- Record full-year performance . . .
revenues up 19%, EPS of $2.76, adjusted EPS of $3.23
- Made strategic progress on
diversifying revenues and improving operationally, while generating
strong operating cash flow to support productivity/growth
investments, dividend increase and share buybacks
- Grew backlog in longer-lead time
businesses
- Announced FY19 guidance; continued
outlook for multiple years of growth
Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal
2018 full-year and fourth-quarter results. Apogee provides
distinctive solutions for enclosing commercial buildings and
framing and displays.
FULL-YEAR HIGHLIGHTS
- Revenues of $1.3 billion were up 19
percent vs. FY17.
- Operating income was $114.3 million,
vs. $122.2 million in FY17.
- Adjusted operating income of $132.9
million was up 7 percent vs. FY17.
- Earnings per diluted share were $2.76,
vs. $2.97 in FY17.
- Adjusted EPS was $3.23, up 7 percent
vs. FY17.
- Full-year and fourth-quarter EPS
include $0.13 per share benefit from tax reform.
- Operating cash flow was $127
million.
- Increased cash dividend by 12.5
percent.
- Repurchased approximately 700,000
shares.
- See Reconciliation of Non-GAAP
Financial Measures at the end of this release.
FOURTH-QUARTER HIGHLIGHTS
- Revenues of $353.5 million were up 13
percent, vs. prior-year period.
- Operating income was $27.9 million, vs.
$29.7 million in prior-year period.
- Adjusted operating income was $34.1
million, up 7 percent vs. prior-year period.
- Earnings per diluted share were $0.78,
vs. $0.80 in prior-year period.
- Adjusted EPS was $0.96, up 12 percent
vs. prior-year period.
COMMENTARY“Fiscal 2018 was a record year for revenues at
Apogee, as were adjusted earnings per share. In the fourth quarter,
all four segments delivered results in line with our expectations,
and in addition, the benefits of tax reform were higher than we
initially anticipated,” said Joseph F. Puishys, Apogee chief
executive officer. “During the year, we advanced strategies to
diversify revenue streams and strengthen our business, while
generating $127 million in operating cash flow and significantly
expanding backlog to build momentum as we enter fiscal 2019.
“Our strategy to stabilize our business performance throughout
an economic cycle is centered on diversifying geographies, markets
and project sizes served, as well as improving margins through
productivity and project selection initiatives,” said Puishys. “We
have been positioning each of our segments to achieve new levels of
performance:
- We’re strategically focused on the
architectural framing systems segment, which is our largest and
most profitable segment; the segment now serves more of North
America with a broader range of products, and we are driving
organic expansion into underserved geographies.
- The architectural glass segment
continues to penetrate mid-size markets and is again winning more
large projects, while reducing fixed costs; it also is moving
forward with strategies to pursue expansion into broader
architectural glass markets.
- The architectural services segment has
the backlog and order pipeline strength to support our outlook for
growth in fiscal years 2019 and 2020.
- The large-scale optical segment
investments in new market sectors are expected to deliver growth
for this high-margin segment in fiscal 2019.
“We will leverage business opportunities in fiscal 2019 and
beyond to deliver shareholder value,” he said.
FY18, Q4 SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR
PERIOD
Architectural Framing Systems
- Full-year revenues were up 75 percent.
Excluding the EFCO and Sotawall acquisitions, revenues were up 9
percent, with growth in all legacy businesses from increased
pricing, share gains and geographic growth in North America.
- Full-year operating income was up 32
percent, with adjusted operating income up 50 percent.
- Operating margin was 8.7 percent, vs.
11.6 percent, and adjusted operating margin was 10.3 percent, vs.
12.0 percent, as improved operating margins for legacy businesses
were offset by the addition of EFCO, which currently operates at a
lower margin.
- Significant progress is being made on
purchasing and operational synergies with EFCO, and Apogee has the
expertise and resources to bring this business to segment levels of
performance.
- Fourth-quarter revenues were up 51
percent; excluding acquisitions, revenues were down 4 percent vs. a
strong prior-year period and on project timing.
- Fourth-quarter operating income was up
24 percent, and adjusted operating income was up 31 percent, with
increases for all legacy businesses.
