<SEC-DOCUMENT>0001157523-18-001011.txt : 20180507
<SEC-HEADER>0001157523-18-001011.hdr.sgml : 20180507
<ACCEPTANCE-DATETIME>20180507160303
ACCESSION NUMBER:		0001157523-18-001011
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180507
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180507
DATE AS OF CHANGE:		20180507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TREX CO INC
		CENTRAL INDEX KEY:			0001069878
		STANDARD INDUSTRIAL CLASSIFICATION:	LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400]
		IRS NUMBER:				541910453
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14649
		FILM NUMBER:		18811221

	BUSINESS ADDRESS:	
		STREET 1:		160 EXETER DRIVE
		CITY:			WINCHESTER
		STATE:			VA
		ZIP:			22603-8605
		BUSINESS PHONE:		5405426300

	MAIL ADDRESS:	
		STREET 1:		160 EXETER DRIVE
		CITY:			WINCHESTER
		STATE:			VA
		ZIP:			22603-8605
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51802147.htm
<DESCRIPTION>TREX COMPANY, INC. 8-K
<TEXT>
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      <font style="font-size: 16pt"><b>UNITED STATES</b></font><br><font style="font-size: 16pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-size: 16pt">WASHINGTON,
      DC&#160;&#160;20549</font>
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    <hr style="color: #000000; height: 1.0 pt; width: 15%; text-align: center">


    <p style="text-align: center">
      <br>
      <font style="font-size: 16pt">FORM 8-K</font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      CURRENT REPORT<br>PURSUANT TO SECTION 13 OR 15(d) OF THE<br>SECURITIES
      EXCHANGE ACT OF 1934
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: left">
      Date of Report (Date of earliest event reported):&#160;&#160;<font style="font-family: Times New Roman; font-size: 10pt">May
      7, 2018</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt">TREX COMPANY, INC.</font>
    </p>
    <hr style="color: #000000; height: 1.0 pt; width: 25%; text-align: center">


    <p style="text-align: center">
      (Exact Name of Registrant as Specified in Charter)
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          Delaware
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center; white-space: nowrap; padding-right: 0.0px">
          001-14649
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center; white-space: nowrap; padding-right: 0.0px">
          54-1910453
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction<br>of Incorporation)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          (Commission File Number)
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer<br>Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
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    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            160 Exeter Drive
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Winchester, Virginia
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <br>
          22603-8605
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          (Address of Principal Executive Offices)
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          (ZIP Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="white-space: nowrap">
      Registrant&#8217;s telephone number, including area code:&#160;&#160;(540) 542-6300
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      Not Applicable
    </p>
    <hr style="color: #000000; height: 1.0 pt; width: 20%; text-align: center">


    <p style="text-align: center">
      (Former Name or Former Address, if Changed Since Last Report)
    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Emerging growth company&#160;<font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act&#160;<font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):
    </p>
    <p>
      [ ] Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)
    </p>
    <p>
      [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)
    </p>
    <p>
      [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
    </p>
    <p>
      [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On May 7, 2018 Trex Company, Inc. issued a press release announcing
      financial results for the three months ended March 31, 2018. A copy of
      such press release is attached hereto as Exhibit 99.1 and incorporated
      herein by reference.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      The information contained in this report on Form 8-K shall not be deemed
      to be filed for the purposes of Section 18 of the Securities Exchange
      Act of 1934 or otherwise subject to the liabilities of that Section.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      (d) Trex Company, Inc. herewith files the following exhibits:
    </p>
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      <tr>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; width: 7%; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left">
          <b>Exhibit</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 1%; padding-bottom: 2.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; width: 92%; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 7%; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51802147ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 1%; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 92%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51802147ex99_1.htm">Press release dated May 7, 2018
            announcing financial results for the three months ended March 31,
            2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      SIGNATURE
    </p>
    <p style="text-indent: 120.0px">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <p>

    </p>
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        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            TREX COMPANY, INC.
          </p>
        </td>
      </tr>
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        <td style="width: 4%">

