(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Emerging growth company |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
Exhibit Number | Description | ||||||||||||||||
104 | Cover page interactive data file (embedded within the Inline XBRL document) |
APOGEE ENTERPRISES, INC. | ||||||||
By: | /s/ Nisheet Gupta | |||||||
Nisheet Gupta Executive Vice President and Chief Financial Officer |
Apogee Enterprises, Inc. | ||||||||||||||||||||||||||||||||||||||
Consolidated Condensed Statements of Income | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | August 28, 2021 | August 29, 2020 | % Change | August 28, 2021 | August 29, 2020 | % Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 325,797 | $ | 319,483 | 2 | % | $ | 651,803 | $ | 608,578 | 7 | % | ||||||||||||||||||||||||||
Cost of sales | 277,795 | 243,296 | 14 | % | 536,091 | 472,141 | 14 | % | ||||||||||||||||||||||||||||||
Gross profit | 48,002 | 76,187 | (37) | % | 115,712 | 136,437 | (15) | % | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 51,070 | 52,972 | (4) | % | 102,739 | 106,754 | (4) | % | ||||||||||||||||||||||||||||||
Operating (loss) income | (3,068) | 23,215 | N/M | 12,973 | 29,683 | (56) | % | |||||||||||||||||||||||||||||||
Interest expense, net | 1,072 | 1,324 | (19) | % | 2,310 | 2,739 | (16) | % | ||||||||||||||||||||||||||||||
Other income (expense), net | 105 | 1,260 | (92) | % | (209) | 213 | N/M | |||||||||||||||||||||||||||||||
(Loss) earnings before income taxes | (4,035) | 23,151 | N/M | 10,454 | 27,157 | (62) | % | |||||||||||||||||||||||||||||||
Income tax (benefit) expense | (1,919) | 5,493 | N/M | 1,753 | 6,623 | (74) | % | |||||||||||||||||||||||||||||||
Net (loss) earnings | $ | (2,116) | $ | 17,658 | N/M | $ | 8,701 | $ | 20,534 | (58) | % | |||||||||||||||||||||||||||
(Loss) earnings per share - basic | $ | (0.08) | $ | 0.68 | N/M | $ | 0.34 | $ | 0.78 | (56) | % | |||||||||||||||||||||||||||
Weighted average basic shares outstanding | 25,140 | 26,156 | (4) | % | 25,271 | 26,162 | (3) | % | ||||||||||||||||||||||||||||||
(Loss) earnings per share - diluted | $ | (0.08) | $ | 0.67 | N/M | $ | 0.34 | $ | 0.77 | (56) | % | |||||||||||||||||||||||||||
Weighted average diluted shares outstanding | 25,140 | 26,525 | (5) | % | 25,637 | 26,507 | (3) | % | ||||||||||||||||||||||||||||||
Cash dividends per common share | $ | 0.2000 | $ | 0.1875 | 7 | % | $ | 0.4000 | $ | 0.3750 | 7 | % | ||||||||||||||||||||||||||
Business Segment Information | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | August 28, 2021 | August 29, 2020 | % Change | August 28, 2021 | August 29, 2020 | % Change | ||||||||||||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||||||||||||||
Architectural Framing Systems | $ | 149,972 | $ | 152,927 | (2) | % | $ | 301,812 | $ | 303,091 | — | % | ||||||||||||||||||||||||||
Architectural Glass | 79,373 | 86,584 | (8) | % | 162,404 | 163,495 | (1) | % | ||||||||||||||||||||||||||||||
Architectural Services | 83,031 | 73,670 | 13 | % | 158,686 | 137,221 | 16 | % | ||||||||||||||||||||||||||||||
Large-Scale Optical | 23,543 | 16,860 | 40 | % | 47,772 | 23,171 | 106 | % | ||||||||||||||||||||||||||||||
Intersegment eliminations | (10,122) | (10,558) | (4) | % | (18,871) | (18,400) | 3 | % | ||||||||||||||||||||||||||||||
Net sales | $ | 325,797 | $ | 319,483 | 2 | % | $ | 651,803 | $ | 608,578 | 7 | % | ||||||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||||||||||||||
Architectural Framing Systems | $ | 8,278 | $ | 11,697 | (29) | % | $ | 16,338 | $ | 18,993 | (14) | % | ||||||||||||||||||||||||||
Architectural Glass | (16,995) | 4,976 | N/M | (14,867) | 4,482 | N/M | ||||||||||||||||||||||||||||||||
Architectural Services | 7,242 | 6,569 | 10 | % | 11,779 | 11,912 | (1) | % | ||||||||||||||||||||||||||||||
Large-Scale Optical | 5,483 | 2,149 | 155 | % | 11,330 | (984) | N/M | |||||||||||||||||||||||||||||||
