UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT |
Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Date of Report (date of earliest event reported): February 21, 2007 |
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PGT, Inc. |
(Exact Name of Registrant as Specified in its Charter) |
Delaware |
(State or Other Jurisdiction of Incorporation) |
000-52059 |
20-0634715 |
(Commission File Number) |
(IRS Employer Identification No.) |
1070 Technology Drive, North Venice, Florida 34275 |
(Address of Principal Executive Offices, Including Zip Code) |
(941) 480-1600 |
(Registrants Telephone Number, Including Area Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. Results of Operations and Financial Condition
On February 21, 2007, PGT, Inc. (the Company) issued a press release announcing its unaudited consolidated results of operations for the fourth quarter and fiscal year ended December 30, 2006 (the Press Release). Included as an exhibit to this current report on Form 8-K is a copy of the Press Release dated February 21, 2007. In the Press Release, the Company utilized the non-GAAP financial measures and other items discussed in Appendix A hereto. Appendix A hereto (incorporated herein by reference) also contains certain statements of the Companys management regarding the use and purposes of the non-GAAP financial measures utilized therein. A reconciliation of the non-GAAP financial measures discussed in the Press Release to the comparable GAAP financial measures is attached to the Press Release.
The information in this current report on Form 8-K, including the information set forth in Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01. Financial Statements and Exhibits
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(d) |
Exhibits. |
See Exhibit Index.
Forward-looking Statements
Statements in this report and the attachment and exhibits hereto which are not purely historical facts or which necessarily depend upon future events, including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to PGT, Inc. on the date this release was submitted. PGT, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the Companys revenues and operating results being highly dependent on, among other things, the homebuilding industry, aluminum prices, and the economy. PGT, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of PGT, Inc.s Form S-1 (File No. 333-132365) filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this report and
the attachment and exhibits hereto are qualified by the factors, risks and uncertainties contained therein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PGT, INC.
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By: /s/ Mario Ferrucci III |
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Name: |
Mario Ferrucci III |
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Title: |
Vice President, Corporate Counsel, and |
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Secretary |
Dated: February 21, 2007
Appendix A
Use of Non-GAAP Financial Measures
The Press Release and the financial schedules attached thereto include financial measures and terms not calculated in accordance with generally accepted accounting principles in the United States (GAAP). We believe that presentation of non-GAAP measures such as adjusted net (loss) income, adjusted net (loss) income per pro forma share, EBITDA and adjusted EBITDA provides investors and analysts with an alternative method for assessing our operating results in a manner that enables investors and analysts to more thoroughly evaluate our current performance compared to past performance. We also believe these non-GAAP measures provide investors with a better baseline for assessing our future earnings potential. The non-GAAP measures included in this release are provided to give investors access to the types of measures that we use in analyzing our results.
Adjusted net (loss) income consists of GAAP net (loss) income adjusted for the items included in the accompanying reconciliation. Adjusted net (loss) income per pro forma share consists of GAAP net (loss) income per share adjusted for the items included in the accompanying reconciliation. We believe these measures enable investors and analysts to more thoroughly evaluate our current performance as compared to past performance and provide a better baseline for assessing the companys future earnings potential. However, these measures do not provide a complete picture of our operations. Therefore, net (loss) income and net (loss) income per share, on a GAAP basis, may need to be considered to get a comprehensive view of our results.
EBITDA consists of GAAP net (loss) income adjusted for the items included in the accompanying reconciliation. Adjusted EBITDA consists of EBITDA adjusted for the items included in the accompanying reconciliation. We believe that EBITDA and adjusted EBITDA provide useful information to investors and analysts about the companys performance because they eliminate the effects of period to period changes in taxes, costs associated with capital investments and interest expense. EBITDA and adjusted EBITDA do not give effect to the cash the company must use to service its debt or pay its income taxes and thus do not reflect the funds generated from operations or actually available for capital investments.
Our calculations of adjusted net (loss) income, adjusted net (loss) income per pro forma share, EBITDA and adjusted EBITDA are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP measures. Schedules that reconcile adjusted net (loss) income, adjusted net (loss) income per pro forma share, EBITDA and adjusted EBITDA to GAAP net (loss) income are included in the financial schedules accompanying this release.
EXHIBIT INDEX
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Exhibit Number |
Description |
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99.1 |
Press release of PGT, Inc., dated February 21, 2007. |