Apogee Reports Third Quarter Earnings

Apogee Enterprises, Inc., which develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries, today reported third quarter earnings per share from continuing operations of $0.20, or $5.5 million, including the favorable effect of a reduction in the company's effective tax rate.

This compares to earnings from continuing operations of $0.35 per share, or $9.9 million, in the prior-year period. All earnings per share figures refer to diluted earnings per share.

Third quarter net earnings were $0.09 per share, or $2.5 million, compared with net earnings of $0.27 per share, or $7.6 million, in the previous-year period. This reflects a loss of $0.11 per share from discontinued operations in the third quarter, versus a loss of $0.08 in the prior-year period.

Third quarter revenues from continuing operations declined 7 percent as expected and totaled $143.6 million compared to revenues of $154.4 million in the same period last year.

"We met our overall expectations in the third quarter, despite the ongoing, difficult commercial construction environment," said Russell Huffer, Apogee chairman, president and chief executive officer. "Architectural revenues for the quarter were down from prior year as anticipated, due to the slow construction market, and expected earnings were somewhat impacted by project delays and by lower margins on isolated jobs previously identified as having project management issues.

"Our large-scale optical segment continues to successfully convert picture framers to value-added glass," he said. "Auto glass segment results were better than anticipated due to higher than expected manufacturing shipments in the quarter, a timing issue that will be reflected in lower shipments in the fourth quarter."

600450 Apogee Reports Third Quarter Earnings glassonweb.com
Date: 19 December 2003
Source: Businesswire.com

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