Trex Company, Inc. (NYSE: TREX), the world’s largest manufacturer of wood-alternative decking and railing products, today announced financial results for the third quarter ended September 30, 2011.
Net sales for the third quarter of 2011 totaled $67.9 million compared to net sales of $60.6 million for the 2010 third quarter. The Company reported a net loss of $0.5 million, or $0.03 per diluted share, for the 2011 period compared to a net loss of $8.8 million, or $0.58 per diluted share, for the 2010 period. The Company recognized an accelerated non-cash charge of $0.5 million during the 2011 period related to its repurchase of $5.6 million of its senior subordinated convertible notes due in July 2012. Before giving effect to this charge, the Company had net income of $28,000. During the 2010 period, the Company recognized $3.9 million of unusual charges. Before giving effect to those charges, the Company had a net loss of $5.0 million, or $0.33 per diluted share for the 2010 period.
For the nine months ended September 30, 2011, the Company reported net sales of $215.3 million compared to net sales of $242.4 million for the prior-year period. The Company reported net income of $6.7 million, or $0.41 per diluted share, for the first nine months of 2011 compared to a net loss of $9.6 million, or $0.63 per diluted share for 2010. The 2011 results reflect the favorable resolution of uncertain tax positions in the first quarter of 2011 that positively impacted income taxes by $2.6 million as well as the $0.5 million accelerated non-cash charge related to its convertible notes repurchase. Before giving effect to these items, net income for 2011 was $4.6 million, or $0.28 per diluted share. During 2010, the Company recognized a total of $17.2 million of unusual charges. Before giving effect to those charges, net income for the 2010 period totaled $7.6 million, or $0.49 per diluted share.
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