FinancialFlash  
Apogee Reports 10-Percent Revenue  
Increase; Expects More Growth  
hile Apogee Enterprises  
Apogee first-quarter  
Operating income  
was down 8%  
Inc. reported fiscal 2018  
first-quarter revenues of  
272.3 million were up 10 percent  
revenues were up 10%  
W
$
versus the prior-year period, the com-  
pany’s statement also noted that op-  
erating income of $24.1 million was  
down 8 percent before adjustments.  
Adjusted operating income, however,  
of $26.8 million was up 2 percent com-  
pared to the same period a year ago,  
and operating margin was 8.9 percent,  
or 9.9 percent adjusted.  
%
%
8
1
0
Quarterly results were impacted by  
Apogee Fiscal YearU2na0u1d8itedB)u(IsnitnheousssanSdes)gment Information  
factors that were largely anticipated,  
including lower architectural services  
revenues,” said Apogee CEO Joseph F.  
Puishys.“We also experienced planned  
start-up costs for the new architec-  
tural glass capabilities, which are now  
largely behind us. The first shipments  
from this new line occurred on sched-  
ule late in the quarter.”  
(
13 wks ended 13 wks ended  
5/28/16  
%
Change  
6/3/17  
Sales  
Architectural Glass  
Architectural Framing Systems  
Architectural Services  
$ 97,735  
$110,492  
$ 50,150  
$93,360  
$81,132  
$62,820  
5%  
36%  
In the last six months we’ve made  
(20)%  
significant progress in our journey to  
deliver consistently solid performance  
regardless of economic conditions,” he  
added. “We’ve completed acquisitions  
of EFCO (see page 16) and Sotawall,  
while growing our position in the  
mid-size building and retrofit sectors.  
We also continue to introduce new  
Operating Income  
Architectural Glass  
$ 9,322  
$11,964  
$ 9,531  
$10,232  
$ 3,181  
(2)%  
17%  
Architectural Framing Systems  
Architectural Services  
$
782  
(75)%  
products and our existing businesses division—Wausau, Sotawall, EFCO, $10 million from the fiscal 2017 fourth  
have been further penetrating newer Tubelite, Alumicor and Linetec—re- quarter to $255.1 million.  
The company’s architectural services  
geographies.”  
corded revenues of $110.5 million,  
Operating income for the company’s which were up 36 percent, including segment, which includes Harmon, saw  
architectural glass segment, which in- the addition of Sotawall and 8-percent revenues of $50.2 million, which were  
cludes Viracon, was $9.3 million, down growth from the other segment busi- down 20 percent. According to Apo-  
2
percent, while the operating margin nesses.Operating income grew to $12.0 gee, this was expected due to timing of  
was 9.5 percent, compared to 10.2 per- million, up 17 percent, and adjusted project activity. Operating income was  
cent. The segment also saw revenues operating income of $14.0 million was $0.8 million, down 75 percent. Operat-  
of $97.7 million, which were up 5 per- up 37 percent. Operating margin was ing margin was 1.6 percent, compared  
cent on mid-size project growth in the 10.8 percent, or 12.7 percent adjusted, to 5.1 percent. Segment backlog grew  
United States.  
compared to 12.6 percent. According almost $40 million from the fiscal 2017  
The architectural framing systems to Apogee, this segment’s backlog grew fourth quarter to $292.9 million. n  
26  
USGlass, Metal & Glazing | August 2017  
www.usglassmag.com  

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