Apogee’s Fiscal-Year 2013 Full-Year, Fourth Quarter Results Improve

Minneapolis-based Apogee Enterprises Inc. has reported that its fiscal-year 2013 (FY2013) revenue was at $700.2 million, up 6 percent from last year.

The company’s operating income was $27.4 million, compared to $3.8 million for the previous year.

Its architectural segment saw revenues increase 6 percent, with an operating income of $9.2 million compared to an operating loss of $12.1 million last year. The architectural segment includes Viracon, Harmon Inc., Wausau Window and Wall Systems, Linetec and Tubelite.

For the fourth quarter, Apogee reports an overall revenue of $179.7 million, up 7 percent from the same period from last year. The company saw an operating income of $6.1 million for the quarter, up from $2.8 million for the same period of last year.

The architectural segment saw an increase of 9 percent in its fourth-quarter revenues, with an operating income of $2.2 million compared to an operating loss of $0.5 million for the same period last year.

Backlog was $297.0 million, compared to $300.4 million in the third quarter and $237.0 million in the prior-year period.

“I am very pleased with our fiscal 2013 results, as our earnings per share more than tripled to $0.66 on revenue growth of 6 percent in commercial construction markets that continued to be flat,” says Apogee CEO Joseph F. Puishys. “Our architectural backlog is up 25 percent from the previous year end, and we generated $41 million in operating cash flow to support $35 million in capital investments for growth, productivity and product capabilities.

“At the same time, we made considerable progress on our growth strategies, ranging from success in our new Texas installation and storefront markets, to new products in our businesses,” he says. “In addition, in our architectural glass business we made significant productivity improvements as we managed capacity and upgraded operations, and are investing in new capabilities and efficiencies in our largest facility via a new state-of-the-art coater.

“During fiscal 2013, architectural segment revenues grew 6 percent, led by the installation, storefront and window businesses, and operating income improved by more than $20 million, driven by improved architectural glass pricing and product mix, good operational performance across the segment and earnings on revenue growth,” continues Puishys.

Looking to the future, Puishys is optimistic.

“We are experiencing stronger bidding activity for future work, and margins on new orders are improving,” Puishys says. “The outlook for U.S. commercial construction markets in fiscal 2014, based on Apogee’s lag to McGraw-Hill forecasts for the segments we serve, is for low single-digit market growth. We again expect to outperform market growth by several percentage points.”

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