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.

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