        </td>
        <td style="width: 46%">

        </td>
        <td style="width: 22%">

        </td>
        <td style="width: 28%">
          &#160;
        </td>
      </tr>
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        <td valign="top" style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 46%; padding-bottom: 2.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 7, 2018
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; border-bottom-style: solid; width: 22%; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Bryan H. Fairbanks
          </p>
        </td>
        <td style="width: 28%">

        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="width: 46%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Bryan H. Fairbanks
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="width: 46%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51802147ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Trex
      Company Reports Record First Quarter 2018 Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211; Fifth
      Consecutive Quarter of Record Revenue and Net Income &#8211;</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211; First
      Quarter Performance Marks Strong Start to 2018 &#8211;</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211; Second
      Quarter Sales Expected to Increase 21%, with Organic Growth of 10% &#8211;</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211; Company
      Declares 2-For-1 Stock Split &#8211;</b></font>
    </p>
    <p>
      <u><font style="font-family: Times New Roman; font-size: 12pt"><b>First
      Quarter Highlights</b></font></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Consolidated
        net sales increased 18% to $171 million</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Consolidated
        gross margin of 44.8%</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Consolidated
        earnings increased 32% to $1.25 per share</b></font>
      </li>
    </ul>
    <p>
      WINCHESTER, Va.--(BUSINESS WIRE)--May 7, 2018--Trex Company, Inc.
      (NYSE:TREX), the world&#8217;s number-one brand of decking and railing and
      leader in high-performance, low-maintenance outdoor living products, and
      the leading national provider of custom-engineered railing systems,
      today reported financial results for the first quarter ended March 31,
      2018.
    </p>
    <p>
      <b>First Quarter 2018 Results</b>
    </p>
    <p>
      Consolidated net sales for the first quarter of 2018 were $171 million,
      an 18% year-over-year increase. Trex Residential Products net sales were
      up 7% to $155 million, with Trex Commercial Products contributing an
      additional $16 million. Consolidated gross margin for the quarter was
      44.8%. Trex Residential Products gross margin expanded 260 basis points
      to 47.6%. Trex Commercial Products gross margin showed significant
      improvement over the fourth quarter levels. SG&amp;A was $29 million, or
      16.9% of sales. Exclusive of $1.2 million in amortization of intangibles
      associated with the acquisition of SC Company, SG&amp;A was 16.2% of sales,
      10 basis points above last year&#8217;s level.
    </p>
    <p>
      Net income for the first quarter of 2018 was $37 million, or $1.25 per
      diluted share, up 33% and 32%, respectively, from the net income of $28
      million, or $0.95 per diluted share reported for last year&#8217;s first
      quarter. The first quarter tax rate of 22% was below the Company&#8217;s
      expected annual 25% rate due to tax benefits realized on the vesting of
      stock compensation.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
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        <div style="text-align: left">

