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

Apogee Reports Improved FY2013 Third-Quarter Earnings

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

Architectural Products and Services

  • Revenues of $168.8 million were up 11 percent, with growth in all segment businesses, led by the installation business.
  • Operating income was $5.8 million, compared to $0.6 million.
    • Operating margin was 3.5 percent, compared to 0.4 percent.
    • Results improved from the prior-year period, with higher architectural glass pricing, improving installation margins, better mix and good operational performance throughout the segment.
  • Backlog was $300.4 million, compared to $299.0 million in the second quarter and $225.1 million in the prior-year period.
    • Approximately $111 million, or 37 percent, of the backlog is expected to be delivered in fiscal 2013, and approximately $189 million, or 63 percent, in fiscal 2014.

Large-Scale Optical Technologies

  • Revenues of $21.6 million were down $1.1 million, or 5 percent.
  • Operating income was $6.6 million, compared to $7.4 million in a strong prior-year period.
    • Operating margin was 30.3 percent, compared to 32.5 percent.
  • The timing of customer promotions and the East Coast hurricane impacted results.

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 $75.0 million, compared to $79.3 million at the end of fiscal 2012 and $46.4 million in the prior-year period.
  • Non-cash working capital was $59.9 million, compared to $44.4 million at the end of fiscal 2012 and $70.9 million in the prior-year period.
  • Capital expenditures year to date were $21.3 million, primarily for productivity and growth investments. This compares to $6.2 million in the prior year-to-date period.
  • Depreciation and amortization year to date was $19.8 million.

OUTLOOK“We are increasing our earnings outlook for fiscal 2013 to $0.62 to $0.67 per share from continuing operations, from $0.56 to $0.64 per share, as we benefit from improving margins resulting from better mix and good operational performance,” said Puishys. “Regarding top-line growth, our outlook for the full year is that revenues will grow 5 to 6 percent as we continue to outperform our end markets.

“For the full year, we expect positive free cash flow, net of spending approximately $30 million of capital for investments to improve productivity, increase capacity and introduce new products, as well as for maintenance requirements,” Puishys said. “In addition, we continue to look for long-term investments to support growth and capabilities.

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 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs