Apogee reports fiscal 2012 first-quarter results

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Apogee Enterprises, Inc. announced fiscal 2012 first-quarter results on 21 June. With regards to FY12 first quarter vs. prior-year period: revenues of USD 153.3 million were up 7%; operating loss ...

Apogee Enterprises, Inc. announced fiscal 2012 first-quarter results on 21 June. With regards to FY12 first quarter vs. prior-year period: revenues of USD 153.3 million were up 7%; operating loss was USD 3.4 million, compared to a loss of USD 6.1 million; per share loss was USD 0.08, compared to a loss of USD 0.13; architectural segment revenues increased 7%, with an operating loss of USD 7.1 million; backlog ended at USD 247.0 million, compared to USD 237.2 million at the end of fiscal 2011 and USD 214.9 million in the prior-year period; large-scale optical segment revenues grew 8%, while operating income increased 38% to USD 4.6 million; cash and short-term investments totalled USD 43.0 million, compared to USD 60.6 million at the end of the fiscal 2011. Although losses continued for Apogee with the ongoing difficult commercial construction market conditions, we are encouraged that revenues increased year on year and our architectural segment backlog again grew sequentially, said Russell Huffer, Apogee chief executive officer. Our large-scale optical segment grew revenues and earnings with a good mix of value-added picture framing glass and acrylic in an improving retail market. As expected, our first-quarter architectural segment losses resulted from low pricing on architectural glass projects and lower margins on installation projects bid at the bottom of the commercial construction cycle, as well as low architectural glass capacity utilization, he said....
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