Ply Gem Reports Fourth-Quarter 2007 Results

Kearney, Mo.-based Ply Gem Holdings Inc. has announced fourth-quarter 2007 net sales of $317.9 million, an 8.5-percent increase over the $293.0 million for the same period in 2006. For the full year of 2007, net sales were a record $1,363.5 million, 29.3 percent higher than the $1,054.5 million of net sales for the full year of 2006.

Adjusted EBITDA for the fourth quarter of 2007 was $32.5 million compared to $23.1 million for the fourth quarter of 2006. For the full year of 2007, adjusted EBITDA was $173.5 million compared to $125.6 million for the full year of 2006.

Net loss for the fourth quarter of 2007 was $12.4 million compared to $9.8 million for the fourth quarter of 2006. For the full year of 2007, net income was $5.6 million compared to $5.7 million for the full year of 2006. Ply Gem’s net loss for the fourth quarter of 2007 had $0.1 million of after-tax impact of foreign currency gain, while the full year of 2007 included $2.3 million of after-tax foreign currency gain. Ply Gem’s net loss for the fourth quarter of 2006 and net income for the full year 2006 included $0.6 million of after tax foreign currency loss and $0.1 million after tax foreign currency gain, respectively.

“Ply Gem’s fourth-quarter and full-year sales and EBITDA performance was respectable in light of the challenging market conditions that existed in the housing markets in 2007,” says Gary E. Robinette, president and chief executive officer. “Our financial performance that was demonstrated in our fourth-quarter and full-year numbers is the result of cost savings that are being realized as a result of our Siding and Window Groups’ acquisitions integration and our expense reduction efforts that have been undertaken in all areas of our business in response to what is expected to be a prolonged downturn in the housing market.”

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