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Apogee Reports Improved FY2013 Second-Quarter Earnings

Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2013 second-quarter results. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.

FY13 SECOND QUARTER VS. PRIOR-YEAR PERIOD
  • Revenues of $175.9 million were up 6 percent.
  • Operating income was $7.6 million, compared to a loss of $2.7 million.
  • Net earnings per share were $0.18, compared to a loss of $0.06.
  • Per share earnings from continuing operations were $0.17, compared to a loss of $0.06.
    • Prior-year period included $0.05 per share of CEO transition costs.
  • Architectural segment revenues increased 5 percent, with operating income of $3.0 million compared to a loss of $5.1 million.
    • Backlog grew $72.0 million, or 32 percent, to $299.0 million.
  • Large-scale optical segment revenues increased 19 percent, with operating income of $5.2 million compared to $3.5 million.
  • Cash and short-term investments totaled $68.3 million, compared to $45.3 million.

Commentary“We delivered a better than expected second quarter, and in flat markets grew revenues 6 percent and improved earnings by 24 cents per share,” said Joseph F. Puishys, Apogee chief executive officer. “I’m pleased that the architectural segment returned to profitability in the quarter. In addition, both our architectural and large-scale optical segments grew their top and bottom lines, as well as their margins, and all our operations performed well.

“Our architectural segment backlog reached its highest level in 12 quarters and grew by more than 30 percent year on year, as our bidding activity strengthens,” he said. “And, we generated positive cash flow, allowing us to increase our cash and short-term investments position by $23 million after ongoing capital investments for productivity and growth.”

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