Ply Gem Reports First-Quarter 2011 Results; Posts $7.6 Million in Operating LossMay 17th, 2011 by DWM Magazine
Ply Gem Holdings Inc. announced financial results for the first quarter ended April 2, 2011. Net sales were $200.1 million, a decrease of $4.1 million compared to the prior year first quarter. Adjusted EBITDA was $6.5 million compared to adjusted EBITDA of $12.1 million for the first quarter of 2010.
Excluding $6.7 million of buyback expense associated with a significant new customer win, the first quarter operating loss was $7.6 million compared to a $3.7 million loss for the first quarter of 2010, according to Ply Gem.
“Ply Gem’s first-quarter 2011 sales and adjusted EBITDA continue to reflect the challenging conditions that exist in the housing market today,” says Gary E. Robinette, president and CEO. “Given that market conditions for 2011 are expected to remain challenging, Ply Gem will continue to focus on maintaining a lean overall cost structure while maximizing cash flow and striving to outperform the market place in all business units, which will ensure that Ply Gem emerges stronger as the housing market recovers.”