Apogee Reports Flat Architectural Segment Revenues for Fiscal First Quarter

June 21, 2012

Minneapolis-based Apogee Enterprises Inc. released its fiscal 2013 first-quarter results yesterday.

Joseph Puishys, Apogee chief executive officer, said compared to last year figures, Apogee's "revenues of $154.1 million were up 1 percent …" while the architectural segment improved from last year but "revenues were flat with an operating loss of $1.9 million compared to a loss of $7.1 million."

Within the company's architectural products and services segment, Puishys said "revenues of $134.9 million were flat. Strong growth from share gains in the storefront and installation businesses was offset by the expected first-quarter gap in architectural glass project timing."

The company's architectural products and services segment includes Viracon, Harmon Inc., Wausau Window and Wall Systems, Linetec and Tubelite, a fabricator of aluminum storefront, entrance and curtainwall products.

Additionally, the company's operating loss in its architectural sector was $1.9 million, compared to a loss of $7.1 million last year, according to Puishys.

"Results improved from the prior-year period, with higher architectural glass pricing and the impact from storefront volume growth, partially offset by lower margin work in the installation business as expected," he said.

The backlog for the architectural products and services sector was "$267.3 million, compared to $237.0 million in the fiscal 2012 fourth quarter and $237.1 million in the prior-year period. Approximately $188 million, or 70 percent, of the backlog is expected to be delivered in fiscal 2013, and approximately $79 million, or 30 percent, in fiscal 2014."

According to Puishys, "Capital expenditures were $9.5 million, compared to $1.6 million in the prior-year period. Fiscal 2013 expenditures include purchase of curtainwall fabrication equipment for new geographies, and investments to increase capacity and improve productivity in the storefront and architectural glass businesses."

"Our anticipated revenue growth for fiscal 2013 will come in part from continued U.S. geographic expansion in our installation and storefront businesses, while earnings for the year are expected to benefit from improved architectural glass pricing, higher project margins in the second half and the ongoing strong performance of our picture framing glass and acrylic business," added Puishys.

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