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PGT Reports 2014 Second Quarter Results

Stocks in this article: PGTI

VENICE, Fla., July 28, 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 second quarter and six months ended June 28, 2014.

"Sales in the second quarter of 2014, totaling $81.6 million, represents our highest quarterly sales since 2006. This is also our seventh straight quarter of at least 25% year over year sales growth. Sales increased 29.9% over the second quarter of 2013, primarily driven by our new construction sales, as well as marketing programs focused on driving our WinGuard products into the repair and remodel market. During the quarter, impact sales grew 33% over prior year and represented 77% of total sales, compared to 76% a year ago. In addition, sales of non-impact products grew 21%," said PGT's President and Chief Operating Officer, Jeff Jackson.

Mr. Jackson continued, "This is an exciting time for PGT, as we signed an agreement for the acquisition of CGI Windows & Doors Holding Inc., a Florida-based impact-resistant window and door company, for the purchase price of approximately $111 million, which we announced in a separate press release issued today. Also, as our new glass plant is progressing as planned and will be operational by the beginning of our fourth quarter. We also expect to continue the momentum of strong year over year sales growth into the third quarter. July sales, in fact, were up approximately 17% over prior year, and we are forecasting third quarter sales to be between $74 million and $77 million, compared to our third quarter of 2013 of $64.9 million. The recent economic turnaround has presented tremendous opportunity for PGT. Our strategic initiatives over the past several years have positioned us to capitalize on improving market trends, and I'm thankful for the hard work and dedication of all our employees."

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