        </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      &#8220;First quarter results demonstrated positive sales momentum, thanks to a
      strong early buy season for Trex Residential Products and the
      contribution from Trex Commercial Products. The significant expansion in
      gross margin for Trex Residential Products reflected lower input costs,
      manufacturing cost savings and increased capacity utilization.
      Additionally, Trex Commercial Products gross margin performance improved
      significantly, supporting our expectation for continued progress in the
      coming quarters as we execute our strategy to improve the segment&#8217;s
      profitability,&#8221; noted James E. Cline, President and Chief Executive
      Officer.
    </p>
    <p>
      <b>Recent Recognitions</b>
    </p>
    <p>
      For the 11th year in a row &#8211; an unprecedented streak achieved by no
      other manufacturer &#8211; Trex was honored as the &#8220;brand used most&#8221; and
      &#8220;brand used most in the past two years&#8221; for the composite/PVC decking
      category in the 2018 Builder Brand Use Study. Trex also took the top
      position in the &#8220;quality&#8221; category in this year&#8217;s study.
    </p>
    <p>
      <b>Summary and Outlook</b>
    </p>
    <p>
      &#8220;Excellent brand positioning in a growing category and strong early
      season demand underpin our confidence heading into 2018. In addition to
      our proven ability to gain share from the large wood market and the
      composite sector, we are pleased with the cross-product development and
      cross-selling opportunities that are emerging between our Residential
      and Commercial operations. Since entering the commercial market in
      mid-2017 with the acquisition of SC Company, we have introduced one new
      commercially-inspired railing product into the residential market that
      has garnered very positive feedback from consumers and the trade, and
      additional products are under development. At the same time, we continue
      to drive gross margin improvement in both our residential and commercial
      product categories, which we expect will continue as we progress in 2018.
    </p>
    <p>
      &#8220;Reflecting our positive outlook, Trex Board of Directors has approved a
      2-for-1 stock split of the Company&#8217;s common shares. The stock split will
      be in the form of a stock dividend to be distributed on June 18, 2018 to
      shareholders of record on May 23, 2018. Additionally, in the 2018 first
      quarter Trex repurchased 50,000 common shares for a total expenditure of
      $5 million as part of our share buyback program approved by the Board of
      Directors in February 2018.
    </p>
    <p>
      &#8220;For the second quarter of 2018, we expect consolidated net sales of
      $191 million, comprised of approximately $174 million from Trex
      Residential Products and $17 million from Trex Commercial Products. Our
      projected effective tax rate for the year remains at approximately 25%.
      We forecast our full year 2018 incremental margin to remain at
      approximately 45% to 50%,&#8221; Mr. Cline concluded.
    </p>
    <p>
      <b>First Quarter 2018 Conference Call and Webcast Information</b>
    </p>
    <p>
      Trex&#160;will hold a conference call to discuss its first quarter 2018
      results and other corporate matters on&#160;Monday, May 7, 2018&#160;at&#160;5:00 p.m.
      ET. To participate on the day of the call, dial 1-844-792-3734, or
      internationally 1-412-317-5126, approximately ten minutes before the
      call and tell the operator you wish to join the&#160;Trex Company
      Conference&#160;Call.
    </p>
    <p>
      A live webcast of the conference call will be available in the Investor
      Relations section of the&#160;Trex Company website at&#160;1Q18 Earnings Webcast.
      For those who cannot listen to the live broadcast, an audio replay of
      the conference call will be available on the&#160;Trex&#160;website for 30 days.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
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        <div style="text-align: left">

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        <div style="text-align: center">