Corporate and other | (7,076) | (2,176) | (225) | % | (11,607) | (4,720) | (146) | % | ||||||||||||||||||||||||||||||
Operating (loss) income | $ | (3,068) | $ | 23,215 | N/M | $ | 12,973 | $ | 29,683 | (56) | % |
Apogee Enterprises, Inc. | ||||||||||||||
Consolidated Condensed Balance Sheets | ||||||||||||||
(Unaudited) | ||||||||||||||
(In thousands) | August 28, 2021 | February 27, 2021 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 61,821 | $ | 47,277 | ||||||||||
Current assets | 282,073 | 303,397 | ||||||||||||
Net property, plant and equipment | 272,994 | 298,443 | ||||||||||||
Other assets | 359,565 | 365,982 | ||||||||||||
Total assets | $ | 976,453 | $ | 1,015,099 | ||||||||||
Liabilities and shareholders' equity | ||||||||||||||
Current liabilities | 198,649 | 215,552 | ||||||||||||
Current debt | 1,000 | 2,000 | ||||||||||||
Long-term debt | 162,000 | 163,000 | ||||||||||||
Other liabilities | 138,243 | 141,802 | ||||||||||||
Shareholders' equity | 476,561 | 492,745 | ||||||||||||
Total liabilities and shareholders' equity | $ | 976,453 | $ | 1,015,099 |
Apogee Enterprises, Inc. | ||||||||||||||
Consolidated Statement of Cash Flows | ||||||||||||||
(Unaudited) | ||||||||||||||
Six Months Ended | ||||||||||||||
(In thousands) | August 28, 2021 | August 29, 2020 | ||||||||||||
Net earnings | $ | 8,701 | $ | 20,534 | ||||||||||
Depreciation and amortization | 25,808 | 25,284 | ||||||||||||
Share-based compensation | 3,261 | 3,662 | ||||||||||||
Asset impairment | 15,403 | — | ||||||||||||
Other, net | 879 | 14,016 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Receivables | 15,520 | 31,212 | ||||||||||||
Inventories | (3,607) | 846 | ||||||||||||
Costs and earnings on contracts in excess of billings | 3,212 | 43,091 | ||||||||||||
Accounts payable and accrued expenses | (10,895) | (36,922) | ||||||||||||
Billings on contracts in excess of costs and earnings | (2,144) | (9,105) | ||||||||||||
Refundable and accrued income taxes | 1,981 | (1,793) | ||||||||||||
Operating lease liability | (6,240) | (5,857) | ||||||||||||
Other | 3,028 | 362 | ||||||||||||
Net cash provided by operating activities | 54,907 | 85,330 | ||||||||||||
Capital expenditures | (10,121) | (14,224) | ||||||||||||
Proceeds from sales of property, plant and equipment | 1,292 | — | ||||||||||||
Other | 66 | (993) | ||||||||||||
Net cash used by investing activities | (8,763) | (15,217) | ||||||||||||
Borrowings on line of credit | — | 192,581 | ||||||||||||
Repayments on debt | (2,000) | (5,400) | ||||||||||||
Payments on line of credit | — | (237,500) | ||||||||||||
Proceeds from exercise of stock options | 4,115 | — | ||||||||||||
Repurchase and retirement of common stock | (22,419) | (4,731) | ||||||||||||
Dividends paid | (10,060) | (9,751) | ||||||||||||
Other | (1,853) | (1,261) | ||||||||||||
Net cash used by financing activities | (32,217) | (66,062) | ||||||||||||
Increase in cash and cash equivalents | 13,927 | 4,051 | ||||||||||||
Effect of exchange rates on cash | 617 | (2) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 47,277 | 14,952 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 61,821 | $ | 19,001 |
Apogee Enterprises, Inc. | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
Adjusted Net Earnings and Adjusted Earnings per Diluted Common Share | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(In thousands) | August 28, 2021 | August 29, 2020 | August 28, 2021 | August 29, 2020 | ||||||||||||||||||||||
Net (loss) earnings | $ | (2,116) | $ | 17,658 | $ | 8,701 | $ | 20,534 | ||||||||||||||||||
Restructuring costs (1) | 20,814 | — | 20,814 | — | ||||||||||||||||||||||
COVID-19 (2) | — | 1,316 | — | 2,696 | ||||||||||||||||||||||
Post-acquisition and acquired project matters | — | 1,000 | — | 1,000 | ||||||||||||||||||||||
