Over the pastseveral months, we have won key customers, expanded our presence throughout theU.S., and extended our category position in Canada. We are especially excitedabout launching Trex Profiles, a new deep-grained board with a structuredprofile that represents an exceptional value to consumers, with a major homeimprovement retailer in the West Coast. “New customers have been converted by the added value Trex provides across ourproduct portfolio as well as by our technical, marketing, customer support andinventory management practices. Trex`s financial strength is another keydifferentiator since distributors and dealers are eager to align themselves withcompanies they can count on to be here when the economic downturn is over.” Mr. Kaplan continued, “Turning now to our guidance for the second quarter – theshift in purchasing patterns is now clearly evident. Based on the order flow weare seeing, we expect net sales to approximate $85 million for the secondquarter.” First-Quarter-2009 Conference Call and Webcast InformationTrex will hold a conference call to discuss its first-quarter-2009 results onThursday, April 30, 2009 at 10:00 a.m ET.
To participate in the live call bytelephone, please dial 706-634-1218 and reference conference ID #94427625. Alive webcast of the conference call will also be available to all investors inthe Investor Relations section of the Trex Company website at Thecall will also be simulcast at For those who cannot listen to the live broadcast, the webcast will be availableon Trex`s website for 30 days. A telephone replay of the call will also beavailable for seven days, beginning at approximately 1:00 p.m. ET on April 30.To listen to the telephone replay, dial 706-645-9291 and enter conference ID#94427625. About Trex CompanyTrex Company is the nation`s largest manufacturer of composite decking, railingand fencing, with more than 15 years of product experience. Built on “green”principles and values, Trex makes its products from a unique formulation ofreclaimed wood and waste plastic, combined through a proprietary process. Trexdecking, railing and fencing offer significant design flexibility with fewerongoing maintenance requirements than wood, as well as a truly environmentallyresponsible choice.
In addition, Trex distributes ultra-low maintenance PVCdecking under the trademark Trex Escapes® and PVC trim under the trademarkTrexTrim. For more information, visit the Company`s website, ®, Trex Escapes®, TrexTrimTM, Trex Artisan Series Railing, Trex Surroundingsand Trex Profiles are trademarks of Trex Company, Inc., Winchester, Va. The statements in this press release regarding the Company’s expected futureperformance and condition constitute “forward-looking statements” within themeaning of Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934. These statements are subject to risks anduncertainties that could cause the Company’s actual operating results to differmaterially.
Such risks and uncertainties include the extent of market acceptanceof the Company’s products; the sensitivity of the Company’s business to generaleconomic conditions; the Company’s ability to obtain raw materials at acceptableprices; the Company’s ability to maintain product quality and productperformance at an acceptable cost; the level of expenses associated with productreplacement and consumer relations expenses related to product quality; and thehighly competitive markets in which the Company operates. The Company’s reporton Form 10-K filed with the Securities and Exchange Commission on March 12, 2009discusses some of the important factors that could cause the Company’s actualresults to differ materially from those expressed or implied in theseforward-looking statements. The Company expressly disclaims any obligation toupdate or revise publicly any forward-looking statements, whether as a result ofnew information, future events or otherwise TREX COMPANY, INC. Condensed Consolidated Statements of Operations(In thousands, except share and per share data)(Unaudited) Three Months Ended March 31, 2008 2009(As Adjusted)Net sales$119,529$67,650 Cost of sales 87,25350,896 Gross profit32,27616,754 Selling, general and administrative 20,30816,550expenses Income from operations11,968204Interest expense, net 4,347 3,440Income (loss) before income taxes 7,621 (3,236)Provision (benefit) for income taxes86(120)Net income (loss)$7,535$(3,116)Diluted earnings (loss) per common share $0.50 $(0.21 ) Diluted weighted average common shares14,955,83715,011,376outstanding TREX COMPANY, INC. Gerald McCoy begins his NFL Combine experience today, and for the most part, it should simply be a formality.