8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) May 18, 2006

PLY GEM HOLDINGS, INC.

(Exact Name of Registrant as Specified in Its Charter)

DELAWARE

(State or Other Jurisdictionof Incorporation)

333-114041	20-0645710
(Commission File Number)	(IRS Employer Identification No.)

185 PLATT CLAY WAY
KEARNEY, MISSOURI	64060
(Address of Principal Executive Offices)	(Zip Code)

(800) 800-2244

(Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

FORWARD-LOOKING INFORMATION

Certain statements made in this Form 8-K, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K.

Item 7.01                 REGULATION FD DISCLOSURE

On May 18, 2006, Ply Gem Holdings, Inc. (“Ply Gem”) presented a review of the Ply Gem business, including, but not limited to, an overview of the company, recent highlights, industry fundamentals, business profile, operations, strategy, investment highlights, and a review of pro forma financial results. The presentation is included in the attached exhibit.

Item 9.01                 EXHIBITS

(a)	Financial statements of businesses acquired.
	Not applicable
(b)	Pro forma financial information.
	Not applicable
(c)	Exhibits

Exhibit	Description
99.1	Ply Gem Industries, Inc. Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 18, 2006

PLY GEM INDUSTRIES, INC.
By:		/s/ Shawn K. Poe
	Name:	Shawn K. Poe
	Title:	Vice President, Chief Financial Officer, Treasurer and Secretary

EX-99.1

               Ply Gem Overview

Ply Gem Overview

*A Leading Manufacturer

·   Windows & Patio door

·   Vinyl Siding

·   Fence, Railing & Decking

*LTM 1 Q 06

·   Net Sales $883.4 million, w/o Alenco $869.6 million

·   Adjusted EBITDA $121.4 million, w/o Alenco $119.9 million

Disciplined approach in applying management processes & principles

What Sets Ply Gem Apart?

I.   Ability to navigate a changing market place

·   Expect the unexpected

·   Contingency planning

·   Maintain flexibility

-   Low overhead

-   Low cost production

·   Constantly search for new ways to improve costs

·   Recognize top line growth is important, but be smart

Bottom line growth must be consistent

·   Watch for opportunities and seize them at the “Right” moment

What Sets Ply Gem Apart? (continued)

II.   Ability to manage the cost/pricing equation

·   When justified pursue price

·   Strategic sourcing

·   Constantly pursuing material efficiency and cost improvement

·   Use of alternative materials

·   Leverage our business proposition to our customers

*   Exceptional service

*   Product diversity

*   Sales team

*   Marketing

*   VMI

What Sets Ply Gem Apart? (continued)

III.   Proactive approach

·   Strategic planning

*   Understand our strategic approach and relentlessly pursue it

*   Set specific measurable stretch goals

*   Stick to our core competencies

·   Ensure we have the right people

·   Understand who our customer is & their market

·   Relentlessly pursue excellence

·   Take advantage of change versus becoming the victim of change

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Strategic Plan

Goals

¨

Provide exceptional customer service/quality/business proposition

¨

Offer a product portfolio that meets and exceeds the needs and expectations of Ply Gem’s existing and potential customers

¨

Maintain low cost production and overhead position

¨

Adhere to a disciplined price management strategy  

¨

Strategic product and brand management

¨

Expand and build on the strategic customer base, comprised of the “winners” in their respective markets, and have potential to grow in excess of the industry 

¨

Offer national service platform to support growing national companies

¨

Create and benefit from industry consolidation

¨

Leverage business portfolio to capture synergistic opportunities on both the cost and
sales sides

¨

Continue integrating business strategies

¨

Attaining #1 or #2 market-leading positions in each market  

¨

Creating a company with ongoing growth potential that outperforms the industry

¨

Enhancing profitability and quality of earning strength resulting in significant free cash flow generation  

¨

Creating maximum value for the investors and shareholders

Ply Gem’s Strategic Focus

Recent Highlights

I.   Strong 1 Q 06

·   Record net sales $216.3 million, up 26.0% w/o Alenco $202.4 million, up 17.9%.

Siding units up 22.2%, Window units up 5.6%.

