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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV