Ply Gem Holdings, a Cary company that filed plans to go public last year, reported lower sales in the second quarter as demand for the company's building products continued to be hurt by softness in the housing market.
The company's second-quarter sales totaled 294.5, 2.4 percent lower than the same period a year ago; quarterly earnings were $28.5 million, down from $30.3 million from a year ago.
Ply Gem sells vinyl siding and other products for home exteriors. The company's financial performance is closely tied to housing starts, which have remained at low levels since the homebuyer tax credits expired last year.
"Given that market conditions for 2011 are expected to remain challenging, Ply Gem will continue to focus on maintaining a lean overall cost structure while maximizing cash flow and striving to outperform the marketplace in all business units, which will ensure that Ply Gem emerges stronger as the housing market recovers," said Gary Robinette, the company's CEO, in a release.
Ply Gem officials are likely to wait until the stock market becomes more inviting to such deals before it goes forward with a public offering.
Much of the money raised in the IPO will repay debt.
Ply Gem, which has filed quarterly reports and other documents with the SEC since 2004, had $894 million in publicly traded debt as of the end of the year.
The company employs about 4,200 people, mostly in the United States.
That includes about 60 in Cary, where the company moved its corporate headquarters from Missouri in 2008 after state and local officials promised incentives worth up to $200,000 if Ply Gem created 100 jobs.