Apogee Q3 results up on architectural glass activities

Date: 24 December 2002

Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.

Revenue for architectural work was down 2 percent, to $121.9 million for the quarter. But operating income grew 20 percent, to $10.8 million, reflecting company efforts cut expenses and increase efficiency, connected with the implementation of the Six Sigma program.

The automotive glass segment of the company posted an operating loss of $1.4 million on a 7 percent revenue decline, to $55.7 million.

Net sales for the third quarter ended Nov. 30 were virtually flat compared to last year: $199.2 million in fiscal 2003 versus $200.3 million in fiscal 2002.

Net earnings for the quarter were up 29.3 percent to $7.6 million, or 27 cents per diluted share, compared to $5.8 million, or 20 cents per diluted share last year.

Shares of Apogee on the Nasdaq National Market closed down 42 cents, or 5 percent, at $8 Thursday.

600450 Apogee Q3 results up on architectural glass activities glassonweb.com

See more news about:

Others also read

William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
Southwall Technologies Inc. (NASDAQ: SWTX), a global developer, manufacturer and marketer of thin-film coatings for the automotive glass, electronic display and architectural markets, has named Michael E.
UCB reached an agreement with Solutia to acquire Solutia's Resins, Additives & Adhesives activity for $500 million, plus a $10 million exclusivity fee.

Add new comment