Ply Gem Holdings Inc. announced financial results for the first quarter ended April 3, 2010. Net sales were $204.2 million, an increase of $21.5 million, or 11.7 percent, compared to the prior year first quarter of $182.8 million. Net income was $54.1 million, including a $98.2 million gain on extinguishment of debt, compared to a net loss of $55.5 million for the prior year first quarter.

“I am pleased with Ply Gem’s first-quarter 2010 sales and adjusted EBITDA results as they demonstrate significant improvement over the same period in 2009 and reflect our continued trend of positive year over year earnings performance, which began in the second and third quarter of last year,” says Gary E. Robinette, president and chief executive officer.

He also was pleased to report that Ply Gem successfully completed a major de-levering transaction, which reduced its long-term debt by approximately $210.0 million.

“As I have previously commented, this de-levering transaction is significant, reducing our annual cash interest expense by approximately $13.0 million, providing Ply Gem with additional operating liquidity and demonstrating our financial sponsor’s continued confidence and support of our business and management team,” he said.

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