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Apogee Reports Improved FY2013 Third-Quarter Earnings

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

FY13 THIRD QUARTER VS. PRIOR-YEAR PERIOD
  • Revenues of $190.4 million were up 9 percent.
  • Operating income was $11.4 million, up from $7.2 million.
  • Earnings per share were $0.28, up from $0.20.
  • Architectural segment revenues increased 11 percent, with operating income of $5.8 million compared to $0.6 million.
    • Backlog was $300.4 million, compared to $299.0 million in the second quarter and $225.1 million in the prior-year period.
  • Large-scale optical segment revenues declined 5 percent, with operating income of $6.6 million compared to $7.4 million.
  • Cash and short-term investments totaled $75.0 million, compared to $46.4 million.

Commentary“We delivered a better than expected third quarter as our architectural segment successfully executed a more favorable mix of complex work,” said Joseph F. Puishys, Apogee chief executive officer. “I am pleased that in down markets, Apogee grew revenues 9 percent and operating income 59 percent in the quarter.

“All our architectural businesses grew operating income in the quarter, contributing to year-over-year segment operating margin improvement of 310 basis points,” he said. “We also maintained our architectural segment backlog compared to the second quarter, while growing segment revenues 11 percent.

“In the large-scale optical segment picture framing business, revenues and earnings are up year to date, even though third-quarter results were down compared to a strong prior-year period due to the timing of customer promotions,” Puishys said.

“Apogee has been able to show strong, profitable growth in fiscal 2013 through share gains, pricing, improved mix and good operational performance without help from our end markets,” he concluded.

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