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.
- 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.
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