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PGT Reports 2013 Second Quarter Results

VENICE, Fla., July 31, 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 second quarter and six months ended June 29, 2013.

"Sales in the second quarter of 2013, totaling $62.8 million, represented the highest quarterly sales since the first quarter of 2007. Sales grew 35.2% over prior year, primarily driven by improved market conditions in the Southeast and Southwest Florida markets, as well as sales and marketing programs which focused on our WinGuard products," said PGT's President and Chief Executive Officer, Rod Hershberger.

Mr. Hershberger continued, "During the quarter, impact sales grew 38% over prior year and represented 76% of total sales, compared to 74% a year ago. In addition, sales of non-impact products grew 28%. Our second quarter sales included growth in both the new construction and repair and remodel markets over prior year. In May of 2013, we successfully completed a secondary offering of 12.65 million shares of common stock owned by JLL Partners. We did not receive any proceeds from the sale of shares of common stock. In addition, we repurchased 6.8 million shares from JLL funded by refinancing our long term debt, bringing our total debt balance to $80 million. Net income was $9.9 million and adjusted net income was $7.7 million compared to net income of $3.7 million a year ago. The improvement in financial performance is the result of the continued dedication of our employees, who worked hard to keep pace with the growing demand for our products and consistently deliver on our value proposition."

Our financial highlights for the second quarter ended June 29, 2013, compared to the same period last year, include:
  • Net sales of $62.8 million, an increase of $16.4 million, or 35.2%;  
  • Gross margin of 33.5%, a decrease of 2.0%;  
  • Selling, general and administrative costs, adjusted for fees related to the offering and refinancing were 20.3% of sales, a decrease of 5.3%;  
  • Net income of $9.9 million compared to $3.7 million;  
  • Net income per diluted share of $0.19 compared to $0.07;  
  • EBITDA of $9.0 million compared to $7.8 million; and  
  • Net Income, Net Income per diluted share, and EBITDA, after adjusting for our discrete tax item and the costs associated with the offering and refinancing executed in May of 2013, were $7.7 million, $0.14 per share, and $10.9 million, respectively.    

Our financial highlights for the six months ended June 29, 2013, compared to the same period last year, include:
  • Net sales of $112.4 million, an increase of $27.8 million, or 32.9%;  
  • Gross margin of 34.3%, an increase of 0.7%;  
  • Selling, general and administrative costs, adjusted for fees related to the offering, refinancing and gain on the sale of the Salisbury facility was 23.0% of sales, a decrease of 5.0%;  
  • Net income of $15.2 million compared to $3.0 million;  
  • Net income per diluted share of $0.28 compared to $0.06;  
  • EBITDA of $18.4 million compared to $11.1 million; and  
  • Net Income, Net Income per diluted share, and EBITDA, after adjusting for our discrete tax item, the costs associated with the offering and refinancing executed in May of 2013 and for the gain on the sale of the Salisbury facility, and related tax impact, were $10.9 million, $0.20 per share, and $18.0 million, respectively.

Commenting on the second quarter and six months ended June 29, 2013, Jeff Jackson, PGT's Executive Vice President and Chief Financial Officer, stated, "Gross margin dollars increased 27.6%, or $4.5 million, to $21.0 million compared to the second quarter of 2012, driven by strong revenue growth and operating leverage. As a percent, however, gross margin decreased by 2.0% due to an increase in labor costs and scrap, resulting from the hiring and training of 274 new employees to meet the demand for our products. Margin was also impacted by the purchase of finished glass units to support our strong sales growth. We have now achieved three consecutive quarters of 26% plus growth in sales."   

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