- Operating margin was 6.6 percent, vs.
8.0 percent, and adjusted operating margin was 8.2 percent, vs. 9.4
percent, primarily due to the addition of EFCO.
- Segment backlog grew $27 million
sequentially, excluding the transfer of $70 million from EFCO
backlog to architectural services during the quarter.
Fourth-quarter segment backlog was $405.7 million.
- The project pipeline and bidding remain
strong.
Architectural Glass
- Full-year revenues were down 7 percent,
due to large projects lost to international competition in prior
years, partially offset by growth in mid-size projects. Recent
investments in automation and productivity have enabled share gains
in mid-size projects. The fiscal 2018 top line also was impacted as
delays related to the Florida hurricane resulted in approximately
$10 million in revenues moving into fiscal 2019.
- Full-year operating income was down 27
percent, and adjusted operating income was down 20 percent, vs. the
strong prior year; fiscal 2018 segment adjusted operating income
was the second highest in the history of the business.
- Operating margin was 8.5 percent, vs.
10.8 percent, on reduced volume leverage, lower pricing/mix and the
closure of the Utah facility in the fourth quarter, partially
offset by productivity gains; adjusted operating margin was 9.3
percent.
- Fourth-quarter revenues were down 18
percent, as expected, vs. an historically record prior-year period
and as a result of the revenue impacts noted for the full
year.
- Fourth-quarter operating income was
down 70 percent, and adjusted operating income was down 48
percent.
- Operating margin was 4.4 percent, and
adjusted operating margin was 7.7 percent, vs. 12.3 percent, due to
operating margin impacts noted for the full year.
- The business is growing in the mid-size
project sector with attractive margins and successfully regaining
large-project work, which is expected to begin generating revenue
later in fiscal 2019 and beyond; it also is moving forward with
strategies to pursue expansion into broader architectural glass
markets.
Architectural Services
- Full-year revenues were down 21
percent, largely as expected, on project timing.
- Full-year operating income was down 44
percent, and operating margin was 4.9 percent, vs. 6.8 percent, as
expected, due to lower volume.
- Fourth-quarter revenues were up 3
percent, for the third consecutive quarter of top-line growth, as
the business has begun to execute new projects booked into backlog
over the last year.
- Fourth-quarter operating income was up
52 percent, and operating margin was 9.3 percent, vs. 6.3 percent,
due to improved operating performance on higher volume.
- Segment backlog grew $10 million
sequentially, excluding approximately $70 million from EFCO backlog
that was transferred from architectural framing systems to the
services backlog during the quarter. Fourth-quarter backlog was
$426.3 million, which was up more than $100 million from the fiscal
2017 year-end level, not including the transfer from EFCO.
- Bidding activity remains strong for
projects expected to generate revenue into fiscal 2021.
Large-Scale Optical Technologies
- Full-year revenues were down 2
percent.
- Full-year operating income was down 2
percent, and operating margin was flat at 24.9 percent.
- Fourth-quarter revenues were down 11
percent, driven by the timing of orders from national
retailers.
- Fourth-quarter operating income was up
2 percent, and operating margin was 29.8 percent, vs. 26.0 percent,
on improved mix.
- Investments made in new market
initiatives are expected to generate growth in fiscal 2019.
Financial ConditionFull-year and fourth-quarter earnings
reflect net tax benefits of $3.7 million, or $0.13 per share,
primarily from a reduction in deferred income tax liabilities
resulting from enactment of the Tax Cuts and Jobs Act of December
2017. Full-year capital expenditures, primarily for productivity
and architectural glass capabilities, were $53 million. Full-year
free cash flow was $74 million. Debt at the end of fiscal 2018
was $216 million. Full-year net interest expense was $5.0 million,
vs. zero in the prior year, due to the increase in debt to support
recent acquisitions.
FY19 OUTLOOK“Our outlook for fiscal 2019 continues our
momentum in transforming Apogee to deliver more stable revenue
streams and earnings longer-term,” said Puishys. “In fiscal 2019,
we will remain focused on operational improvement initiatives to
realize our profitability goals, while we pursue investments that
will serve as catalysts for revenue growth and operating margin
improvement in fiscal 2020 and beyond. We expect to invest in
geographic expansion in architectural framing systems to continue
to gain share, and in architectural glass to expand revenues into
broader glass markets. At the same time, we’ll leverage recent
investments to grow revenues in new large-scale optical markets,
and we’ll execute against the large architectural services
backlog.
“In fiscal 2019, we anticipate Apogee’s top line will grow
approximately 10 percent and operating income will increase to a
record level,” he said. “Looking forward to fiscal 2020, we expect
Apogee to show further revenue and income expansion.
“We have a great business that is delivering value to
shareholders as we execute strategies to diversify and strengthen
our business, including growth strategies around new geographies,
products and markets, and productivity initiatives driven by Lean
and automation,” said Puishys. “Our positive outlook is supported
by external forecasts for continued solid U.S. commercial
construction markets and our internal visibility that includes a
healthy backlog and pipeline of projects that we’re bidding.”
Apogee’s outlook for fiscal 2019 is:
- Revenue growth of approximately 10
percent.
- Operating margin of 8.8 to 9.3 percent.
- Adjusted operating margin of 9.1 to 9.6
percent.
- Earnings of $3.30 to $3.50 per diluted
share.
- Adjusted EPS of $3.43 to $3.63.
- Adjusted fiscal 2019 earnings guidance
excludes the after-tax impact of amortization of short-lived
acquired intangibles associated with the acquired backlog of
Sotawall and EFCO of $3.8 million ($0.13 per diluted share).
- Capital expenditures of $60 to $65
million.
- Tax rate of approximately 24
percent.
“Apogee’s backlog, bidding and pipeline of potential work
support growth through fiscal 2020,” said Puishys, who added that
“although visibility into fiscal 2021 is limited, the company is
not seeing any slowdown in commercial construction markets.”
TELECONFERENCE AND SIMULTANEOUS WEBCASTApogee will host a
teleconference and webcast at 8 a.m. Central Time today, April 12.
To participate in the teleconference, call (866) 525-3151 toll free
or (330) 863-3393 international, access code 8399716. To listen to
the live conference call over the internet, go to the Apogee web
site at http://www.apog.com and click
on investors, then investors home and then the webcast link under
upcoming events. The webcast also will be archived for replay on
the company’s web site.
ABOUT APOGEE ENTERPRISESApogee Enterprises, Inc.,
headquartered in Minneapolis, is a leader in the design and
development of value-added glass and metal products and services
for enclosing commercial buildings, and value-added glass and
acrylic for picture framing and displays. The company is organized
in four segments, with three of the segments serving the commercial
construction market:
- Architectural Framing Systems segment
businesses design, engineer, fabricate and finish the aluminum
frames for window, curtainwall and storefront systems that comprise
the outside skin of buildings. Businesses in this segment are:
Wausau, a manufacturer of custom aluminum window systems and
curtainwall; Sotawall, a manufacturer of unitized curtainwall
systems; EFCO, a manufacturer of aluminum window, curtainwall,
storefront and entrance systems; Tubelite, a manufacturer of
aluminum storefront, entrance and curtainwall products; Alumicor, a
manufacturer of aluminum storefront, entrance, curtainwall and
window products for Canadian markets; and Linetec, a paint and
anodizing finisher of window frames and PVC shutters.
- Architectural Glass segment consists of
Viracon, a leading fabricator of coated, high-performance
architectural glass for global markets.
- Architectural Services segment consists
of Harmon, one of the largest U.S. full-service building glass
installation companies.
- Large-Scale Optical segment consists of
Tru Vue, a manufacturer of value-added, coated glass and acrylic
primarily for framing and display applications.
USE OF NON-GAAP FINANCIAL MEASURESThis news release and
other financial communications may contain the following non-GAAP
measures:
- Adjusted operating income, adjusted
operating margin, adjusted net earnings and adjusted earnings per
diluted share (“adjusted earnings per share or adjusted EPS”) are
used by the company to provide meaningful supplemental information
about its operating performance by excluding amounts that are not
considered part of core operating results when assessing
performance to improve comparability of results from period to
period. Examples of items excluded to arrive at these adjusted
measures include the impact of acquisition-related costs,
amortization of short-lived acquired intangibles associated with
backlog, and non-recurring restructuring costs.
- Backlog represents the dollar amount of
revenues Apogee expects to recognize in the near-term from firm
contracts or orders. The company uses backlog as one of the metrics
to evaluate near-term sales trends in its business.
- Free cash flow is defined as net cash
provided by operating activities, minus capital expenditures. The
company considers this measure an indication of its financial
strength.
- Days working capital is defined as
average working capital (current assets less current liabilities)
multiplied by the number of days in the period and then divided by
net sales in the period. The company considers this a useful metric
in monitoring its performance in managing working capital.
- Constant currency revenue excludes the
impact of fluctuations in foreign currency on Apogee’s
international operations. The company believes providing constant
currency information provides valuable supplemental information
regarding its results of operations, consistent with how it
evaluates its performance. Constant currency percentages are
calculated by converting prior-period local currency results using
the current period exchange rates and comparing these converted
amounts to current-period reported results.
Management uses these non-GAAP measures to evaluate the
company’s historical and prospective financial performance, measure
operational profitability on a consistent basis, and provide
enhanced transparency to the investment community. These non-GAAP
measures should be viewed in addition to, and not as an alternative
to, the reported financial results of the company prepared in
accordance with GAAP. Other companies may calculate these measures
differently, limiting the usefulness of the measures for comparison
with other companies.
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; (O) integration of recent acquisitions; and (P)
regulatory environment, including tax and trade policy. 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 March 4, 2017.
Apogee Enterprises, Inc. Consolidated Condensed
Statements of Income (Unaudited) Thirteen
Fourteen Fifty-two
Fifty-three Weeks Ended Weeks Ended % Weeks Ended
Weeks Ended %
March 3, March 4,
In thousands, except per share amounts
March 3, 2018 March 4, 2017 Change
2018
2017 Change Net sales $ 353,453 $ 314,126 13 % $ 1,326,173 $
1,114,533 19 % Cost of sales 267,789 231,930
15 % 992,655 822,510 21 % Gross
profit 85,664 82,196 4 % 333,518 292,023 14 % Selling, general and
administrative expenses 57,795 52,528
10 % 219,234 169,798 29 % Operating
income 27,869 29,668 (6 )% 114,284 122,225 (6 )% Interest income
148 210 (30 )% 538 1,008 (47 )% Interest expense 1,819 477 281 %
5,508 971 467 % Other income (expense), net 6
193 (97 )% 566 543 4 % Earnings
before income taxes 26,204 29,594 (11 )% 109,880 122,805 (11 )%
Income tax expense 3,875 6,475 (40 )%
30,392 37,015 (18 )% Net earnings $
22,329 $ 23,119 (3 )% $ 79,488 $ 85,790
(7 )% Earnings per share - basic $ 0.79 $ 0.81 (2 )% $ 2.79
$ 2.98 (6 )% Average common shares outstanding 28,298 28,705 (1 )%
28,534 28,781 (1 )% Earnings per share - diluted $ 0.78 $ 0.80 (3
)% $ 2.76 $ 2.97 (7 )% Average common and common equivalent shares
outstanding 28,619 28,834 (1 )% 28,804 28,893 — % Cash dividends
per common share $ 0.1575 $ 0.1400 13 % $ 0.5775 $ 0.5150 12 %
Business Segment Information (Unaudited) Thirteen
Fourteen Fifty-two Fifty-three Weeks Ended Weeks Ended % Weeks
Ended Weeks Ended %
March 3, March 4,
In thousands
March 3, 2018 March 4, 2017 Change
2018
2017 Change
Sales Architectural Framing Systems $
183,527 $ 121,767 51 % $ 677,198 $ 385,978 75 % Architectural Glass
92,110 112,314 (18 )% 384,137 411,881 (7 )% Architectural Services
67,700 66,003 3 % 213,757 270,937 (21 )% Large-Scale Optical 23,406
26,328 (11 )% 88,303 89,710 (2 )% Eliminations (13,290 )
(12,286 ) 8 % (37,222 ) (43,973 ) (15 )% Total
$ 353,453 $ 314,126 13 % $ 1,326,173 $
1,114,533 19 %
Operating income (loss) Architectural
Framing Systems $ 12,073 $ 9,698 24 % $ 59,031 $ 44,768 32 %
Architectural Glass 4,077 13,801 (70 )% 32,764 44,656 (27 )%
Architectural Services 6,318 4,158 52 % 10,420 18,494 (44 )%
Large-Scale Optical 6,978 6,854 2 % 22,000 22,467 (2 )% Corporate
and other (1,577 ) (4,843 ) (67 )% (9,931 )
(8,160 ) 22 % Total $ 27,869 $ 29,668 (6 )% $
114,284 $ 122,225 (6 )%
Apogee
Enterprises, Inc. Consolidated Condensed Balance Sheets
(Unaudited)
March 3, March 4,
In thousands
2018 2017 Assets Current assets $ 336,334 $
297,461 Net property, plant and equipment 304,063 246,748 Other
assets 374,259 240,449 Total assets $
1,014,656 $ 784,658
Liabilities and shareholders'
equity Current liabilities $ 201,229 $ 186,058 Long-term debt
215,860 65,400 Other liabilities 86,953 62,623 Shareholders' equity
510,614 470,577 Total liabilities and
shareholders' equity $ 1,014,656 $ 784,658
Consolidated Condensed Statement of Cash Flows
(Unaudited) Fifty-two Fifty-three Weeks
Ended Weeks Ended In thousands
March 3, 2018 March 4,
2017 Net earnings $ 79,488 $ 85,790 Depreciation and
amortization 54,843 35,607 Share-based compensation 6,205 5,986
Proceeds from new markets tax credit transaction, net of deferred
costs — 5,109 Other, net 2,905 (3,767 ) Changes in operating assets
and liabilities (16,133 ) (4,724 ) Net cash provided
by operating activities 127,308 124,001
Capital expenditures (53,196 ) (68,061 ) Acquisition of businesses
and intangibles (182,849 ) (137,932 ) Change in restricted cash
7,834 (7,834 ) Net purchases of marketable securities 232 32,728
Other, net 2,245 (2,659 ) Net cash used in
investing activities (225,734 ) (183,758 ) Borrowings
on line of credit, net 149,960 44,988 Shares withheld for taxes,
net of stock issued to employees (1,712 ) (446 ) Repurchase and
retirement of common stock (33,676 ) (10,817 ) Dividends paid
(16,393 ) (14,667 ) Other, net 155 (396 ) Net
cash provided by financing activities 98,334
18,662 Decrease in cash and cash equivalents (92 ) (41,095 )
Effect of exchange rates on cash (12 ) 88 Cash and cash equivalents
at beginning of year 19,463 60,470 Cash
and cash equivalents at end of period $ 19,359 $ 19,463
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures Adjusted
Net Earnings and Adjusted Earnings per Diluted Common Share
(Unaudited) Thirteen Fourteen
Weeks Ended Weeks Ended In thousands
March 3, 2018
March 4, 2017 % Change Net earnings $ 22,329 $ 23,119 (3.4
)% Amortization of short-lived acquired intangibles 2,913 1,722 N/M
Acquisition-related costs 258 531 N/M Restructuring-related costs
3,026 — N/M Income tax impact on above adjustments (1) (917
) (493 ) N/M Adjusted net earnings $ 27,609 $ 24,879
11.0 % Thirteen Fourteen Weeks Ended Weeks Ended
March 3, 2018 March 4, 2017 % Change Earnings per
diluted common share $ 0.78 $ 0.80 (2.5 )% Amortization of
short-lived acquired intangibles 0.10 0.06 N/M Acquisition-related
costs 0.01 0.02 N/M Restructuring-related costs 0.11 — N/M Income
tax impact on above adjustments (1) (0.03 ) (0.02 )
N/M Adjusted earnings per diluted common share $ 0.96 $ 0.86
11.6 % (1) Income tax impact on adjustments was calculated using
the estimated quarterly effective income tax rate of 14.8% in the
current year and 25.3% in the prior year. Fifty-two
Fifty-three Weeks Ended Weeks Ended In thousands
March 3,
2018 March 4, 2017 % Change Net earnings $ 79,488 $
85,790 (7.3 )% Amortization of short-lived acquired intangibles
10,521 1,722 N/M Acquisition-related costs 5,098 531 N/M
Restructuring-related costs 3,026 — N/M Income tax impact on above
adjustments (1) (5,157 ) (493 ) N/M Adjusted
net earnings $ 92,976 $ 87,550 6.2 % Fifty-two Fifty-three
Weeks Ended Weeks Ended
March 3, 2018 March 4,
2017 % Change Earnings per diluted common share $ 2.76 $ 2.97
(7.1 )% Amortization of short-lived acquired intangibles 0.37 0.06
N/M Acquisition-related costs 0.18 0.02 N/M Restructuring-related
costs 0.11 — N/M Income tax impact on above adjustments (1)
(0.18 ) (0.02 ) N/M Adjusted earnings per diluted
common share $ 3.23 $ 3.03 6.6 % (1) Income tax impact on
adjustments was calculated using the estimated annual effective
income tax rate of 27.7% in the current year and 30.1% in the prior
year.
