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PGT Reports 2014 First Quarter Results

Stocks in this article: PGTI

VENICE, Fla., May 7, 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 its first quarter ended March 29, 2014.

"We are starting off another year of strong top line growth in sales, as we sold $62.7 million, up $13.2 million, or 26.6%, over first quarter of 2013. This marks our highest first quarter sales since 2007 and the sixth straight quarter of at least 25% year over year growth. This growth was driven by our new construction sales, which continue to outpace the Florida housing market, and marketing programs focused on our WinGuard products," said PGT's Chairman, and Chief Executive Officer, Rod Hershberger.

Mr. Hershberger continued, "Our WinGuard product lines continue to see strong growth rates, delivering revenue of $45 million, up 27% over first quarter of 2013. Additionally, sales of non-impact products also grew at 27%. To keep up with increased demand for our products, we expanded our workforce by over 115 during the first quarter, bringing our total employee base to approximately 1,530. We also broke ground on our glass plant expansion during the quarter. We continue to outperform our markets, driven by our consistent delivery of our Value Proposition, which is founded on exceptional service throughout the sales experience."

Our financial highlights for the first quarter ended March 29, 2014, compared to the same period last year, include:

  • Net sales of $62.7 million, an increase of $13.2 million, or 26.6%;
  • Selling, general, and administrative costs of $13.4 million, or 21.3%, compared to $13.0 million, or 26.3%, after adjusting for our gain on the Salisbury plant;
  • Earnings before income taxes ("EBT") of $5.3 million compared to EBT, adjusted for gain on the sale of our Salisbury plant, of $3.5 million;
  • Net income of $3.4 million compared to net income, adjusted for the gain on the sale of our Salisbury plant and related tax impact, of $3.2 million;
  • Net income per diluted share of $0.07 compared to net income per diluted share, adjusted for the gain on the sale of our Salisbury plant and related tax impact, of $0.06; and
  • EBITDA of $7.6 million compared to $7.2 million, adjusted for the gain on the sale of our Salisbury plant.

Commenting on the first quarter, Jeff Jackson, PGT's Executive Vice President and Chief Financial Officer, stated, "Our sales growth led to a 12.6% increase in gross margin dollars to $19.8 million. As a percent, however, our gross margin decreased by 3.9%, attributable to large project pricing to gain market share and a shift in mix towards new construction, increased material costs from purchasing finished glass units, increased employee related costs, and lastly, inefficiencies in both labor and scrap rates as a result of hiring and training our new employees. These factors were partially offset by leveraging higher year over year sales, as well as the favorable impact of our price increase announced in the third quarter of last year. Our new glass plant is progressing as planned, and we expect to be operational by the end of the third quarter of this year. The new glass plant will address internal capacities for glass production and reduce reliance on outsourced finished glass."

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