PGT Innovations, Inc. (NYSE: PGTI), a national leader in the
premium window and door category, today confirmed it is continuing
to manufacture and deliver its essential products and services,
while maintaining measures to protect the health, safety and
well-being of its communities and team members as a top
priority.
Continuing to Operate, with Safety as Top Priority
“The health and personal safety of our team members and their
families continues to be our greatest focus as we work together to
get through the global pandemic,” said Jeff Jackson, President and
Chief Executive Officer of PGT Innovations. “We expect to continue
delivering the high-quality products and service we’re known for
while making the well-being of our team members, customers and
communities a top priority. We continue to serve as an important
partner to both our customers and our suppliers as providers of
essential products and services, and we take that responsibility
very seriously.”
We have implemented new safeguards designed to ensure that our
facilities remain safe environments, and have enacted preventative
measures including the following:
- Following World Health Organization and U.S. Centers for
Disease Control and Prevention guidelines for personal health and
safety
- Increasing cleaning frequency and enhancing sanitization of all
facilities
- Adjusting production schedules and operations to promote social
distancing
- Restricting external visitor access to facilities
- Implementing work at home programs where possible
- Banning all air travel
- Offering our employees age 65 and over and other at-risk team
members the opportunity to not report to work, so that they may
shelter-in-place, with no adverse consequences to their employment
status
Enhancing Financial Flexibility
“To further bolster our solid balance sheet and liquidity, we
have taken several actions intended to preserve cash through cost
reduction and minimizing capital expenditures, while continuing to
produce the products needed by our customers,” said Sherri Baker,
Senior Vice President and Chief Financial Officer.
Selected highlights of the Company’s liquidity profile are as
follows:
- Current available liquidity of approximately $140 million,
including cash on hand of $64 million and undrawn revolver capacity
of $76 million
- No scheduled debt payments required until maturity of $64
million term loan due October 2022
- Delaying or canceling planned capital expenditures
- Eliminating discretionary spending, with a primary focus on
reducing selling, general and administrative expenses
- Assessing overall network capacity
- Optimizing net working capital
- Focusing on preserving cash
Withdrawing Full-Year 2020 Guidance
“Our preliminary results for the first quarter of 2020 show we
achieved double-digit sales growth that was in line with our
internal estimates,” said Baker. “However, the uncertain economic
environment related to the COVID-19 pandemic limits our ability to
forecast the remainder of the year, and therefore we are
withdrawing our full-year 2020 guidance. We expect to provide an
update when we report our results for the first quarter of
2020.”
Jeff Jackson added, “For forty years, PGT Innovations has
operated with a culture of caring for our team members, business
partners, and our communities, and we will continue to do so
throughout this challenging time. I want to thank our employees,
customers and suppliers for their support. Our management team is
continuing to proactively prepare for many possible scenarios in
the coming weeks and months to ensure we and our partners are well
positioned to thrive.”
“As the leader of impact-resistant windows and doors, our
products are considered essential to ensuring infrastructure needs
can be met as we go through this COVID-19 pandemic. This is
especially important given June 1 starts the beginning of the 2020
hurricane season, which according to meteorologists with the
Colorado State University’s Tropical Meteorology Project, is
predicted to be a very active hurricane season,” concluded
Jackson.
About PGT Innovations, Inc.
PGT Innovations manufactures and supplies premium windows and
doors. Its highly-engineered and technically-advanced products can
withstand some of the toughest weather conditions on earth and
unify indoor/outdoor living spaces.
PGT Innovations creates value through deep customer
relationships, understanding the unstated needs of the markets it
serves and a drive to develop category-defining products. PGT
Innovations is also the nation’s largest manufacturer of
impact-resistant windows and doors, holds the leadership position
in its primary markets, and is part of the S&P SmallCap 400
Index.
The PGT Innovations’ family of brands include CGI®, PGT® Custom
Windows & Doors, WinDoor®, Western Window Systems®, CGI
Commercial®, Eze-Breeze® and NewSouth Window Solutions®. The
Company’s brands, in their respective markets, are a preferred
choice of architects, builders, and homeowners throughout North
America and the Caribbean. The Company’s high-quality products are
available in custom and standard sizes with multiple dimensions
that allow for greater design possibilities in residential,
multi-family, and commercial projects. For additional information,
visit www.pgtinnovations.com.
