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PGT's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: PGTI

A copy of our press release is posted on the Investor Relations section of our corporate website at www.pgtinc.com. Included in the press release are; the unaudited consolidated balance sheets and statements of operations prepared in accordance with GAAP and adjusted information, which is quantitatively reconciled to GAAP.

Our company uses non-GAAP measurements as key metrics for evaluating performance internally. A detailed explanation of these non-GAAP measurements can be found in our Form 8-K filed May 2 with the SEC. These non-GAAP measurements are not intended to replace the presentation of financial results in accordance with GAAP. Rather, we believe these non-GAAP measurements provide additional information from investors to facilitate the comparison of past and present performance.

For today’s call, Rod will provide an overview of our performance for the first quarter and Jeff will discuss our results in more detail. After their prepared remarks, they will take your questions.

With that, let me turn the call over Rod Hershberger. Rod?

Rod Hershberger

Thanks, Brad. Good morning, everyone. I am pleased to report that the first quarter of 2012 produced our best first quarter EBITDA as a percentage of sales since the first quarter of 2008. This achievement is the direct result of incredible efforts and achievements of our employees whose dedication, talent and commitment position us to reap the benefits of our consolidation. I also need to thank our distributors whose loyalty to our company is greatly appreciated. Our improved results, most notably increased EBITDA of 1.8 million were accomplished despite lower top line sales.

Sales were down to $2.5 million or 6.3% due mainly to three factors including challenging market conditions within our Southeast Florida market or sales were down $2.3 million, our decision to exit certain United State markets, which resulted in lower sales by $800,000, and lastly, the completion of a larger condo retrofit project in 2011, which resulted in lower sales for architectural systems product line of $900,000. These factors were offset by an increase in sales in our Southwest Florida markets of $900,000.

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