US firm Apogee Enterprises, Inc. has announced a record 47% increase for 1996 third quarter net earnings of US$ 7.6 million or US$ 0.54 per share. The increase is reported to derive largely from good…
US firm Apogee Enterprises, Inc. has announced a record 47% increase for 1996 third quarter net earnings of US$ 7.6 million or US$ 0.54 per share. The increase is reported to derive largely from good performances in Glass Technologies and Auto Glass. For the third quarter, consolidated sales increased 6% to US$ 228.8 million from US$ 215.5 million in the previous year. Net earnings for the first nine months of 1996 were US$ 20.6 million, up 44% on the US$ 14.3 million of the 1995 figure. “Apogee“s record third quarter earnings validate that we are staying on course,” said Donald W. Goldfus, chairman, chief executive officer and president. “We are focused on profitable growth in Glass Technologies, opportunistically expanding Auto Glass and improving operating margins in Building Products & Services.” The Glass Technologies segment reported a 17% improvement in operating income to US$ 6.5 million on a 26% increase in sales to US$ 50.1 million for the quarter. Viracon increased production capacity by 20% during the summer of 1996 and continues to experience strong demand. Goldfus confirmed that Viracon is continuing to expand its production capacity to meet demand for high-performance architectural glass. The expansion plans include an additional 20% production capacity increase in March 1997 and a new plant opening in the spring of 1998. Viratec is operating at capacity for its flat glass products. An expansion for the flat glass product lines is planned for 1997. Conversely, Viratec“s direct coating business continues to experience disappointing results due to poor product demand. The Auto Glass segment recorded a 16% increase in operating income to US$ 3.9 million on a 17% rise in sales to US$ 73.6 million for the quarter. Harmon AutoGlass continues to increase its geographic coverage to better serve its insurance customers. Goldfus noted that Harmon AutoGlass has entered into a definitive purchase agreement to acquire Portland Glass in a stock-for-stock deal. Portland Glass is a leading regional auto glass retailer in the north-east of the United States. The acquisition will add four states to Harmon AutoGlass“ geographic coverage. The transaction is expected to be concluded by the end of this month.