·   Record adjusted EBITDA $21.5 million, up 42.4% w/o Alenco $20.0 million, up 32.5%

II.   Top line growth

·   Share gains from new customers, larger positions with current customers and new locations with current customers

·   Customers who appear to be growing faster than the market

·   Appropriate/competitive price increases

III.   Offsetting material and freight cost

·   Overall, material and freight covered 100%

·   PVC, greater than 100%

·   Aluminum products, still catch up to do

·   Timely and successful price increases

·   Strategic sourcing

IV.   Executing on Ply Gem/MW Synergies

•   Cost Side

*   Vinyl lineal production, PVC compound, insurance, etc.

•   Sales Side

*   84 Lumber, Builder Program

V.   New Capital Projects

•   MW Blend Tower

•   CWD Glass Machine

VI.   Maintain a low overhead Structure

Recent Highlights (continued)

Long-term fundamentals for new home construction remain strong…

New Construction Market

¨   Witnessed strong demand in 2005

¨   Market is expected to decline approximately

5% in 2006, but demand should remain

strong relative to historical levels

¨   New household growth in entry-level

market has demonstrated strong funda-

mentals

-   Nearly 12 million new households

expected by 2010

-   Home ownership rate projected to

continue to increase to over 70% by

2010 from 69% today

Home Ownership

Repair and Remodeling Market

¨   Market should be roughly flat with 2005

¨   Fundamentals indicate that R&R should show stable growth

-   Only four down years over the past 40 years

-   Steady rise in home sales and home ownership levels have resulted in increased investment in homes

-   Existing housing stock of 120 million homes continues to age with 70% of housing units built before 1980, driving repair & remodeling spending

Median Age of U.S. Housing Stock

…despite a slowdown in 2005, the repair & remodeling end market is positioned for continued growth

Housing Market Outlook

Ply Gem’s New Construction

Window Business

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2004 Housing Starts Per 1,000

9.2 to 16.8    

6.3 to 9.1    

3.9 to 6.2

0.4 to 3.8

+13,428

US 2005-2010

Population Growth (000s)

+1,874

Texas 2005-2010

Population Growth (000s)

+663

Georgia 2005-2010

Population Growth (000s)

+769

Arizona 2005-2010

Population Growth (000s)

Source: U.S. Census Bureau, U.S. Department of Commerce and UBS High Yield Research

Favorable Domestic Population Trends

Top Ten Housing Markets by Building Permits

Top Ten States with Largest Change in

Population from 2000-2004

Florida

California

Texas

Georgia

N. Carolina

Arizona

Illinois

Virginia

Michigan

Ohio

Source: U.S. Census Bureau, U.S. Department of Commerce and UBS High Yield Research

Southeast, South and Southwest Remain Strong

Building Permits Issued in 2004 by State

Rank	State	Permits	% of Total
1	Florida	177,648	11.4
2	California	150,437	9.7
3	Texas	142,488	9.1
4	Georgia	84,591	5.4
5	Arizona	76,651	4.9
6	N. Carolina	76,093	4.9
7	Virginia	48,195	3.1
8	Illinois	45,670	2.9
9	Michigan	44,186	2.8
10	Ohio	40,862	2.6
	Top Ten	886,821	56.0
	All Other	672,025	43.1
	Total	1,558,846

Top Domestic Housing Markets

Building Permits Issued in 2004 by City

Rank	Location	Permits	% of Total
1	Atlanta	74,007	3.6
2	Phoenix	65,259	3.2
3	New York	56,873	2.7
4	Dallas	56,388	2.7
5	Houston	56,036	2.7
6	Chicago	47,541	2.3
7	Miami	46,084	2.2
8	Washington, DC	38,024	1.8
9	Las Vegas	36,395	1.8
10	Los Angeles	35,785	1.7
11	Orlando	33,992	1.6
12	Tampa	29,557	1.4
13	Minneapolis	27,714	1.3
14	Seattle	24,486	1.2
15	Sacramento	21,999	1.1
16	Denver	21,836	1.1
17	Detroit	21,808	1.1
18	Charlotte	21,551	1.0
19	Philadelphia	21,010	1.0
20	Cape Coral	20,395	1.0
	Total	756,740	36.6
	All Other	1,313,337	63.4
	Total	2,070,077

