Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2013 first-quarter results. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.
FY13 FIRST QUARTER VS. PRIOR-YEAR PERIOD
- Revenues of $154.1 million were up 1 percent.
- Operating income was $2.3 million, compared to a loss of $3.4 million.
- Per share earnings were $0.06, compared to a loss of $0.08.
- Architectural segment revenues were flat, with an operating loss of $1.9 million compared to a loss of $7.1 million.
- Backlog grew $30.3 million, or 13 percent, to $267.3 million.
- Large-scale optical segment revenues increased 7 percent, with operating income of $5.3 million compared to $4.6 million.
Commentary“We started the new year with strong earnings on revenues that grew 1 percent,” said Joseph F. Puishys, Apogee chief executive officer. “With strong orders and awards leading to an architectural backlog increase of 13 percent, we have confidence in our planned growth for the full year.
“Gross and operating margins for both our architectural and large-scale optical segments improved year on year, and we operated well throughout Apogee’s businesses,” he said. “Cash and short-term investments ended at $58 million after normal first-quarter seasonal uses and capital investments for growth and productivity enhancements, with ongoing positive working capital performance.”FY13 FIRST-QUARTER SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR PERIOD Architectural Products and Services
- Revenues of $134.9 million were flat.
- Strong growth from share gains in the storefront and installation businesses was offset by the expected first-quarter gap in architectural glass project timing.
- Operating loss was $1.9 million, compared to a loss of $7.1 million.
- Results improved from the prior-year period, with higher architectural glass pricing and the impact from storefront volume growth, partially offset by lower margin work in the installation business as expected.
- Backlog was $267.3 million, compared to $237.0 million in the fiscal 2012 fourth quarter and $237.1 million in the prior-year period.
- Approximately $188 million, or 70 percent, of the backlog is expected to be delivered in fiscal 2013, and approximately $79 million, or 30 percent, in fiscal 2014.
- Revenues of $19.3 million were up 7 percent.
- Operating income was $5.3 million, compared to $4.6 million.
- Operating margin was 27.4 percent, compared to 25.7 percent.
- Improvements resulted from a better mix of higher value-added picture framing glass and acrylic across all markets.
- Long-term debt was $30.9 million, compared to $20.9 million at the end of fiscal 2012.
- Long-term debt includes $30.4 million in long-term, low-interest industrial revenue and recovery zone facility bonds; reflected in the total is $10 million in industrial revenue bonds issued in the quarter by Michigan for current and projected capacity expansions in the storefront business.
- Cash and short-term investments totaled $57.5 million, compared to $79.3 million at the end of fiscal 2012.
- Non-cash working capital was $61.2 million, compared to $44.4 million at the end of fiscal 2012 and $63.3 million in the prior-year period.
- Capital expenditures were $9.5 million, compared to $1.6 million in the prior-year period. Fiscal 2013 expenditures include purchase of curtainwall fabrication equipment for new geographies, and investments to increase capacity and improve productivity in the storefront and architectural glass businesses.
- Depreciation and amortization was $6.5 million.