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Apogee Third Quarter Earnings Increase; Fiscal 2009 Earnings Guidance Maintained

Post Time:Dec 19,2008Classify:Company NewsView:383

Apogee Enterprises, Inc. (Nasdaq: APOG) today announced fiscal 2009 third quarter earnings. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.

THIRD QUARTER HIGHLIGHTS

--  Revenues of $240.4 million were up 14 percent from the prior-year period.
--  Operating income was $24.8 million, up 111 percent from the prior-year period.
--  Earnings from continuing operations were $0.63 per share versus $0.26 per share a year earlier.
1. In the current period, Apogee had a gain of $0.04 per share on the sale of its 34-percent interest in the PPG Auto Glass LLC joint venture, and in the prior-year period took an impairment charge of $0.11 per share on its investment in this joint venture.
2. In the prior-year period, write-down of three Florida glass installation projects reduced architectural segment earnings by $0.14 per share. In the current period, architectural segment earnings were impacted by $0.07 per share of additional expenses for estimated final remediation of two of the projects.
3. In the current period, long-term executive compensation expense adjustments added $0.06 per share, primarily related to lower projected payouts of stock-based incentives.
4. Net tax benefits of $0.02 per share were recognized in the current period, primarily due to the Congressional extension of the research and development tax credit. In the prior-year period, net tax benefits of $0.08 per share were also recognized for research and development tax credits.

                                                                        FY09 Q3    FY08 Q3

GAAP EPS - Continuing Operations          $ 0.63       $ 0.26
PPG Auto Glass JV (equity in affiliates)    (0.04 )       0.11
Glass installation write-downs                    0.07         0.14
Executive compensation adjustments     (0.06 )          -
R&D tax credits                                             (0.02 )       (0.08 )
Adjusted EPS - Continuing Operations   $ 0.58        $ 0.43
Adjusted EPS growth                                   35%

--  Architectural segment revenues grew 16 percent, while operating income increased 154 percent versus the prior-year period.
--  Large-scale optical segment revenues declined 2 percent, while operating income increased 43 percent compared to the prior-year period.
--  Net earnings, including discontinued operations, were $0.63 per share versus $0.38 per share in the prior-year period. In the prior-year period, conclusion of the sale of the non-strategic recreational vehicle and bus windshield business resulted in discontinued operations earnings of $0.12 per share.
--  Fiscal 2009 guidance: expected earnings from continuing operations are maintained at $1.65 to $1.82 per share.

Source: Apogee Enterprises, Inc. Author: shangyi

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