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PGT seeks larger playing field with stock offering

Post Time:Nov 12,2013Classify:Industry NewsView:77

Impact-resistant-glass maker PGT Inc. in North Venice, Fla., launched June 28 its initial public offering of stock, in part, to expand its sales base beyond the Gulf Coast market and to better leverage its recent sales growth. Trading on the Nasdaq market under the ticker symbol “PGTI,” the 8.8 million shares of common stock initially traded at $14, and closed on July 10 at $17.30. However, right before close of trading yesterday, share prices had slipped to $16.36. For detailed trading data and charts, see the end of this article. Between 2003 and 2005, PGT’s sales rose from $223 million to $333 million, according to its June 29 424B4 filing with the U.S. Securities and Exchange Commission in Washington, D.C, with some of the 49.3 percent rise attributable to the spate of hurricanes that pounded the Gulf Coast region during the period. Though PGT’s products are sold through about 1,300 distributors, 88 percent of its business is done in Florida, according to a June 27 company release. With its new infusion of capital, “we do expect to leverage our business and continue to drive our marketing strategy up the East Coast,” said Jeff Jackson, chief financial officer, in an interview. In January 2003, PGT gained a foothold in the Mid-Atlantic region when it acquired Binnings Building Products Inc. in Lexington, N.C., along with its 225,000-square-foot manufacturing plant. That facility produces PGT’s WinGuard products, vinyl windows and doors, and porch-enclosure windows. In February, PGT secured a 393,000-square-foot facility in Salisbury, N.C. It will boost its overall manufacturing capacity, and include glass-tempering and laminating capabilities. Once the Lexington operation moves to Salisbury, the old Binning plant will be sold, according to a March 2 company release. The company also has steadily grown sales in foreign markets including Australia, Mexico and South America, from a combined $9.5 million in 2003 to $14.3 million last year, according to its federal filings. “It’s definitely top-line growth,” Jackson says, “and WinGuard has driven that growth.” WinGuard is PGT's line of impact-resistant windows and doors. The company’s net earnings from the stock sale, minus underwriting discounts and commissions and other related expenses, will be about $113.4 million, the company predicted in its SEC filing on June 27. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., both of New York City, are acting as joint book-running managers. JMP Securities LLC of San Francisco, Raymond James Financial Inc. of St. Petersburg, Fla., and SunTrust Robinson Humphrey of Atlanta are acting as co-managers for the offering. PGT Industries NASDAQ: PGTI

Open

High

Low

Close

June 28

14.50

15.50

13.89

15.50

29

15.50

16.19

15.26

15.90

30

16.11

16.42

15.76

15.80

July 3

16.20

16.25

15.78

16.11

5

16.20

16.50

15.85

16.00

6

16.32

16.32

15.80

15.85

7

16.00

16.50

15.77

16.25

10

16.75

17.59

16.25

17.30

11*

17.6

17.74

16.36

*As of 3:59 p.m.

Trading volumes

Source: Marketwatch.com

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