Architectural segment drives revenues for Apogee
Company set to complete exit of auto glass market with sale of RV and bus windshield business
Revenues increased 17 percent in the final fiscal quarter of 2007 over the same period last year for Apogee Enterprises Inc. of Minneapolis, according to an April 11 company release. Total year revenues for the company reached $778.8 million, also 17 percent above fiscal year 2006, according to the report.
Apogee Chief Executive Officer and Chairman Russell Huffer attributes the strong performance to the company’s architectural segment that includes glass fabricator Viracon of Owatonna, Minn.
“We achieved significant improvement in our architectural operating margin in fiscal 2007, increasing to 5.8 percent from 3.2 percent in the prior year,” Huffer said in the release. “Architectural pricing increased, and operations improved. In addition, we had a better mix of projects with higher margins than during the prior year. And, strong markets supported our performance.”
Revenues for the architectural segment were up 21 percent in the fiscal year compared to 2006, and 20 percent for the quarter, year-over-year, according to the release.
With a current architectural backlog of $424 million, the segment will likely continue to grow in the next year, Huffer said.
Apogee also stopped manufacture of auto glass replacement windshields in the quarter. Production of recreational vehicle and bus windshields will continue until the segment is sold—expected in third quarter 2008, according to the release.
"We finalized our strategic plans to exit the auto glass segment, with the fourth quarter decision to sell the RV and bus windshield business," Huffer said. "We stopped producing aftermarket auto windshields late in fiscal 2007 and have started converting the facility to provide additional architectural glass capacity.
To read the full release, click here.