DENVER, April 23 /PRNewswire-FirstCall/ --
Ultimate Electronics, Inc. (Nasdaq: ULTE), a leading specialty retailer of
home entertainment and consumer electronics, has reached separate agreements
with D.R. Horton, The Genesee Company, Lennar Homes, Oakwood Homes, Richmond
American Homes, US Home and several area custom builders to provide home
networking solutions in new housing developments throughout Colorado.
Ultimate Electronics has also signed agreements with Sivage Thomas Homes in
Phoenix, Ariz. and Albuquerque, N.M., with Peninsula Quality Builders in Iowa
City, Iowa, and with Taylor-Morley Homes in St. Louis, Mo.
Ultimate Electronics expects to provide home networking solutions for an
estimated 7,500 homes in 2003, under contracts expected to generate a
projected $10 million in revenue for the company. The program, which is
already providing home networking solutions for the builders, offers a variety
of packages in four core categories including structured wiring, security
systems, home theater and multi-room audio. By aligning with key builders,
Ultimate Electronics is able to provide the homeowner with all the wiring
needed to easily connect the technology within their new home in the most cost
effective way.
According to Forrester Research, by 2004 an estimated 63 percent of U.S.
homes will have PCs and 58 percent of all new U.S. homes will be networked.
These numbers reflect today's new homebuyers who are seeking "intelligent
homes" with home networking products that connect audio systems, video and
television services, security systems, and more to fit their changing
lifestyles.
Jerry Calder, director of builder/contractor sales at Ultimate Electronics
noted, "We are seeing increased demand for home networking solutions,
especially for structured wiring packages, as homebuyers plan for the future.
In the past two years, the number of home networking solutions packages we
have provided for new homes has tripled."
Ultimate Electronics employs and trains more than 400 installers and is
equipped with a fleet of installation vans. Ultimate Electronics has a full
time training staff and provides its installers with in-depth training program
managed by Tim Ryan, vice president of training, and Gerry Demple, vice
president of installation. Demple also serves as the dean of education for
the Custom Electronic Design & Installation Association (CEDIA).
"The growth in this part of our business is exciting. Through our key
builder partnerships, we are able to capitalize on the increasing demand from
the builder community and ultimately provide solutions to the homebuyer,"
Demple said. "We are also able to reach customers who might not frequent our
retail stores. By forming relationships with homebuyers, we can service new
customers and hopefully build long-term relationships."
Ultimate Electronics began its builder program in 1996 with a focus on
audio video products and subsequently added structured wiring in 1997,
multi-room audio solutions in 1998, an upgrade program for builders in 1998,
and security solutions for builders in 2000. The company launched a builder
and contractor business division in 2002 with a goal of providing builder
partners with a consistently high level of professionalism, service and
technical expertise for installation and sales of products.
Statements made in this news release, other than those concerning
historical financial information, should be considered forward-looking and
subject to various risks and uncertainties. Forward-looking statements are
based on management's beliefs and assumptions regarding information currently
available, and are made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements regarding the expected number of contracts for
new homes in 2003 and the anticipated revenues to Ultimate Electronics from
such contracts. Actual results may differ materially from those included in
the forward-looking statements due to a number of factors beyond the company's
control, including, but not limited to: general economic conditions; the
number of new housing starts; weather; changes by builders to their build
schedules, community build-out plans or contractors for projects; Ultimate
Electronics' ability to attract and retain qualified installers and other
service personnel; and other risk factors identified in Ultimate Electronics'
Annual Report on Form 10-K. Ultimate Electronics has no obligation to
publicly update or revise any of the forward-looking statements that may be in
this news release.
About D.R. Horton
Founded in 1978, D.R. Horton, Inc. is engaged in the construction and sale
of high quality homes designed principally for the entry-level and first time
move-up markets. D.R. Horton currently builds and sells homes under the D.R.
Horton, Arappco, Cambridge, Continental, Dietz-Crane, Dobson, Emerald, Melody,
Milburn, Regency, Schuler, SGS Communities, Stafford, Torrey, Trimark, and
Western Pacific names in 20 states and 44 markets, with a geographic presence
in the Midwest, Mid-Atlantic, Southeast, Southwest and Western regions of the
United States. The Company also provides mortgage financing and title
services for homebuyers through its mortgage and title subsidiaries. For more
information, please visit http://www.DRHORTON.com.
