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Apogee Enterprises fiscal 2002 earnings increase

Apogee Enterprises, Inc. which develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries, announced on 3 April that in fiscal 2…

Apogee Enterprises, Inc. which develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries, announced on 3 April that in fiscal 2002 the company almost doubled earnings from continuing operations and significantly reduced debt, compared to fiscal 2001. For the 12-month period ended 2 March 2002, Apogee“s earnings from continuing operations were US$ 0.91 per share or US$ 26.1 million, compared with US$ 0.48 per share or US$ 13.4 million a year ago. All earnings per share figures refer to diluted earnings per share. Net earnings also were US$ 0.91 per share or US$ 26.1 million, compared with US$ 0.54 per share or US$ 15.0 million for fiscal 2001. Fiscal 2001 results included US$ 0.06 per share or US$ 1.6 million of earnings from discontinued operations. Reported revenues for fiscal 2002 decreased 7% to US$ 802.3 million, compared to US$ 865.2 million last year. Fiscal 2002 revenues decreased 1% compared to the prior year after being adjusted for the formation of the PPG Auto Glass, LLC joint venture in July 2000. Long-term debt declined 34% to US$ 69.1 million at the end of fiscal 2002, compared to US$ 104.2 million at the end of the prior year.

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