This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Apogee Reports Improved FY2013 Second-Quarter Earnings

Stocks in this article: APOG

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.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs