Apogee Reports Second Quarter Fiscal 2005 Earnings; Announces Architectural Manufacturing Expansion

Apogee Enterprises, Inc. (Nasdaq:APOG), today announced fiscal 2005 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 $0.16 per share, versus $0.09 per share a year earlier. (All earnings per share figures refer to diluted earnings per share.)

-- Includes $0.05 per share from net proceeds of a class action lawsuit settlement with certain flat glass manufacturers covering 1991 to 1995. The proceeds are included in operating income for each segment. Prior-year second quarter results include a charge of $0.01 per share for closure of a small architectural finishing facility.

-- Revenues increased 11 percent versus the prior-year period.

-- Operating margin was 4.6 percent, or 3.1 percent excluding the flat glass settlement. Operating margin was 2.4 percent in the prior-year period. Improved efficiencies on increased volume were offset by continued competitive architectural pricing and lower auto glass pricing.

-- Architectural segment revenues were up 21 percent, and operating income grew to $4.6 million from $0.9 million in the prior-year period. Increased volume led to higher capacity utilization. In addition, project execution improved, while pricing remained competitive.

-- Segment backlog grew 24 percent from the prior-year period, and was down slightly from the first quarter level as new orders that went into backlog nearly offset strong revenues.

-- Large-scale optical segment revenues declined 17 percent as expected, while operating income increased from the prior-year period, largely due to the flat glass settlement. Sales of higher-margin value-added picture framing glazing products continue to be strong.

-- Auto glass segment revenues were down 28 percent and operating income declined 24 percent. Results were impacted by soft market conditions and termination of certain supply pricing amendments in fiscal 2004.

-- Apogee today announced an expansion of architectural glass fabrication capacity estimated to cost approximately $12 million.

-- Stock repurchases totaled $1.9 million, or 172,325 shares, in the quarter.

Second quarter earnings from continuing operations were $0.16 per share, or $4.3 million, versus earnings of $0.09 per share, or $2.5 million, in the prior-year period. Revenues were $151.0 million, compared to revenues of $135.8 million in the same period last year.

Net earnings in the second quarter, including discontinued operations, also were $0.16 per share, or $4.3 million. This compares to a net loss of $0.07 per share, or $1.9 million, in the prior-year period related to the sale of Harmon AutoGlass.

600450 Apogee Reports Second Quarter Fiscal 2005 Earnings; Announces Architectural Manufacturing Expansion glassonweb.com
Date: 17 September 2004
Source: Businesswire.com

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