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PGT Reports 2012 Fourth Quarter Results

Stocks in this article: PGTI

VENICE, Fla., Feb. 20, 2013 (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 and year ended December 29, 2012.

"During the fourth quarter, we focused our efforts on driving sales by running promotions and capitalizing on our value proposition. These activities, combined with the improving housing market, drove a sales increase of $9.5 million, or 26.6%. WinGuard sales grew 38.2% over the prior year, and represented 71% of total sales compared to 65% a year ago. The targeted promotional activity helped drive our mix improvement and gain share in certain markets. We also showed growth in our non-impact and Eze-Breeze lines," said PGT's President and Chief Executive Officer, Rod Hershberger.

Mr. Hershberger continued, "Thanks to a great fourth quarter, our 2012 sales of $174.5 million grew 4.3% compared to 2011. Also, we posted net income of $9.0 million, an increase of $25.9 million when compared to 2011. This improvement in net income resulted from increasing sales in more profitable categories, improving manufacturing efficiencies, reducing scrap, and increasing efficiency within our transportation team."

Our financial highlights for the fourth quarter ended December 29, 2012 compared to the results for the same period last year include:

  • Net sales of $45.2 million, an increase of $9.5 million, or 26.6%;  
  • Gross margin of 35.4%, an increase of 10.3% of sales;  
  • Net income of $3.2 million compared to a net loss of $6.3 million;  
  • Net income per diluted share of $0.06 compared to an adjusted net loss per diluted share of $0.07; and  
  • EBITDA of $6.9 million, compared to $0.6 million in the fourth quarter of 2011, after adjusting 2011 for non-cash impairment charges and gain on equipment sales related to the consolidation.

Commenting on the fourth quarter, Jeff Jackson, PGT's Executive Vice President of Operations and Chief Financial Officer, stated, "In addition to our focus on sales, we also focused on gross margin which increased to 35.4% from 25.1% in 2011. This improvement is a result of the leverage on increased sales and improved product mix as well as reduced scrap. During the quarter, we repurchased 922,694 shares of our stock for approximately $3.9 million and prepaid an additional $3.0 million of outstanding bank debt, bringing our gross debt to $37.5 million. We finished the year with a cash balance of $18.7 million."

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