Ply Gem reports Q1 net loss of US$70.9M compared with net earnings of US$54.1M a year ago, due to challenging housing market, 21% decrease in single family housing starts; net sales down 2.0% to US$200.1M year-over-year
CARY, North Carolina
May 16, 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 first quarter ended April 2, 2011. Our first quarter highlights included:
* Net sales were $200.1 million, a decrease of $4.1 million, or 2.0%, compared to the prior year first quarter of $204.2 million.
* Excluding $6.7 million of buyback expense associated with a significant new customer win, our first quarter operating loss was $7.6 million compared to a $3.7 million loss for the first quarter of 2010.
* Adjusted EBITDA was $6.5 million compared to Adjusted EBITDA of $12.1 million for the first quarter of 2010.
Gary E. Robinette, President and CEO, said “Ply Gem’s first quarter 2011 sales and Adjusted EBITDA continue to reflect the challenging conditions that exist in the housing market today. Despite single family housing starts being down 21% from the prior year, Ply Gem’s sales only showed a modest decline, reflecting a significant new customer win in the first quarter and further demonstrating our ability to gain profitable market share.”
Mr. Robinette continued, “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 market place in all business units, which will ensure that Ply Gem emerges stronger as the housing market recovers.”
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 4,200 people across North America. Visit www.plygem.com for more information.
Industry Intelligence Editor’s Note: In an omitted table, the company reported Q1 2011 net loss of US$70.9 million. During the same period a year ago, the company reported net earnings of US$54.1 million.
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