Apogee Sales, Profits Up Overall, Auto Glass Down
Apogee Enterprises Inc. reported higher sales and profits for fiscal year 2005 overall, but its auto glass segment showed declines in both categories.
For the fiscal year, which ended February 26, the Minneapolis-based company reported revenues were up 17 percent to $628.8 million, with the architectural segment responsible for the growth.
The same was true for the fiscal year 2005 fourth quarter. Revenues were up 30 percent over the previous year to $174.8 million with the architectural segment growth accounting for the majority of the improvement.
The company reported its auto glass segment revenues and earnings were down, as results continue to be impacted by difficult market conditions.
For the fourth quarter, auto replacement glass and service revenues were down 24 percent from the previous year to $7.7 million. Operating income was $300,000, compared to $1.4 million in the fourth quarter of fiscal year 2004.
Looking ahead, Russ Huffer, Apogee chairman and chief executive officer, said, "We anticipate an ongoing decline in auto glass segment sales."
He added, "Although, our auto glass business faces difficult market conditions, we expect it to continue to generate cash for Apogee. In fiscal 2006, with the expiration of our supply agreement with PPG Industries in the second quarter, we will be transitioning back to the independent distributor marketplace where we expect to fill a need for shorter lead-time aftermarket windshields which offer somewhat improved margins."
Here are the figures the company reported in the financial press release it issued:
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