CURRENT REPORT
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Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (date of earliest event reported): May 5, 2011
PGT, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
000-52059 20-0634715
(Commission File Number) (IRS Employer Identification No.)
1070 Technology Drive, North Venice, Florida 34275
(Address of Principal Executive Offices, Including Zip Code)
(941) 480-1600
(Registrant's Telephone Number, Including Area Code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS
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(d)
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Exhibits
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Exhibit No.
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Description
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99
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Press release of PGT, Inc., dated May 5, 2011.
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§
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Net sales were $40.6 million, an increase of $0.1 million, or 0.3%, over prior year first quarter.
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§
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Adjusted gross margin of 25.8% decreased from the first quarter of 2010 gross margin of 27.9%.
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§
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Net loss was $5.8 million compared to a net loss of $2.1 million in the first quarter of 2010. Consolidation charges totaled $2.6 million in the first quarter of 2011.
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§
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Adjusted net loss per diluted share was $0.06 compared to a net loss per diluted share of $0.05 in the first quarter of 2010.
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§
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Adjusted EBITDA was $1.5 million compared to EBITDA of $3.4 million in the first quarter of 2010.
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PGT, INC. AND SUBSIDIARY
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(unaudited - in thousands, except per share amounts)
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Three Months Ended
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April 2,
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April 3,
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|||||||
2011
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2010
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Net sales
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$ | 40,644 | $ | 40,515 | ||||
Cost of sales
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32,319 | 29,193 | ||||||
Gross margin
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8,325 | 11,322 | ||||||
Selling, general and administrative expenses
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13,034 | 11,928 | ||||||
Loss from operations
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(4,709 | ) | (606 | ) | ||||
Interest expense
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1,122 | 1,474 | ||||||
Other income
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(42 | ) | (20 | ) | ||||
Loss before income taxes
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(5,789 | ) | (2,060 | ) | ||||
Income tax benefit
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- | - | ||||||
Net loss
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$ | (5,789 | ) | $ | (2,060 | ) | ||
Basic net loss per common share
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$ | (0.11 | ) | $ | (0.05 | ) | ||
Diluted net loss per common share
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$ | (0.11 | ) | $ | (0.05 | ) | ||
Weighted average common shares outstanding:
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Basic
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53,654 | 39,738 | ||||||
Diluted
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53,654 | 39,738 |
PGT, INC. AND SUBSIDIARY
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands)
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April 2,
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January 1,
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|||||||
2011
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2011
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ASSETS
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(unaudited)
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Current assets:
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Cash and cash equivalents
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$ | 15,492 | $ | 22,012 | ||||
Accounts receivable, net
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15,184 | 13,687 | ||||||
Inventories
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11,403 | 10,535 | ||||||
Prepaid expenses
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1,082 | 881 | ||||||
Other current assets
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4,468 | 4,246 | ||||||
Total current assets
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47,629 | 51,361 | ||||||
Property, plant and equipment, net
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51,683 | 52,863 | ||||||
Other intangible assets, net
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62,665 | 64,291 | ||||||
Other assets, net
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267 | 604 | ||||||
Total assets
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$ | 162,244 | $ | 169,119 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable and accrued expenses
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$ | 14,498 | $ | 16,696 | ||||
Deferred income taxes
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185 | 185 | ||||||
Current portion of long-term debt and capital lease obligations
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50,115 | 245 | ||||||
Total current liabilities
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64,798 | 17,126 | ||||||
Long-term debt and capital lease obligations
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20 | 49,918 | ||||||
Deferred income taxes
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17,130 | 17,130 | ||||||
Other liabilities
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2,291 | 1,903 | ||||||
Total liabilities
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84,239 | 86,077 | ||||||
Total shareholders' equity
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78,005 | 83,042 | ||||||
Total liabilities and shareholders' equity
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$ | 162,244 | $ | 169,119 |
PGT, INC. AND SUBSIDIARY
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR GAAP EQUIVALENTS
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(unaudited - in thousands, except per share amounts)
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Three Months Ended
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April 2,
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April 3,
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2011
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2010
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Reconciliation to Adjusted Net Loss and Adjusted Net Loss per share (1):
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Net loss
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$ | (5,789 | ) | $ | (2,060 | ) | ||
Reconciling item:
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Consolidation (2)
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2,632 | - | ||||||
Adjusted net loss
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$ | (3,157 | ) | $ | (2,060 | ) | ||
Weighted average shares outstanding:
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Diluted (3)
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53,654 | 39,738 | ||||||
Adjusted net loss per share - diluted
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$ | (0.06 | ) | $ | (0.05 | ) | ||
Reconciliation to EBITDA and Adjusted EBITDA:
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Net loss
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$ | (5,789 | ) | $ | (2,060 | ) | ||
Reconciling items:
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Depreciation and amortization expense
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3,549 | 3,965 | ||||||
Interest expense
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1,122 | 1,474 | ||||||
EBITDA
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(1,118 | ) | 3,379 | |||||
Add:
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Consolidation (2)
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2,632 | - | ||||||
Adjusted EBITDA
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$ | 1,514 | $ | 3,379 | ||||
Adjusted EBITDA as percentage of net sales
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3.7 | % | 8.3 | % | ||||
(1) The Company's non-GAAP financial measures were explained in its Form 8-K filed May 5, 2011.
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(2) Represents charges related to consolidation actions taken in the first quarter 2011. These charges relate primarily to employee separation costs and move related expenses. Of the consolidation charges taken in the first quarter of 2011, $2.1 million was recorded in costs of goods sold and $0.5 million was recorded in selling, general and administrative expenses.
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(3) Due to the net losses in the first quarters of 2011 and 2010 , the effect of equity compensation plans is anti-dilutive.
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