SECOND QUARTER HIGHLIGHTS
-- Revenues of $188.6 million were up 9 percent versus the prior-year period.
-- Earnings of $0.26 per share increased 30 percent from $0.20 per share a year earlier.
-- As anticipated, the current quarter includes $0.04 per share from net proceeds of a class action lawsuit settlement with a flat glass manufacturer covering 1991 to 1995. The proceeds are included in operating income for each segment.
-- The quarter also includes $0.01 per share expense related to adoption of FAS123R.
-- Operating margin was 5.6 percent or 4.6 percent excluding the flat glass settlement. This compares to 4.4 percent in the prior-year period.
-- Architectural segment revenues were up 15 percent, and operating income, excluding the flat glass proceeds, doubled compared to the prior-year period.
-- Large-scale optical segment revenues decreased 24 percent, and operating income decreased 62 percent versus the unusually strong prior-year period.
"We are pleased with our second quarter results, especially in our core architectural segment which achieved significant earnings growth," said Russell Huffer, Apogee chairman and chief executive officer. "The non-residential construction markets we serve remain strong, as seen in our backlog and bidding activity. We are feeling good about the strength the architectural business is bringing to Apogee's performance this fiscal year.
"The decline in the large-scale optical segment performance compared to the especially strong prior-year period was slightly greater than expected," he said. "Impacting results were an unfavorable framing product mix within value-added glass, along with a softer retail environment and lower pre-framed art sales."
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