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"Thanks to the continuing efforts of our employees, I am pleased to report a second straight quarter of improving performance. We generated net income of
Our financial highlights for the second quarter ended
Our financial highlights for the six months ended
Commenting on the second quarter and six months ended,
Conference Call
As previously announced, PGT will hold a conference call
The webcast will also be available through the Investor Relations section of the
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 1,000 at its manufacturing, glass laminating and tempering plants in
The
Forward-Looking Statements
From time to time, we have made or will make forward-looking statements within the meaning of Section 21E of the Exchange Act. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as "goal", "objective", "plan", "expect", "anticipate", "intend", "project", "believe", "estimate", "may", "could", or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, results, circumstances or aspirations. Our disclosures in this report contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in our other documents filed or furnished with the
Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances. Before making any investment decision, you should carefully consider all risks and uncertainties disclosed in all our
Use of Non-GAAP Financial Measures
This Press Release and the financial schedules include financial measures and terms not calculated in accordance with generally accepted accounting principles in
Adjusted net income (loss) consists of GAAP net income (loss) adjusted for the items included in the accompanying reconciliation. Adjusted net income (loss) per share consists of GAAP net income (loss) per share adjusted for the items included in the accompanying reconciliation. We believe these measures enable investors and analysts to more thoroughly evaluate our current performance as compared to the past performance and provide a better baseline for assessing the company's future earnings potential. However, these measures do not provide a complete picture of our operations. Therefore, net income (loss) and net income (loss) per share, on a GAAP basis, may need to be considered to get a comprehensive view of our results.
EBITDA consists of GAAP net income (loss) adjusted for the items included on the accompanying reconciliation. Adjusted EBITDA consists of EBITDA adjusted for the items included in the accompanying reconciliation. We believe that EBITDA and adjusted EBITDA provide useful information to investors and analysts about the company's performance because they eliminate the effects of period to period changes in taxes, costs associated with capital investments and interest expense. EBITDA and adjusted EBITDA do not give effect to the cash the company must use to service its debt or pay its income taxes and thus do not reflect the funds generated from operations or actually available for capital investments.
Our calculations of adjusted net income (loss), adjusted net income (loss) per share, EBITDA and adjusted EBITDA are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP measures. Schedules that reconcile adjusted net income (loss), adjusted net income (loss) per share, EBITDA and adjusted EBITDA to GAAP net income (loss) are included in the financial schedules accompanying this release.
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (unaudited - in thousands, except per share amounts) | ||||
| Three Months Ended | Six Months Ended | |||
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| 2012 | 2011 | 2012 | 2011 | |
| Net sales | $ 46,486 | $ 45,171 | $ 84,586 | $ 85,816 |
| Cost of sales | 30,005 | 36,195 | 56,170 | 68,582 |
| Gross margin | 16,481 | 8,976 | 28,416 | 17,234 |
| Selling, general and administrative expenses | 11,906 | 12,502 | 23,613 | 25,468 |
| Income (loss) from operations | 4,575 | (3,526) | 4,803 | (8,234) |
| Interest expense | 939 | 1,050 | 1,797 | 2,173 |
| Other expense (income) | (122) | 461 | (100) | 419 |
| Income (loss) before income taxes | 3,758 | (5,037) | 3,106 | (10,826) |
| Income tax expense | 68 | -- | 68 | -- |
| Net income (loss) | $ 3,690 | $ (5,037) | $ 3,038 | $ (10,826) |
| Basic net income (loss) per common share | $ 0.07 | $ (0.09) | $ 0.06 | $ (0.20) |
