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Goodman Sales Up 20% in 2005
Mar 3, 2006
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HVAC producer Goodman Global Holdings, Inc. reported net sales of U.S. $396.7 million for the 3 months ended Dec. 31, 2005, a 39.9 percent increase over the comparable prior-year period. For the year ended Dec. 31, 2005, Goodman (Houston, Texas, U.S.) reported net sales of $1.57 billion, an 18.8 percent increase over the same period in 2004.

For the fourth quarter of 2005, Goodman reported EBITDA (earnings before interest, taxes, depreciation, and amortization) of $44.2 million, a 174.2 percent increase over the same period in 2004. EBITDA for the year ended December 31, 2005 was $152.6 million, a 106.2 percent increase over the same period in 2004.

For the fourth quarter of 2005, Goodman generated net income of $5.1 million versus a loss of $63.1 million for the same quarter in 2004. Net income for the year ended Dec. 31, 2005 was $24.9 million, compared to $47.7 million for the same period in 2004. The decline in net income resulted from higher interest expense due to the change in debt structure attributable to a $39.6 million nonrecurring, non-cash inventory-related charge.

“The 2005 cooling season extended well into the fourth quarter, which helped provide an outstanding finish to an already strong year,” said Goodman President and CEO Charles A. Carroll. “We also benefited from favorable industry conditions, including the then-upcoming shift to 13 SEER and our ability to react quickly to the industry’s demand for product.

“Our organization was ready for opportunities presented by the extended cooling season,” explained Carroll. “We were able to meet the industry’s demand for cooling products, and we were able to do so while undergoing a significant transition in our factories as we implemented our new 13 SEER platforms."

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