PGT Reports 2010 Third Quarter Results
VENICE, Fla., Nov. 3, 2010 (GLOBE NEWSWIRE) -- PGT, Inc. (Nasdaq:PGTI), the leading U.S. manufacturer and supplier of residential impact-resistant windows and doors, announces financial results for the third quarter ended October 2, 2010. In the third quarter:
- Net sales were $47.2 million, an increase of $5.6 million, or 13.4%, over prior year third quarter;
- Gross margin was 30.9%, an improvement from the prior year third quarter gross margin adjusted for restructuring costs of 27.4%;
- Net loss was $207,000 compared to an adjusted net loss of $2.5 million in the prior year third quarter;
- Net loss per diluted share of $0.00 compared to an adjusted net loss per diluted share of $0.07 per share in 2009; and
- EBITDA was $4.7 million, compared to adjusted EBITDA of $3.2 million in the prior year third quarter.
Rod Hershberger, President and Chief Executive Officer of PGT, said, "For the second straight quarter we are very pleased to report year over year sales growth. The increase of 13.4% was due mainly to the increase of sales in our core market, Florida, where sales were up 18.5% compared to the third quarter of 2009. We saw increases in Florida for both our aluminum and vinyl product categories, and in both impact and non-impact products. Housing starts in Florida increased 15% compared to the third quarter of 2009, driven by an increase in multi-family starts. However, single family starts were essentially flat with starts from a year ago, and lower than the second quarter of 2010 by 17%, due in part to the expiring tax incentives and continued economic uncertainty."
Jeff Jackson, PGT's Executive Vice President and Chief Financial Officer, stated, "Our strategic initiatives have fueled third quarter sales growth. WinGuard sales increased $3.7 million due in part to the success of our new aluminum door launched last fall and an increase in vinyl WinGuard sales into Florida, where many replacement customers took advantage of available tax credits. Sales of PremierVue, acquired last year, were up $800 thousand. Finally, our vinyl non-impact sales continue to expand, up $1.2 million, including $700 thousand in sales of the new replacement window designed for the Florida market. As a result of the leverage gained from increased sales and the cost reduction initiatives taken in the back half of 2009, gross margin percentage improved to 30.9%, which is an increase of 3.5% over last year, after adjusting for 2009 restructuring costs. Third quarter's EBITDA was $4.7 million, or 9.9% of sales, compared to prior year's third quarter adjusted EBITDA of $3.2 million, or 7.6% of sales."
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