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11:48 HSOA Home Solutions: Summary of Investor's Conference Call (3.53 -0.27)
The co has engaged counsel to protect from false accusers and will vigorously pursue the appropriate remedies. The Brooklyn 6th street building permit has been approved and everything is going as planned. The building will bring $15.6 mln in revenue. The Queens, NY projects is in the process to get appropriate zone approvals. Regarding the FIGA update, there are active discussions of the 49 mln dollar claim, the co is confident that it will collect a significant portion of the claim will be collected in 4Q. Demolition projects will finalize soon and they will be $50 mln in total. There has been progress made in the collection of Accounts Receivable...there are lower DSO's in newer contracts. The co is engaged w/ various lenders to expand their credit facility...it has been approached and offered 4 different proposals from $60 mln to as much as $125 mln lending facility. In a question regarding Q3 guidance, the co feels good about published full-year estimates. The co feels it will be cash flow positive in 4Q 2007 or worst case 1Q 2008. 3Q will be modestly cash flow negative. HSOA feels confident in that they will make progress between now and the end of the year collecting receivables. 80% of the AR are under 180 days, the co can borrow against them. Recently, borrowings were increased because of the expansion of projects. The co is trying to complete debt financing by the end of the year. Accounts Payable will go down dramatically in Q3...cash collections will improve cash position by the end of Q3. Substantially revenue ramp up in Q4. The co commented that the SEC Inquiry is informal. Margins will diminish slightly but q-o-q will be more consistent. In response to an analyst question, the co does not have the contract for the New York City Upper Eastside project, but they do have financing in place.
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