Volume 36, Issue 6, June 2001

FiancialFlash

 

Apogee Enterprises Releases 2001 Annual Report

Apogee Enterprises Inc. of Minneapolis has released its 2001 annual report.

For the 2001 fiscal year consolidated net sales increased 3 percent to $865.2 million compared to $840.5 million in 2000. Results of Apogee’s third and fourth 2001 quarters do not include the auto glass distribution unit, which it contributed to the PPG auto glass venture (see May USGlass, page 28).

Cost of sales, as a percentage of net sales, fell to 79.3 percent for this fiscal year; an improvement compared with 2000’s 80.1 percent. Gross profit rose to 20.7 percent of net sales in 2001, compared to 19.9 percent of net sales in 2000. Selling, general and administrative (SG&A) expenses, also as a percentage of sales, decreased 17 percent compared to 17.6 percent the year before. After the adjustment for the formation of the PPG auto glass venture, SG&A expenses decreased, as a percentage of sales, to 18.5 percent in fiscal 2000.

Earnings from operations of discontinued businesses were reported to be $1.6 million after tax or 6 cents diluted earnings per share compared to $9.1 million after tax or 3 cents diluted earnings per share in 2000. Net earnings in 2001 totaled $15 million or 54 cents diluted earnings per share, while $12.2 million or 44 cents diluted earnings per share was reported in 2000.

Apogee’s Architectural Products and Services segment saw a 12-percent increase in net sales, going from $394,104 million to $441,466 million. Operating income was $27.4 million compared to just over $20 million in 2000—a 34-percent increase. 

Within its Large-Scale Optical Technologies segment Apogee reported $90.8 million in net sales; a 30–percent increase over fiscal 2000’s nearly $70 million net sales. Operating income was $4.6 million, compared to 2000’s loss of $0.5 million. 

The Automotive and replacement glass segments reported net sales of $333.3 million in 2001, though revenues did grow 4 percent compared to 2000 after readjustments for the formation of the new PPG auto glass joint venture. Net sales, however, were down 2 percent compared with last year’s $377,499 million. Operating income increased to $1.4 million for fiscal 2001 from $0.2 million in 2000. 
 

USG

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