“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.