Apogee Reports Growth in Fiscal 2012 Third-Quarter Results

Officials at Apogee Enterprises Inc. announced the company's fiscal 2012 third-quarter results on December 14. The company's revenues of $174.9 million were up 19 percent and operating income was $7.2 million, compared to a loss of $1.8 million in the prior year period, according to a company news release. Architectural segment revenues increased 21 percent, with operating income of $0.6 million, compared to a loss of $8.4 million in the prior year period.

"The architectural segment moved to profitability on strong third-quarter revenues and maintained its backlog on increased order flow, and the large-scale optical segment revenues increased," says Joseph F. Puishys, Apogee CEO, in the release. "We achieved excellent top-line growth in both segments, given current market conditions."

The architectural products and services segment reported revenues of $152.1 million. Seven percentage points of the 21 percent increase in that segment came from the addition of the Brazilian architectural glass business acquired in the fourth quarter of fiscal 2011. The remaining growth was split between increased volume in the window and storefront businesses, and improved architectural glass pricing.

"With the strong third-quarter performance, we have increased our fiscal 2012 full-year outlook," Puishys says in the release. "We now anticipate that revenues will increase approximately 14 percent, up from prior expectations of more than 10 percent growth, and our full-year earnings per share should be at least $0.07. We also expect to generate positive cash flow from operations in fiscal 2012."