Apogee Raises Quarterly Cash Dividend 12 Percent to $0.14 Per Share
January 10 2017 - 2:37PM
Business Wire
The Board of Directors of Apogee Enterprises, Inc. (Nasdaq:APOG)
announced it has declared a quarterly cash dividend of $0.14 per
share, payable on February 15, 2017, to shareholders of record on
January 31, 2017. The dividend of $0.14 per share represents an
increase of 12 percent from the previous quarterly dividend of
$0.125 per share. The company has approximately 28.6 million shares
outstanding.
“Increasing our dividend underscores our confidence in our
ability to continue to grow revenues, earnings and cash flow as we
execute our strategies for growth organically and through
acquisition, and our operational excellence initiatives,” said
Joseph F. Puishys, Apogee chief executive officer. “As we focus on
positioning Apogee to better perform in any market conditions, we
are driving growth through new geographies, new products and new
markets, while improving earnings through productivity and
operational improvements.”
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) global
economic conditions and the cyclical nature of the North American
and Latin American commercial construction industries, which impact
our three architectural segments, and consumer confidence and the
conditions of the U.S. economy, which impact our large-scale
optical segment; (B) fluctuations in foreign currency exchange
rates; (C) actions of new and existing competitors; (D) ability to
effectively utilize and increase production capacity;
(E) product performance, reliability and quality issues; (F)
project management and installation issues that could result in
losses on individual contracts; (G) changes in consumer and
customer preference, or architectural trends and building codes;
(H) dependence on a relatively small number of customers in certain
business segments; (I) revenue and operating results that could
differ from market expectations; (J) self-insurance risk related to
a material product liability or other event for which the company
is liable; (K) dependence on information technology systems and
information security threats; (L) cost of compliance with and
changes in environmental regulations; (M) interruptions in glass
supply; (N) loss of key personnel and inability to source
sufficient labor; and (O) integration of recent acquisition. 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 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 February 27, 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20170110006261/en/
Apogee Enterprises, Inc.Mary Ann Jackson, 952-487-7538Investor
Relationsmjackson@apog.com
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