Apogee CEO takes pay cut

For the second consecutive year, the compensation package decreased for Russell Huffer, chairman, president and CEO of Bloomington-based glass maker Apogee Enterprises Inc.

Huffer's salary, bonus and other compensation dropped about 31 percent from its fiscal 2003 levels, because he wasn't awarded a bonus in fiscal 2004.

Huffer was paid a total of $623,593 in fiscal 2004, ended in February. In 2003 he received $597,231 in wages and received a bonus of $226,448. In fiscal 2002 his salary and bonus totaled $1.2 million.

In addition to his salary, Huffer also received 50,000 shares of stock that when vested could be worth between $288,00 and $729,000 depending on a 5 or 10 percent rate of return, respectively.

Apogee's stock was trading down 35 cents, or 3.4 percent, to $10.06 per share in late day trading Thursday. The company's 52-week range is from $8.38 per share to $13.35.

For fiscal 2004, the company's earnings from continuing operations were 17 cents per share or $4.6 million, compared to 1.02 per share or $28 million in 2003. Revenues in the same period were down 8 percent to $535 million for the year.

Net results, including charges resulting from the January sale of Apogee's retail auto glass installation business called Harmon AutoGlass, were down as well. Apogee lost 20 cents per share, or $5.6 million, in fiscal 2004, compared to prior year net earnings of $1.06 per share or $29.9 million.

Apogee will hold its annual meeting at 10 a.m. June 22 at the Thrivent Financial Building auditorium in downtown Minneapolis. Shareholders at that time will be asked to ratify Deloitte & Touche as independent auditors for fiscal 2005 and to elect a slate of directors.

James Martineau, retired vice president of Apogee, and Michael Shannon, president of MEShannon & Assoc. Inc. and retired chairman of St. Paul-based Ecolab Inc., have been nominated for re-election to the board, along with newcomer Russell Reynolds.

Director Donald Goldfus is retiring from the board and director Ray Richelsen decided not to run for re-election.

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