NORTH VENICE, Fla.--(BUSINESS WIRE)--PGT Innovations, Inc. (NYSE: PGTI), the nation’s leading manufacturer and supplier of residential impact-resistant windows and doors, with production facilities in Miami, Venice and Orlando, and 2,800 employees and 1,300 dealers, is providing assistance to its employees, customers and communities as they recover from Hurricane Irma. The Company also is providing a preliminary update on its operations following the storm.
“Our thoughts and prayers are with everyone in Hurricane Irma’s path, including our employees, customers and the communities we call home as they begin the process of recovering from this storm,” said Jeff Jackson, President of PGT Innovations. “Our main priority is the well-being of our employees, customers, and neighbors. We have mobilized teams across Florida to respond to the needs of our team members and dealer partners.”
The Company’s facilities were not damaged, and its inventories were not harmed. Its CGI facility in Miami and WinDoor facility in Orlando have power and resumed limited production today. Its PGT facility in Venice had power restored this afternoon, and plans to resume limited production tomorrow. The Company expects to resume full production at its CGI and WinDoor facilities tomorrow, and expects its PGT facility in Venice to be capable of producing at full capacity on Thursday this week.
In the past 24 hours, the Company has taken a number of actions to respond to those who were impacted by the storm, including:
- Creating an assistance center in the Naples area to provide essential supplies, including generators, chain saws and water;
- Providing online hurricane relief resources at http://pgtinnovations.com/hurricanerelief/ to gather needs and requests from people across affected Florida communities, with immediate focus on PGTI employees and customers in the most impacted areas; and
- Establishing a partnership with WorldVision to coordinate collecting needed supplies and area volunteers who are willing to help with relief efforts.
Mr. Jackson added, “As our communities rebuild from the damage caused by the recent hurricane, one thing is clear: We make a stronger impact working together. Due to Florida’s robust building codes, which the Company assisted in developing, early reports are showing that Florida was able to better weather this storm because of those efforts. As we look forward, our focus is the continued well-being of our people and customers, and returning to production to take care of those customers’ needs.”
PGTI should be in a better position to assess the expected financial impact of the storm over the coming weeks and will provide an update once it has completed that assessment.
About PGT Innovations
PGT Innovations, headquartered in North Venice, Florida, with over 2700 employees statewide, creates value through deep customer relationships, understanding the unstated needs of an industry, a drive to create the strongest, safest products on the market, and a commitment to always moving forward. The Company’s trusted brands include CGI®, PGT® Custom Windows & Doors, and WinDoor®. PGT Innovations is the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index. For additional information, visit www.pgtinnovations.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act
Statements in this news release regarding our business that are not historical facts are “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “believe,” “expect,” “anticipate,” “will,” and similar terminology. These risks and uncertainties include, but are not limited to, factors such as:
- The sustainability and reliability of the power supply at our production facilities following Hurricane Irma;
- The ability of our employees to return to work in a timely manner, due to the impacts of Hurricane Irma on them and their families;
- The ability of our suppliers to deliver necessary materials and other supplies to our production facilities, due to the impacts of Hurricane Irma on them and on the highways and roads;
- The economy in the United States generally and in Florida, in particular, where the substantial portion of our sales are generated, and the impact that Hurricane Irma has on that economy
- Raw material prices, especially aluminum and vinyl
- Transportation costs
- Our level of indebtedness
- Our dependence on our impact-resistant product lines
- Our ability to successfully integrate acquisitions, such as our acquisition of WinDoor®, Inc.
- Product liability and warranty claims
- Federal and state regulations,
- Our dependence on our manufacturing facilities; and
- Other risks discussed in our Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended January 2, 2016 and our subsequently filed quarterly reports on Form 10-Q, which are available from the SEC.
Statements in this release that are “forward-looking” include without limitation statements regarding: the Company’s projected timelines for its production facilities resuming limited and full production and related capacities. You should not place undue reliance on forward looking statements, which speak only as of the date they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances, except as required by law.