Income tax impact on above adjustments (3) | (5,203) | (549) | (5,203) | (902) | ||||||||||||||||||||||
Adjusted net earnings | $ | 13,495 | $ | 19,425 | $ | 24,312 | $ | 23,328 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 28, 2021 | August 29, 2020 | August 28, 2021 | August 29, 2020 | |||||||||||||||||||||||
(Loss) earnings per diluted common share | $ | (0.08) | $ | 0.67 | $ | 0.34 | $ | 0.77 | ||||||||||||||||||
Restructuring costs (1) | 0.82 | — | 0.81 | — | ||||||||||||||||||||||
COVID-19 (2) | — | 0.05 | — | 0.10 | ||||||||||||||||||||||
Post-acquisition and acquired project matters | — | 0.04 | — | 0.04 | ||||||||||||||||||||||
Income tax impact on above adjustments (3) | (0.20) | (0.02) | (0.20) | (0.03) | ||||||||||||||||||||||
Adjusted earnings per diluted common share | $ | 0.53 | $ | 0.73 | $ | 0.95 | $ | 0.88 | ||||||||||||||||||
Per share amounts are computed independently for each of the items presented so the sum of the items may not equal the total amount. | ||||||||||||||||||||||||||
(1) Adjustment related to previously announced decision to exit certain operations in the Architectural Glass segment and reorganize operations within the Architectural Framing Systems segment, including $15.4 million of asset impairment charges, $4.3 million of employee termination costs and $1.1 million of other costs associated with these restructuring plans. | ||||||||||||||||||||||||||
(2) Adjustment for COVID-19-related costs, primarily incremental labor costs due to quarantine-related absenteeism and personal protective equipment for employees. | ||||||||||||||||||||||||||
(3) Income tax impact calculated using an estimated statutory tax rate of 25%, which reflects the estimated blended statutory tax rate for the jurisdiction in which the charge or income occurred. |
Adjusted Operating Income and Adjusted Operating Margin | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended August 28, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Framing Systems Segment | Glass Segment | Corporate | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Operating income | Operating margin | Operating (loss) income | Operating margin | Operating loss | Operating (loss) income | Operating margin | ||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 8,278 | 5.5 | % | $ | (16,995) | (21.4) | % | $ | (7,076) | $ | (3,068) | (0.9) | % | |||||||||||||||||||||||||||||||||
Restructuring costs (1) | 2,048 | 1.4 | 17,391 | 21.9 | 1,375 | 20,814 | 6.4 | ||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 10,326 | 6.9 | % | $ | 396 | 0.5 | % | $ | (5,701) | $ | 17,746 | 5.4 | % | |||||||||||||||||||||||||||||||||
(1) Adjustment related to previously announced decision to exit certain operations in the Architectural Glass segment and reorganize operations within the Architectural Framing Systems segment, including $15.4 million of asset impairment charges, $4.3 million of employee termination costs and $1.1 million of other costs associated with these restructuring plans. | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended August 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Framing Systems Segment | Glass Segment | Corporate | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Operating income | Operating margin | Operating income | Operating margin | Operating (loss) income | Operating income | Operating margin | ||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 11,697 | 7.6 | % | $ | 4,976 | 5.7 | % | $ | (2,176) | $ | 23,215 | 7.3 | % | |||||||||||||||||||||||||||||||||
COVID-19 (2) | — | — | — | — | 1,316 | 1,316 | 0.4 | ||||||||||||||||||||||||||||||||||||||||
Post-acquisition and acquired project matters | — | — | — | — | 1,000 | 1,000 | 0.3 | ||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 11,697 | 7.6 | % | $ | 4,976 | 5.7 | % | $ | 140 | $ | 25,531 | 8.0 | % | |||||||||||||||||||||||||||||||||
(2) Adjustment for COVID-19-related costs, primarily incremental labor costs due to quarantine-related absenteeism and personal protective equipment for employees. | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended August 28, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Framing Systems Segment | Glass Segment | Corporate | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Operating income | Operating margin | Operating (loss) income | Operating margin | Operating loss | Operating income | Operating margin | ||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 16,338 | 5.4 | % | $ | (14,867) | (9.2) | % | $ | (11,607) | $ | 12,973 | 2.0 | % | |||||||||||||||||||||||||||||||||
Restructuring costs (1) | 2,048 | 0.7 | 17,391 | 10.7 | 1,375 | 20,814 | 3.2 | ||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 18,386 | 6.1 | % | $ | 2,524 | 1.6 | % | $ | (10,232) | $ | 33,787 | 5.2 | % | |||||||||||||||||||||||||||||||||
(1) Adjustment related to previously announced decision to exit certain operations in the Architectural Glass segment and reorganize operations within the Architectural Framing Systems segment, including $15.4 million of asset impairment charges, $4.3 million of employee termination costs and $1.1 million of other costs associated with these restructuring plans. | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended August 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Framing Systems Segment | Glass Segment | Corporate | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Operating income | Operating margin | Operating income | Operating margin | Operating loss | Operating income | Operating margin | ||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 18,993 | 6.3 | % | $ | 4,482 | 2.7 | % | $ | (4,720) | $ | 29,683 | 4.9 | % | |||||||||||||||||||||||||||||||||
COVID-19 (2) | — | — | — | — | 2,696 | 2,696 | 0.4 | ||||||||||||||||||||||||||||||||||||||||
Post-acquisition and acquired project matters | — | — | — | — | 1,000 | 1,000 | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 18,993 | 6.3 | % | $ | 4,482 | 2.7 | % | $ | (1,024) | $ | 33,379 | 5.5 | % | |||||||||||||||||||||||||||||||||
(2) Adjustment for COVID-19-related costs, primarily incremental labor costs due to quarantine-related absenteeism and personal protective equipment for employees. |
EBITDA and Adjusted EBITDA | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 28, 2021 | August 29, 2020 | August 28, 2021 | August 29, 2020 | |||||||||||||||||||||||
Net (loss) earnings | $ | (2,116) | $ | 17,658 | 8,701 | 20,534 | ||||||||||||||||||||
Income tax (benefit) expense | (1,919) | 5,493 | 1,753 | 6,623 | ||||||||||||||||||||||
Interest expense, net | 1,072 | 1,324 | 2,310 | 2,739 | ||||||||||||||||||||||
Depreciation and amortization | 12,828 | 12,744 | 25,808 | 25,284 | ||||||||||||||||||||||
EBITDA | $ | 9,865 | $ | 37,219 | 38,572 | 55,180 | ||||||||||||||||||||
Restructuring costs (1) | 20,814 | — | 20,814 | — | ||||||||||||||||||||||
COVID-19 (2) | — | 1,316 | — | 2,696 | ||||||||||||||||||||||
Post-acquisition and acquired project matters | — | 1,000 | — | 1,000 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 30,679 | $ | 39,535 | $ | 59,386 | $ | 58,876 | ||||||||||||||||||
(1) Adjustment related to previously announced decision to exit certain operations in the Architectural Glass segment and reorganize operations within the Architectural Framing Systems segment, including $15.4 million of asset impairment charges, $4.3 million of employee termination costs and $1.1 million of other costs associated with these restructuring plans. | ||||||||||||||||||||||||||
(2) Adjustment for COVID-19-related costs, primarily incremental labor costs due to quarantine-related absenteeism and personal protective equipment for employees. |
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