PGT Reports Strongest First Quarter Since 2007May 9th, 2014 by DWM Magazine
PGT Inc. says it started off another year with strong growth when it announced its 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 percent, over first quarter of 2013,” says PGT’s chairman and CEO Rod Hershberger. “This marks our highest first quarter sales since 2007 and the sixth straight quarter of at least 25 percent 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 … Additionally, sales of non-impact products also grew at 27 percent.” Hershberger pointed out that the company expanded its workforce by more than 115 employees during the first quarter, and broke ground on its glass plant expansion.
Other financial highlights include:
· Net sales of $62.7 million, an increase of $13.2 million, or 26.6 percent;
· Selling, general and administrative costs of $13.4 million, or 21.3 percent, compared to $13.0 million, or 26.3 percent, after adjusting for gain on the Salisbury plant;
· Earnings before income taxes (“EBT”) of $5.3 million compared to EBT, adjusted for gain on the sale of the Salisbury plant, of $3.5 million;
· Net income of $3.4 million compared to net income, adjusted for the gain on the sale of the 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 the 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 the Salisbury plant.