U.S. Home Systems' Outlook Regarding Accelerating Consumer Demand for Remodeling Services Validated by Key Third-Party Report
Leading Indicator of Remodeling Activity (LIRA) Report Predicts Double-Digit Growth by Year End and Validates Optimism for Home Improvement Activity
DALLAS, July 19 /PRNewswire-FirstCall/ -- U.S. Home Systems, Inc. (Nasdaq: USHS) 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. For more information, please visit www.jchs.harvard.edu.
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. 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.
This press release contains certain statements that may include "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. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the Company's business strategy, plans and objective and statements of non-historical information. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE U.S. Home Systems, Inc.
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