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VENICE, Fla., Nov. 15, 2012 (GLOBE NEWSWIRE) -- PGT, Inc. (Nasdaq:PGTI), the leading U.S. manufacturer and supplier of residential impact-resistant windows and doors, announced today that its Board of Directors has authorized the repurchase of up to $20 million of its outstanding shares of common stock through December 31, 2013.
"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," said Rod Hershberger, President and CEO. "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 with other considerations such as pursuing sound capital investments, all designed to drive long-term shareholder value."
Repurchases under PGT's stock repurchase program will be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. PGT does not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate PGT to acquire any specific number of shares. The timing, manner, price and amount of any repurchases will be determined in the Company's discretion, and the program may be suspended, terminated or modified at any time for any reason.
PGT has received approval from the lenders under its credit facility to complete the full amount of the repurchase program.