Home System Group Reports Third Quarter 2009 Financial Results

NEW YORK and GUANGDONG, China, Nov. 17 /PRNewswire-Asia/ -- Home System Group (OTC Bulletin Board: HSYT; "Home System" or the "Company"), an international manufacturer and distributor of a variety of household appliances to large retailers, announced today its financial results for the three and nine months ended September 30, 2009. Third Quarter Highlights -- Revenue was $10.3 million, an increase of 144% from $4.2 million in 2008. -- The Company's Weihe subsidiary, acquired last October, contributed significantly to the Company's revenue and operating results. -- Gross profit was $3.3 million, compared to $162,000 in 2008. -- The Company recorded a $2.2 million pre-tax gain on a transfer of property, which provided a $0.026 per share benefit to the 2009 results. -- Net income was $3.2 million, compared to a loss of $151,000 in 2008. -- Fully diluted earnings per share increased to $0.05 from none in 2008. Third Quarter and Nine Month 2009 Results Commentary"Home System Group's ceiling fan and decorative lamp business through our recently acquired Weihe subsidiary continues to add significant growth to both our top and bottom lines," said Mr. Lei Yu, Home System Group's newly appointed Chief Executive Officer. "We are seeing good sales activity and are benefiting from lower cost of sales due in large part to the reduction in the pricing of raw materials, such as steel."Home System Group's revenue in the third quarter of 2009 was $10.3 million, an increase of 144% from $4.2 million in the third quarter of 2008. The increase was primarily driven by $7.4 million of revenue from Weihe, which assembles and distributes ceiling fans and lighting products and was acquired by the Company in October, 2008. Revenue for the nine months ended September 30, 2009 was $46.2 million,...
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HOME SYSTEM GROUP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the Financial Statements and Notes thereto appearing elsewhere in this Form 10-Q, and in the Company's December 31, 2008 Form 10-K. Safe Harbor Regarding Forward-Looking Statements The following discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to future events or our future performance. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this Form 10-Q and in the December 31, 2008 Form 10-K . Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report. Overview Home System Group is a Nevada holding company which has its operations based exclusively in China. These operations are primarily engaged in the production of a variety of household appliances, including stainless steel gas grills and ovens, ceiling and table fans and decorative lamps. Our products are sold through distributors to retailers in America, Europe, Australia and Asia. HOME SYSTEM AND SUBSIDIARIES ITEM 2. MD&A Sales Revenue Total consolidated sales for three months ended September 30, 2009 increased by $6,058,085 as compared to the same period ended September 30, 2008. The increase was primarily driven by $7,382,422 of revenue during the three months ended September 30, 2009 from Weihe, which was acquired by the Company in October, 2008, partially offset by a decrease of approx...
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HOME SYSTEM GROUP Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for HOME SYSTEM GROUP | Request a Trial to NEW EDGAR Online Pro Form 8-K for HOME SYSTEM GROUP 3-Nov-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, n...
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HOME SYSTEM GROUP Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for HOME SYSTEM GROUP | Request a Trial to NEW EDGAR Online Pro Form 8-K for HOME SYSTEM GROUP 16-Oct-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only,...
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Home System Group Names Mr. Lei Yu as New Chief Executive Officer

NEW YORK and GUANGDONG, China, Oct. 16 /PRNewswire-Asia-FirstCall/ -- Home System Group (OTC Bulletin Board: HSYT; "Home System" or the "Company"), an international manufacturer and distributor of a variety of household appliances to large retailers, today appointed Lei Yu as its new Chief Executive Officer. Mr. Yu's background includes senior management operating experience at various companies in China. Most notably, Mr. Yu was CEO of Hebei Huda Technology & Education Development Co. Mr. Yu directed the project that successfully transformed that company into a manufacturer and distributor of electrical wire and cable products. During his tenure, Mr. Yu oversaw the restructuring of the company's debt to facilitate this initiative."In my role as CEO, I look forward to developing new opportunities to expand our product line and market penetration in order to more fully realize Home System Group's potential," said Mr. Yu. "Additionally I will strive to improve our operating efficiencies while developing initiatives with strategic partners in China's competitive business environment."Mr. Yu added, "As we look to enhance Home System Group's reputation for quality, cost containment, and effective technology I will be working closely with my management team to ensure that our shareholders are kept fully informed of the Company's growth plans and achievements."Prior to joining Home System Group, Mr. Yu was Senior Vice President at China Wallink Investment Group. In that position he was responsible for the oversight and direction of the investment group's portfolio of operating companies. Mr. Yu holds a BS degree in Mechanical Engineering from Zhejiang University of Technology, and an MBA from Xiamen University. Mr. Yu replaces Mr. Fuying Wang as Chief Executive Officer of Home System Group who is no longer with the company.Abo...
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HOME SYSTEM GROUP Files SEC form 8-K, Completion of Acquisition or Disposition of Assets

