DIAMOND HOME SERVICES, INC. REPORTS RECORD FOURTH QUARTER AND YEAR-END RESULTS.WOODSTOCK Woodstock, cities, United States Woodstock. 1 City (1990 pop. 14,353) seat of McHenry co., NE Ill.; inc. 1845. Its manufactures include business machinery, metal products, and dairy items. 2 Town (1990 pop. 1,870), Ulster co. , Ill.--(BUSINESS WIRE)--Feb. 24, 1997-- 1996 Net Income Up 82% Diamond Home Services, Inc. (Nasdaq/NM:DHMS DHMS Dense Hydrous Magnesium Silicate(s) DHMS Dakota Hills Middle School (Eagan, MN) DHMS Diploma in Homeopathic Medicine & Surgery DHMS Data, Hour, Minutes, Seconds ) today reported record net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and net income for the fourth quarter and year ended December December: see month. 31, 1996. For the fourth quarter, net income increased 50% to a record $1,956,000, or $0.21 per share, on 9,207,222 weighted average shares outstanding compared with net income of $1,310,000, or $0.21 per share, on 6,249,950 average shares outstanding in the fourth quarter of 1995. Net sales for the fourth quarter rose 23% to $42,900,000 compared with net sales of $34,900,000 in the prior-year period. For the year ended December 31, 1996, net income increased 82% to a record $6,815,000, or $0.88 per share on 7,777,792 weighted average shares outstanding compared with 1995 net income of $3,735,000, or $0.60 per share on 6,249,950 average shares outstanding. Net sales for 1996 were up 26% to $157,100,000 from net sales of $124,900,000 for 1995. The 47% and 24% increases in weighted average shares outstanding for the fourth quarter and year ended December 31, 1996, reflect the Company's initial public offering in June June: see month. 1996. Commenting on the results, C. Stephen Clegg, Chairman, President and Chief Executive Officer, said, "The year just ended was one of substantial growth and progress for Diamond Home Services. During 1996 we completed a successful initial public offering and finished the year by meeting or exceeding all of our internal financial and operating objectives. "Although the fourth quarter and the first quarter are seasonally slower periods for our segment of the installed home improvement market, we are confident that our organized approach to this large, growing and highly fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. industry will create further growth opportunities. Our focus during 1997 will remain on the four key objectives of (1) generating high-quality sales leads A sales lead is the identity of a person or entity potentially interested in purchasing a product or service, and represents the first stage of a sales process. The lead may have a corporation or business associated with the person(s). ; (2) completing in a few days the in-home sales presentation with a professional, Company-trained and seasoned sales force; (3) making credit available, at time of sale, to a higher number of those creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor customers
seeking financing; and (4) completing the installation and
post-installation customer satisfaction procedures within two weeks of
the initial customer call with Company-qualified, reliable independent
installers. The demand for quality installed home improvement services
will continue to grow. If we are successful in meeting our objectives,
the Company will prosper."Diamond Home Services, Inc. is a leading national marketer and contractor of installed home improvement products, including roofing systems, gutters, doors and fencing fencing, sport of dueling with foil, épée, and saber. Modern Fencing The weapons and rules of modern fencing evolved from combat weapons and their usage. . The Company markets its installed home improvement products and services directly to consumers, primarily under the "SEARS Sears , Richard Warren 1863-1914. American merchant who founded (1886) the mail-order business that became Sears, Roebuck and Company. " brand name. Through its finance subsidiary, Marquise Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., the Company also offers financing to its customers. The Company has 76 sales offices located in major cities across the U.S., providing the Company with a presence in markets covering approximately 80% of the owner-occupied households in the U.S. -0-
DIAMOND HOME SERVICES, INC.
Unaudited Financial Highlights
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1996 1995 1996 1995
Net sales $ 42,904 $ 34,893 $ 157,068 $124,848
Gross profit 18,451 14,773 69,329 52,603
Operating income 2,505 2,192 10,602 6,795
Pretax income 3,049 2,216 11,172 6,385
Net income $ 1,956 $ 1,310 $ 6,815 $ 3,735
Net income per share $ 0.21 $ 0.21 $ 0.88 $ 0.60
Weighted average
common and common
equivalent shares
outstanding 9,207 6,250 7,778 6,250
CONTACT: Diamond Home Services Inc., Woodstock Richard G. Reece, 815/334-2414 |
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