Trex repaid the remaining $91.9 million principal balance on its 6% Convertible Senior Subordinated Notes, which matured Monday, converting the notes into 1.1 million shares of company stock. The company used $67 million in cash and $25 million from its line of revolving credit—its remaining debt—to pay the balance.

The PVC trim and decking manufacturer says the move is a part of a $109 million reduction in debt since January 2008, strengthening its balance sheet in pursuit of generating cash flow, increasing margins, and growing its market share in North America and internationally.

Trex reported a $12.3 million gain on $96.1 million net sales for the first quarter 2012, representing a 39% jump in sales and a more-than-twofold increase in profits from the year-ago quarter.