|Apogee Reports Third Quarter Fiscal 2005 Earnings; Increases Current-Year Guidance; Provides Outlook for Fiscal 2006|
|Apogee Enterprises, Inc. (Nasdaq:APOG), today announced fiscal 2005 third quarter earnings. Apogee develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries.
-- Earnings from continuing operations were $0.20 per share, versus $0.20 per share a year earlier. (All earnings per share figures refer to diluted earnings per share.)
-- The prior-year earnings per share included a significant tax benefit; without this benefit, earnings per share would have been $0.12 in the third quarter of fiscal 2004.
-- Operating income from continuing operations increased 32 percent from the prior-year period. Operating margin increased to 5.4 percent, from 4.5 percent in the fiscal 2004 third quarter, due primarily to improved efficiencies on increased volume within the architectural segment.
-- Revenues of $157.1 million were up 9 percent versus the prior-year period.
-- Net earnings, including discontinued operations, were $0.20 per share, an improvement from $0.09 per share in the prior-year period, which was impacted by the performance and sale of the Harmon AutoGlass business.
-- Architectural segment revenues were up 20 percent, and operating income grew to $5.3 million from $1.7 million in the prior-year period. Increased volume led to higher capacity utilization and improved margins.
-- Segment backlog grew slightly from the prior-year period, and was down slightly from the second quarter level as new orders that went into backlog nearly offset strong revenues.
-- Large-scale optical segment revenues declined 15 percent as expected, while operating income increased 32 percent from the prior-year period. Sales of higher-margin, value-added picture framing glazing products continue to be strong.
-- Auto glass segment revenues and earnings dropped significantly, as expected. Results were impacted by soft market conditions and termination of certain supply pricing amendments in fiscal 2004.
-- On December 10, following the end of the third quarter, Apogee completed the asset purchase of Architectural Wall Solutions, Inc. (AWallS) of Bolingbrook, IL, a commercial glass installation business. The acquisition is part of Apogee's strategy to strengthen and grow its architectural businesses. (The impact of AWallS is not included in third quarter results.)
December 17th, 2004
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