Volume 36, Issue 4, April 2001

FinancialFlash

Vitro Announces Fourth-Quarter and 2000 Year-End Financial Results

Vitro S.A. de C.V. recently announced its fourth-quarter and year–end results December 31, 2000. Accord-ing to the results, earnings for the fourth-quarter totaled $734 million (U.S. dollars), a 5.6 percent increase compared to $696 million in 1999. However, the quarter registered a 1.7 percent decrease in sales in terms of pesos when compared to the 1999 fourth-quarter.

In addition, exports for the fourth- quarter were $180 million, a 5.1 percent decrease in dollar terms compared to the $190 million exported in 1999.
2000 fourth-quarter earnings before interest and taxes totaled $80 million, an 18.5 percent decrease compared with $98 million registered in the same period the year before. According to the company’s statement, the drop was due to price increases in natural gas, the impact of the strong peso on export sales margins, and the business units most exposed to the dollar and increases in the costs of certain packaging.

In addition, lower EBIT and higher non-recurring expenses resulted in net income for the quarter at $6 million, compared to $31 million in 1999.
For the 2000 fiscal year, consolidated net sales were $2,587 million, an increase of 8.7 percent, compared with $2,627 million in 1999.

Apogee Redefines Financial Business Segments to Reflect Its Changing Focus

Minneapolis-based Apogee Enter-prises Inc. has announced plans to redefine its financial business segments, changing the number of business segments it reports from two to three, effective April 4, 2001. The new segments are: architectural products and services, which will design, engineer, fabricate and install walls of glass and windows comprising the outside skin of commercial and institutional buildings; large-scale optical technologies will develop and produce high-technology glass that enhances the visual performance of products for the display, imaging and picture framing industries; and automotive replacement glass and services will fabricate, repair and replace automotive windshields and windows.

“Our three new segments reflect our changing business mix and focus, and more closely align with markets served to underscore Apogee’s growth potential,” said Russell Huffer, Apogee chairman, president and chief executive officer. “The historical results [see chart] ... show the importance of the architectural products and services segment, which is approximately 50 percent of revenues and 75 percent of earnings through the fiscal 2001 third quarter,” Huffer added.

Apogee has a long history of changing business segments (see related article February 1994 USGlass).