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¨

Vinyl continues to take share in new construction

¨

Aluminum continues to hold share in Florida, Texas  and Southwest

¨

Wood remains in demand

Channel

Builder

Competitive Forces

Regulatory

Materials

¨

Impact codes

¨

Energy codes

¨

Installation instruction requirements

¨

National production builders continue to gain share at the expense of smaller regional production builders

–

The Top 10 are driving gains

¨

Production builders anticipated to control ~50% of total starts

¨

Semi-custom/custom builders still viable in smaller MSA’s and higher-end markets

¨

The window and door market is still extremely fragmented (consolidation, vertical integration and forward integration are accelerating)

Increasingly important to have a national footprint to service fastest growing channels and end users

–

¨

Lumberyard still dominant in builder and pro remodeler markets

–

The big get bigger (Strober, Stock, 84 Lumber and Builders FirstSource)

¨

Expansion of national programs with large builders

Window Industry Demand Trends

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National Production Builders

2008 Market Polarization

Source: Hanley Wood, 2005

19.0

18.9

20.2

20.3

20.7

13.0

13.1

12.8

13.7

15.9

0

5

10

15

20

25

30

35

40

2000

2001

2002

2003

2004

Top 10

Rest of 100

32

32

33

34

37

Large production builders continue to take share

National

Production

Builder 

Regional

Production Builder 

Dominates larger MSA’s

Growing share across markets
(Starter, Move Up, Empty Nest, Luxury)

Viable in second

tier MSA’s

Small

Regional Builder

Viable in

smaller or

rural markets;
Supplements with
remodeling work

Competes on reputation and
partners with
architects

Custom

Builder

National Production Builders

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Strober/Contractor Yard

Builders First Source

84 Lumber

Stock Lumber

Large Lumberyard Chains - Expanding

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Strong eastern presence supported lumberyard growth

Region I

MW Footprint

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Gross Sales

MW continues to achieve customer conversions in the lumberyard channel

MW Sales by Channel

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MW Brands

Top 10 Builders	Brand	Channel
D.R. Horton	MW	Stock
Pulte	Patriot	Builders FirstSource
Lennar	Patriot	Norandex
Centex	MW	The Contractor Yard
KB Home	NA	NA
Beazer	MW	Builders FirstSource
Hovnanian	Patriot	Direct
Ryland	Patriot	Builders FirstSource
M.D.C. Holdings	NA	NA
NVR	Patriot	Direct

Patriot Brand

MW currently supports top production builders

Production Builder Business

¨

Consolidating vendors over next few years

¨

Stock felt that MW was correct in its focus

¨

Should leverage MW brand, similar to Jeld-Wen

¨

MW will have competitive advantage due to its product offering

¨

Very interested in MW growth model

¨

84 Lumber plans to consolidate window supplier (much like Stock)

¨

Very interested in an aluminum product for Florida

¨

Eager to assist MW with growth strategy

¨

No formal plans for vendor consolidation

¨

Very interested in MW’s support of Florida

¨

Very interested in MW’s Opening Price Point (“OPP”) product

¨

Consolidating with Lanoga

¨

Strober merging with Lanoga to form Pro-Build Holdings

¨

Interested in our growth strategy

Customer Commentary

A National Footprint Provides a Competitive Advantage

2000–2004 Average Yearly Single Family Building

Permits Issued

Number of Top Builders by Market

Key Customer Migration

MW Key Competitor’s Locations

C
T

Investigate National Footprint

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MW is focused on expanding into five additional regions that represent growing markets

with favorable long-term demographic trends

CA

OR

WA

MT

ID

NV

UT

CO

AZ

NM

TX

OK

WY

TN

KY

KS

NE

SD

ND

MN

IA

MO

AR

OH

IN

IL

WI

MI

FL

LA

GA

SC

NC

MS

AL

ME

VA

PA

NY

VT

NH

WV

CT

MA

DE

MD

RI

NJ

Mexico

British

Columbia

Alberta

Saskatchewan

Manitoba

Ontario

Québec

DC

Region

1

2

3

4

5

6

Proposed National Footprint and Priorities

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Alenco is a leading manufacturer of windows and doors serving the new construction end market

