Replies to post #69 on PGT Inc (PGTI)

[FUNMAN]

If you see news please post it.

PGT Innovations Team of Experts to Assess Building Damage Following Hurricane Irma

It's a lot of good will that can lead to a lot of new business.

Sep 27, 2017

NORTH VENICE, Fla.--(BUSINESS WIRE)-- PGT Innovations, Inc. (NYSE: PGTI), the nation’s leading manufacturer and supplier of residential impact-resistant windows and doors, offers its top engineers to join a statewide effort to assess post-storm building damage. A national expert in building codes and PGT Innovations Director of Product Management, Dean Ruark, and PGTI professional engineers Lynn Miller and Robert Beaird will contribute to a study led by the University of Florida to examine the impact of Hurricane Irma on buildings and infrastructure throughout the state.

The assessment, led by David O. Prevatt, Ph.D., PE, Civil & Coastal Engineering Dept., University of Florida, will rapidly collect data on the immediate post-storm condition of buildings before clean-up. The team will also identify specific areas in Florida for more extensive surveys of building damage. The analysis will identify weaknesses and strengths in the remaining structures. PGTI engineers will contribute data to the study and also examine the performance of PGT impact-resistant windows and doors in areas most affected by the storm.

“I’m eager to contribute to this important analysis. It’s essential to examine the damage on the ground to learn how buildings performed against a major Hurricane,” said Mr. Ruark. “The Florida Building Commission has already taken many vital steps to keep people and buildings safe from major storms. We expect to see that newer buildings performed well against Hurricane Irma which will affirm the need for strong building codes as well as strict code enforcement in places vulnerable to hurricanes.”

For the building industry, this research can help inform future design of more resilient buildings. For PGT Innovations, Mr. Ruark hopes to identify ways to invent safer, stronger and smarter impact-resistant windows and doors.

“PGT Innovations is dedicated to inventing, building, and delivering impact-resistant windows and doors to ensure families, homes, and businesses remain safe through severe weather events,” said Jeff Jackson, President of PGT Innovations.

Mr. Ruark is a Florida Registered Professional Engineer, and currently, serves on the American Architectural Manufacturer’s Association’s (AAMA) Code Action committee and is instrumental in developing code change proposals for the international codes as well as the Florida Building Codes to better protect buildings against natural disasters. He also serves as President of the AAMA Southeast Region.



View source version on businesswire.com: http://www.businesswire.com/news/home/20170927005965/en/
PGT Innovations
Media Relations Contact:
Danielle Mikesell, Office: 941-480-1600
Vice President, Marketing & Innovation
[e-mail]
or
Investor Relations Contact:
Brad West, Office: 941-480-1600
Chief Financial Officer
[e-mail]

[FUNMAN]

PGTI - not bad ... Price ... $14.78 ... Day's Change ... +0.375¢ (+2.60%)

Volume (Average) 325,293

On September 28, 2017

at 3:16pm ET


Very impressive

Folks are really starting to price a premium into repairs, renovations and new construction needs for Hurricane resistant windows and doors.

[FUNMAN]

Long-term debt, less current portion is... $248,569 million ... I wonder if the press release means the $248 million will be reduced by $28 million less taxes, or if they are reducing debt by only the original purchase price of the equipment which would be about $16 million and padding cash on hand with the rest?

If the former, that works out to be a debt reducing move of about 10%. Pretty impressive.



PGT sells assets for $28 million
BY: BUSINESS OBSERVER
September 28, 2017

VENICE — Venice-based window and door manufacturer PGT Innovations Inc. sold assets it used in processing glass components for doors for $28 million to Cardinal Glass Industries.

PGT also entered into a seven-year supply agreement for Cardinal to supply those components to the firm, according to a press release. Cardinal is a manufacturer of residential glass for windows and doors. It has 37 locations around the U.S., including one in Ocala.

“This enhanced partnership is a strong strategic fit, leveraging the two companies’ respective strengths,” says PGT Innovations President Jeff Jackson in the statement. “We invested in glass processing capacity in 2014, a time when no other company in our industry was investing in those assets, and that investment has paid off with the sale of these assets, generating a 37% annualized return for our shareholders on the investment.”

He also says in the press release the agreement enables PGT to pay down debt by the amount of the purchase price, less taxes, and removes some future capital requirements and equipment maintenance costs.

PGT will retain and continue to use certain strategic assets, such as its window glass processing equipment and all production facilities, including the glass plant where the equipment sold to Cardinal has been located.

The statement says PGT plans to reallocate about 160 employees into its window and door assembly operations and other areas. This will be done to “help the company alleviate employment constraints it has experienced periodically due to a tight labor market in the Venice area,” the statement adds.

PGTI has about 2,800 employees in Florida. The company’s brands include CGI, PGT Custom Windows & Doors and WinDoor.



BTW - Here's the statement about the restrictive loan covenants that include dividends.

The 2016 Credit Agreement also contains a number of affirmative and restrictive covenants, including limitations on the incurrence of additional debt, liens on property, acquisitions and investments, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, dividends and other payments in respect of our capital stock, prepayments of certain debt and transactions with affiliates. The 2016 Credit Agreement also contains customary events of default. Upon the occurrence of an event of default, the amounts outstanding under the 2016 Credit Agreement may be accelerated and may become immediately due and payable. As of July 1, 2017, we were in compliance with all affirmative and restrictive covenants.