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          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      The statements in this press release regarding the Company's expected
      future performance and condition constitute &quot;forward-looking statements&quot;
      within the meaning of Section 27A of the Securities Act of 1933 and
      Section 21E of the Securities Exchange Act of 1934. These statements are
      subject to risks and uncertainties that could cause the Company's actual
      operating results to differ materially. Such risks and uncertainties
      include the extent of market acceptance of the Company's products; the
      costs associated with the development and launch of new products and the
      market acceptance of such new products; the sensitivity of the Company's
      business to general economic conditions; the impact of seasonal and
      weather-related demand fluctuations on inventory levels in the
      distribution channel and sales of the Company&#8217;s products; the
      availability and cost of third-party transportation services for the
      Company&#8217;s products; the Company's ability to obtain raw materials at
      acceptable prices; the Company's ability to maintain product quality and
      product performance at an acceptable cost; the level of expenses
      associated with product replacement and consumer relations expenses
      related to product quality; the highly competitive markets in which the
      Company operates; and cyber-attacks, security breaches, or other
      security vulnerabilities. Documents filed with the Securities and
      Exchange Commission&#160;by the Company, including in particular its latest
      annual report on Form 10-K and quarterly reports on Form 10-Q, discuss
      some of the important factors that could cause the Company's actual
      results to differ materially from those expressed or implied in these
      forward-looking statements. The Company expressly disclaims any
      obligation to update or revise publicly any forward-looking statements,
      whether as a result of new information, future events or otherwise.
    </p>
    <p>
      <b>About Trex Company</b>
    </p>
    <p>
      Trex Company is the world&#8217;s largest manufacturer of high performance
      wood-alternative decking and railing, with more than 25 years of product
      experience. Stocked in more than 6,700 retail locations worldwide, Trex
      outdoor living products offer a wide range of style options with fewer
      ongoing maintenance requirements than wood, as well as a truly
      environmentally responsible choice. Also, Trex is a leading national
      provider of custom-engineered railing, staging, acoustical and seating
      systems for the commercial and multi-family market, including performing
      arts venues and sports stadiums. For more information, visit <u>www.trex.com</u>.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>TREX COMPANY, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Comprehensive Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          (In thousands, except share and per share data)
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="6" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended</b><br><b>March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6" valign="bottom" style="padding-left: 0.0px; text-align: center">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          171,207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          144,806
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          94,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          79,637
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          76,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          65,169
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          28,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          23,269
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          47,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          41,900
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Interest expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          229
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          204
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          47,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          41,696
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          10,415
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          13,747
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          37,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          27,949
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Basic earnings per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1.26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.95
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,427,578
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,363,210
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Diluted earnings per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1.25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0.95
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,599,811
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          29,561,406
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          37,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          27,949
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>TREX COMPANY, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="bottom" style="padding-left: 0.0px; text-align: center">
          (In thousands, except share data)
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>March 31,</b><br><b>2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>December 31,</b><br><b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          ASSETS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,699
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          30,514
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          206,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          66,882
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          42,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          34,524
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          15,610
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          16,878
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          267,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          148,798
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Property, plant and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          105,035
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          103,110
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Goodwill and other intangibles
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          70,094
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          71,319
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,968
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,000
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; padding-bottom: 4.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          445,384
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          326,227
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          LIABILITIES AND STOCKHOLDERS&#8217; EQUITY
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          23,723
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          9,953
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accrued expenses and other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          37,032
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          46,266
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accrued warranty
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,290
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,290
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Line of credit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          84,500
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          151,545
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          62,509
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,286
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Non-current accrued warranty
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          28,285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          28,709
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,410
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,473
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          183,526
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          94,977
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Preferred stock, $0.01 par value, 3,000,000 shares authorized; none
          issued and outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Common stock, $0.01 par value, 80,000,000 shares authorized;
          34,969,507 and 34,922,111 shares issued and 29,415,251 and
          29,428,430 shares outstanding at March 31, 2018 and December 31,
          2017, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          350
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          349
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          120,751
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          122,043
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          319,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          282,370
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Treasury stock, at cost, 5,543,703 and 5,493,681 shares at March 31,
          2018 and December 31, 2017, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (178,723
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (173,512
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 45.0px; padding-bottom: 2.0px; text-align: left">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          261,858
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          231,250
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 45.0px; padding-bottom: 4.0px; text-align: left">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          445,384
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          326,227
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>TREX COMPANY, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="padding-left: 0.0px; text-align: center">
          (In thousands)
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended </b><br><b>March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center; white-space: nowrap; padding-right: 0.0px">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="bottom" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Operating Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          37,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          27,949
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash used in operating
            activities:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,765
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          3,764
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,965
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (Gain) loss on disposal of property, plant and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (22
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          258
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Changes in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (139,643
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (123,249
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (7,928
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,563
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,304
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          13,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,876
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accrued expenses and other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (18,972
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (13,939
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Income taxes receivable/payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          10,399
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          13,191
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Net cash used in operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (98,108
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (86,444
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Investing Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Expenditures for property, plant and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (5,435
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (4,312
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Proceeds from sales of property, plant and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (5,411
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (4,312
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Financing Activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Borrowings under line of credit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          92,500
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          93,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Principal payments under line of credit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (8,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (16,000
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Repurchases of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (8,993
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (3,244
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Proceeds from employee stock purchase and option plans
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          197
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          103
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Net cash provided by financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          75,704
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          73,859
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net decrease in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (27,815
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (16,897
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          30,514
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          18,664
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Cash and cash equivalents at end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,699
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,767
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Trex Company, Inc.<br>Bryan Fairbanks<br>Vice President and
      CFO<br>540-542-6300<br>or<br>AdvisIRy Partners<br>Lynn Morgen/Viktoriia
      Nakhla<br>212-750-5800
    </p>
  </body>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
