Form 8-K Home System Group

Events or Changes Between Quarterly Reports

What is Form 8-K?
  • Accession No.: 0001144204-06-049699 Act: 34 File No.: 000-49770 Film No.: 061234928
  • CIK: 0001172319
  • Submitted: 2006-11-22
  • Period of Report: 2006-11-20

8-K HTML

v058884.htm


United States
Securities and Exchange Commission
Washington, D.C. 20549
 
 
FORM 8-K
 
 
Current Report Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
November 20, 2006
(Date of Report)
 
 
 
Home System Group
(Exact name of registrant as specified in its charter)
 
 
 
Nevada
000-49770
43-1954776
(State of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
No. 5A, Zuanshi Ge, Fuqiang Yi Tian Ming Yuan,
Fu Tian Qu, Shenzhen City, P.R. China
 
518000
 (Address of principal executive offices)
 (Zip Code)
 
086-755-83570142
(Registrant’s telephone number, including area code)
 
 
(Former name or former address, if changed since last report.)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


Item 2.02.  Results of Operations and Financial Condition
 
On November 20, 2006, Home System Group, announced its financial results for the quarter ended September 30, 2006.  The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
Item 9.01.  Financial Statements and Exhibits
 
(d)           Exhibits
 
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
 
99.1 Press Release issued by Home System Group on November 20, 2006.


 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: November 22, 2006
 
HOME SYSTEM GROUP
     
     
   
/s/ Li Wei Qiu                               
   
Li Wei Qiu
   
Chairman of the Board &
   
Chief Executive Officer





EX-99.1 HTML

v058884_ex99-1.htm

EXHIBIT 99.1
CONTACTS: 
Stanley Wunderlich, CEO    
Consulting for Strategic Growth I   
Tel: 1-800-625-2236    
Fax: 212-337-8089       
Email: [email protected]    


HOME SYSTEMS GROUP REVENUES INCREASE NEARLY 203%
FOR THIRD QUARTER AND MORE THAN 238%
FOR NINE MONTHS ENDED SEPTEMBER 30, 2006
---
Net Income for the Nine Months Increased 62.82%

GUANGDONG, China, November 20, 2006 - Home Systems Group Inc. (OTCBB: HSYT), a distributor of home appliance products, announced today its financial results for the third quarter and nine months ended September 30, 2006.
 
Net sales for the third quarter totaled $1,060,208, compared to $350,058 for the same period in 2005, an increase of $710,150 or approximately 202.87%. Management attributed the increase to the growth in sales and product recognition in the U.S. market.
 
Net sales for the nine months ended September 30, 2006 totaled $22,729,583 compared to $6,722,567 for the same period last year, an increase of $16,007,016 or approximately 238.11%. The increase was attributed to the sales growth in the gas grill products in the U.S. market. The Company increased its purchasing order from China and added more models to its inventory catalog.
 
Net income for the nine months ended September 30, 2006 totaled $1,463,679 compared to $898,947 for the nine months ended September 30, 2005, an increase of $564,732 or approximately 62.82%. The increase in net income was attributed primarily to the increase in net sales. 
 
Mr. Li Wei Qiu, President and CEO and Chairman of the Home System Group Inc., said, “We are very pleased with the results of this quarter and the fiscal year thus far. Even though this quarter is traditionally slow in our business, sales rose substantially. In addition, our net income was up notably for the nine months. We intend to continue to diversify our product base and expand our network of international selling partners, and we expect good returns on this strategy for our shareholders.”
 
 
 

 

About Home System Group
Headquartered in Hong Kong, PRC, Home System Group Inc (OTCBB: HSYT), through its wholly owned distributor Oceanic International (Hong Kong), Ltd. (OCIL) - markets home appliances including stainless steel gas grills, residential water pumps, electronic fans, fruit processors, laser printers, and other electrical appliances to retail outlets in the U.S., Europe and Australia. The Company became public through a reverse merger and received its stock trading symbol on October 4, 2006. The Company has opened a sales and marketing office in Los Angeles. For more information about Home System Group, please visit www.homesystemgroup.com.
 
# # #

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Home System Group Inc.’s Securities and Exchange Commission filings available at http://www.sec.gov.

Pursuant to an October 15, 2006 agreement, Consulting For Strategic Growth I, Ltd. ("CFSG1") provides Home System Group Inc. (“the Company”) with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG1 receives a fixed monthly fee for the duration of the agreement. Independent of CFSG1's receipt of cash compensation from the Company, CFSG1 may choose to purchase the common stock Home System Group and thereafter sell those shares at any time it deems appropriate to do so. For more information please visit www.cfsg1.com.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS AND NINE MONTHS
ENDED SEPTEMBER 30, 2006 AND 2005
FOLLOWS

 
 

 

HOME SYSTEM GROUP AND SUBSIDIARY
(FORMERLY SUPREME REALTY INVESTMENTS, INC.)
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
(UNAUDITED)
 
 
     
Three Months Ended
September 30,
 
   
Nine Months Ended
September 30, 
 
     
2006
   
2005
   
2006
   
2005
 
                           
NET SALES
 
$
1,060,208
 
$
350,058
 
$
22,729,583
 
$
6,722,567
 
OPERATING EXPENSES
                         
Cost of net sales
   
943,628
   
320,322
   
20,070,507
   
5,515,516
 
General and administrative expenses
   
273,441
   
7,462
   
912,257
   
124,715
 
     
1,217,069
   
327,784
   
20,982,764
   
5,640,231
 
                           
INCOME (LOSS) FROM OPERATIONS
   
(156,861
)
 
22,274
   
1,746,819
   
1,082,336
 
                           
OTHER INCOME
                         
(EXPENSE)
                         
Interest income
   
-
   
234
   
1,998
   
234
 
Finance costs
   
(63,423
)
 
(22,027
)
 
(285,138
)
 
(183,623
)
 
   
(63,423
)
 
(21,793
)
 
(283,140
)
 
(183,389
)
NET INCOME (LOSS)
 
$
(220,284
)
$
481
 
$
1,463,679
 
$
898,947
 
 
                         
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
 
$
(0.02
)
$
-
 
$
0.10
 
$
0.11
 
 
                         
BASIC AND DILUTED WEIGHTED AVERAGE PER SHARE
   
14,753,987
   
8,000,000
   
14,753,987
   
8,000,000
 
 
 
Contact:
CONTACT:
 
Stanley Wunderlich
CEO
Consulting for Strategic Growth I
Tel: 1-800-625-2236
Fax: 212-337-8089
Email: Email Contact

 
 

 
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