Venice's PGT reports loss as it consolidates factories here Sarasota Herald-Tribune
The loss equated to 9 cents per share and compared with a profit of $1,000 a year ago.
The maker of hurricane-resistant windows and doors said the recent loss included charges of $4.6 million related to the consolidation and the manufacturing inefficiencies that it created during the quarter.
Meanwhile, PGT's sales dropped 7.8 percent from a year ago to $45.2 million.
That was "in part as a result of temporary capacity constraints and inefficiencies related to our plant consolidation," said Rod Hershberger, PGT's President and chief executive, in a statement on Wednesday.
PGT announced its results after the stock markets closed. Its shares, which trade on the Nasdaq, were selling for $1.82 at the close of regular trading on Wednesday, down 9 cents, or about 4.7 percent.
The company said aluminum window sales were down $1.4 million, or about 6 percent, and that its Architectural Systems product lines dropped $1.6 million "as a result of the increased softness of the commercial market," Hershberger said.
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