Volume 37, Issue 10, October 2002

FinancialFlash

Apogee’s First-Quarter Results Exceed Expectations; Publishes 2002 Report

Minneapolis-based Apogee Enterprises Inc. has announced its first-quarter earnings for the fiscal year. Earnings were 18 cents per share or $5.2 million compared to 20 cents per share or $5.6 million in fiscal 2002. All earnings-per-share figures refer to diluted earnings per share.

Revenues for the quarter were $184.7 million, a 9-percent decrease compared to last year’s revenues of $203.6 million. Operating income increased to $9.7 million from $8 million last year. In addition, Apogee’s operating margin rose to 5.3 percent compared to last year’s 3.9 percent.
“I am pleased with our performance in what we knew would have been a tough quarter, given the slowdown in our largest market—construction,” said Russ Huffer, company chair, president and chief executive officer. “As we had anticipated, our revenues and earnings were below last year. However, earnings did significantly exceed expectations as a result of our ongoing focus on operational improvements and asset management.” 

Specifically, in the company’s architectural products and services segment, first-quarter revenues declined, showing a 7-percent drop to $108 million, compared to $116.2 million last year. Operating income was $6.4 million compared to $7 million and operating margin remained at 6 percent.

In other financial news at Apogee, the company has announced its board of directors authorized a $500,000 share increase to its share-repurchase 
program.

Vitro Reports 2002 First-Quarter Results
Monterrey-based Vitro S.A. de C.V. has reported its unaudited first-quarter 2002 results. The company reported that its consolidated net sales maintained a positive trend, reaching $719 million (U.S. dollars), rising 7.1 percent from last year’s results for the same quarter. Likewise, Vitro’s EBITDA remained strong, increasing 5 percent in dollar terms over the previous quarter to $123 million. However, from the 2001 first quarter, EBITDA decreased 4.8 percent. The company attributes the drop to the revaluation of the peso against the U.S. dollar during the recent quarter.

Finally, net income increased by 23.7 percent from last year for the 2002 first quarter, from $29 million to $36 million in 2002. 

 


USG

© Copyright Key Communications Inc. All rights reserved. No reproduction of any type without expressed written permission.