Ply Gem posts Q4 loss of US$19.6M, versus US$17.6M loss a year ago; for 2010, the company earned US$27.7M, compared with a loss of US$76.8M in 2009
CARY, North Carolina
March 21, 2011
– Ply Gem Holdings, Inc. (“Ply Gem” or the “Company”), a leading manufacturer of residential exterior building products in North America, today announced financial results for the fourth quarter and full year ended December 31, 2010.
“Ply Gem’s fourth quarter and full year results continue to reflect the challenging conditions that exist in the housing market today. Despite these challenging market conditions, Ply Gem’s operating performance improved in 2010 with demonstrated sales growth, improved operating earnings and increased Adjusted EBITDA,” said Gary E. Robinette, President and CEO of Ply Gem.
“In addition to Ply Gem’s improved operating performance in 2010, I am pleased to report that during the first quarter of 2011, Ply Gem successfully completed a refinancing of its 11.75% Senior Secured Notes as well as its asset-based revolving credit facility. The refinancing extended the maturity of our indebtedness with the new 8.25% Senior Secured Notes maturing in 2018 and with the new asset-based revolving credit facility maturing in 2016. As a result of these refinancing transactions, Ply Gem expects to realize annual cash interest savings of over $21.0 million, which will significantly improve our operating liquidity and further allow the business to reinvest for future growth,” concluded Mr. Robinette.
Highlights of Ply Gem’s 2010 financial results included:
* Net sales for 2010 were $995.9 million, higher than 2009 net sales of $951.4 million by $44.5 million, or 4.7%.
* Operating earnings for 2010 improved $16.7 million to $56.8 million compared to operating earnings of $40.1 million for 2009.
* Adjusted EBITDA increased in 2010 to $120.6 million compared to Adjusted EBITDA of $113.7 million in 2009.
Ply Gem, headquartered in Cary, N.C., is a leading manufacturer of residential exterior building products in North America. Ply Gem produces a comprehensive product line of vinyl siding, designer accents and skirting, vinyl and aluminum soffit and siding accessories, aluminum trim coil, vinyl and composite fencing and railing, stone veneer, vinyl windows and doors, wood windows, aluminum windows, vinyl and aluminum-clad windows and steel and fiberglass doors used in both new construction and home repair and remodeling in the United States and Western Canada. Ply Gem siding brands include Mastic® Home Exteriors, Variform®, NAPCO®, Ply Gem® Stone, Kroy®, Cellwood®, Georgia Pacific, DuraBuilt®, Richwood®, Leaf Relief®, Gutter Warrior™ and Monticello® Columns. Ply Gem windows and patio door brands include Ply Gem® Windows, Ply Gem® Canada and Great Lakes® Window. The Company's brands are sold through short-line and two-step distributors, pro dealers, home improvement dealers and big box retailers. Ply Gem employs more than 4,300 people across North America. Visit www.plygem.com for more information.
Industry Intelligence Editor's Note: In an omitted table, the company reported Q4 net loss of US$19.6 million versus a loss of US$17.6 million a year ago. For all of 2010, the company earned US$27.7 million, compared with a loss of US$76.8 million in 2009.
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