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PLY GEM ANNOUNCES SECOND QUARTER RESULTS

 PLY GEM ANNOUNCES SECOND QUARTER RESULTS
 NEW YORK, July 28 /PRNewswire/ -- PLY GEM Industries, Inc.


(AMEX: PGI) today announced its second quarter and six months results. Revenues for the second quarter advanced to a record $166,701,000 from last year's record quarterly sales of $159,614,000. On a pre-tax basis, earnings increased to $5,044,000 from $4,765,000 in the 1991 second quarter. Net income was $2,779,000 compared to $2,763,000 a year ago; however, fully diluted earnings per share decreased to $.24 from $.27 in the 1991 second quarter due to an increase in the number of shares outstanding for 1992.
 For the first six months of 1992, sales advanced to $294,745,000 compared to first half 1991 revenues of $270,450,000. Pre-tax income advanced to $183,000 compared to a loss of $1,465,000 for the first half of 1991. Net income for the six months ended June 30, 1992 was $106,000 or $.01 per share fully diluted compared to a loss of $850,000 or $.08 per share fully diluted in 1991.
 "Despite a slow-down in consumer spending during the second quarter, PLY GEM was able to increase its share of the home improvement market and surpass last year's strong second quarter results. Currently in the midst of remodeling season, we anticipate an improvement in revenues and earnings for the full year over our 1991 performance," said Jeffrey S. Silverman, chairman of PLY GEM.
 PLY GEM Consolidated Condensed Earnings Summary
 (In thousands except for per share data, unaudited)
 Three Months Six Months
 Periods ended June 30 1992 1991 1992 1991
 Net Sales $ 166,701 $ 159,614 $ 294,745 $ 270,450
 Cost of Sales 132,272 124,790 237,692 215,882
 Gross Profit 34,429 34,824 57,053 54,568
 Selling, General & Admin. 25,422 25,053 49,094 45,953
 Operating Income 9,007 9,771 7,959 8,615
 Interest Expense (2,648) (4,325) (5,130) (8,446)
 Invstmt & Other Inc (Exp) (124) 499 (274) 752
 Amortiz. of Intangibles (1,191) (1,180) (2,372) (2,386)
 Pretax Income (Loss) 5,044 4,765 183 (1,465)
 Income Tax (Benefit) 2,265 2,002 77 (615)
 Net Income (Loss) $ 2,779 $ 2,763 $ 106 $ (850)
 Earnings (Loss) Per Share:
 Primary $ .24 $ .27 $ .01 $ (.08)
 Fully Diluted .24 .27 .01 (.08)
 Avge Shares Outstanding:
 Primary 11,684 10,388 11,406 10,313
 Fully Diluted 14,437 13,141 14,429 10,313
 -0- 7/28/92
 /CONTACT: Diane M. Cady of PLY GEM Industries, Inc., 212-832-1550/
 (PGI) CO: Ply Gem Industries, Inc. ST: New York IN: SU: ERN


TM-LD -- NY006 -- 3867 07/28/92 09:01 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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