Item 2.01 Completion of Acquisition or Disposition of Assets As disclosed on the Current Report on Form 8-K by Home System Group, a Nevada corporation (the "Company"), filed on September 23, 2008, the Company entered into a Share Purchase Agreement (the "Original Agreement") on that date with Asia Forever Investment Limited ("Asia Forever") and Asia Forever's shareholders (the "Shareholders"), pursuant to which the Company agreed to acquire 100% of the ownership interests in Asia Forever from the Shareholders for RMB 270 million (approximately $39.5 million) (the "Purchase Price"). On October 1, 2008, the Company completed its acquisition of Asia Forever. Pursuant to the Original Agreement, the obligation to pay the Purchase Price is evidenced by non-interest-bearing, unsecured promissory notes (the "Notes") delivered by the Company to each of the Shareholders at the closing. Pursuant to the Notes, 25% of the Purchase Price was due and payable on December 31, 2008, and the remaining 75% was to be paid in three equal installments on June 30, 2009, December 31, 2009 and June 30, 2010, with the provision that all amounts due under the Notes would become immediately due and payable after an event of default. At the closing of the acquisition of Asia Forever, the Company pre-paid part of the first installment due on December 31, 2008 under the Notes in the amount of RMB 55 million. On June 30, 2009, the Company entered into a Supplement Agreement on Acquisition Payment ("Supplement Agreement") with the Shareholders which amended the payment terms as set forth in the Original Agreement. Pursuant to the Supplement Agreement, instead of all cash payments of RMB 12.5 million which was past due from December 31, 2008 and RMB 67.5 million which was due on June 30, 2009, the satisfaction of these obligations shall consist of: (i) RMB 30 million in cash paid by the Company as of June 30, 2009 (ii) RMB 10 million in cash to be p...
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HOME SYSTEM GROUP Financials

PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue20,537  15,429  31,462  4,211  Cost of Revenue16,500  11,657  22,671  4,049  Gross Profit4,037  3,773  8,791  162  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative1,549  1,415  1,391  671  Non Recurring -   -  (34)34  Others -   -  85   -  Total Operating Expenses -   -   -   -  Operating Income or Loss2,489  2,358  7,349  (542)Income from Continuing OperationsTotal Other Income/Expenses Net174  61  (259)391  Earnings Before Interest And Taxes2,662  2,419  7,090  (151)Interest Expense704  370  88   -  Income Before Tax1,958  2,049  7,002  (151)Income Tax Expense513  523  721   -  Minority Interest -   -   -   -  Net Income From Continuing Ops1,446  1,527  6,282  (151)Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   - ...
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HOME SYSTEM GROUP Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for HOME SYSTEM GROUP | Request a Trial to NEW EDGAR Online Pro Form 8-K for HOME SYSTEM GROUP 31-Aug-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, ...
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HOME SYSTEM GROUP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the Financial Statements and Notes thereto appearing elsewhere in this Form 10-Q, and in the December 31, 2008 Form 10-K. Safe Harbor Regarding Forward-Looking Statements The following discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to future events or our future performance. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this Form 10-Q and in the December 31, 2008 Form 10-K . Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report. Overview Home System Group is a Nevada holding company which has its operations based exclusively in China. These operations are primarily engaged in the production of a variety of small household appliances, including stainless steel gas grills and ovens, gas and electric heaters, residential water pumps, ceiling and table fans, decorative lamps, LEDs and energy-saving lamps. Our products are sold through distributors to retailers in China, America, Europe, Australia, Africa, and Southeast Asia. Sales Revenue Total consolidated sales for three months ended June 30, 2009 increased $11,962,051 (139 %) as compared to the same period ended June 30, 2008. The increase was primarily driven by $9,714,571 of revenue from Weihe, which was acquired by the Company in October, 2008. Additional, revenue from the sales of barbeque sets increased by a...
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HOME SYSTEM GROUP Files SEC form 8-K, Completion of Acquisition or Disposition of Assets, Financial Statements and Ex

Item 2.01 Completion of Acquisition or Disposition of Assets As disclosed on the Current Report on Form 8-K by Home System Group, a Nevada corporation (the "Company"), filed on September 23, 2008, the Company entered into a Share Purchase Agreement (the "Original Agreement") on that date with Asia Forever Investment Limited ("Asia Forever") and Asia Forever's shareholders (the "Shareholders"), pursuant to which the Company agreed to acquire 100% of the ownership interests in Asia Forever from the Shareholders for RMB 270 million (approximately $39.5 million) (the "Purchase Price"). On October 1, 2008, the Company completed its acquisition of Asia Forever. Pursuant to the Original Agreement, the obligation to pay the Purchase Price is evidenced by non-interest-bearing, unsecured promissory notes (the "Notes") delivered by the Company to each of the Shareholders at the closing. Pursuant to the Notes, 25% of the Purchase Price was due and payable on December 31, 2008, and the remaining 75% was to be paid in three equal installments on June 30, 2009, December 31, 2009 and June 30, 2010, with the provision that all amounts due under the Notes would become immediately due and payable after an event of default. At the closing of the acquisition of Asia Forever, the Company pre-paid part of the first installment due on December 31, 2008 under the Notes in the amount of RMB 55 million. On June 30, 2009, the Company entered into a Supplement Agreement on Acquisition Payment ("Supplement Agreement") with the Shareholders which amended the payment terms as set forth in the Original Agreement. Pursuant to the Supplement Agreement, instead of all cash payments of RMB 12.5 million which was past due from December 31, 2008 and RMB 67.5 million which was due on June 30, 2009, these payments shall consist of: (i) RMB 30 million in cash paid by the Company as of June 30, 2009 (ii) RMB 10 million in cash to be paid by the Company in t...
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