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Apogee: company forecasts and fiscal 1998 results

23 April 1998: US-based Apogee Enterprises Inc. said it is on track to produce fiscal 1999 earnings per share that are on par with its fiscal 1997 performance.
The auto glass maker said recently in a…

23 April 1998: US-based Apogee Enterprises Inc. said it is on track to produce fiscal 1999 earnings per share that are on par with its fiscal 1997 performance. The auto glass maker said recently in a press release, accompanying its fiscal 1998 earnings statements, that it expects to make US$ 100 million in capital expenditure during the year, as it works to expand its production capabilities to keep pace with demand for its products. Apogee“s fiscal 1998 fourth quarter and year-end results fell below Wall Street“s lowered expectations, with the company reporting large operating and net losses for the quarter and year. Apogee had warned in February that it would not meet the US$ 0.12 per share profit analysts had been expecting at the time for the fourth quarter (see GlassOnline report of 5 March 1998). Analysts since had lowered their expectations to US$ 0.02 per share for the quarter and US$ 0.79 for the year, according to reports. Apogee reported a net loss of more than US$ 57 million, or US$ 2.06 per share, for the quarter, and a loss of US$ 51.1 million, or US$ 1.84 per share, on the year. Operating losses totalled more than US$ 68 million for the quarter and about US$ 55.3 million for the year. The net income results include charges of US$ 35.9 million, or US$ 1.26 per share, in the fourth quarter, and US$ 61.9 million, or US$ 1.83 per share, on the year related to its exiting its European curtainwall business. “We are very disappointed by the results, but we now believe we have taken the charges needed for Apogee“s exit from its Asian and European curtainwall businesses,” company president and chief executive Russell Huffer said. “While we expected a tough fourth quarter, we did not anticipate the magnitude of the operating losses from international curtainwall,” Huffer added. Nonetheless, Huffer said that remaining businesses are “in their strongest position collectively in years,” and that they remain on track to produce fiscal 1999 earnings per share that are on par with the company“s record fiscal 1997. Apogee earned $0.93 per share in fiscal 1997. Analysts currently forecast a fiscal 1999 profit of $0.94 per share.

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