Apogee Enterprises 2nd Quarter Earnings Per Share Increase 25 Percent; Apogee Reaffirms Guidance for Fiscal 2006

Apogee Enterprises, Inc. announced fiscal 2006 second 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 $0.16 per share a year earlier.

Prior-year period earnings included a $0.05 per share gain from net proceeds of a class action lawsuit settlement with certain flat glass manufacturers.

Operating margin was 4.4 percent. This compares to 4.6 percent in the prior-year period, or 3.1 percent excluding the flat glass settlement.

Revenues of $173.7 million were up 15 percent versus the prior-year period.

Architectural segment revenues were up 13 percent. Operating income decreased 15 percent to $3.9 million compared to the prior year, but was up 18 percent after excluding unusual items in both years ($0.6 million charge for realignment of window manufacturing business in current quarter and flat glass settlement income of $0.8 million in prior-year period).

Architectural backlog grew 24 percent to $276.5 million from the prior-year period.

Apogee announced plans on September 13 to build a new fabrication plant in the Southwest. The new capacity, which is designed to meet increasing demand for architectural glass products, is part of the company's strategy to grow this market.

Large-scale optical segment revenues increased 37 percent, while operating income increased to $5.0 million from $1.7 million in the prior-year period. Conversion to value-added products continued strong, and national retail customers stocked inventory.

Reaffirmed full-year guidance of $0.74 to $0.80 per share.

600450 Apogee Enterprises 2nd Quarter Earnings Per Share Increase 25 Percent; Apogee Reaffirms Guidance for Fiscal 2006 glassonweb.com
Date: 16 September 2005
Source: Businesswire.com

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