SECOND QUARTER HIGHLIGHTS
-- Revenues of $245.0 million were up 13 percent from the
-- Operating income was $18.8 million, up 9 percent from the
-- Earnings from continuing operations were $0.43 per share
versus $0.40 per share a year earlier.
-- Architectural segment revenues grew 15 percent, and operating
income increased 6 percent versus the prior-year period.
-- Large-scale optical segment revenues declined 17 percent, and
with higher operating margins, operating income declined just
4 percent compared to the prior-year period.
-- Net earnings were $0.43 per share versus $0.39 per share in
the prior-year period.
-- Fiscal 2009 guidance: expected earnings from continuing
operations are now $1.65 to $1.82 per share, down primarily
due to project delays and two project cancellations.
"Architectural segment revenue growth continued in the second quarter, and operating performance was strong in all segment businesses except architectural glass, where internal operational challenges impacted us throughout the quarter," said Russell Huffer, Apogee chairman and chief executive officer.
"Our large-scale optical segment turned in a strong operating margin performance, while revenues were negatively impacted primarily by the elimination of less-profitable product lines and somewhat by soft picture framing market conditions," he said. "In addition, the company continued to generate significant positive cash flow in the quarter.
"We are bringing down our fiscal 2009 full-year guidance due to softer and uncertain architectural market conditions that are resulting in project delays and cancellations in our architectural glass business, along with operational issues this business experienced in the second quarter," said Huffer.
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