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Apogee on track for fiscal year 1999 EPS goals

24 September 1998: US-based glass products company Apogee Enterprises Inc. said recently that it expects to post fiscal 1999 earnings per share in line with its record fiscal 1997 earnings of US$ 0.93…

24 September 1998: US-based glass products company Apogee Enterprises Inc. said recently that it expects to post fiscal 1999 earnings per share in line with its record fiscal 1997 earnings of US$ 0.93 a diluted share. “Our second quarter results came in as expected, given the continued expansion programme in Glass Technologies,” Russell Huffer, Apogee“s president and chief executive, said in a statement. “We expect to further progress in the quarters ahead, and remain confident that fiscal 1999 earnings per share will be on par with our record fiscal 1997.” Apogee reported earnings of US$ 0.33 a share for its second quarter ended 29 August, down from US$ 0.34 a share last year. According to First Call, analysts“ consensus estimate for second quarter was US$ 0.33 a share, and for fiscal 1999 is US$ 0.92 a share. Huffer said that within the company“s glass technologies business, the launch of the relocated Optium CRT coating line is on schedule. The line will be ramped up considerably over the next two quarters, he said. In addition, Huffer said its Viracon unit is operating more efficiently. “Going forward, we expect improvement in Glass Technologies results,” Huffer said. Apogee said the company expects its auto glass division to exceed last year“s results, and building products & services to be profitable in all four of its businesses.

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