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Apogee: revenue up 11% in fiscal 2006

Apogee Enterprises, Inc. increased its revenues for fiscal 2006 by 11% to USD 696.7 million, the company said 5 April 2006. Apogee, which serves the architectural, large-scale optical and automotive i…

Apogee Enterprises, Inc. increased its revenues for fiscal 2006 by 11% to USD 696.7 million, the company said 5 April 2006. Apogee, which serves the architectural, large-scale optical and automotive industries, posted earnings of USD 0.85 per share, significantly higher than previous year earnings of USD 0.60 per share. Earnings include a one-time net tax benefit of USD 0.07 per share in the 3Q. Architectural segment revenues were up 11%, and operating income increased 18% versus the prior-year period. Large-scale optical segment revenues rose 14%, and operating income increased 53% on the prior-year period. In the 4Q of fiscal 2006, revenues of USD 181.5 million were up 4% versus the strong prior-year period. Earnings were USD 0.19 per share versus USD 0.13 per share a year earlier. Architectural segment revenues were up 6%, and operating income more than double the prior-year period. As expected, large-scale optical segment revenues declined 3%, and operating income fell 21% versus the strong prior-year period. “We built momentum throughout fiscal 2006, as our architectural markets further strengthened, and we are solidly positioned for fiscal 2007,” said Russell Huffer, Apogee chairman and chief executive officer. “We saw strong growth in revenues and earnings due to improved results in our strategic architectural and picture framing businesses”. “Our full-year expectations for the architectural segment operating margin fell slightly short at 3.2%, versus our guidance of 3.4 to 3.6%,” he said. “Although we had improved operational performance in the rest of the architectural segment, our margin was adversely impacted by the glass installation business. As certain glass installation projects neared completion late in the year, our project costs were higher than anticipated, and we also had a higher mix of lower margin, older projects in this business. We are confident that our improved project selection process and improved market conditions will help us deliver better performance in fiscal 2007”. Apogee“s new architectural glass plant, which is expected to begin operations in the 1Q of fiscal 2008, will be located in St. George, Utah, to serve strong demand in the Southwest market for value-added glass. At a cost of approximately USD 30 million, it is expected to add approximately USD 40 million of additional annual sales capacity to Apogee“s glass fabrication at full production.

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