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PGT's CEO Discusses Q2 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 releases are the unaudited consolidated balance sheets and statements of operations prepared in accordance with GAAP and adjusted information, which was quantitatively reconciled to GAAP. Our company uses non-GAAP measurements as key metrics to evaluating performance internally.

A detailed explanation of these non-GAAP measurements can be found in our press release, which was included as an exhibit to our Form 8-K filed August, 1st, 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 for investors to facilitate the comparison of past and present performance.

For today's call, Rod will provide an overview of our performance for the fourth quarter and six months ended June 30th, 2012 then Jeff will discuss our results in more details. After their prepared remarks they will take your questions.

With that, let me turn the call over to our CEO, Rod Hershberger. Rod.

Rod Hershberger

Thanks, Brad. Good morning, everyone. Thanks for joining us on this call. Second quarter 2012, continued our upward trend. We had a very successful quarter, in which we increased sales 2.9% over the prior year, generated cash from operations of $4.9 million and made an optional of $2 million payment on our debt. We also had net income for the second quarter of 2012 of $3.7 million.

The achievements of the second quarter are the direct results of the great work done by our employees, as we continue to realize benefits from the consolidations completed in 2011. Second quarter of 2012 was also our most successful in terms of EBITDA, as a percent of sales into 2006.

EBITDA in the second quarter was $7.8 million or 16.8% of sales. This is a $3.2 million increase over the second quarter of 2011 EBITDA after adjusting 2011, for consolidation charges, manufacturing inefficiencies caused by the consolidation, and the write-off of deferred financing costs. One of the contributors to this higher EBITDA was an increase in sales, sales improved in the second quarter by $1.3 million or 2.9%.

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