Apogee Reports Improved Fiscal 2012 Fourth-Quarter And Full-Year Results

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

FY12 FULL YEAR VS. PRIOR YEAR

• Revenues of $662.5 million were up 14 percent.
• Operating income was $3.8 million, compared to a loss of $21.0 million.
• Per share earnings from continuing operations were $0.17, compared to a loss of $0.51.
• Architectural segment revenues increased 15 percent, with an operating loss of $12.1 million compared to a loss of $37.7 million.
• Large-scale optical segment revenues increased 4 percent, with operating income of $19.6 million compared to $20.5 million.
• Net earnings per share were $0.17, compared to a loss of $0.37. Discontinued operations in the prior year provided net earnings from resolution of foreign operations discontinued in 1998.
• Cash and short-term investments totaled $79.3 million, compared to $60.6 million at the end of fiscal 2011.

FY12 FOURTH QUARTER VS. PRIOR-YEAR PERIOD

• Revenues of $168.7 million were up 14 percent.
• Operating income was $2.8 million, compared to a loss of $5.6 million.
• Per share earnings from continuing operations were $0.11, compared to a loss of $0.12.
• Architectural segment revenues increased 15 percent, with an operating loss of $0.5 million compared to a loss of $9.9 million.
  • Backlog grew to $242.0 million from $237.2 million.
• Large-scale optical segment revenues increased 7 percent, with operating income of $4.0 million compared to $5.5 million.
• Net earnings per share were $0.11, compared to a loss of $0.16. Prior-year period had discontinued operations expense from resolution of foreign operations discontinued in 1998.

Commentary“We finished the year strong with another quarter of double-digit revenue growth, significant earnings improvement, very positive cash flow and continued increase in our backlog,” said Joseph F. Puishys, Apogee chief executive officer. “Our year-over-year improvement was particularly strong in the architectural segment. However, our large-scale optical picture framing glass business continued to deliver solid results.

“In flat market conditions, Apogee grew 14 percent over fiscal 2011 due to share gains, geographic growth, pricing and the acquisition of the Brazilian architectural glass business, which contributed 5 points of the growth,” he said. “Both the architectural and large-scale optical segments grew organically more than their markets.

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