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"During 2011, we completed our consolidation in the midst of a market mired in high unemployment, depressed housing prices, and economic uncertainty. Housing starts did improve 22% over the fourth quarter of 2010, but remain well below historical averages. Although the housing starts increase is a positive sign, the other factors mentioned suggest growth will be slow in the near future," said
Conference Call
As previously announced, PGT will hold a conference call
About PGT
PGT(R) pioneered the U.S. impact-resistant window and door industry and today is the nation's leading manufacturer and supplier of residential impact-resistant windows and doors. Founded in 1980, the company employs approximately 1,100 at its manufacturing, glass laminating and tempering plants in Florida. Utilizing the latest designs and technology, PGT products are ideal for new construction and replacement projects serving the residential, commercial, high-rise and institutional markets. PGT's product line includes a variety of aluminum and vinyl windows and doors. Product brands include WinGuard (R); SpectraGuard (TM); PremierVue (TM); PGT Architectural Systems; and Eze-Breeze (R).
The
Forward-Looking Statements
Statements in this news release and the schedules hereto which are not purely historical facts or which necessarily depend upon future events, including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (in thousands, except per share amounts) | ||||
| Three Months Ended | Year Ended | |||
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| 2011 | 2011 | 2011 | 2011 | |
| (unaudited) | (unaudited) | |||
| Net sales | $ 35,709 | $ 39,041 | $ 167,276 | $ 175,741 |
| Cost of sales | 26,753 | 29,893 | 128,171 | 125,615 |
| Gross margin | 8,956 | 9,148 | 39,105 | 50,126 |
| Impairment charges | 5,959 | 5,561 | 5,959 | 5,561 |
| Selling, general and administrative expenses | 11,627 | 14,643 | 48,619 | 53,879 |
| Loss from operations | (8,630) | (11,056) | (15,473) | (9,314) |
| Interest expense | 881 | 1,173 | 4,168 | 5,123 |
| Other income, net | (874) | -- | (419) | (19) |
| Loss before income taxes | (8,637) | (12,229) | (19,222) | (14,418) |
| Income tax (benefit) expense | (2,324) | -- | (2,324) | 77 |
| Net loss | $ (6,313) | $ (12,229) | $ (16,898) | $ (14,495) |
| Basic and diluted net loss per common share | $ (0.12) | $ (0.23) | $ (0.31) | $ (0.29) |
| Weighted average common shares outstanding: | ||||
| Basic and diluted | 53,659 | 53,654 | 53,659 | 50,174 |
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (in thousands) | ||
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| 2011 | 2011 | |
| ASSETS | (unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $ 10,940 | $ 22,012 |
| Accounts receivable, net | 13,830 | 13,687 |
| Inventories | 11,602 | 10,535 |
| Other current assets | 3,741 | 5,127 |
| Total current assets | 40,113 | 51,361 |
| Property, plant and equipment, net | 48,606 | 52,863 |
| Other intangible assets, net | 51,830 | 64,291 |
| Other assets, net | 2,286 | 604 |
| Total assets | $ 142,835 | $ 169,119 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $ 12,706 | $ 16,696 |
| Deferred income taxes | -- | 185 |
| Current portion of long-term debt and capital lease obligations | 50 | 245 |
| Total current liabilities | 12,756 | 17,126 |
| Long-term debt and capital lease obligations | 45,500 | 49,918 |
| Deferred income taxes | 15,041 | 17,130 |
| Other liabilities | 2,176 | 1,903 |
| Total liabilities | 75,473 | 86,077 |
| Total shareholders' equity | 67,362 | 83,042 |
| Total liabilities and shareholders' equity | $ 142,835 | $ 169,119 |
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| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR GAAP EQUIVALENTS | ||||||||
| (unaudited - in thousands, except per share amounts) | ||||||||
| Three Months Ended | Year Ended | |||||||
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| 2011 | 2011 | 2011 | 2011 | |||||
| Reconciliation to Adjusted net loss and Adjusted net loss per share (1): | ||||||||
| Net loss | $ (6,313) | $ (12,229) | $ (16,898) | $ (14,495) | ||||
| Reconciling item: | ||||||||
| Intangible impairment charges (2) | 5,959 | -- | 5,959 | -- | ||||
| Asset impairment charges (3) | -- | 5,561 | -- | 5,561 | ||||
| Consolidation charges (4) | -- | 2,053 | 4,106 | 2,053 | ||||
| Gain on equipment sales (5) | (875) | -- | (875) | -- | ||||
| Manufacturing inefficiencies (6) | -- | -- | 4,005 | -- | ||||
| Write off deferred financing costs (7) | -- | -- | 420 | -- | ||||
| Tax effect of reconciling items | (2,324) | -- | (2,324) | -- | ||||
| Adjusted net loss | $ (3,553) | $ (4,615) | $ (5,607) | $ (6,881) | ||||
| Weighted average shares outstanding: | ||||||||
| Diluted (8) | 53,659 | 53,654 | 53,659 | 50,174 | ||||
| Adjusted net loss per share - diluted | $ (0.07) | $ (0.09) | $ (0.10) | $ (0.14) | ||||
| Reconciliation to EBITDA and Adjusted EBITDA: | ||||||||
| Net loss | $ (6,313) | $ (12,229) | $ (16,898) | $ (14,495) | ||||
| Reconciling items: | ||||||||
| Depreciation and amortization expense | 3,303 | 3,670 | 14,091 | 15,208 | ||||
| Interest expense | 881 | 1,173 | 4,168 | 5,123 | ||||
| Income tax (benefit) expense | (2,324) | -- | (2,324) | 77 | ||||
| EBITDA | (4,453) | (7,386) | (963) | 5,913 | ||||
| Intangible impairment charges (2) | 5,959 | -- | 5,959 | -- | ||||
| Asset impairment charges (3) | -- | 5,561 | -- | 5,561 | ||||
| Consolidation charge (4) | -- | 2,053 | 4,106 | 2,053 | ||||
| Gain on Equipment Sales (5) | (875) | -- | (875) | -- | ||||
| Manufacturing inefficiencies(6) | -- | -- | 4,005 | -- | ||||
| Write off deferred financing costs (7) | -- | -- | 420 | -- | ||||
| Adjusted EBITDA | $ 631 | $ 228 | $ 12,652 | $ 13,527 | ||||
| Adjusted EBITDA as percentage of net sales | 1.8% | 0.6% | 7.6% | 7.7% | ||||
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(1) The Company's non-GAAP financial measures were explained in its Form 8-K filed |
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(2) The Company completed its annual impairment tests in the fourth quarter of 2011, which resulted in additional impairment charges totaling |
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| (3) Represents the write-down of the value of certain fixed assets of the Company. | ||||||||
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(4) Represents charges and credits related to consolidation actions taken in 2010 and 2011. These charges relate primarily to employee separation costs and move related expenses. Of the |
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(5) Represents gains related to the sale of equipment previously used in |
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(6) Represents temporary excess labor and scrap expense incurred as a result of the consolidation actions taken in 2011. The amounts were determined by comparing the manufacturing results with normalized pre-consolidation results. These charges are included in cost of goods sold for the year ended |
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(7) Represents the write off of the remaining unamortized fees associated with our previous financing agreement. These charges are included in other expense for the year ended |
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| (8) Due to the net losses in the fourth quarters and fiscal years 2011 and 2010, the effect of equity compensation plans for these periods is anti-dilutive. | ||||||||
CONTACT:PGT, Inc. Jeffrey T. Jackson Executive Vice President and CFO 941-480-2714 jjackson@pgtindustries.com
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