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

“The $0.23 improvement in fourth-quarter earnings per share mirrored a similar third-quarter improvement. The result was a full-year improvement of $0.68 per share from continuing operations, with each quarter reflecting year-over-year improvement,” said Puishys. “The quality of earnings was evident in our strong cash and short-term investments growth of approximately $20 million in the year.

“Finally, I was most pleased with the increase in our architectural segment backlog to $242 million, giving us a strong position as we enter fiscal 2013,” he said.

FY12 FOURTH-QUARTER SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR PERIOD

Architectural Products and Services

  • Revenues of $147.4 million were up 15 percent.
    • Growth resulted from improved architectural glass pricing and project mix, and market share gains in the window and storefront businesses.
  • Operating loss was $0.5 million, compared to a loss of $9.9 million.
    • Results improved from the prior-year period, with higher architectural glass pricing and mix and leverage on volume growth, partially offset by lower margin work in the installation business.
  • Backlog was $242.0 million, compared to $230.7 million in the third quarter and $237.2 million in the prior-year period.
    • Approximately $183 million, or 76 percent, of the backlog is expected to be delivered in fiscal 2013, and approximately $59 million, or 24 percent, in fiscal 2014.

Large-Scale Optical Technologies

  • Revenues of $21.3 million were up 7 percent, with increased sales to independent framers.
  • Operating income was $4.0 million, compared to $5.5 million.
    • Operating margin was 19.0 percent, compared to 27.7 percent, due primarily to spending on sales, marketing and new market development initiatives, including international.

Financial Condition

  • Long-term debt was $20.9 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 $79.3 million, compared to $46.4 million at the end of the third quarter and $60.6 million at the end of fiscal 2011.
  • Non-cash working capital was $44.4 million, compared to $39.4 million at the end of fiscal 2011.
  • Fiscal 2012 capital expenditures were $9.7 million, up 6 percent from the prior year.
  • Fiscal 2012 depreciation and amortization was $27.2 million.
  • Fourth-quarter and full-year tax benefits were the result of credits and deductions on a low base of earnings and reductions of uncertain tax positions as they were finalized throughout the year.
  • Fiscal 2012 had 53 weeks compared to 52 weeks in fiscal 2011, with the extra week in the fourth quarter.

OUTLOOK“We expect continued revenue and earnings growth for Apogee in fiscal 2013, as our architectural business continues to gain market share,” said Puishys. “At the same time, we’ll be focused on operational improvements, new product introductions and international opportunities that we expect will benefit us this year and into the future.

“We are anticipating mid-single digit revenue growth for fiscal 2013, in part coming from continued U.S. geographic expansion in our installation and storefront businesses,” he said. “Our fiscal 2013 outlook for earnings per share is $0.40 to $0.50, as we expect to benefit from a full year of improved architectural glass pricing, higher installation margins in the second half and the ongoing strong performance of our picture framing glass business.” He noted that Apogee expects to return to its normal tax rate in fiscal 2013.

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