“With consumers increasingly aware of the beauty and performance features of Trex’s wood-alternative outdoor living products, we have turned our branding focus to consumer engagement. Our communications are targeted and customized to encourage the whole spectrum of consumers to engage with Trex to create and build their ultimate and unique outdoor project.
"With our expanded array of products, operational enhancements, innovative sales and marketing programs and an improving housing market, we expect 2013 to be a strong year for Trex. For the first quarter of 2013, we expect net sales to total $107 million, an increase of approximately 11 percent from the 2012 period.
For the full year ended December 31, 2012, Trex Company reported net sales of $307.4 million compared to net sales of $266.8 million for 2011. The Company reported net income of $2.7 million, or $0.16 per share, compared to a net loss of $11.6 million, or $0.75 per share, for 2011. The 2012 results reflect a $21.5 million pre-tax increase to its warranty reserve for decking material manufactured at its Nevada plant prior to 2007, the $1.5 million provision for costs related to the mold class action, and $0.7 million of severance charges. The 2011 results reflect a $10.0 million increase to the Company’s warranty reserve in the fourth quarter and a net $2.3 million non-cash benefit recognized in prior quarters. Before giving effect to these adjustments, net income for 2012 was $26.4 million, or $1.55 per diluted share, compared to a net loss for 2011 of $3.9 million, or $0.25 per share.
Fourth-Quarter 2012 Conference Call and Webcast InformationTrex will hold a conference call to discuss its fourth-quarter 2012 results on Tuesday, February 19, 2013 at 10:00 a.m. ET. To participate in the live call by telephone, please dial 706-634-1218 or 888-803-7566 and reference conference ID #92520167. A live webcast of the conference call will also be available in the Investor Relations section of the Trex Company website at trex.com. For those who cannot listen to the live broadcast, an audio replay of the earnings call will be available on the Trex website for 30 days. A telephone replay of the call will also be available through February 26, 2013. To listen to the telephone replay, dial 404-537-3406 and enter conference ID #92520167.
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