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Apogee Enterprises: third-quarter earnings ahead of expectations

Third quarter earnings for US glass group Apogee Enterprises exceeded expectations and were significantly better than for the same period in 1999.
Earnings for the quarter, which ended on 2 December …

Third quarter earnings for US glass group Apogee Enterprises exceeded expectations and were significantly better than for the same period in 1999. Earnings for the quarter, which ended on 2 December 2000, totalled US$ 2.96 million, compared with a loss in the prior-year period of US$ 4.98 million. Reported revenues for the third quarter amounted to US$ 197.3 million, a 2% decrease from revenues of just over US$ 201 million in the same period in the previous financial year. Revenues grew 10% compared to the previous third quarter after being adjusted for the formation of the PPG Auto Glass joint venture in July 2000. “We are pleased with our third quarter results and progress this year,” said Russell Huffer, Apogee chairman, president and CEO. “We have made steady improvements throughout our businesses, with our Glass Technologies segment making the greatest contribution in the third quarter to Apogee“s improved bottom line.” Huffer noted that Viracon, Apogee“s high-performance architectural glass coating fabricator, continues to show great improvement, with significant growth in sales and operating income compared to the same period a year earlier. Viratec, Apogee“s optical thin film coater for display and imaging markets, also continued to show progress. “Viratec moved from a significant loss in last year“s third quarter to profitability and sales growth in this period,” said Huffer.

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