Forward-Looking Statements
Statements in this press release regarding our business that are
not historical facts are “forward-looking statements” that involve
risks and uncertainties which could cause actual results to differ
materially from those contained in the forward-looking statements.
Such forward-looking statements generally can be identified by the
use of forward-looking terminology, such as “expect,” “expected,”
“intended,” “guidance,” “believe,” “may,” “forecast,” “intend,”
“could,” “project,” “estimate,” “anticipate,” “should,” “plan” and
similar terminology. These risks and uncertainties include factors
such as:
These risks and uncertainties include factors such as:
- the impact of the COVID-19 pandemic, including its impact on
the economies of the states where we sell our products, and on our
customers, suppliers and labor force, and on our business,
operations and financial performance;
- unpredictable weather and macroeconomic factors that may
negatively impact the repair and remodel and new construction
markets and the construction industry generally, especially in the
state of Florida and the western United States, where the
substantial portion of our sales are currently generated, and in
the U.S. generally;
- changes in raw material prices, especially for aluminum, glass
and vinyl, including, price increases due to the implementation of
tariffs and other trade-related restrictions;
- our dependence on a limited number of suppliers for certain of
our key materials;
- our dependence on our impact-resistant product lines and
contemporary indoor/outdoor window and door systems, and on
consumer preferences for those types and styles of products;
- the effects of increased expenses or unanticipated liabilities
incurred as a result of, or due to activities related to, our
acquisitions of NewSouth and Western Window Systems;
- our level of indebtedness, which increased in connection with
our acquisition of Western Window Systems, and increased further in
connection with our acquisition of NewSouth;
- increases in bad debt owed to us by our customers in the event
of a downturn in the home repair and remodeling or new home
construction channels in our core markets and our inability to
collect such debt;
- the risks that the anticipated cost savings, synergies, revenue
enhancement strategies and other benefits expected from our
acquisitions of NewSouth and Western Window Systems may not be
fully realized or may take longer to realize than expected or that
our actual integration costs may exceed our estimates;
- increases in transportation costs, including due to increases
in fuel prices;
- our dependence on our limited number of geographically
concentrated manufacturing facilities;
- sales fluctuations to and changes in our relationships with key
customers;
- federal, state and local laws and regulations, including
unfavorable changes in local building codes and environmental and
energy code regulations;
- risks associated with our information technology systems,
including cybersecurity-related risks, such as unauthorized
intrusions into our systems by “hackers” and theft of data and
information from our systems, and the risks that our information
technology systems do not function as intended or experience
temporary or long-term failures to perform as intended.
- product liability and warranty claims brought against us;
- in addition to the acquisitions of NewSouth and Western Window
Systems, our ability to successfully integrate businesses we may
acquire in the future, or that any business we acquire may not
perform as we expected at the time we acquired it; and
- the other risks and uncertainties discussed under “Risk
Factors” in Part I, Item 1A of our Annual Report on Form 10-K for
the year ended December 29, 2019 and our other SEC filings.
Statements in this press release that are forward-looking
statements include, without limitation, our expectations regarding:
(1) our ability to continue manufacturing and delivering our
products and services; (2) our ability to preserve cash through
cost and expense reductions and other measures; (3) the strength of
our balance sheet, and our liquidity; (4) our guidance for 2020 and
our inability to forecast our performance for the remainder of
2020; (5) our ability to position the Company and its partners to
thrive; and (6) the 2020 hurricane season. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Except as required
by law, the Company undertakes no obligation to update these
forward-looking statements to reflect subsequent events or
circumstances from the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200408005787/en/
Investor Relations: Sherri Baker, 941-480-1600 Senior
Vice President and CFO SBaker@PGTInnovations.com
Media Relations: Brent Boydston, 941-480-1600 Senior Vice
President, Corporate Sales and Marketing
BBoydston@PGTInnovations.com
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