Apogee Reports Improved Second-Quarter Results

Apogee Enterprises reported a slight increase in second-quarter revenues in its quarterly financial report, and has it architectural glass segment to largely thank for it.

“Apogee recorded another good quarter, with growth in revenues, operating income and backlog,” says Joseph F. Puishys, the company’s chief executive officer. “We also grew cash and short-term investments in a quarter when we made an acquisition.”

The company reported overall revenues of $178.3 million, a one percent increase from this same time a year ago, while operating income rose 24 percent. Apogee’s architectural glass segment enjoyed a revenue growth of 11 percent with its overall revenues of $70 million. The segment’s operating income of $800,000 was a vast improvement from its previous operating loss of $2 million.

Apogee’s strong performance in the architectural glass segment helped offset losses in both architectural services (minus 10 percent with revenues of $42.2 million) and architectural framing systems (minus five percent with revenues of $49.5 million). The company’s large-scale optical technologies segment saw revenues increase by one percent to $19.7 million.

“The biggest contributor to our strong operating income growth was our architectural glass segment, which benefited from improved mix, pricing and productivity,” Puishys says.

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