2005E Sales by Material

2005E Sales by Product

¨

Founded in 1948, Alenco has established 40+ years of heritage

¨

Operates in the fast-growing Southern US market

¨

Distribution channel focused on fastest growing customers:

–

National builders

–

Large regional builders

¨

Experienced management team with a strong track record of success in this segment

Alenco Overview

Alenco expands Ply Gem platform: product, geography

Bryan, Texas

Window Assembly Plant

Aluminum Extrusion Facility

Storage Facility

 250,000

75,000

60,000

Facilities

Sq. Feet

Dallas, Texas

Window Distribution Facility

Replacement Window Facility

           52,000

32,000

Facilities

Sq. Feet

Peachtree City, Georgia

Window Assembly Plant

Vinyl Extrusion Facility

150,000

40,000

Facilities

Sq. Feet

Phoenix, Arizona

Window Assembly Plant

150,000

Facilities

Sq. Feet

¨

Alenco Produces both aluminum and vinyl windows to accommodate varying regional construction requirements

–

Alenco’s products accommodate regional construction differences yet minimize the impact on manufacturing

–

Alenco’s product platform approach minimizes manufacturing complexity and increases the number of options offered

–

Alenco’s lean manufacturing approach to product engineering allows Alenco to stay connected with the market and quickly adapt to changing conditions

¨

Current locations capable of servicing the 9 fastest-growing states, based on population

–

Alenco has significant share in Arizona, Texas and Georgia, which represent 3 of the nation’s top 5

markets

Alenco’s Role

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Alenco expands Ply Gem customer base

¨

Alenco’s core customer is specialty building products distributors

¨

Alenco is focused on teaming up with customers who are expanding their national footprint and rapidly consolidating the industry

Alenco's Role

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¨

Constant focus on short lead times helps promote simplicity

Simplicity supports fewer errors, decreasing cost and increasing customer satisfaction

–

¨

Lean management structure promotes direct interaction with customers and a keen awareness of changes in the market

¨

Linear/Connected Manufacturing Process increases a supervisor’s span of control and creates a better working environment for employees

¨

Alenco’s aluminum extrusion operations provide improved responsiveness, consistent lead times and increased profit margins

¨

Alenco’s information systems support the business by providing quick and concise information

Alenco compliments Ply Gems culture

Alenco’s Role

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Alenco provides immediate coverage and product offering

CA

OR

WA

MT

ID

NV

UT

CO

AZ

NM

TX

OK

WY

TN

KY

KS

NE

SD

ND

MN

IA

MO

AR

OH

IN

IL

WI

MI

FL

LA

GA

SC

NC

MS

AL

ME

VA

PA

NY

VT

NH

WV

CT

MA

DE

MD

RI

NJ

Mexico

British

Columbia

Alberta

Saskatchewan

Manitoba

Ontario

Québec

DC

Region

1

2

3

4

5

6

MW Facility Footprint

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Debatably, industry’s most complete product offering

Vinyl continues to grow at above market rates

Source: Freedonia

Competitive Position

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Alenco

Lineal

Vertically Integrated, Low-Cost Producer

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Strong brand equity within the trade

Strong partner relationships with industry leaders

Vertically integrated,  flexible, low-cost producer

Emerging national footprint

Complete product offering

Industry leading service

Positioned for Continued Growth

Siding Business Overview

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Variform Overview

►Variform is a leading manufacturer of vinyl siding and aluminum accessories serving both the new construction and remodeling markets.

The company maintains the #2 market position in the U.S. vinyl siding industry and #1 positions in the manufactured housing, retail home center and lumberyard channels.

Sales by Product Category

Sales by End Market

Sales by Distribution Channel

Aluminum

Accessories

20%

Remodeling

37%

New

Construction
63%

Wholesale

1-Step
 43%

Manufactured

Housing

13%

Home

Centers
23%

Lumberyards

21%

Vinyl Siding &

Accessories

80%

* Based on 2005 Revenue

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The U.S. siding market is estimated at $8.5 billion, with vinyl siding representing a 45% share of total residential volume.

