Associated Materials Reports Increase in Fourth QuarterApril 18th, 2011 | Category: Industry News
Associated Materials LLC announced results for the fourth quarter and fiscal year ended January 1, 2011. Net sales for the fourth quarter ended January 1, 2011 were $305.1 million, an 11.3 percent increase from net sales of $274.0 million for the same period in 2009.
Adjusted EBITDA was $33.7 million for the fourth quarter of 2010 compared to $33.5 million for the same period in 2009. Net sales for the fiscal year ended January 1, 2011 were $1,167.2 million, an 11.6 percent increase from net sales of $1,046.1 million for the same period in 2009.
“We are very pleased to report improved sales for both the fourth quarter and our fiscal year 2010 when compared to the prior year,” says Tom Chieffe, president and chief executive officer. “This sales increase is accompanied by an improvement in adjusted EBITDA for the quarter and year, which is a result of higher volume and continued emphasis on cost reduction programs which helped offset the impact of inflationary pressures.”
Investment funds affiliated with Hellman & Friedman LLC completed their purchase of the company on October 13, 2010. In connection with the purchase, the company’s direct and indirect parent entities were merged with and into the company, with the company surviving such merger as a wholly-owned subsidiary of AMH Intermediate Holdings Corp., which is a wholly-owned subsidiary of AMH Investment Holdings Corp. Approximately 98 percent of the capital stock of AMH Investment Holdings Corp. is owned by investment funds affiliated with H&F.
“With our new ownership and debt structure, we are positioned to continue to expand our customer base across all existing product categories through investments in new supply centers, capital and personnel,” adds Chieffe. “The growth initiatives and investments we are making in the company, accompanied by a focus on continuous improvement and cost reduction initiatives, forms a solid foundation for sustained profitable growth, particularly once macroeconomic conditions improve.”