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

Architectural Products and Services
  • Revenues of $156.4 million were up 5 percent, as a result of share gains in the installation and storefront businesses.
  • Operating income was $3.0 million, compared to a loss of $5.1 million.
    • Results improved from the prior-year period, with higher architectural glass pricing and the impact from storefront and installation volume growth and good operational performance throughout the segment.
  • Backlog was $299.0 million, compared to $267.3 million in the first quarter and $227.0 million in the prior-year period.
    • Approximately $166 million, or 56 percent, of the backlog is expected to be delivered in fiscal 2013, and approximately $133 million, or 44 percent, in fiscal 2014.

Large-Scale Optical Technologies
  • Revenues of $19.6 million were up 19 percent.
  • Operating income was $5.2 million, compared to $3.5 million.
    • Operating margin was 26.5 percent, compared to 21.4 percent.
  • Significant improvement in revenues and operating income resulted from a better mix of higher value-added glass and acrylic across all picture framing sectors.

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 $68.3 million, compared to $79.3 million at the end of fiscal 2012 and $45.3 million in the prior-year period.
  • Non-cash working capital was $57.4 million, compared to $44.4 million at the end of fiscal 2012 and $68.2 million in the prior-year period.
  • Capital expenditures year to date were $15.7 million for productivity and growth investments. This compares to $3.6 million in the prior-year period.
  • Depreciation and amortization year to date was $13.1 million.

OUTLOOK“With our second-quarter earnings, the quality of our architectural backlog and the visibility this backlog provides for the remainder of the year, we are increasing our earnings outlook for fiscal 2013 to $0.56 to $0.64 per share, from $0.48 to $0.58 per share,” said Puishys.

“We continue to anticipate mid single-digit revenue growth for the full year, despite market indicators pointing to a low- to no-growth year,” he said. “We believe growth will continue to come from share gain by our architectural businesses.

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