Apogee Enterprises, Inc., which develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries, announced earnings for the 3Q fiscal 2005 on15 December 2004. Earnings from continuing operations were USD 0.20 per share, versus USD 0.20 per share a year earlier. (All earnings per share figures refer to diluted earnings per share.) The prior-year earnings per share included a significant tax benefit; without this benefit, earnings per share would have been USD 0.12 in the 3Q of fiscal 2004. Operating income from continuing operations increased 32% year-on-year. Operating margin increased to 5.4%, from 4.5% in the fiscal 2004 3Q, due primarily to improved efficiencies on increased volume within the architectural segment, Apogee said. Revenues of US$ 157.1 million were up 9% year-on-year. Net earnings, including discontinued operations, were USD 0.20 per share, an improvement from USD 0.09 per share in the year-ago period, which was adversely affected by the performance and sale of the Harmon AutoGlass business. Architectural segment revenues were up 20%, and operating income grew to USD 5.3 million from USD 1.7 million in the year-ago period. Increased volume led to higher capacity utilization and improved margins. Segment backlog grew slightly year-on-year, and was down slightly from the 2Q level as new orders that went into backlog nearly offset strong revenues. Revenues from the large-scale optical segment declined 15% as expected, while operating income increased 32% year-on-year. Sales of higher-margin, value-added picture framing glazing products continue to be strong, the company said. Auto glass segment revenues and earnings dropped significantly, as expected. Results were adversely affected by soft market conditions and termination of certain supply pricing amendments in fiscal 2004.
