“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.
- 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.
- 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV