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Apogee reports fiscal 2011 third quarter results

Post Time:Dec 16,2010Classify:Industry NewsView:115

Apogee Enterprises Inc., Minneapolis,announced its fiscal 2011 third quarter results, Dec. 15. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries, according to a Dec. 15 release.

"Although our results continue to be impacted by extremely challenging commercial construction market conditions, we remain focused on our strategies and longer-term opportunities for Apogee," said Russell Huffer, Apogee chairman and CE), in the release. "Our purchase of a leading architectural glass fabricator in Brazil during the quarter gives Apogee entrée to the large developing market for energy-efficient architectural glass products in Latin America. Despite a difficult quarter, we have maintained a strong balance sheet, with more than $45 million in cash and short-term investments after funding the acquisition.

"Third-quarter architectural segment revenues declined year over year but improved slightly from the second quarter as overall nonresidential construction markets remain stagnant; we incurred architectural segment operating losses primarily due to low architectural glass pricing and low volume in the segment," he said. "Our third-quarter reported architectural backlog declined compared to the second quarter; however, the total of our backlog along with the dollar value of awarded projects awaiting final signed contracts was comparable to the second quarter level.

"Despite the ongoing extremely difficult conditions for our architectural businesses, we believe that we are well positioned for the eventual rebound in our markets with our strong balance sheet, leading green energy-efficient products, and operational and strategic initiatives," he said.

Read the full release.

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