Apogee Reports Increase in Net Sales for Architectural Segment

The company declared net sales from continuing operations for its architectural segment were 156 million USD, a 4.8% increase compared to 149 million USD for the same period last year

In a quarterly report for the period ending September 1, 2012, Apogee Enterprises declared net sales from continuing operations for its architectural segment were 156 million USD, a 4.8% increase compared to 149 million USD for the same period last year. For the six months ending in September, net sales from continuing operations for the segment were 291 million USD compared to 284 million USD for the period last year. The report notes that for both the quarter and six-month periods, “growth in the installation and storefront businesses from expanding our domestic geographic footprint and share gains were partially offset by lower volume in the architectural glass business.” Architectural segment operating income from continuing operations for the three months was 3 million USD compared to a loss of 5 million USD for the period last year, and for the six months period, operating income was 1.1 million USD compared to a loss of 12 million USD last year.

The report notes that, “due to the varying combinations of individual window systems and curtainwall, the company has determined that it is impractical to report product and service revenues generated by the architectural segment by class of product, beyond the segment revenues currently reported.” In addition, architectural backlog increased to 299.0 million USD, up approximately 32% over the prior-year period, and 26% over the fourth quarter of fiscal 2012.  “We expect approximately 166 million USD of the September 1, 2012 backlog to flow during the remainder of fiscal 2013,” states the report. According to the report, architectural segment backlog represents more than 99% of consolidated backlog.  Company-wide, Apogee reported that net sales for the three-month period rose to 175 million USD compared to the 165 million USD for the August 27, 2011 report; net sales for the six-month period were 330 million USD compared to 318 million USD last year. Operating income for the three-month period was 7.5 million USD compared to a loss of 2.7 million USD last year. For the six-month period, operating income was 9.9 million USD compared to a loss of 6 million USD last year.

Gross profit rose to 36 million USD in the three-month span from 25 million USD last year and to 67 million USD in the six-month period compared to 49 million USD last year.  Earnings from continuing operations for the three-month period were 4.8 million USD compared to a loss of 1.7 million USD last year and 6.4 million USD compared to a loss of 3.9 million USD for the six-month period.  Net earnings were 5 million USD compared to a loss of 1.7 million USD for the three months and 6.7 million USD compared to a loss of 3.9 million USD for the six-month period.