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PGT Reports 2010 Fourth Quarter Results

VENICE, Fla., Feb. 24, 2011 (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 fourth quarter ended January 1, 2011. In the fourth quarter:
  • Net sales were $39.0 million, an increase of $3.0 million, or 8.4%, over prior year fourth quarter;  
  • Net loss was $12.2 million compared to prior year net income of $301 thousand in the fourth quarter of 2009;  
  • Non-cash impairment charges totaled $5.6 million compared to the prior year fourth quarter amount of $0.7 million. The current year impairment relates to the scheduled closing of our North Carolina plant. Consolidation charges totaled $2.1 million in the fourth quarter of 2010. Restructuring charges totaled $1.5 million in the prior year fourth quarter.  
  • Adjusted net loss was $4.6 million compared to an adjusted net income of $2.5 million in the prior year fourth quarter. Adjusted net loss per diluted share of $0.09 compared to an adjusted net income per diluted share of $0.07 per share in 2009; and  
  • Adjusted EBITDA was $228 thousand, compared to adjusted EBITDA of $2.9 million in the prior year fourth quarter.

Rod Hershberger, President and Chief Executive Officer of PGT, said, "Sales increased 8.4% in the fourth quarter of 2010 compared to the same quarter a year ago due mainly to increased sales in our core market, Florida, where sales were up 14.4%. The main drivers for this increase came from increases in our vinyl product categories, in both impact and non-impact products. Housing starts in Florida decreased 2.2% compared to the fourth quarter of 2009, driven by a decrease in single family starts. However, multi-family starts were up slightly from a year ago."

Mr. Hershberger continued, "We are currently on schedule to complete our plant consolidation by the end of the second quarter of 2011. In addition, we continue to move forward with new product offerings and line expansions, including our recently launched vinyl sliding glass door which was well received at the International Builders' Show."

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