Volume 36, Issue 5, May 2001



Apogee Enterprises Reports Increased Fourth-Quarter Earnings

Minneapolis-based Apogee Enterprises Inc. has reported that its fourth-quarter 2001 earnings have exceeded the company’s expectations, and also showed significant improvement over the prior year.

According to the company’s statement, fourth-quarter earnings from continuing operations were 15 cents per share or $4.2 million, compared to a loss of $0.07 per share or $2.0 million in the same quarter the prior year. Fourth-quarter reported revenues totaled $194.3 million, a 9 percent decrease from last year’s revenues of $212.7 million. Net earnings were re-ported to be 21 cents per share or $5.8 million versus the fiscal 2000’s net loss of 12 cents per share of $3.5 million.

In addition, earnings (loss) from continuing operations totaled $4.2 million compared with $2.1 million the previous year.

All earnings per share figures refer to diluted earnings per share.

Apogee has also redefined its financial business segments (see April 2001 USGlass, page 30) and issued profit breakdowns for each segment (see Figures 1 and 2).
According to the statement issued by Apogee, “exceptional improvement in both sales and operating income at Viracon was offset by revenue and earning weaknesses at Wausau Window and Wall Systems, which, as expected, continued to experience a decrease in shipments largely due to a product mix issues in the second half of fiscal 2001.”

As a whole, Apogee says it significantly increased earnings from operations and reduced debt, working capital and capital expenditures compared to fiscal 2000. For the 12-month period which ended March 3, 2001, Apogee reported earnings from continuing operations of 48 cents per share or $13.4 million, compared with 11 cents per share or $3.1 million the year before. Net earnings were 54 cents per share or $15.0 million compared to last year’s 44 cents per share or $12.2 million. The fiscal 2001 results include 6 cents per share or $1.6 million of earnings from discounted operations, mostly from cash collected in the fourth-quarter that was more than what was expected in anticipated receipts related to European operations. These figures are compared with 33 cents per share or $9.1 million from discounted operations in 2000. 

In addition, the company also says revenues for fiscal 2001 increased 3 percent to $865.2 million compared with $840.5 million last year, and operating income was $31.9 million compared with $19.4 million in the last 12-month period, the company reported. 

LBL Skysystems Completes Capital Restructuring

LBL Skysystems Corp. of Bois-Des-Filion, Quebec, has announced the completion of its capital restructuring process, which took effect March 31.

“We’re happy to have successfully completed the restructuring of our capital, which involves two of our largest financial backers—the Solidarity Fund QFL and the Laurentian Bank of Canada,” said Louis Potvin, president and chief operating officer.
“The trust shown in our organization by these long-time financial partners doubly encourages our commitment to the company’s success. The reorganization in support of our growth strategy increases the financial flexibility of LBL Skysystems and will help to guide it to new horizons,” he added.

LBL designs, manufactures and installs curtainwall.

Vitro Posts Preliminary First-Quarter Results

Mexico’s Vitro has announced its unaudited preliminary financial results for the three months ended March 31, 2001.

Consolidated net sales were reported to be $6,455 million pesos (Ps) ($696,332 USD) compared with $6,397 million Ps ($696,076 USD) in 2000’s first quarter. The company also reported that consolidated net sales rose year over year by 5.6 percent to $672 million (US). According to the statement, the main drivers of this result are Vitro’s positive performance of its flat glass and Acros-Whirlpool divisions, which “offset the decline in sales at the other businesses.”

In addition, Vitro also posted consolidated EBIT of $694 million Ps ($74,865,156 USD) and EBITDA of $1,245 million Ps (134,304 USD), which the company says reflects year over year declines of 19.4 percent and 9.9 percent compared to the prior year.

Flour City Posts Double Digit Revenue Growth for Sixth Consecutive Quarter of Profitability

Flour City International (FCI) has posted its financial results for the first quarter of 2001, ended January 31, reflecting increases over 2000’s results. 

Net revenue for the quarter rose to $20.4 million, a 58 percent increase compared to its $12.9 million posted for the same quarter last year. Net income for the 2001 first quarter increased 466 percent to $991,000, earnings per share, on a diluted basis of 19 cents. Earnings are compared with net income of $175,000, or earnings per share, on a diluted basis of 3 cents per share for the same quarter in 2000. 

According to a news release, the company’s North American region contributed 52 percent of the period’s total revenue, and 39 percent came from the Asia/Pacific Rim region.

(in thousands except share and per share data)
2001 2000
Net revenues $20,420 $12,897
Cost of Revenue $16,398 $10,554
Gross Profit $04,022 $02,343
Operating Expenses $02,813 $02,432
Operating Profit $01,209 $00,075
Other Income
and Expenses, net $01,390 $00,207
Minority Interest's
Earnings (32) (162)
Net Income $00,991 $00,175
Net Income Per Share Outstanding
Used in Computing:
Basic 0.19 0.03
Diluted 0.18 0.03
Weighted Average Common Share
Used in Computing:
Basic 5,348 5,375
Diluted 5,429 5,379

Applied Films Corp. Ends Fiscal Year in Good Standing

Applied Films Corp. of Longmont, Colo., has reported its financial results for the 2001 second fiscal quarter. According to the company, net sales for the quarter were $10.3 million, up 24 percent from sales for the same quarter of last year, which reached $8.3 million. Likewise, Applied Films says its net income for the fiscal 2001 second quarter increased 116 percent to $1.5 million, or 23 cents per diluted share, from $674,000, or 18 cents per diluted share, for the fiscal 2000 second quarter.

For the six months ended December 30, 2000, net sales for the company were $27.2 million, up 58 percent from the first six months of the year, during which the company’s net sales were $15.7 million. Applied Films attributes the growth in revenue to increased sales in coated glass, in addition to increased revenues from equipment.

Asahi Increases Year-to-March Pretax Profit Forecast

Asahi Glass Co. Ltd. has raised its year-to-March pretax profit forecast to 93 bin yen (BY) from its previous forecast of 87 BY due to substantial glass sales, but also booked a restructuring cost, which hurt net earnings.

According to the company’s statement, it will book a special loss of 8.7 BY due to the liquidation of one of its units and an appraisal loss of 12.7 BY linked to property sales.

Pretax Profit 87 93 6.9%
Net Profit 29 22 -24%
Opg Profit 105 110 4.8%
Revenue 1.33 trin yen from 1.33 trin

Dwyer Group Reports 2000 Net Profit Increase

Based in Waco, Texas, the Dwyer Group has posted a net profit of $2.1 million or 29 cents per share for the year ended December, 31, 2000, compared to a $1.5-million profit or 22 cents per share in 1999.

In addition, the company noted that revenues for 2000 rose 17 percent to $19.2 million from $16.4 million in 1999. According to information from the company, the increase is due primarily to growth in royalty revenues received from its franchisees. 

Likewise, for the fourth quarter of 2000, the company earned $863,000 or $.12 per share, compared to $419,000 or 6 cents per share in 1999. Revenues for the period saw an 8 percent increase in 2000 from $4.9 million to 1999 to $5.3 million.

The company also said earnings for the fourth quarter were aided by a tax benefit of approximately $400,000 related to alternative minimum tax credits which the company determined could be utilized against continuing income. 




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