DALLAS -- U.S. Home Systems Inc. (NASDAQ: USHS) posted revenues of $33.1 million for the first quarter ended March 31, a 26.6% increase over the same period the previous year.
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 increase in revenues marked the third consecutive quarterly improvement in revenues. USHS reported net income of $365,000 for the first quarter 2010 as compared to a net loss of $960,000 in the first quarter last year.
Murray Gross, chairman and CEO, said, "We are very encouraged as our financial performance during the first quarter exceeded our expectations. Although the economic environment remained challenging, we have continued to gain momentum each month of the quarter. New orders in the first quarter increased 39.0% from the first quarter last year, demonstrating the consistent improvement we have been experiencing in demand for our home improvement solutions."
"We are pleased with the start up of our two new initiatives which we commenced in January 2010, our participation in the Home Depot Do-It-Yourself (DIY) program and our market expansion program in which we utilize local contractors (SCN program)," Gross added. "As expected, our start up costs in these programs outpaced revenues, negatively impacting our first quarter net income by approximately $92,000."
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 increase in revenues marked the third consecutive quarterly improvement in revenues. USHS reported net income of $365,000 for the first quarter 2010 as compared to a net loss of $960,000 in the first quarter last year.
Murray Gross, chairman and CEO, said, "We are very encouraged as our financial performance during the first quarter exceeded our expectations. Although the economic environment remained challenging, we have continued to gain momentum each month of the quarter. New orders in the first quarter increased 39.0% from the first quarter last year, demonstrating the consistent improvement we have been experiencing in demand for our home improvement solutions."
"We are pleased with the start up of our two new initiatives which we commenced in January 2010, our participation in the Home Depot Do-It-Yourself (DIY) program and our market expansion program in which we utilize local contractors (SCN program)," Gross added. "As expected, our start up costs in these programs outpaced revenues, negatively impacting our first quarter net income by approximately $92,000."
Read USHS's press release.
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