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Apogee Reports Third Quarter Fiscal 2005 Earnings; Increases Current-Year Guidance; Provides Outlook for Fiscal 2006
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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.
HIGHLIGHTS
-- 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.)
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December 17th, 2004
Source: Tmcnet.com |
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