About Lennar Corporation
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida
and is one of the nation's leading builders of quality homes for all
generations, building affordable, move-up and retirement homes. Under the
Lennar Family of Builders banner, the Company includes the following brand
names: Lennar Homes, US Home, Greystone Homes, Village Builders, Renaissance
Homes, Orrin Thompson Homes, Lundgren Bros., Winncrest Homes, Sunstar
Communities, Don Galloway Homes, Patriot Homes, NuHome, Barry Andrews Homes,
Concord Homes, Summit Homes, Cambridge Homes, Seppala Homes, Genesee and
Rutenberg Homes. The Company's active adult communities are primarily
marketed under the Heritage and Greenbriar brand names. Lennar's Financial
Services Division provides mortgage financing, title insurance, closing
services and insurance agency services for both buyers of the Company's homes
and others. Its Strategic Technologies Division provides high-speed Internet
access, cable television and alarm installation and monitoring services to
residents of the Company's communities and others. Previous press releases
may be obtained at http://www.lennar.com.
About M.D.C. Holdings, Inc.
MDC, whose subsidiaries build homes under the name "Richmond American
Homes," is one of the largest homebuilders in the United States. The Company
also provides mortgage financing, primarily for MDC's homebuyers, through its
wholly owned subsidiary HomeAmerican Mortgage Corporation. MDC is a major
regional homebuilder with a significant presence in some of the country's best
housing markets. The Company is the largest homebuilder in Colorado; among
the top five homebuilders in Northern Virginia, Phoenix, Tucson and Las Vegas;
among the top ten homebuilders in suburban Maryland, Northern California,
Southern California and Salt Lake City; and has recently entered the
Dallas/Fort Worth market.
About Oakwood Homes
Oakwood Homes is Colorado's largest privately held hometown builder, and
is dedicated to providing the best new home value in the marketplace. The
company has a 97 percent customer satisfaction rating, is recognized as the
number one selling homebuilder in Denver, and the winner of the J.D. Power
Award for customer satisfaction and winner of the National Housing Quality
Award. Oakwood Homes' foundation of basic principles that make up the
structure for the company include providing more house for less money. For
more information, please visit http://www.morehouselessmoney.com.
About Sivage Thomas
Sivage Thomas Homes is a privately held home building and land development
company with current operations in Albuquerque, New Mexico, Phoenix and
Tucson, Arizona. With an award-winning history of innovation and customer
satisfaction, Sivage Thomas is ranked among the top 100 home builders in the
United States and named America's Best Builder 1999 by Builder Magazine. For
more information, visit http://www.sivage.com.
About Taylor-Morley Homes
Taylor-Morley Homes, a leading home builder in Missouri, has been building
homes in the industry for over 50 years. Well known for their traditional
vision of "building homes and neighborhoods where people want to live,"
Taylor-Morley is the first St. Louis Home Builder to win America's Best
Builder, nationally recognized by Builder Magazine and The National
Association of Home Builders. Taylor-Morley Homes has also achieved the
following elite awards: Excellence in Achievement, Excellence in Community
Development, Better Business Bureau's World-Class Customer Service, Golden
Achievement Award for Excellence in Customer Service along with numerous Bravo
and Homer Awards.
*Taylor-Morley Homes is also very well known in the industry for their
90 percent referral rate, which is a major step above the rest. *Woodland
O'Brien January-February 2002.
About Ultimate Electronics
Ultimate Electronics, Inc. (Nasdaq: ULTE) is a leading specialty retailer
of home entertainment and consumer electronics products in 13 states. The
company operates 58 stores, including 40 stores in Arizona, Idaho, Illinois,
Iowa, Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas
and Utah under the trade name Ultimate Electronics(R), 11 stores in Colorado
under the trade name Soundtrack(R), and seven stores in Minnesota under the
trade name AudioKing(R). In addition, the company operates Fast Track, Inc.
an independent electronics repair company and a wholly owned subsidiary of
Ultimate Electronics. During the past two years, Ultimate Electronics has
received numerous industry awards including AudioVideo International's 2002
"Top 10 Audio/Video Retailer of the Year."
For further information please contact: Amy Komatz, corporate
communications, +1-303-801-4325, or Jim Pearse, VP of marketing,
+1-303-801-4005, both of Ultimate Electronics, Inc.
SOURCE Ultimate Electronics, Inc.
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Related links:
http://www.ultimateelectronics.com
Company News On-Call:
http://www.prnewswire.com/comp/877054.html
CONTACT:
Amy Komatz, corporate communications,
+1-303-801-4325, or Jim Pearse, VP of marketing, +1-303-801-4005,
both of Ultimate Electronics, Inc.
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