Volume 37, Issue 11, November 2002


Apogee’s Fiscal Second-Quarter Earnings Drop

Minneapolis-based Apogee Enterprises Inc. has announced that its second-quarter fiscal 2003 earnings were 30 cents per share, or $8.6 million, as compared to 36 cents per share, or $10.3 million, in the fiscal 2002 second period. The fiscal 2003 results include one-time charges of 3 cents per share primarily from the auto glass segment, while the prior-year period included a one-time gain of 4 cents per share in the auto glass segment due to changes in pricing amendments related to the PPG Auto Glass joint venture. (All earnings per share figures refer to diluted earnings per share.)

Revenues for the second quarter totaled $200.3 million, down 5 percent from revenues of $210.2 million in the same period last year.

“I am encouraged that our ongoing focus on operational improvements enabled us to exceed our guidance of 28 cents per share in this challenging economy,” said Russ Huffer, chairperson, president and chief executive officer. “Despite the tough construction market, our architectural segment revenues declined only 4 percent and operating income decreased slightly as major project delays were offset by continuing operational improvements. In addition, the large-scale optical segment has returned to operating profitability after being impacted by slow retail markets for five quarters …”

Huffer also said that in the second quarter, the company continued to reduce its long-term debt to $51.7 million and to repurchase 820,000 shares.


Goldray Announces Results for Period Ending June 30; Announces Stock Options

Calgary, Alberta-based Goldray has released its financial results for the period ending June 30. The company reported that its firm-order-backlog, for delivery from July to December 2002, is at $7.4 million, a 131-percent increase over 2001’s second quarter results of $3.2 million. According to Goldray, most of the firm-orders are related to construction projects in the United States.

In other news, Goldray also announced a proposal to issue 200,000 stock options to a director of the corporation. According to the company, the stock options will have an exercise price of 47 cents per share and will expire five years from the date of the grant.



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