9 July 1998: Apogee Enterprises Inc. said it is on track to post fiscal 1999 earnings per share on par with record fiscal 1997“s earnings, despite recording lower first quarter earnings.
The US comp…
9 July 1998: Apogee Enterprises Inc. said it is on track to post fiscal 1999 earnings per share on par with record fiscal 1997“s earnings, despite recording lower first quarter earnings. The US company posted diluted earnings per share of US$ 0.93 for the year ended 1 March 1997. For the first quarter of fiscal 1999 ended 30 May, the company reported earnings of US$ 0.14 a share versus US$ 0.24 the prior year. For fiscal 1998, the company reported a loss of US$ 1.84 a share. “While we expect lower comparisons for the next quarter or so, results should begin to improve during the second half of this fiscal year. And, we expect Apogee to be running on all cylinders by this time next year,” Russell Huffer, Apogee“s president and chief executive, said in a statement. “These first quarter results were anticipated, and demonstrate a solid advance over the fourth quarter of fiscal 1998,” he added. Apogee posted a loss of US$ 2.06 a share for that quarter. Huffer said first quarter results were reduced by the planned suspension of a line in its Glass Technologies segment, and by costs from aggressive advertising and information technology improvements in its Auto Glass segment. He also said that the company expects each of its business lines to be profitable in fiscal 1999.