Volume 47, Issue 10- October 2012

FinancialFlash


Apogee Architectural Revenues Rise; Operating Income, Backlog Grows

Apogee Enterprises Inc. recently announced fiscal 2013 second-quarter results and this included good news regarding its architectural glass segment. Overall, revenues of $175.9 million were up 6 percent. Net earnings per share were $0.18, compared to a loss of $0.06.

Architectural segment revenues increased 5 percent, with operating income of $3.0 million compared to a loss of $5.1 million. Backlog grew $72.0 million, or 32 percent, to $299 million.

“We delivered a better than expected second quarter, and in flat markets grew revenues 6 percent and improved earnings by 24 cents per share,” says Joseph F. Puishys, Apogee chief executive officer. “I’m pleased that the architectural segment returned to profitability in the quarter.

“Our architectural segment backlog reached its highest level in 12 quarters and grew by more than 30 percent year on year, as our bidding activity strengthens,” he adds. “And, we generated positive cash flow, allowing us to increase our cash and short-term investments position by $23 million after ongoing capital investments for productivity and growth.”

The company also raised its estimated 2013 fiscal earnings from the previously set 48 and 58 cents per share to 56 and 64 cents per share based on increased quarterly profit growth, according to the company. As a result, the company’s shares have risen 12 percent in extended trading. Operating income was $7.6 million, compared to a loss of $2.7 million.


USG
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