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PGT Reports 2013 Fourth Quarter And Fiscal Year Results

VENICE, Fla., Feb. 19, 2014 (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 28, 2013.

"We continued to take market share and capitalize on improving economic conditions in the fourth quarter, with sales coming in at $62.0 million, up 37.2% over fourth quarter of 2012. Our growth came from both new construction sales, up 56.2%, and repair and remodel sales, up 28.7%. This marks the fifth straight quarter with substantial top line growth over the prior year. We attribute our success to a combination of improving market conditions and our commitment to product quality and reliability of on time delivery, which separates us from our competition and drives sales growth and share gains," said PGT's President and Chief Executive Officer, Rod Hershberger.

Mr. Hershberger continued, "The fourth quarter capped a great year, with 2013 sales of $239.3 million, up 37.1% compared to 2012. We posted net income of $26.8 million, an increase of $17.9 million, or 199.5% when compared to 2012. Sales of impact products grew 41.0%, while sales of non-impact products grew 25.8% during the year. Our employees worked hard to keep pace with growing demand for our products, and I am thankful for their efforts and dedication."

Our financial highlights for the fourth quarter ended December 28, 2013, compared to the results for the same period last year include:
  • Net sales of $62.0 million, an increase of $16.8 million, or 37.2%;  
  • Gross margin increased $4.6 million to $20.6 million;  
  • Net income of $5.3 million compared to net income of $3.2 million;  
  • Net income per diluted share of $0.11 compared to net income per diluted share of $0.06; and  
  • EBITDA of $9.5 million, compared to $6.9 million;  
  • Net Income and Net Income per diluted share, after the fourth quarter tax item adjustment, were $5.9 million and $0.12 per share.

Commenting on the fourth quarter and twelve months ended December 28, 2013, Jeff Jackson, PGT's Executive Vice President and Chief Financial Officer, stated, "The 37.2% sales growth during the quarter led to a 28.8% increase in gross margin dollars. This growth was achieved as a result of the leverage on increased sales. As a percent, however, gross margin decreased by 2.2% due mostly to an increase in both labor and material costs. We attribute this increase to a combination of hiring and training 144 new employees during the quarter, as well as purchasing finished glass units to support sales in excess of our current glass capacities. We did experience a favorable impact due to the price increase announced in third quarter, however this was offset by a market shift towards vinyl and new construction during the fourth quarter." 

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