Market Share Trends by Siding Product Type

Vinyl and fiber cement increasing marketshare at the expense of wood

Source:  Freedonia 2004

’93  ’03  ’08

’93  ’03  ’08

’93  ’03  ’08

’93  ’03  ’08

’93  ’03  ’08

’93  ’03  ’08

Vinyl

Metal & Misc

Wood

Stucco

Brick

Fiber Cement

U.S.  Siding Industry

Stucco

21%

Wood

14%

Fiber

Cement 13%

Other

1%

Vinyl

30%

Brick

21%

Residential New Construction Market

Residential Repair/Remodel Market

Wood

19%

Vinyl

63%

Fiber

Cement
10%

Stucco 4%

Other 3%

Brick 1%

Manufactured Housing Market

Wood

26%

Vinyl

59%

Fiber

Cement
11%

Other

4%

Key Vinyl Siding Advantages

►

 Low installed Cost

►

 Minimal maintenance

►

 High level of durability

►

 Resistance to rot, mildew and insects

►

 Ease of installation

*Source:  Freedonia 2004

U.S. Residential Siding Market -

Segment Share by Product Type

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►

Variform has continued to gain marketshare, from 11% in 1999 to 15% in 2006 

►

Growth has come from Lowes, 84 Lumber, Wholesale 1-step distributors and manufactured housing OEM's. 

Variform Market Position by Segment

 Channel                          Variform Position

 Lumberyards                             #1                                High penetration of independent lumberyards, converted

                                                                                       100% of 84 Lumber business from Owens Corning (Q-1, 2006).

 Home Centers                            #1                                Exclusive supplier to Lowes, #3 position at Home Depot

 Manufactured Housing               #1                               70% marketshare, exclusive supplier to Clayton Homes,

                                                                                       converted Southern Energy (2006).

 Wholesale 1-Step                       #4                               Increasing marketshare via new strategic customers Masco,

                                                                                       Lyf-Tym and Marsh

Certainteed

21%

Heartland 4%

Variform/

Napco

15%

14%

Owens Corning

Crane 6%

Royal 6%

Kaycan 7%

Alside 11%

Alcoa 13%

Other 3%

*Source:  Pure Strategy, Management Estimates

U.S. Vinyl Siding Marketshares

Variform is #2 and Increasing Marketshare

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►

Low cost producer of high quality products

§

 Labor productivity among highest in the industry

§

 Strategic sourcing yielding advantageous vinyl raw material pricing

§

 Utilization of low cost alternate raw materials

§

 Warranty claims rate of 0.37% versus industry median of 1.0%

§

 SG&A expense less than 8% of sales

►

Broad offering of vinyl and aluminum products

§

Vinyl/aluminum bundle better serves the needs of distribution partners versus focused competitors

►

Excellent customer service

§

Exclusive Vendor Managed Inventory program increases customer inventory turns and fill rates

§

 Combined Napco brand vinyl/metal shipments increases customer inventory turns

§

 Excellent lead times (5-7 days) and fill rates (98.5%)

►

Exclusive supplier to industry leading distributor BlueLinx, #2 home center chain Lowes and #1 manufactured housing builder Clayton Homes. Primary supplier to #3 Lumberyard chain 84 Lumber.

►

Strong earnings and cash generation

Low Cost

&

High Qualiy 

Broad

Product
Offering

Value

Added
Services

Partnered

with Industry
Leaders

Strength

Financial

Variform Competitive Advantages

Ø Low cost production

Ø  High service levels

Ø  High product quality

Ø  Safe plants

Ø  Virtual plant platform

Vinyl

Metal

¨   Valencia, PA

¨   175,000 sq. ft.

¨   USW

¨   Kearney, MO

¨   175,000 sq. ft.

¨   Non

¨   Jasper, TN

¨   270,000 sq. ft.

¨   Non

Location:

Square Feet:

Union Status

¨   Martinsburg, WV

¨   163,000 sq. ft.

¨   Non

Continued investment and commitment to low cost production, high service levels and quality have enabled Variform to secure competitive advantages.