| Diluted net income (loss) per common share | $ 0.07 | $ (0.09) | $ 0.06 | $ (0.20) |
| Weighted average common shares outstanding: | ||||
| Basic | 53,670 | 53,659 | 53,667 | 53,658 |
| Diluted | 54,574 | 53,659 | 54,069 | 53,658 |
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| CONDENSED CONSOLIDATED BALANCE SHEETS | |||
| (in thousands) | |||
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| 2012 | 2011 | ||
| ASSETS | (unaudited) | ||
| Current assets: | |||
| Cash and cash equivalents | $ 15,699 | $ 10,940 | |
| Accounts receivable, net | 17,099 | 13,830 | |
| Inventories | 11,886 | 11,602 | |
| Prepaid expenses | 1,053 | 871 | |
| Asset held for resale | 5,259 | -- | |
| Other current assets | 3,251 | 2,871 | |
| Total current assets | 54,247 | 40,114 | |
| Property, plant and equipment, net | 42,704 | 48,606 | |
| Other intangible assets, net | 48,578 | 51,830 | |
| Other assets, net | 1,722 | 2,285 | |
| Total assets | $ 147,251 | $ 142,835 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Accounts payable and accrued expenses | $ 15,943 | $ 12,706 | |
| Current portion of long-term debt and capital lease obligations | -- | 50 | |
| Total current liabilities | 15,943 | 12,756 | |
| Long-term debt and capital lease obligations | 43,500 | 45,500 | |
| Deferred income taxes | 15,041 | 15,041 | |
| Other liabilities | 1,752 | 2,176 | |
| Total liabilities | 76,236 | 75,473 | |
| Total shareholders' equity | 71,015 | 67,362 | |
| Total liabilities and shareholders' equity | $ 147,251 | $ 142,835 | |
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| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR GAAP EQUIVALENTS | ||||
| (unaudited - in thousands, except per share amounts) | ||||
| Three Months Ended | Six Months Ended | |||
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| 2012 | 2011 | 2012 | 2011 | |
| Reconciliation to Adjusted Net Income/(Loss) and Adjusted Net Income/(Loss per share) (1): | ||||
| Net income/(loss) | $ 3,690 | $ (5,037) | $ 3,038 | $ (10,826) |
| Reconciling item: | ||||
| Consolidation (2) | -- | 1,367 | -- | 3,998 |
| Manufacturing inefficiencies (3) | -- | 3,371 | -- | 3,371 |
| Write off deferred financing costs (4) | -- | 420 | -- | 420 |
| Tax effect of reconciling items | -- | -- | -- | -- |
| Adjusted net income/(loss) | $ 3,690 | $ 121 | $ 3,038 | $ (3,037) |
| Weighted average shares outstanding: | ||||
| Basic | 53,670 | 53,659 | 53,667 | 53,658 |
| Diluted (5) | 54,574 | 53,659 | 54,069 | 53,658 |
| Adjusted net income/(loss) per share - basic | $ 0.07 | $ 0.00 | $ 0.06 | $ (0.06) |
| Adjusted net income/(loss) per share - diluted | $ 0.07 | $ 0.00 | $ 0.06 | $ (0.06) |
| Reconciliation to EBITDA and Adjusted EBITDA: | ||||
| Net income/(loss) | $ 3,690 | $ (5,037) | $ 3,038 | $ (10,826) |
| Reconciling items: | ||||
| Depreciation and amortization expense | 3,091 | 3,477 | 6,227 | 7,025 |
| Interest expense | 939 | 1,050 | 1,797 | 2,173 |
| Income tax expense | 68 | -- | 68 | -- |
| EBITDA | 7,788 | (510) | 11,130 | (1,628) |
| Add: | ||||
| Consolidation (2) | -- | 1,367 | -- | 3,998 |
| Manufacturing inefficiencies (3) | -- | 3,371 | -- | 3,371 |
| Write off deferred financing costs (4) | -- | 420 | -- | 420 |
| Adjusted EBITDA | $ 7,788 | $ 4,648 | $ 11,130 | $ 6,161 |
| Adjusted EBITDA as percentage of net sales | 16.8% | 10.3% | 13.2% | 7.2% |
(1) The Company's non-GAAP financial measures were explained in its Form 8-K filed
(2) Represents charges related to consolidation actions taken in 2011. These charges relate primarily to employee separation costs and move related expenses. Of the
(3) 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 second quarter manufacturing results with normalized pre-consolidation quarter results. These charges are included in cost of goods sold for the three and six months ended
(4) Represents the write off of the remaining unamortized fees associated with our previous financing agreement. These charges are included in other expense for the three and six months ended
(5) Due to the actual net losses in the second quarter of 2011, and the first six months of 2011, the effect of equity compensation plans is anti-dilutive.
CONTACT:PGT, Inc. Jeff Jackson Executive Vice President and CFO 941-480-2714 jjackson@pgtindustries.com
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