Home System Group (HSYT.OB) Reports FY 2009 Results, Posts 19% Revenue Increase
Home System Group, an international manufacturer of a variety of household appliances, today posted its financial results and highlights for the year ended December 31, 2009. The company's Weihe subsidiary, acquired in October 2008, contributed significantly to revenue and operating results. Home System Group posted 2009 revenue at $61.8 million, up from $51.9 million in 2008, reflecting $25.3 million of additional revenue from the company’s acquisition of Weihe. Revenue was partially offset by the fourth-quarter 2008 sale of approximately $10 million of raw materials. Gross margin rose to 25.8% in 2009 from 16.2% in 2008, stemming from Weihe's higher margins,…