U.S. Home Systems reports strong Q4
U.S. Home Systems has reported fourth-quarter net income of $927,000, up 30.9% from $708,000 in the prior-year fourth quarter. Revenues in the fourth quarter ended Dec. 31, 2011, increased to $38.7 million from $38.0 million.
New orders increased to $37.9 million in the fourth quarter from $37.2 million in the fourth quarter a year ago.
Full-year net income totaled $4.7 million, compared with $2.1 million in the prior year. Full-year revenues increased 13.1% to $164.9 million from $145.9 million in 2010.
New orders for the full year increased 11.7% to $166.1 million from $148.6 million in 2010.
"We overcame economic challenges and issues related to lower credit approval rates for our customers to deliver another year of increased new orders during 2011,” said Murray Gross, chairman and CEO. “Resolving the credit approval rate remains a top priority. Nevertheless, we are very confident that we will continue to deliver solid performance in 2012."
The company expects first-quarter 20