This Day On The Street
Continue to site
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

Apogee Reports Improved FY2013 Second-Quarter Earnings

FY13 SECOND-QUARTER SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR PERIOD

Architectural Products and Services

  • Revenues of $156.4 million were up 5 percent, as a result of share gains in the installation and storefront businesses.
  • Operating income was $3.0 million, compared to a loss of $5.1 million.
    • Results improved from the prior-year period, with higher architectural glass pricing and the impact from storefront and installation volume growth and good operational performance throughout the segment.
  • Backlog was $299.0 million, compared to $267.3 million in the first quarter and $227.0 million in the prior-year period.
    • Approximately $166 million, or 56 percent, of the backlog is expected to be delivered in fiscal 2013, and approximately $133 million, or 44 percent, in fiscal 2014.

Large-Scale Optical Technologies

  • Revenues of $19.6 million were up 19 percent.
  • Operating income was $5.2 million, compared to $3.5 million.
    • Operating margin was 26.5 percent, compared to 21.4 percent.
  • Significant improvement in revenues and operating income resulted from a better mix of higher value-added glass and acrylic across all picture framing sectors.

Financial Condition

  • Long-term debt was $30.8 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.
    • Cash and short-term investments totaled $68.3 million, compared to $79.3 million at the end of fiscal 2012 and $45.3 million in the prior-year period.
  • Non-cash working capital was $57.4 million, compared to $44.4 million at the end of fiscal 2012 and $68.2 million in the prior-year period.
  • Capital expenditures year to date were $15.7 million for productivity and growth investments. This compares to $3.6 million in the prior-year period.
  • Depreciation and amortization year to date was $13.1 million.

OUTLOOK“With our second-quarter earnings, the quality of our architectural backlog and the visibility this backlog provides for the remainder of the year, we are increasing our earnings outlook for fiscal 2013 to $0.56 to $0.64 per share, from $0.48 to $0.58 per share,” said Puishys.

“We continue to anticipate mid single-digit revenue growth for the full year, despite market indicators pointing to a low- to no-growth year,” he said. “We believe growth will continue to come from share gain by our architectural businesses.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs