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PLY GEM ANNOUNCES THIRD QUARTER RESULTS; SALES HIT NEW RECORD HIGH AS EARNINGS ADVANCE 20 PERCENT

 PLY GEM ANNOUNCES THIRD QUARTER RESULTS;
 SALES HIT NEW RECORD HIGH AS EARNINGS ADVANCE 20 PERCENT
 NEW YORK, Oct. 22 /PRNewswire/ -- Ply Gem Industries, Inc. (AMEX: PGI) today announced its results for the third quarter and nine months ended Sept. 30, 1992.
 Sales for the third quarter rose 10 percent to a record $176,638,000 from last year's record revenues of $160,133,000. Net income increased 20 percent to $4,400,000 from $3,662,000 in the 1991 third quarter. On a fully diluted share basis, EPS advanced to $.38 compared to $.34 a year ago.
 For the nine months ended Sept. 30, 1992 sales increased nearly 10 percent


to $471,383,000 from $430,583,000 for the prior year period. Net income increased 60 percent to $4,506,000 from $2,812,000 as fully diluted earnings per share increased to $.40 from $.27 for the nine months of 1991. In fact, earnings for the nine months of 1992 exceeded the company's full year 1991 results.
 "I am very pleased to report that Ply Gem increased both sales and profits during the third quarter. Strong demands for Ply Gem's quality home improvement product lines has enabled us to increase our penetration of the retail home center market, I am very proud of our TEAMWORK 90s programs and confident that this growth strategy will continue to yield significant benefits for our customers, suppliers, employees and stockholders," said Jeffrey S. Silverman, chairman of Ply Gem.
 PLY GEM
 Consolidated Condensed Earning Summary
 (In thousands except per share data -- unaudited)
 Three months Nine months
 Periods ended Sept. 30 1992 1991 1992 1991
 Net sales $176,638 $160,133 $471,383 $430,583
 Cost of sales 138,178 123,903 375,870 339,785
 Gross profit 38,460 36,230 95,513 90,798
 S,G&A 26,662 24,843 75,756 70,796
 Operating income 11,798 11,387 19,757 20,002
 Interest expense (2,377) (3,336) (7,507) (11,782)
 Investment & other
 income (expense) (79) (83) (353) 669
 Amortization of
 intangibles (1,181) (1,181) (3,553) (3,567)
 Pretax income 8,161 6,787 8,344 5,322
 Income tax 3,761 3,125 3,838 2,510
 Net income 4,400 3,662 4,506 2,812
 Earnings Per Share:
 Primary $.39 $.35 $.40 $.27
 Fully diluted .38 .34 .40 .27
 Average Shares Outstanding:
 Primary 11,207 10,481 11,340 10,374
 Fully diluted 13,960 13,252 14,116 13,210
 -0- 10/22/92
 /CONTACT: Diane M. Cady, director-investor relations of Ply Gem, 212-832-1550/
 (PGI) CO: Ply Gem Industries, Inc. ST: New York IN: SU: ERN


SH-SE -- NY018 -- 3328 10/22/92 08:59 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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