Revises Fiscal 2004 Fourth Quarter Guidance
Apogee Enterprises Inc. has announced it has lowered earnings guidance
for its fiscal 2004 fourth quarter, ending February 28.
The revised guidance for fourth quarter continuing operations is
a loss of 8 to11 cents per share, including restructuring charges
of 2 to 3 cents per share related to the integration of Apogee's
two large-scale optical segment businesses. The expected operating
losses are somewhat offset by the net tax benefit. The previous
guidance for the fourth quarter was earnings from continuing operations
of 3 to 6 cents per share prior to restructuring charges. The new
full-year guidance is a range of earnings of 19 to 22 cents per
share from continuing operations, versus the previous earnings guidance
of 33 cents per share from continuing operations.
"Our outlook for continuing operations in the last quarter
of the year has declined, primarily due to our continuing difficulty
in accurately predicting job timing and flow," said Russell
Huffer, chairman, president and chief executive officer. "We
had approximately $14 to $17 million in revenues shift from the
fourth quarter of fiscal 2004 into fiscal 2005 as a result of project
delays and adjustments to project timing and flow, which is expected
to reduce operating income by $2.8 to $4.8 million in the quarter.
We have not seen any decline in our backlog, just timing movement,
a situation most predominant in our curtainwall and window manufacturing
and installation businesses.