Minneapolis-based Apogee released its first-quarter financial figures, showing a robust increase in revenues from its architectural glass, architectural services and architectural framing services along with an overall operating income that more than doubled.
According to a release, Apogee’s architectural glass revenues jumped 27 percent to $74.8 million, while architectural services (up 19 percent to $46.5 million) and architectural framing services (up five percent to $44.4 million) also recorded strong profits.
“We continue to expect that capital spending for fiscal 2014 will be in the range of $40 to $45 million as we invest for growth, productivity and product development capabilities, including for the new glass coater,” said Joseph F. Puishys, Apogee’s chief executive officer. “We expect to be free cash flow positive after this level of investments.”
Puishys added that the fiscal 2014 gross margin is anticipated to be at least 22 percent.
Apogee recorded overall revenues of $179.3 million in the year’s first quarter, a 16 percent increase from the same time last year, while its overall operating income rose from $2.3 million to $6.1 million. The company also reported that its earnings per share had risen from $0.06 to $0.14, while cash and short-term investments had also grown from $57.5 million to $69.7 million.
The company also announced the election of Donald Nolan, 52, president of the Avery Dennison Corporation Materials Group, as a new director. He will serve on the Apogee board of directors committee and is a Class I director who will stand for re-election at the 2014 annual meeting. With his addition, the Apogee board now has 10 members.