Apogee reports flat fourth-quarter results

US Apogee Enterprises, Inc., which makes glass products for the building and auto industries, reported flat fiscal fourth quarter earnings, citing a slowdown in construction, on 3 April.
For the quar..

US Apogee Enterprises, Inc., which makes glass products for the building and auto industries, reported flat fiscal fourth quarter earnings, citing a slowdown in construction, on 3 April. For the quarter ended 2 March, the company said earnings from continuing operations were almost flat at US$ 4.4 million, or 15 cents per share, versus US$ 4.2 million, 15 cents a share, in the same fiscal 2001 period. Net earnings were also US$ 4.4 million, or 15 cents a share, compared with US$ 5.8 million, or 21 cents. Revenue fell to US$ 188.2 million from US$ 194.3 million. The company said it would maintain guidance for fiscal 2003 earnings at US$ 1.00 per share and said projections anticipate improvements in the company“s markets in the second half of the fiscal year. Overall revenue growth was projected to be flat to low single digits, with year-on-year growth occurring in the second half. Quarterly earnings were estimated at 10 cents a share in the first quarter, 35 cents in the second quarter, 35 cents in the third quarter and 20 cents in the fourth quarter. The company said the slowdown in construction is impacting its architectural business, but it expects a focus on higher-end office, educational and institutional markets, a new glazing renovation initiative, and leadership in value-added energy-efficient, hurricane and protective glazing products to somewhat offset the slowdown.