U.S. Home Systems Expands Relationship with The Home Depot -- Adds Seven New Markets for Kitchen and Bathroom Refacing Products and Services
DALLAS--April 21, 2005--U.S. Home Systems, Inc. (Nasdaq: USHS) today announced that its U.S. Remodelers subsidiary has again expanded its kitchen and bathroom refacing service agreements with The Home Depot(R) (NYSE:HD) to add seven additional markets in which U.S. Remodelers will sell, furnish and install its kitchen and bathroom refacing products. The new markets are located in Austin, Dallas, Houston and San Antonio, Texas, Grand Rapids, Michigan, Salt Lake City, Utah and Reno, Nevada, and include approximately 140 stores. U.S. Remodelers’ kitchen and bath product lines will both be offered in all of the markets, except for the Dallas stores which will only offer the U.S. Remodelers kitchen refacing products. U.S. Remodelers will begin offering its products in these markets in the second quarter of 2005. When the new markets are opened, U.S. Remodelers’ kitchen and bathroom refacing products will be available to The Home Depot customers in over 500 stores.
Peter T. Bulger, President of U.S. Remodelers and Chief Operating Officer of USHS said that, “Kitchen and bath product sales are strong and we are on schedule with the rollout of our kitchen and bathroom refacing products in designated The Home Depot markets. During the first quarter of 2005, we opened sales and installation centers in Phoenix, St. Louis, Las Vegas and Milwaukee which will service approximately 75 The Home Depot stores in these markets. We currently offer our kitchen and bathroom products in approximately 370 The Home Depot stores located primarily in the Western and Midwest United States.”
Murray H. Gross, President and CEO of USHS said that, “We look forward to bringing these new stores online, and to their profitable operations by year end, after the usual start-up costs. Although we expect to incur short-term operating losses in these new markets, we are confident that our expanding relationship with The Home Depot will favorably impact our long-term operating results. This is in keeping with our business model which contemplates that as the number of new stores opened each quarter becomes a smaller percentage of the growing total number of operating stores, the start-up costs will have an ever decreasing impact on our bottom line.”
About U.S. Home Systems, Inc.
U.S. Home Systems, Inc. (www.ushomesystems.com) manufactures or procures, designs, sells and installs custom quality specialty home improvement products and provides financing services to customers of residential contractors throughout the United States. The Company’s home improvement products are marketed directly to consumers through a variety of media sources under nationally recognized brands, including The Home Depot(R) Kitchen and Bathroom Refacing, The Home Depot Installed Decks and Century 21 Home Improvement, and under our Facelifters brand. The Company’s product lines include replacement kitchen cabinetry, kitchen cabinet refacing and countertop products utilized in kitchen remodeling, bathroom refacing and related products utilized in bathroom remodeling, wood decks and related accessories, replacement windows and patio doors. The Company manufactures its own cabinet refacing products, bathroom cabinetry and wood decks. The Company’s consumer financing business purchases retail installment obligations from residential remodeling contractors throughout the United States, including contracts originated by our own home improvement operations.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on a number of assumptions, including expectations for continued market growth and anticipated revenue levels. Although the Company believes these assumptions are reasonable, no assurance can be given that they will prove correct. The Company’s ability to continue to grow sales and to expand geographically and through new products and acquisitions will be key to its success in the future. If the industry’s or the Company’s performance differs materially from these assumptions or estimates, U.S. Home Systems’ actual results could vary significantly from the estimated performance reflected in any forward-looking statements.
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- U.S. Home Systems, Inc.
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