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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apogee Enterprises Inc | NASDAQ:APOG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.08% | 63.54 | 40.00 | 65.66 | 64.2999 | 63.16 | 64.00 | 178,582 | 01:00:00 |
Minnesota | 0-6365 | 41-0919654 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
4400 West 78th Street, Suite 520, Minneapolis, Minnesota | 55435 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
APOGEE ENTERPRISES, INC. | ||
By: | /s/ James S. Porter | |
James S. Porter Chief Financial Officer |
Exhibit Number | Description | |||||
99.1 | Press Release issued by Apogee Enterprises, Inc. dated December 17, 2014. |
• | Revenues up 23 percent |
• | Operating income up 62 percent |
• | Backlog grew to $494 million, up 65 percent |
• | FY15 EPS outlook raised to $1.64 to $1.72 |
• | Revenues of $244.4 million were up 23 percent. |
• | Operating income of $20.6 million was up 62 percent. |
• | Earnings per share of $0.47 were up 42 percent. |
◦ | Prior year benefitted from a lower tax rate. |
• | Backlog of $493.9 million was up 65 percent, or $194 million. |
• | Cash and short-term investments were $34.3 million. |
• | Revenues of $90.3 million were up 23 percent. |
• | Operating income grew to $5.8 million, compared to $1.6 million. |
◦ | Operating margin expanded 430 basis points to 6.5 percent, compared to 2.2 percent. |
• | As the U.S. non-residential sector continues to strengthen, the architectural glass segment is benefitting from operating leverage on volume growth and improved pricing. |
• | Revenues of $56.2 million were up 10 percent. |
• | Operating income was $0.3 million, compared to $0.4 million. |
◦ | Operating margin was 0.6 percent, compared to 0.7 percent. |
◦ | Operating results were impacted by writedowns on a few projects, issues of which were resolved. |
• | Revenues of $80.4 million were up 36 percent, with organic growth of 19 percent excluding the Canadian acquisition in the third quarter of fiscal 2014. |
◦ | U.S. businesses in the segment had double-digit growth. |
• | Operating income of $7.6 million was up 31 percent from $5.8 million. |
◦ | Operating margin was 9.4 percent, compared to 9.8 percent. |
◦ | Good operational performance in the segment was offset by higher aluminum costs and charges related to the acquisition of Custom Window assets in fiscal 2014. |
• | Revenues of $25.5 million were up 13 percent, driven by strong orders for all channels, particularly in retail. |
• | Operating income of $7.9 million was up 30 percent from $6.1 million. |
◦ | Operating margin expanded 410 basis points to 30.8 percent, compared to 26.7 percent. |
◦ | Segment results benefitted from a richer product mix. |
• | Backlog of $493.9 million increased from $480.2 million in the second quarter and $299.9 million in the prior-year period. |
◦ | Approximately $182 million, or 37 percent, of the backlog is expected to be delivered in fiscal 2015, and approximately $312 million, or 63 percent, in fiscal 2016 and beyond. |
• | Debt was $22.6 million, compared to $20.7 million in the prior-year period. Almost all the debt is long-term, low-interest industrial revenue bonds. |
• | Cash and short-term investments totaled $34.3 million, compared to $28.7 million at the end of fiscal 2014 and $22.5 million in the prior-year period. |
• | Non-cash working capital was $98.5 million, compared to $77.3 million at the end of fiscal 2014 and $72.1 million in the prior-year period. |
• | Capital expenditures year to date were $18.7 million, compared to $17.3 million in the prior-year period. |
• | Depreciation and amortization year to date was $21.6 million. |
