Supplement to Press Release Issued Yesterday Regarding PGTI's Acquisition of US Impact Systems
September 07 2016 - 8:30AM
PGT, Inc. (NASDAQ:PGTI), the nation’s leading manufacturer and
supplier of residential impact-resistant windows and doors,
announced yesterday the development of a new wholly-owned
subsidiary, CGI Commercial, and its acquisition of an established
fabricator of storefront window and door products, US Impact
Systems (USI).
The transaction, valued at approximately $2 million with an
additional $2 million potential in 2 years, should certain
conditions be met, is consistent with PGTI’s plan to grow
strategically. The transaction closed on August 31, 2016 and is not
expected to have any material impact on top line sales or bottom
line results in 2016. Additional information about this transaction
will be provided during PGTI's third quarter earning’s call.
“USI has done a great job of serving the PGT customers for
almost four years while fabricating our existing PGT Storefront
commercial products,” commented Brad West, PGTI Chief Financial
Officer. “As we position ourselves for growth in the commercial
market, this acquisition is a way to further develop our
in-house commercial capabilities and control costs in the future. I
extend a warm welcome to the USI team as they join the PGTI
family.”
ABOUT PGT INCORPORATED:PGT INC. (NASDAQ:PGTI),
headquartered in Venice, Florida, creates products and services
which focus on protecting and enhancing the beauty and
functionality of homes and businesses. The Company’s trusted brands
include PGT Windows & Doors and CGI Windows & Doors. PGT
Industries holds a solid market leadership position within its
segment and is part of the S&P SmallCap 400 Index. For
additional information, visit ir.pgtindustries.com.
ABOUT CGI WINDOWS & DOORS:CGI was
established in 1992 and has consistently built a reputation based
on designing and manufacturing quality impact resistant products
that meet or exceed the stringent Miami-Dade County impact
standards. The Company has over 320 employees at its manufacturing
plant in Miami, Florida. Today the Company continues to lead as an
innovator in product craftsmanship, strength and style, and its
brands are highly recognized and respected by the architectural
community. CGI product lines include the Estate Collection,
Sentinel by CGI, Estate Entrances, Commercial Series and Targa by
CGI. CGI Windows and Doors is a wholly owned subsidiary of PGT,
Inc. (NASDAQ:PGTI). For additional information, visit
cgiwindows.com.
Forward-looking Statements:From
time to time, we have made or will make forward-looking statements
within the meaning of Section 21E of the Exchange Act. These
statements do not relate strictly to historical or current facts.
Forward-looking statements usually can be identified by the use of
words such as “goal”, “objective”, “plan”, “expect”, “anticipate”,
“intend”, “project”, “believe”, “estimate”, “may”, “could”, or
other words of similar meaning. Forward-looking statements provide
our current expectations or forecasts of future events, results,
circumstances or aspirations. Our disclosures in this report
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. We may also make
forward-looking statements in our other documents filed or
furnished with the Securities and Exchange Commission and in oral
presentations. Forward-looking statements are based on assumptions
and by their nature are subject to risks and uncertainties, many of
which are outside of our control. Our actual results may differ
materially from those set forth in our forward-looking statements.
There is no assurance that any list of risks and uncertainties or
risk factors is complete. Factors that could cause actual results
to differ materially from those described in our forward-looking
statements include, but are not limited to:
- Changes in new home starts and home remodeling trends
- The economy in the U.S. generally or in Florida where the
substantial portion of our sales are generated
- Raw material prices, especially aluminum
- Transportation costs
- Level of indebtedness
- Dependence on WinGuard and certain other branded product
lines
- Integration of acquisition(s)
- Product liability and warranty claims
- Federal and state regulations, and
- Dependence on our manufacturing facilities
Any forward-looking statements made by us or on
our behalf speak only as of the date they are made and we do not
undertake any obligation to update any forward-looking statement to
reflect the impact of subsequent events or circumstances. Before
making any investment decision, you should carefully consider all
risks and uncertainties disclosed in all our SEC filings, including
our reports on Forms 8-K, 10-Q and 10-K and our registration
statements under the Securities Act of 1933, as amended, all of
which are accessible on the SEC’s website at www.sec.gov and
at http://ir.pgtindustries.com/sec.cfm.
Contact:
PGT Media Relations
Danielle Mikesell
Office: 941-480-1600
Cell: 941-525-3907
dmikesell@pgtindustries.com
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