Net Sales Down Slightly at PlyGemAugust 16th, 2011 by Editor
Net sales for PlyGem’s second quarter were $294.5 million–2.4 percent lower than the prior year second quarter. Net sales for the first half of 2011 were $494.6 million, lower than the prior year by $11.3 million, or 2.2 percent. The company announced these and other highlights of its financial results for the second quarter and first half of 2011.
Second quarter operating earnings were $28.5 million compared to $30.3 million for the second quarter of 2010.The company pointed out that this excluded $2.7 million of buy-back expense associated with a “significant new customer win.” Operating earnings for the first half of 2011 were $20.9 million compared to $26.6 million for the first half of 2010, again excluding $9.3 million of buy-back expense associated with a new customer.
Adjusted EBITDA was $42.6 million for the second quarter of 2011 compared to adjusted EBITDA of $46.2 million for the second quarter of 2010. Adjusted EBITDA was $49.2 million for the first half of 2011 compared to Adjusted EBITDA of $58.3 million for the first half of 2010.
“I am satisfied with Ply Gem’s second quarter and first half 2011 sales and Adjusted EBITDA results in light of the challenging conditions that continue to exist in the housing market today,” says Gary E. Robinette, president and chief executive officer.
“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 marketplace in all business units, which will ensure that Ply Gem emerges stronger as the housing market recovers,” he adds.