168 0 Kommentare PGTI Provides Business Update Related to COVID-19

PGT Innovations, Inc. (NYSE: PGTI), a national leader in the premium window and door category, today confirmed it is continuing to manufacture and deliver its essential products and services, while maintaining measures to protect the health, safety and well-being of its communities and team members as a top priority.

Continuing to Operate, with Safety as Top Priority

“The health and personal safety of our team members and their families continues to be our greatest focus as we work together to get through the global pandemic,” said Jeff Jackson, President and Chief Executive Officer of PGT Innovations. “We expect to continue delivering the high-quality products and service we’re known for while making the well-being of our team members, customers and communities a top priority. We continue to serve as an important partner to both our customers and our suppliers as providers of essential products and services, and we take that responsibility very seriously.”

We have implemented new safeguards designed to ensure that our facilities remain safe environments, and have enacted preventative measures including the following:

Following World Health Organization and U.S. Centers for Disease Control and Prevention guidelines for personal health and safety
Increasing cleaning frequency and enhancing sanitization of all facilities
Adjusting production schedules and operations to promote social distancing
Restricting external visitor access to facilities
Implementing work at home programs where possible
Banning all air travel
Offering our employees age 65 and over and other at-risk team members the opportunity to not report to work, so that they may shelter-in-place, with no adverse consequences to their employment status

Enhancing Financial Flexibility

“To further bolster our solid balance sheet and liquidity, we have taken several actions intended to preserve cash through cost reduction and minimizing capital expenditures, while continuing to produce the products needed by our customers,” said Sherri Baker, Senior Vice President and Chief Financial Officer.

Selected highlights of the Company’s liquidity profile are as follows:

Current available liquidity of approximately $140 million, including cash on hand of $64 million and undrawn revolver capacity of $76 million
No scheduled debt payments required until maturity of $64 million term loan due October 2022
Delaying or canceling planned capital expenditures
Eliminating discretionary spending, with a primary focus on reducing selling, general and administrative expenses
Assessing overall network capacity
Optimizing net working capital
Focusing on preserving cash