Apogee raises quarterly cash dividend; increases share repurchase authorization

Apogee has declared a quarterly cash dividend of USD 0.1575 per share, payable on 14 February 2018, to shareholders of record on 30 January 2018.

The Board of Directors of Apogee Enterprises, Inc. has declared a quarterly cash dividend of USD 0.1575 per share, payable on 14 February 2018, to shareholders of record on 30 January 2018. The dividend of USD 0.1575 per share represents an increase of 12.5% from the previous quarterly dividend of USD 0.14 per share. The company has approximately 28.4 million shares outstanding.

The Board of Directors also increased its existing share repurchase authorization by 1 million shares, bringing the total available share repurchase programme to approximately 1.5 million shares.

“Increasing our dividend underscores our confidence in the outlook for our markets and our ability to continue to grow revenues, earnings and cash flow,” said Joseph F. Puishys, Apogee chief executive officer. “The increase in share repurchase authorization positions us to continue to occasionally buy back stock to offset dilution from our stock compensation programmes.”

Apogee Enterprises, Inc., headquartered in Minneapolis, provides distinctive solutions for enclosing buildings and framing art. The company is organized in four segments, with three of the segments serving the commercial construction market:

* Architectural Framing Systems segment companies design, engineer, fabricate and finish the aluminium frames for window, curtainwall and storefront systems that comprise the outside skin of buildings.

* Architectural Glass segment consists of a leading fabricator of coated, high-performance architectural glass for global markets.

* Architectural Services segment consists of one of the largest U.S. full-service building glass installation companies.

* Large-scale optical segment consists of a value-added glass and acrylic manufacturer primarily for the custom picture framing market.