a national presence, and provide proven quality to our customers."
About the Joint Center for Housing Studies
The Joint Center for Housing Studies is Harvard University's center for information and research on housing in the United States. Established in 1959, it is a collaborative unit affiliated with the Graduate School of Design and the Harvard Kennedy School. The Joint Center analyzes the dynamic relationships between housing markets and economic, demographic, and social trends, providing leaders in government, business, and the non-profit sector with the knowledge needed to develop effective policies and strategies.
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.
The report indicated that "a recovery in home improvement spending will soon be underway and remodeling spending is expected to increase on an annual basis by the end of the year, and the LIRA points to growth accelerating to the double-digit range in the first quarter of 2011." It also indicated that the "recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades."
Murray Gross, chairman and chief executive officer, commented, "As we stated in our first quarter press release and conference call, we are optimistic about an improving recovery and we stated that we were gaining momentum each month of the quarter. Our guidance for second quarter 2010 was equally confident - as we were already seeing the benefits of these trends - with an expectation of revenue in the range of $34-$35 million, or a 33-37% increase compared to the second quarter of 2009. This new study by Harvard, a highly respected third party source, validates our optimism and reinforces our belief that a recovery is underway."
Mr. Gross continued, "Consumers appear to be accepting that the equity in their home has declined and consequently they will be remaining in their homes longer. Improving their current home is a viable option today, and this is driving increased remodeling expenditures. We continue to be well-positioned to benefit from this growth as we are aligned with the industry leading home improvement brand, have a national presence, and provide proven quality to our customers."
About the Joint Center for Housing Studies
The Joint Center for Housing Studies is Harvard University's center for information and research on housing in the United States. Established in 1959, it is a collaborative unit affiliated with the Graduate School of Design and the Harvard Kennedy School. The Joint Center analyzes the dynamic relationships between housing markets and economic, demographic, and social trends, providing leaders in government, business, and the non-profit sector with the knowledge needed to develop effective policies and strategies.
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.
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