DALLAS, TX - Cabinetry and home organization products firm U.S. Home Systems, Inc. (NasdaqNGM: USHS) says third quarter revenue rose 10 percent to $43.5 million. The results exceeded projects, and mark the second highest earnings in the company's history.
Net income jumped 258 percent, rising from $620,000 $1.6 million, U.S. Home Systems sells kitchen cabinet refacing products, bathroom remodeling products, storage organization systems for closets and garages and related accessories, much of it through big box stores.
"Our new orders in the third quarter were $40.9 million, our third strongest quarter on record. This resulted in record net income, far exceeding our guidance," says Murray Gross, CEO, in reporting the earnings. U.S. Home Systems has no debt, Gross says, and "we continued to add to our already strong balance sheet with approximately $13 million in cash and marketable securities."
U.S. Home Systems predicts its fourth quarter will also grow, though slowing due to seasonal shifts, and that it will end the year with cabinetry and home improvement revenues of $165,million or 13 percent ahead of 2010.
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