Apogee Raises Quarterly Cash Dividend 10 Percent to $0.11 Per Share
January 16 2015 - 1:33PM
Business Wire
The Board of Directors of Apogee Enterprises, Inc. (Nasdaq:APOG)
announced it has declared a quarterly cash dividend of $0.11 per
share, payable on February 19, 2015, to shareholders of record on
February 5, 2015. The dividend of $0.11 per share represents an
increase of 10 percent from the previous quarterly dividend of
$0.10 per share. The company has approximately 29.0 million shares
outstanding.
“Increasing our dividend underscores our confidence in our
ability to continue to grow revenues, earnings and cash flow over
our strategic plan horizon,” said Joseph F. Puishys, Apogee chief
executive officer.
Apogee Enterprises, Inc., headquartered in Minneapolis, provides
distinctive solutions for enclosing buildings and framing art. The
company is organized in four segments, with three of the segments
serving the commercial construction market:
- Architectural Glass segment consists of
the leading fabricator of coated, high-performance architectural
glass for global markets.
- Architectural Services segment consists
of one of the largest U.S. full-service building glass installation
and renovation companies.
- Architectural Framing Systems segment
companies design, engineer, fabricate and finish the aluminum
frames for window, curtainwall and storefront systems that comprise
the outside skin of buildings.
- Large-scale optical segment consists of
a value-added glass and acrylic manufacturer primarily for the
custom picture framing market.
FORWARD-LOOKING STATEMENTSThe discussion above contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements reflect
Apogee management’s expectations or beliefs as of the date of this
release. The company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. All forward-looking
statements are qualified by factors that may affect the operating
results of the company, including the following: (A) operational
risks: i) the cyclical nature and market conditions of the North
American and Latin American commercial construction industries,
which impact our three architectural segments; ii) consumer
confidence and the conditions of the U.S. economy, which impact our
large-scale optical segment; iii) actions of competitors or new
market entrants; iv) ability to fully and efficiently utilize
production capacity; v) product performance, reliability,
execution or quality problems; vi) installation project management
issues that could result in losses on individual contracts; vii)
changes in consumer and customer preference, or architectural
trends and building codes; and viii) dependence on a relatively
small number of customers in certain business segments; (B)
financial risks: i) revenue and operating results that are
volatile; and ii) financial market disruption, which could impact
company, customer and supplier credit availability; (C)
self-insurance risk related to a material product liability or
other event for which the company is liable; (D) cost of compliance
with environmental regulations; (E) potential impact on financial
results if one or more senior executives were no longer active with
the company; and (F) integration of two recent acquisitions. The
company cautions investors that actual future results could differ
materially from those described in the forward-looking statements,
and that other factors may in the future prove to be important in
affecting the company’s results of operations. New factors emerge
from time to time and it is not possible for management to predict
all such factors, nor can it assess the impact of each such factor
on the business or the extent to which any factor, or a combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. For a more
detailed explanation of the foregoing and other risks and
uncertainties, see Item 1A of the company’s Annual Report on Form
10-K for the fiscal year ended March 1, 2014.
Apogee Enterprises, Inc.Mary Ann Jackson,
952-487-7538Investor Relationsmjackson@apog.com
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