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VENICE — After posting a net loss of $9.4 million in 2009, PGT Inc. (symbol: PGTI) lost $14.4 million in 2010. Revenues grew 6% over the year, up to $175.7 million in net sales. But a costly relocation process hurt the company's bottom line.
In December, the Venice-based window and door manufacturer said it would spend roughly $7 million to shut down a factory in North Carolina and move those operations to Venice. The firm expects to earn back $3.5 million in savings over the course of 2011.
Despite those costs, PGT's financial statement showed slight improvements over the year in some key areas. The firm's gross margin — net sales less the cost of goods sold — increased as a percentage of revenues, from 26.7% to 28.6%. And selling, general and administrative expenses fell relative to revenues, from 31.2% to 30.7%.
CEO Rod Hershberger said the company's higher sales totals were boosted by its operations in Florida, where sales rose 14.4%, despite a 2.2% year-over-year decrease in housing starts. A slight increase in multi-family starts helped compensate for that decline, Hershberger said.
Hershberger also said that the company plans to complete its relocation and consolidation process in the second quarter of 2011.
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