U.S. Home Systems Inc. (USHS, Financial) filed Quarterly Report for the period ended 2010-09-30.
U.s. Home Systems Inc. has a market cap of $23.1 million; its shares were traded at around $3.17 with a P/E ratio of 325.6 and P/S ratio of 0.2. USHS is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Net income was $620,000, or $0.09 per diluted share for the third quarter ended September 30, 2010. Net income for the quarter included a $171,000 pre-tax loss on the sale of our deck manufacturing facility. Excluding this one time loss, net income for the third quarter 2010 would have been $722,000, or $0.10 per diluted share, as compared with a net loss of $510,000, or $0.07 per share in the same quarter last year.
Organization Systems New orders for organization systems products were $522,000 in the third quarter 2010, as compared to $1,157,000 in the third quarter 2009, and revenues were $696,000 and $1,120,000, respectively. The decline reflected a reduction in demand for garage products.
Sales expenses, which consist primarily of sales commissions and bonuses, sales manager salaries, sales materials, and travel and recruiting expenses, were $5,454,000, or 13.8% of revenues for the three months ended September 30, 2010, as compared to $4,591,000, or 16.1% of revenues in the prior year period. The decrease in sales expense as a percentage of revenue is due to leverage of fixed selling expenses on higher revenues. Sales expenses in dollar terms increased principally as a result of higher commissions and incentives on higher revenues ($839,000) and higher payroll taxes ($63,000).
Revenues for the nine months ended September 30, 2010 increased 34.7% to $107,869,000, as compared to $80,096,000 in the nine months ended September 30, 2009. The increase in revenues reflected an increase in demand principally in our kitchen refacing and countertop product line. New orders, in the nine months ended September 30, 2010, increased 35.7% to $111,488,000, from $82,132,000 in the same period last year.
Net income was $1,448,000, or $0.20 per share for the nine months ended September 30, 2010, as compared with a net loss of $2,681,000, or $0.37 per share in the same period last year. One time charges in the nine months ended September 30, 2010 included $180,000 for future lease obligations on certain branch facilities which we converted to our SCN network, and $171,000 loss on the sale of our deck manufacturing plant. Net loss in the nine months ended September 30, 2009 included a pre-tax charge of $1,500,000 related to a litigation settlement. Excluding these one time items, net income for the nine months ended September 30, 2010 would have been $1,656,000, or $0.23 per diluted share, as compared to net loss of $1,755,000, or $0.24 per diluted share for the nine months ended September 30, 2009.
Read the The complete Report
U.s. Home Systems Inc. has a market cap of $23.1 million; its shares were traded at around $3.17 with a P/E ratio of 325.6 and P/S ratio of 0.2. USHS is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
New orders in the third quarter 2010 increased 28.3% to $39,670,000, from $30,908,000 in the third quarter last year, and increased 6.0% sequentially, from $37,415,000 in the second quarter 2010. The increase marked the fifth consecutive quarterly improvement in new orders.Net income was $620,000, or $0.09 per diluted share for the third quarter ended September 30, 2010. Net income for the quarter included a $171,000 pre-tax loss on the sale of our deck manufacturing facility. Excluding this one time loss, net income for the third quarter 2010 would have been $722,000, or $0.10 per diluted share, as compared with a net loss of $510,000, or $0.07 per share in the same quarter last year.
Organization Systems New orders for organization systems products were $522,000 in the third quarter 2010, as compared to $1,157,000 in the third quarter 2009, and revenues were $696,000 and $1,120,000, respectively. The decline reflected a reduction in demand for garage products.
Sales expenses, which consist primarily of sales commissions and bonuses, sales manager salaries, sales materials, and travel and recruiting expenses, were $5,454,000, or 13.8% of revenues for the three months ended September 30, 2010, as compared to $4,591,000, or 16.1% of revenues in the prior year period. The decrease in sales expense as a percentage of revenue is due to leverage of fixed selling expenses on higher revenues. Sales expenses in dollar terms increased principally as a result of higher commissions and incentives on higher revenues ($839,000) and higher payroll taxes ($63,000).
Revenues for the nine months ended September 30, 2010 increased 34.7% to $107,869,000, as compared to $80,096,000 in the nine months ended September 30, 2009. The increase in revenues reflected an increase in demand principally in our kitchen refacing and countertop product line. New orders, in the nine months ended September 30, 2010, increased 35.7% to $111,488,000, from $82,132,000 in the same period last year.
Net income was $1,448,000, or $0.20 per share for the nine months ended September 30, 2010, as compared with a net loss of $2,681,000, or $0.37 per share in the same period last year. One time charges in the nine months ended September 30, 2010 included $180,000 for future lease obligations on certain branch facilities which we converted to our SCN network, and $171,000 loss on the sale of our deck manufacturing plant. Net loss in the nine months ended September 30, 2009 included a pre-tax charge of $1,500,000 related to a litigation settlement. Excluding these one time items, net income for the nine months ended September 30, 2010 would have been $1,656,000, or $0.23 per diluted share, as compared to net loss of $1,755,000, or $0.24 per diluted share for the nine months ended September 30, 2009.
Read the The complete Report
