Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2013 first-quarter results. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries. FY13 FIRST QUARTER VS. PRIOR-YEAR PERIOD
- Revenues of $154.1 million were up 1 percent.
- Operating income was $2.3 million, compared to a loss of $3.4 million.
- Per share earnings were $0.06, compared to a loss of $0.08.
- Architectural segment revenues were flat, with an operating loss of $1.9 million compared to a loss of $7.1 million.
- Backlog grew $30.3 million, or 13 percent, to $267.3 million.
- Large-scale optical segment revenues increased 7 percent, with operating income of $5.3 million compared to $4.6 million.
- Revenues of $134.9 million were flat.
- Strong growth from share gains in the storefront and installation businesses was offset by the expected first-quarter gap in architectural glass project timing.
- Operating loss was $1.9 million, compared to a loss of $7.1 million.
- Results improved from the prior-year period, with higher architectural glass pricing and the impact from storefront volume growth, partially offset by lower margin work in the installation business as expected.
- Backlog was $267.3 million, compared to $237.0 million in the fiscal 2012 fourth quarter and $237.1 million in the prior-year period.
- Approximately $188 million, or 70 percent, of the backlog is expected to be delivered in fiscal 2013, and approximately $79 million, or 30 percent, in fiscal 2014.
- Revenues of $19.3 million were up 7 percent.
- Operating income was $5.3 million, compared to $4.6 million.
- Operating margin was 27.4 percent, compared to 25.7 percent.
- Improvements resulted from a better mix of higher value-added picture framing glass and acrylic across all markets.
- Long-term debt was $30.9 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; reflected in the total is $10 million in industrial revenue bonds issued in the quarter by Michigan for current and projected capacity expansions in the storefront business.
- Cash and short-term investments totaled $57.5 million, compared to $79.3 million at the end of fiscal 2012.
- Non-cash working capital was $61.2 million, compared to $44.4 million at the end of fiscal 2012 and $63.3 million in the prior-year period.
- Capital expenditures were $9.5 million, compared to $1.6 million in the prior-year period. Fiscal 2013 expenditures include purchase of curtainwall fabrication equipment for new geographies, and investments to increase capacity and improve productivity in the storefront and architectural glass businesses.
- Depreciation and amortization was $6.5 million.
“For the full year, we continue to expect positive free cash flow after spending capital of approximately $25 million for investments to improve productivity, increase capacity and introduce new products, as well as for maintenance requirements,” he said.“I believe that our focus on operational improvements, new product introductions and geographic expansion will deliver improving top and bottom-line results during fiscal 2013 and beyond,” Puishys said. “Apogee is a great company with significant opportunities to grow our business at home and internationally.” TELECONFERENCE AND SIMULTANEOUS WEBCASTApogee will host a teleconference and webcast at 10 a.m. Central Time tomorrow, June 21. To participate in the teleconference, call 1-800-295-4740 toll free or 617-614-3925 international, access code 23058100. The replay will be available from noon Central Time on June 21 through midnight Central Time on Thursday, June 28, by calling 1-888-286-8010 toll free, access code 84965034. To listen to the live conference call over the internet, go to the Apogee web site at http://www.apog.com and click on “investor relations” and then the webcast link at the top of that page. The webcast also will be archived on the company’s web site. ABOUT APOGEE ENTERPRISESApogee Enterprises, Inc., headquartered in Minneapolis, is a leader in technologies involving the design and development of value-added glass products and services. The company is organized in two segments:
- Architectural products and services companies design, engineer, fabricate, install, maintain and renovate the walls of glass and windows comprising the outside skin of commercial and institutional buildings. Businesses in this segment are: Viracon, the leading fabricator of coated, high-performance architectural glass for global markets; Harmon, Inc., one of the largest U.S. full-service building glass installation, maintenance and renovation companies; Wausau Window and Wall Systems, a manufacturer of custom aluminum window systems and curtainwall; Linetec, a paint and anodizing finisher of window frames and PVC shutters; and Tubelite, a fabricator of aluminum storefront, entrance and curtainwall products.
- Large-scale optical segment consists of Tru Vue, a value-added glass and acrylic manufacturer for the custom picture framing market.
|Apogee Enterprises, Inc. & Subsidiaries|
|Consolidated Condensed Statement of Income|
|Weeks Ended||Weeks Ended||%|
|Dollar amounts in thousands, except for per share amounts||June 2, 2012||May 28, 2011||Change|
|Cost of goods sold||123,059||129,652||-5||%|
|Selling, general and administrative expenses||28,757||27,114||6||%|
|Operating income (loss)||2,318||(3,428||)||N/M|
|Other income, net||17||3||N/M|
|Earnings (loss) before income taxes||2,244||(3,457||)||N/M|
|Income tax expense (benefit)||638||(1,280||)||N/M|
|Net earnings (loss)||$||1,606||($2,177||)||N/M|
|Net earnings (loss) per share - basic||$||0.06||($0.08||)||N/M|
|Average common shares outstanding||27,787,767||27,861,799||0||%|
|Net earnings (loss) per share - diluted||$||0.06||($0.08||)||N/M|
|Average common and common|
|equivalent shares outstanding||28,223,066||27,861,799||1||%|
|Cash dividends per common share||$||0.0900||$||0.0815||10||%|
|Business Segments Information|
|Weeks Ended||Weeks Ended||%|
|June 2, 2012||May 28, 2011||Change|
|Operating income (loss)|
|Corporate and other||(1,061||)||(1,007||)||-5||%|
|Consolidated Condensed Balance Sheets|
|June 2,||March 3,|
|Net property, plant and equipment||162,921||159,547|
|Liabilities and shareholders' equity|
|Total liabilities and shareholders' equity||$||495,586||$||493,104|
|N/M = Not meaningful|
|Apogee Enterprises, Inc. & Subsidiaries|
|Consolidated Condensed Statement of Cash Flows|
|Weeks Ended||Weeks Ended|
|Dollar amounts in thousands||June 2, 2012||May 28, 2011|
|Net earnings (loss)||$||1,606||($2,177||)|
|Depreciation and amortization||6,528||7,022|
|Changes in operating assets and liabilities||(17,273||)||(26,065||)|
|Net cash used in continuing operating activities||(7,623||)||(20,536||)|
|Proceeds on sale of property||14||10,306|
|Net (purchases) sales of restricted investments||(8,260||)||619|
|Net (purchases) sales of marketable securities||(11,125||)||2,613|
|Investments in life insurance||(900||)||(1,435||)|
|Net cash (used in) provided by investing activities||(29,780||)||10,489|
|Proceeds from issuance of debt||10,000||-|
|Payments on debt||(45||)||(200||)|
|Shares withheld for taxes, net of stock issued to employees||(817||)||(658||)|
|Net cash provided by (used in) financing activities||6,327||(890||)|
|Cash used in discontinued operations||(34||)||(3,272||)|
|Decrease in cash and cash equivalents||(31,110||)||(14,209||)|
|Effect of exchange rates on cash||111||17|
|Cash and cash equivalents at beginning of year||54,027||24,302|
|Cash and cash equivalents at end of period||$||23,028||$||10,110|