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 June 25, 2013. |
▪ | Revenues up 16 percent |
▪ | Operating income more than doubles |
▪ | EPS of $0.14 vs. $0.06 |
▪ | Revenues of $179.3 million were up 16 percent. |
▪ | Operating income was $6.1 million, up from $2.3 million. |
▪ | Earnings per share were $0.14, up from $0.06. |
▪ | Architectural Glass and Architectural Services segments had strong growth and improved operating income. |
▪ | Consolidated backlog was $301.8 million, compared to $298.3 million at the end of fiscal 2013 and $269.1 million in the prior-year period. |
▪ | Cash and short-term investments totaled $69.7 million, compared to $57.5 million. |
▪ | Revenues of $74.8 million were up 27 percent. |
▪ | Operating income was $1.4 million, compared to an operating loss of $2.4 million. |
◦ | Operating margin was 1.8 percent, compared to negative 4.1 percent. |
▪ | Top- and bottom-line increases resulted from improved mix, volume, productivity and pricing. |
▪ | Revenues of $46.5 million were up 19 percent on volume growth and the timing of project cost flow. |
▪ | Operating loss was $1.0 million, improved from an operating loss of $2.6 million, as volume increases and project margins improve from the cycle trough. |
◦ | Operating margin was negative 2.1 percent, compared to negative 6.6 percent. |
▪ | Revenues of $44.4 million were up 5 percent. |
▪ | Operating income was $2.1 million, compared to $3.1 million. |
◦ | Operating margin was 4.6 percent, compared to 7.3 percent. |
▪ | Top- and bottom-line growth in the storefront and finishing businesses was offset by the window business results, where revenues and operating income declined with an anticipated gap in the schedule for more complex projects. |
▪ | Revenues of $19.5 million were up 1 percent. |
▪ | Operating income was $4.7 million, compared to $5.3 million. |
◦ | Operating margin was 24.1 percent, compared to 27.4 percent. |
▪ | Volume growth and a positive mix of higher value-added products were offset by investments in promotion and for growth in new geographies and markets. |
▪ | Consolidated backlog was $301.8 million compared to $298.3 million at the end of fiscal 2013 and $269.1 million in the prior-year period. |
◦ | Approximately $238 million, or 79 percent, of the backlog is expected to be delivered in fiscal 2014, and approximately $64 million, or 21 percent, in fiscal 2015. |
▪ | Debt was $20.8 million, compared to $30.8 million at the end of fiscal 2013. Almost all the debt is long-term, low-interest industrial revenue bonds. |
▪ | Cash and short-term investments totaled $69.7 million, compared to $85.6 million at the end of fiscal 2013 and $57.5 million in the prior-year period. The decline from year end was due to the redemption of approximately $10 million in recovery zone bonds and funding of normal seasonal working capital requirements. |
▪ | Non-cash working capital was $68.2 million, up from $54.1 million at the end of fiscal 2013 due to normal seasonal working capital requirements; it was $61.2 million in the prior-year period. |
▪ | Capital expenditures were $1.5 million, down from $9.5 million in the prior-year period due to the timing of planned investments in the current year. |
▪ | Depreciation and amortization was $6.5 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 |
▪ | 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 | ||||||||||
Weeks Ended | Weeks Ended | % | |||||||||
Dollar amounts in thousands, except for per share amounts | June 1, 2013 | June 2, 2012 | Change | ||||||||
Net sales | $ | 179,311 | $ | 154,134 | 16 | % | |||||
Cost of goods sold | 142,925 | 123,059 | 16 | % | |||||||
Gross profit | 36,386 | 31,075 | 17 | % | |||||||
Selling, general and administrative expenses | 30,271 | 28,757 | 5 | % | |||||||
Operating income | 6,115 | 2,318 | 164 | % | |||||||
Interest income | 174 | 272 | (36 | )% | |||||||
Interest expense | 499 | 363 | 37 | % | |||||||
Other income, net | 69 | 17 | 306 | % | |||||||
