This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apogee Reports Solid Fiscal 2012 Third-Quarter Results

Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2012 third-quarter results. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.

  • Revenues of $174.9 million were up 19 percent.
  • Operating income was $7.2 million, compared to a loss of $1.8 million.
  • Per share earnings were $0.20, compared to a loss of $0.08.
  • Architectural segment revenues increased 21 percent, with operating income of $0.6 million compared to a loss of $8.4 million.
  • Backlog was maintained at $231 million from the second quarter.
  • Large-scale optical segment revenues increased 6 percent, with operating income consistent at $7.4 million.


“I am pleased to report very positive results for the third quarter, as we returned to quarterly earnings and grew revenues significantly,” said Joseph F. Puishys, Apogee chief executive officer. “The architectural segment moved to profitability on strong third-quarter revenues and maintained its backlog on increased order flow, and the large-scale optical segment revenues increased. We achieved excellent top-line growth in both segments, given current market conditions.

“During the quarter, we also had solid balance sheet performance with cash flow from operations of $10 million,” he said. “In addition, we maintained our cash and short-term investments position from the second quarter after using $2.4 million in cash to repurchase shares in the current period.”


Architectural Products and Services
  • Revenues of $152.1 million were up 21 percent, with 7 percentage points of the increase coming from the addition of the Brazilian architectural glass business acquired in the fourth quarter of fiscal 2011. The remaining growth was split between increased volume in the window and storefront businesses, and improved architectural glass pricing.
  • Operating earnings were $0.6 million, compared to a loss of $8.4 million.
    • Results improved from the prior-year period with higher architectural glass pricing and leverage on volume growth, partially offset by lower margin work in the installation business.
    • The Brazilian architectural glass business was slightly accretive in the quarter, as expected.
  • Backlog was $230.7 million, compared to $231.3 million in the second quarter and $165.7 million in the prior-year period.
    • Approximately $96 million, or 41 percent, of the backlog is expected to be delivered in fiscal 2012; approximately $126 million, or 55 percent, in fiscal 2013; and approximately $9 million, or 4 percent in fiscal 2014.
    • Awarded projects awaiting final signed contracts held at the second quarter level of approximately $60 million.

Large-Scale Optical Technologies
  • Revenues of $22.8 million were up 6 percent with increased sales to independent framers.
  • Operating income was maintained at $7.4 million.
    • Operating margin in the seasonally strong quarter declined to 32.5 percent, compared to 34.5 percent, due to spending on growth initiatives.

Financial Condition
  • Long-term debt was $21.0 million, compared to $21.4 million at the end of fiscal 2011.
    • Long-term debt includes $20.4 million in long-term, low-interest industrial revenue and recovery zone facility bonds.
    • Cash and short-term investments totaled $46.4 million, compared to $45.3 million at the end of the second quarter and $60.6 million at the end of fiscal 2011.
  • Non-cash working capital (current assets, excluding cash and short-term investments, less current liabilities) was $70.9 million, compared to $68.2 million at the end of the second quarter, and $39.4 million at the end of fiscal 2011.
  • Capital expenditures year-to-date were $6.2 million, down 18 percent from the prior-year period.
  • Depreciation and amortization year-to-date were $20.6 million, comparable to the prior-year period.
  • Third-quarter tax expense included a benefit of approximately $1 million from finalization of previous tax positions.


“With the strong third-quarter performance, we have increased our fiscal 2012 full-year outlook,” Puishys said. “We now anticipate that revenues will increase approximately 14 percent, up from prior expectations of more than 10 percent growth, and our full-year earnings per share should be at least $0.07. We also expect to generate positive cash flow from operations in fiscal 2012.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs