Ply Gem debt, cash up in second quarter; year-to-date sales slip 2.2%

By Lisa Kerner

Charlotte, N.C., Aug. 12 - Ply Gem Industries Inc. had total debt of $988.8 million at July 2, according to an 8-K filing with the Securities and Exchange Commission. The figure includes $756.9 million of 8¼% senior secured notes due 2018.

The company's net debt at year-end totaled $894.2 million.

Ply Gem had $24 million of cash and cash equivalents at July 2, compared with $17.1 million of cash and cash equivalents at Dec. 31.

Net sales for the second quarter of $294.5 million were 2.4% lower than the prior-year second quarter.

For the first half of 2011, net sales were down 2.2% at $494.6 million. During the six-month period, single family housing starts were down 17%, according to a company news release.

Ply Gem's second-quarter adjusted EBITDA was $42.6 million, compared with $46.2 million for the second quarter of 2010.

Adjusted EBITDA was $49.2 million for the first half of 2011, compared with $58.3 million for the first half of 2010

"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 marketplace in all business units, which will ensure that Ply Gem emerges stronger as the housing market recovers," president and chief executive officer Gary E. Robinette said in a company news release.

Ply Gem is a Cary, N.C.-based manufacturer of residential exterior building products.

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