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PGT Reports 2013 First Quarter Results

Stocks in this article: PGTI

VENICE, Fla., May 1, 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 its first quarter ended March 30, 2013.

"In the first quarter of 2013, sales grew to $49.6 million, which is 30.1% over prior year. Improved market conditions during the quarter, and sales and marketing programs focused on our WinGuard products, drove this dramatic increase in top-line sales," said PGT's President and Chief Executive Officer, Rod Hershberger.

Mr. Hershberger continued, "During the quarter, impact sales grew 39% over prior year and represented 77% of total sales, compared to 72% a year ago. In addition, sales of non-impact products grew 8%. The increase in sales, and the gain recorded on the Salisbury, NC facility of $2.0 million after tax, resulted in an increase in net income to $5.3 million compared to a loss of $0.7 million a year ago. The improvement in financial performance is the result of the hard work and dedication of our employees, including the 159 new employees who have joined us since the first of the year, to satisfy the growing demand for our product, and to deliver on our value proposition."

Our financial highlights for the first quarter ended March 30, 2013, compared to the same period last year, include:

  • Net sales of $49.6 million, an increase of $11.5 million, or 30.1%;  
  • Gross margin of 35.4%, an increase of 4.1% of sales;  
  • Net income of $5.3 million compared to a net loss of $0.7 million;  
  • Net income per diluted share of $0.09 compared to a net loss per diluted share of $0.01;  
  • EBITDA of $9.4 million compared to $3.3 million; and  
  • Net Income, Net Income per diluted share, and EBITDA, after adjusting for the gain on the sale of the Salisbury facility, and related tax impact, were $3.2 million, $0.06 per share, and $7.2 million, respectively.    

Commenting on the first quarter, Jeff Jackson, PGT's Executive Vice President and Chief Financial Officer, stated, "Gross margin increased 47.1% or $5.6 million to $17.6 million during the first quarter of 2013 compared to the first quarter of 2012. The increase in gross margin is the result of strong revenue growth, improved product mix and improved operating leverage, and is our third consecutive quarter of year-over-year gross margin improvements."  

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