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Apogee Reports Improved Third-Quarter Results

Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2014 third-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing art.

FY14 THIRD QUARTER VS. PRIOR-YEAR PERIOD

  • Revenues of $199.4 million were up 5 percent.
  • Operating income of $12.7 million was up 11 percent.
  • Earnings per share of $0.33 were up 18 percent.
  • Consolidated backlog was $299.9 million, compared to $302.9 million.
  • Free cash flow tripled to approximately $21 million.
  • Cash and short-term investments were $22.5 million, compared to $75.0 million.
    • Acquired Alumicor Limited, a Canadian non-residential window, storefront, entrance and curtainwall company, for approximately $52 million in cash.

COMMENTARY“Apogee recorded another solid quarter, with growth in revenues and earnings per share, and positive free cash flow,” said Joseph F. Puishys, Apogee chief executive officer. “At the same time, we used cash to acquire a leader in the Canadian storefront and entrance market with approximately C$60 million in annual revenues, supporting our growth strategies that include a focus on new international geographies and new product introductions.

“Revenues were up 5 percent in the quarter, and all segments have grown year to date,” he said. “We’ve maintained our backlog level, and more importantly, are seeing growth in our pipeline of project commitments and awards, as well as continued strong bidding activity as our markets begin to improve.

“Our operating income growth of 11 percent was driven by improved mix and productivity in the Architectural Glass segment, and increasing margins and good project execution in the Architectural Services segment, which returned to profitability,” said Puishys. “In addition, the Architectural Framing Systems segment earnings increased slightly as it absorbed acquisition integration costs. In the Large-Scale Optical segment, a good mix was offset by promotional activities and some increased manufacturing costs.”

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