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Tecnoglass Announces 2014 Second Quarter Financial Results

Stocks in this article: TGLS TGLSW

Tecnoglass, Inc. (NASDAQ:TGLS)(OTCBB:TGLSW) (“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, today announced financial results for the second quarter (Q2) and six months ended June 30, 2014.

José M. Daes, Chief Executive Officer of Tecnoglass, commented, “Our Q2 results reflect our continuing expansion in the U.S. market, and the substantial manufacturing and delivery cost advantages afforded by our location in Barranquilla, Colombia. Sales to the U.S. rose to $26 million in Q2 2014 and comprised 50% of our total quarterly revenues, both records. Sales in our traditional U.S. base of south Florida were strong, and we are now selling in U.S. regions including Baltimore-Washington, California, New York, New Jersey and Texas.”

Mr. Daes concluded, “Demand for our products remains strong, driven by a healthy commercial construction outlook in the U.S. and Latin America. Although not included in our results for Q2 2014, we expect that the July 2014 acquisition of RC Aluminum Industries will positively impact our operations in the second half of 2014 and beyond. We also continue to invest in the growth of our business, with a focus on expanding our manufacturing capabilities in order to deliver the highest quality products and benchmark client service. Our bonding capacity has increased to more than $500 million on combined projects. We believe that 2014 will be a year of growth and progress for Tecnoglass.”

Second Quarter 2014 Results

Revenues for Q2 2014 rose 17% to $51.9 million from $44.3 million in Q2 2013. Q2 2014 sales to the U.S. increased by $10.5 million to $26.0 million and sales to Panama rose by $1.2 million to $3.4 million. These increases more than offset lower sales to Colombia, which declined by $3.6 million to $21.8 million.

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