Adjusted Operating Income and Adjusted
Operating Margin (Unaudited)
Thirteen Weeks
Ended March 3, 2018 Architectural Glass
Framing Systems Segment
Segment Corporate Consolidated
Operating Operating Operating Operating
Operating
Operating Operating
In thousands
income margin income margin
income (loss)
income margin Operating income (loss) $ 12,073 6.6 % $ 4,077 4.4 %
$ (1,577 ) $ 27,869 7.9 % Amortization of short-lived acquired
intangibles 2,913 1.6 % — — % — 2,913 0.8 % Acquisition-related
costs — — % — — % 258 258 0.1 % Restructuring-related costs
— — % 3,026 3.3 % — 3,026 0.9 %
Adjusted operating income (loss) $ 14,986 8.2 % $ 7,103 7.7 % $
(1,319 ) $ 34,066 9.6 %
Fourteen Weeks Ended March 4,
2017 Architectural Glass Framing Systems Segment
Segment Corporate Consolidated
Operating Operating Operating Operating
Operating
Operating Operating
In thousands
income margin income margin
income (loss)
income margin Operating income (loss) $ 9,698 8.0 % $ 13,801 12.3 %
$ (4,843 ) $ 29,668 9.4 % Amortization of short-lived acquired
intangibles 1,722 1.4 % — — % — 1,722 0.6 % Acquisition-related
costs — — % — — % 531 531 0.2 %
Adjusted operating income (loss)
$
11,420 9.4 %
$
13,801 12.3 %
$
(4,312 )
$
31,921 10.2 %
Fifty-Two Weeks Ended March 3, 2018
Architectural Glass Framing Systems Segment
Segment Corporate
Consolidated
Operating Operating Operating Operating
Operating
Operating Operating
In thousands
income margin income margin
income (loss)
income margin Operating income (loss) $ 59,031 8.7 % $ 32,764 8.5 %
$ (9,931 ) $ 114,284 8.6 % Amortization of short-lived acquired
intangibles 10,521 1.6 % — — % — 10,521 0.8 % Acquisition-related
costs — — % — — % 5,098 5,098 0.4 % Restructuring-related costs
— — % 3,026 0.8 % — 3,026 0.2 %
Adjusted operating income (loss) $ 69,552 10.3 % $ 35,790 9.3 % $
(4,833 ) $ 132,929 10.0 %
Fifty-Three Weeks Ended March
4, 2017 Architectural Glass Framing Systems
Segment Segment Corporate Consolidated
Operating Operating Operating Operating
Operating
Operating Operating
In thousands
income margin income margin
income (loss)
income margin Operating income (loss) $ 44,768 11.6 % $ 44,656 10.8
% $ (8,160 ) $ 122,225 11.0 % Amortization of short-lived acquired
intangibles 1,722 0.4 % — — % — 1,722 0.2 % Acquisition-related
costs — — % — — % 531 531 — %
Adjusted operating income (loss)
$
46,490 12.0 %
$
44,656 10.8 %
$
(7,629 )
$
124,478 11.2 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180412005336/en/
Apogee Enterprises, Inc.Mary Ann Jackson,
952-487-7538Investor Relationsmjackson@apog.com
Apogee Enterprises (NASDAQ:APOG)
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