Earnings before income taxes | 5,859 | 2,244 | 161 | % | |||||||
Income tax expense | 1,700 | 638 | 166 | % | |||||||
Net earnings | $ | 4,159 | $ | 1,606 | 159 | % | |||||
Net earnings per share - basic | $ | 0.15 | $ | 0.06 | 150 | % | |||||
Average common shares outstanding | 28,440,656 | 27,787,767 | 2 | % | |||||||
Net earnings per share - diluted | $ | 0.14 | $ | 0.06 | 133 | % | |||||
Average common and common | |||||||||||
equivalent shares outstanding | 29,337,478 | 28,223,066 | 4 | % | |||||||
Cash dividends per common share | $ | 0.0900 | $ | 0.0900 | — | % | |||||
Business Segments Information | |||||||||||
(Unaudited) | |||||||||||
Thirteen | Thirteen | ||||||||||
Weeks Ended | Weeks Ended | % | |||||||||
June 1, 2013 | June 2, 2012 | Change | |||||||||
Sales | |||||||||||
Architectural Glass | $ | 74,803 | $ | 59,066 | 27 | % | |||||
Architectural Services | 46,476 | 38,918 | 19 | % | |||||||
Architectural Framing Systems | 44,446 | 42,407 | 5 | % | |||||||
Large-Scale Optical | 19,473 | 19,258 | 1 | % | |||||||
Eliminations | (5,887 | ) | (5,515 | ) | (7 | )% | |||||
Total | $ | 179,311 | $ | 154,134 | 16 | % | |||||
Operating income (loss) | |||||||||||
Architectural Glass | $ | 1,371 | $ | (2,406 | ) | N/M | |||||
Architectural Services | (965 | ) | (2,579 | ) | 63 | % | |||||
Architectural Framing Systems | 2,064 | 3,096 | (33 | )% | |||||||
Large-Scale Optical | 4,698 | 5,268 | (11 | )% | |||||||
Corporate and other | (1,053 | ) | (1,061 | ) | 1 | % | |||||
Total | $ | 6,115 | $ | 2,318 | 164 | % | |||||
Consolidated Condensed Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
June 1, 2013 | March 2, 2013 | ||||||||||
Assets | |||||||||||
Current assets | $ | 234,672 | $ | 251,841 | |||||||
Net property, plant and equipment | 164,052 | 168,948 | |||||||||
Other assets | 98,606 | 99,352 | |||||||||
Total assets | $ | 497,330 | $ | 520,141 | |||||||
Liabilities and shareholders' equity | |||||||||||
Current liabilities | $ | 96,737 | $ | 122,167 | |||||||
Long-term debt | 20,746 | 20,756 | |||||||||
Other liabilities | 44,079 | 43,900 | |||||||||
Shareholders' equity | 335,768 | 333,318 | |||||||||
Total liabilities and shareholders' equity | $ | 497,330 | $ | 520,141 | |||||||
N/M = Not meaningful |
Apogee Enterprises, Inc. & Subsidiaries | |||||||||
Consolidated Condensed Statement of Cash Flows | |||||||||
(Unaudited) | |||||||||
Thirteen | Thirteen | ||||||||
Weeks Ended | Weeks Ended | ||||||||
Dollar amounts in thousands | June 1, 2013 | June 2, 2012 | |||||||
Net earnings | $ | 4,159 | $ | 1,606 | |||||
Depreciation and amortization | 6,511 | 6,528 | |||||||
Stock-based compensation | 1,118 | 1,028 | |||||||
Other, net | (806 | ) | 488 | ||||||
Changes in operating assets and liabilities | (13,149 | ) | (17,307 | ) | |||||
Net cash used in operating activities | (2,167 | ) | (7,657 | ) | |||||
Capital expenditures | (1,512 | ) | (9,509 | ) | |||||
Proceeds on sale of property | 169 | 14 | |||||||
Net sales (purchases) of restricted investments | 19,253 | (8,260 | ) | ||||||
Net purchases of marketable securities | (3,569 | ) | (11,125 | ) | |||||
Investments in life insurance | — | (900 | ) | ||||||
Net cash provided by (used in) investing activities | 14,341 | (29,780 | ) | ||||||
Proceeds from issuance of debt | — | 10,000 | |||||||
Payments on debt | (10,015 | ) | (45 | ) | |||||
Shares withheld for taxes, net of stock issued to employees | (1,141 | ) | (817 | ) | |||||
Dividends paid | (2,687 | ) | (2,643 | ) | |||||
Other, net | 1,009 | (168 | ) | ||||||
Net cash (used in) provided by financing activities | (12,834 | ) | 6,327 | ||||||
Decrease in cash and cash equivalents | (660 | ) | (31,110 | ) | |||||
Effect of exchange rates on cash | 40 | 111 | |||||||
Cash and cash equivalents at beginning of year | 37,767 | 54,027 | |||||||
Cash and cash equivalents at end of period | $ | 37,147 | $ | 23,028 |
Contact: | Mary Ann Jackson |
Investor Relations | |
952-487-7538 | |
mjackson@apog.com |
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