▪ | Architectural Glass segment consists of Viracon, the leading fabricator of coated, high-performance architectural glass for global markets. |
▪ | Architectural Services segment consists of Harmon, Inc., one of the largest U.S. full-service building glass installation and renovation companies. |
▪ | Architectural Framing Systems segment businesses design, engineer, fabricate and finish the aluminum frames for window, curtainwall and storefront systems that comprise the outside skin of buildings. Businesses in this segment are: Wausau Window and Wall Systems, a manufacturer of custom aluminum window systems and curtainwall; Tubelite, a fabricator of aluminum storefront, entrance and curtainwall products; Alumicor, a fabricator of aluminum storefront, entrance, curtainwall and window products for Canadian markets; and Linetec, a paint and anodizing finisher of window frames and PVC shutters. |
▪ | Large-Scale Optical segment consists of Tru Vue, a value-added glass and acrylic manufacturer primarily for the custom picture framing market. |
Apogee Enterprises, Inc. & Subsidiaries | |||||||||||||||||||||
Consolidated Condensed Statement of Income | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Thirteen | Thirteen | Thirty-nine | Thirty-nine | ||||||||||||||||||
Weeks Ended | Weeks Ended | % | Weeks Ended | Weeks Ended | % | ||||||||||||||||
Dollar amounts in thousands, except for per share amounts | November 29, 2014 | November 30, 2013 | Change | November 29, 2014 | November 30, 2013 | Change | |||||||||||||||
Net sales | $ | 244,410 | $ | 199,430 | 23 | % | $ | 687,238 | $ | 557,028 | 23 | % | |||||||||
Cost of goods sold | 187,757 | 156,042 | 20 | % | 539,826 | 438,719 | 23 | % | |||||||||||||
Gross profit | 56,653 | 43,388 | 31 | % | 147,412 | 118,309 | 25 | % | |||||||||||||
Selling, general and administrative expenses | 36,028 | 30,681 | 17 | % | 103,474 | 90,129 | 15 | % | |||||||||||||
Operating income | 20,625 | 12,707 | 62 | % | 43,938 | 28,180 | 56 | % | |||||||||||||
Interest income | 243 | 206 | 18 | % | 706 | 593 | 19 | % | |||||||||||||
Interest expense | 357 | 228 | 57 | % | 774 | 973 | (20 | )% | |||||||||||||
Other (expense) income, net | (16 | ) | 107 | N/M | 1,461 | 72 | 1,929 | % | |||||||||||||
Earnings before income taxes | 20,495 | 12,792 | 60 | % | 45,331 | 27,872 | 63 | % | |||||||||||||
Income tax expense | 6,759 | 3,124 | 116 | % | 8,703 | 7,924 | 10 | % | |||||||||||||
Net earnings | $ | 13,736 | $ | 9,668 | 42 | % | $ | 36,628 | $ | 19,948 | 84 | % | |||||||||
Earnings per share - basic | $ | 0.47 | $ | 0.34 | 38 | % | $ | 1.27 | $ | 0.70 | 81 | % | |||||||||
Average common shares outstanding | 28,725,412 | 28,483,460 | 1 | % | 28,758,986 | 28,439,421 | 1 | % | |||||||||||||
Earnings per share - diluted | $ | 0.47 | $ | 0.33 | 42 | % | $ | 1.25 | $ | 0.68 | 84 | % | |||||||||
Average common and common equivalent shares outstanding | 29,357,729 | 29,376,301 | — | % | 29,349,533 | 29,308,095 | — | % | |||||||||||||
Cash dividends per common share | $ | 0.1000 | $ | 0.0900 | 11 | % | $ | 0.3000 | $ | 0.2700 | 11 | % | |||||||||
Business Segments Information | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Thirteen | Thirteen | Thirty-nine | Thirty-nine | ||||||||||||||||||
Weeks Ended | Weeks Ended | % | Weeks Ended | Weeks Ended | % | ||||||||||||||||
November 29, 2014 | November 30, 2013 | Change | November 29, 2014 | November 30, 2013 | Change | ||||||||||||||||
Sales | |||||||||||||||||||||
Architectural Glass | $ | 90,268 | $ | 73,365 | 23 | % | $ | 254,138 | $ | 218,142 | 17 | % | |||||||||
Architectural Services | 56,178 | 51,167 | 10 | % | 167,146 | 139,820 | 20 | % | |||||||||||||
Architectural Framing Systems | 80,411 | 58,981 | 36 | % | 221,369 | 152,877 | 45 | % | |||||||||||||
