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VENICE — Impact-resistant window and door manufacturer PGT Inc. authorized the repurchase of up to $20 million in stock.
The buyback program runs through Dec. 31, 2013, the company says in a statement. “Based on our confidence in PGT's strategy to generate strong, consistent cash flow and long-term profitable growth, we believe repurchasing our shares is currently the best use of our cash,” PGT President and CEO Rod Hershberger says in the release. “As our core markets strengthen and we have more opportunities to deliver on our value proposition, we will continue to carefully manage capital and balance initiatives to pursue growth opportunities...”
The firm says repurchases can be made in the open market or privately negotiated transactions. It doesn't intend to repurchase any shares from directors, officers or other affiliates.
PGT shares (symbol: PGTI) closed yesterday at $3.42. The past two quarters have been profitable for the firm, which struggled during the recession, when sales dropped significantly. It posted a profit of $2.72 million in the third quarter, which followed a $3.69 million profit in the second quarter.
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