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Apogee Q3 results up on architectural glass activities
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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.
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December 24th, 2002
Source: Twincities Bizjournals |
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