Large-scale Optical | 25,546 | 22,699 | 13 | % | 64,969 | 61,917 | 5 | % | |||||||||||||
Eliminations | (7,993 | ) | (6,782 | ) | (18 | )% | (20,384 | ) | (15,728 | ) | (30 | )% | |||||||||
Total | $ | 244,410 | $ | 199,430 | 23 | % | $ | 687,238 | $ | 557,028 | 23 | % | |||||||||
Operating income (loss) | |||||||||||||||||||||
Architectural Glass | $ | 5,836 | $ | 1,641 | 256 | % | $ | 11,935 | $ | 3,782 | 216 | % | |||||||||
Architectural Services | 323 | 351 | (8 | )% | 2,279 | (1,401 | ) | N/M | |||||||||||||
Architectural Framing Systems | 7,596 | 5,782 | 31 | % | 16,974 | 13,026 | 30 | % | |||||||||||||
Large-scale Optical | 7,879 | 6,058 | 30 | % | 15,990 | 16,072 | (1 | )% | |||||||||||||
Corporate and other | (1,009 | ) | (1,125 | ) | 10 | % | (3,240 | ) | (3,299 | ) | 2 | % | |||||||||
Total | $ | 20,625 | $ | 12,707 | 62 | % | $ | 43,938 | $ | 28,180 | 56 | % | |||||||||
Consolidated Condensed Balance Sheets | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
November 29, 2014 | March 1, 2014 | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | $ | 276,084 | $ | 242,792 | |||||||||||||||||
Net property, plant and equipment | 192,053 | 193,946 | |||||||||||||||||||
Other assets | 123,993 | 128,619 | |||||||||||||||||||
Total assets | $ | 592,130 | $ | 565,357 | |||||||||||||||||
Liabilities and shareholders' equity | |||||||||||||||||||||
Current liabilities | $ | 143,351 | $ | 136,834 | |||||||||||||||||
Long-term debt | 22,505 | 20,659 | |||||||||||||||||||
Other liabilities | 52,074 | 55,234 | |||||||||||||||||||
Shareholders' equity | 374,200 | 352,630 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 592,130 | $ | 565,357 | |||||||||||||||||
N/M = Not meaningful |
Apogee Enterprises, Inc. & Subsidiaries | |||||||||
Consolidated Condensed Statement of Cash Flows | |||||||||
(Unaudited) | |||||||||
Thirty-nine | Thirty-nine | ||||||||
Weeks Ended | Weeks Ended | ||||||||
Dollar amounts in thousands | November 29, 2014 | November 30, 2013 | |||||||
Net earnings | $ | 36,628 | $ | 19,948 | |||||
Depreciation and amortization | 21,558 | 19,576 | |||||||
Stock-based compensation | 3,705 | 3,471 | |||||||
Proceeds from new markets tax credit transaction, net of deferred costs | — | 7,752 | |||||||
Other, net | (4,387 | ) | (5,515 | ) | |||||
Changes in operating assets and liabilities | (20,424 | ) | (2,526 | ) | |||||
Net cash provided by operating activities | 37,080 | 42,706 | |||||||
Capital expenditures | (18,659 | ) | (17,255 | ) | |||||
Proceeds on sale of property | 204 | 733 | |||||||
Acquisition of businesses, net of cash acquired | — | (52,806 | ) | ||||||
Net sales of restricted investments | 2,067 | 2,768 | |||||||
Net sales of marketable securities | 805 | 23,617 | |||||||
Investments in life insurance | (739 | ) | — | ||||||
Net cash used in investing activities | (16,322 | ) | (42,943 | ) | |||||
Proceeds from issuance of debt | 1,946 | — | |||||||
Payments on debt | (38 | ) | (10,068 | ) | |||||
Shares withheld for taxes, net of stock issued to employees | (3,615 | ) | (961 | ) | |||||
Repurchase and retirement of common stock | (6,894 | ) | — | ||||||
Dividends paid | (8,875 | ) | (7,868 | ) | |||||
Other, net | 2,520 | 1,663 | |||||||
Net cash used in financing activities | (14,956 | ) | (17,234 | ) | |||||
Increase (decrease) in cash and cash equivalents | 5,802 | (17,471 | ) | ||||||
Effect of exchange rates on cash | (200 | ) | (443 | ) | |||||
Cash and cash equivalents at beginning of year | 28,465 | 37,767 | |||||||
Cash and cash equivalents at end of period | $ | 34,067 | $ | 19,853 |
Contact: | Mary Ann Jackson |
Investor Relations | |
952-487-7538 | |
mjackson@apog.com |
1 Year Apogee Enterprises Chart |
1 Month Apogee Enterprises Chart |
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