Volume 43, Issue 6 - June 2008

Financial Flash

NASDAQ Celebrates 25 Years of APOG Listing 

Minneapolis-based Apogee Enterprises Inc. chairman and chief executive officer Russell Huffer presided over the NASDAQ Stock Market opening bell ceremony on May 7 to celebrate the company’s 25-year listing anniversary on NASDAQ and to recognize Apogee’s two consecutive years of record earnings. 

“It was exciting and fun,” Huffer says. “And to have the recognition for Apogee and its achievements was very special.”

As far as those “record earnings,” the company’s recently released fiscal 2008 full-year earnings showed a 13-percent increase in revenues to $881.8 million. Earnings from its continuing operations were $1.49 per share, up 33-percent from a year ago, while net earnings were $1.67 per share, compared to $1.12 per share last year. 

For the fourth quarter of fiscal year 2008 specifically, the company’s revenues of $243.3 million showed a 18-percent increase from the prior-year period. Net earnings, including discontinued operations, were $0.50 per share versus $0.34 per share in the prior-year period. 

The architectural glass segment saw increases as well, for both the quarter and the year (see chart on page 30). “As we enter fiscal 2009, we are positioned for continued strong growth for our architectural segment,” Huffer says. “We started the new year with our highest architectural backlog ever: $510.9 million. We have strong visibility for fiscal 2009 and into fiscal 2010 due to our backlog, project commitments, strong bidding activity and the construction levels and green building trends in markets we serve.”

Approximately $368 million, or 72 percent, of that segment’s backlog is to be delivered in fiscal 2009, and approximately $125 million, or 25 percent, in fiscal 2010. www.apog.com 

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