Business Editors
DALLAS--(BUSINESS WIRE)--Dec. 3, 2003
On December 3, 2003, U.S. Home Systems, Inc. (Nasdaq:USHS) engaged Grant Thornton LLP as its independent accountants to replace Ernst & Young LLP. The engagement of Grant Thornton as auditors for USHS was approved by
"Ernst & Young has audited USHS's financial statements for the past two years. Our relationship with Ernst & Young has been very satisfactory and the termination of Ernst & Young's engagement was not the result of any disagreements with Ernst & Young on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures," said Murray H. Gross, President and Chief Executive Officer of USHS. Mr. Gross continued, "We look forward to our new relationship with Grant Thornton."
U.S. Home Systems, Inc. (www.ushomesystems.com) is engaged, through direct consumer marketing, in the manufacture, design, sales and installation of custom quality specialty home improvement products, marketed under nationally recognized brands such as Renewal By Andersen(R) and The Home Depot "At Home Services(R)" and Century 21 Home Improvements. The Company's product lines include kitchen cabinet refacing, bathroom refacing, wood decks, deck enclosures and replacement windows. The Company manufactures its own cabinet refacing products, bathroom cabinetry and wood decks. The Company's financing subsidiary purchases retail installment obligations from select remodeling contractors and provides each contractor an opportunity to originate a broad range of credit products that are not otherwise available to the contractor utilizing only traditional sources for home improvement financing.
This press release may contain forward-looking statements that 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.