Valencia, PA

Kearney, MO

Jasper, TN

Martinsburg, WV

Low Cost and Flexible Production Facilities

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Differentiated product lines using multiple brands allows Variform to sell all segments of

the market while minimizing channel conflict.

Vinyl Siding Product Lines

Product lines highlighted in blue have been introduced since 2000.

Specialty	Nostalgia Series® Shakes	Cedar Select® Shakes	Rough Sawn Cedar™
	Nostalgia Series® Scallops	Cedar Select® Scallops	New World Scallops™
	CSL 600	--	--
	Victoria Harbor®	American ’76 Collection®	Somerset™
	--	--	Chatham Ridge®
Premium	Timber Oak®	American Splendor® XL	Cedar Lane®
	Varigrain Preferred®	American Splendor®	--
Standard	Camden Pointe®	--	--
	Nottingham	American Herald®	Heritage Hill™
	Ashton Heights	American Tradition™	Forest Ridge®
	--	--	Shadow Ridge®
	--	--	Castle Ridge®
Economy	Contractor’s Choice®	American Comfort®	Vision Pro®
	--	Providence®	--
Manufactured Housing	--	--	Parkside™
	--	--	Oakside®
	--	--	Parkridge®

Category

Targeted Multi-channel Distribution Strategy

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►

 Largest building products distributor in

the U.S.

►

 National distribution/logistics capability

►

 Bundling capability via broad offering of

building products

►

 Leading market position in retail

homecenters, lumberyards and
manufactured housing channels

►

 Unmatched product line breadth

►

 Low cost producer

►

 Customized vendor managed inventory

program ensures high inventory turns
and fill rates

►

 BlueLinx dedicated sales organization,

with direct contact to BlueLinx customers

►

 Flexible manufacturing capability

provides BlueLinx with certainty of supply

Exclusive supplier of vinyl siding to BlueLinx since 1988.  The relationship is complimentary and deeply entrenched, supported by a number of factors.

Variform Strengths

BlueLinx Strengths

Exclusive Supplier to BlueLinx

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1.Accelerate growth in wholesale 1-step channel

► Leverage vinyl/metal package

► Leverage dual brand offering to provide MSA exclusivity

► Pull-through focus on top 100 builders

2.Increase penetration of top 100 home builders

► Dedicated National Builder Sales Manager position

► Preferred supplier to Masco Contractor Services

► Preferred supplier to BRI, Inc.

3.Leverage 100% position with Lowes

► 100+ new store openings per year

► Installed Sales Program in 700 stores

4.Leverage primary supplier position with 84 Lumber

► 50 new store openings per year

► Builder pull-through activity

5.Grow share of remodeling segment

► New products:    • CSL 600 Foam Backed Siding

 • Timber Oak Ascent

Strategic Growth Initiatives

Shawn Poe,  Ply Gem Industries, Inc.

Pro Forma Financial Results

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Net Sales

Adjusted EBITDA

Adjusted EBITDA - CapEx

Capital Expenditures

Historical Combined Pro Forma Financial Information

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On a pro forma basis, Ply Gem has generated

Significant unlevered free cash flow

Pro Forma Historical Free Cash Flow

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Sales Synergies Across

Businesses

World Class Manufacturing

Practices

Proven Management

Team

Significant Synergies and

Cost Savings

Substantial, Sustainable

Free Cash Flow

Strong Product Portfolio of Highly Regarded Brand
Names Across All Price
Points

Strong  Financial Sponsor

Support

Long-Standing and Diversified Customer Relationships

Key Attributes

Questions & Answers

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Computation of Non-GAAP Financial Information

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Pro forma net sales

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Adjusted pro forma EBITDA

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Pro forma capital expenditures (CAPEX)

¨

Pro forma EBITDA less CAPEX

¨

Pro forma unlevered free cash flow

Supplemental Information

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          Computation of Pro Forma Net Sales

Supplemental Information

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Computation of Adjusted Pro Forma EBITDA

Supplemental Information

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Computation of Pro Forma Capital Expenditures (CAPEX)

Supplemental Information

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Computation of Adjusted Pro forma EBITDA - CAPEX

Supplemental Information

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Computation of Pro forma Unlevered Free Cash Flow

Supplemental Information