Speciality glass producer Apogee Enterprises Inc. said it expects earnings from continuing operations for its fiscal 2001 year to show improvement over its lower fiscal 2000 year results.
“We continu…
Speciality glass producer Apogee Enterprises Inc. said it expects earnings from continuing operations for its fiscal 2001 year to show improvement over its lower fiscal 2000 year results. “We continue to expect fiscal 2001 earnings from continuing operations of 25 cents to 30 cents per diluted share,” said Russell Huffer, Apogee“s chairman and chief executive officer. Wall Street analysts expect Apogee to earn 28 cents a share in fiscal 2001, according to a survey by First Call/Thomson Financial, which tracks such data. Apogee reported a net loss from continuing operations for its fiscal 2000 fourth quarter ended February 26 of US$ 2.0 million or 7 cents per diluted share, in line with the Minneapolis-based company“s January 28 expectations. This year“s fourth quarter included a net loss from discontinued operations of US$ 1.4 million or 5 cents per diluted share due to the discontinuance of Apogee“s non-automotive glass focused insurance claims processing operation. This compares with net earnings from discontinued operations of US$ 2.6 million or 9 cents per diluted share in the fourth quarter of fiscal 1999, which were related to Apogee“s discontinued construction operations, the company said. For the year ended February 26, 2000, Apogee“s earnings from continuing operations fell to US$ 3.1 million or 11 cents per diluted share from US$ 20.2 million or 73 per diluted share a year earlier. Looking ahead, the company said prospects in its automotive glass unit are improving due to a reduced cost structure, new retail leadership, and a new law in Minnesota that limits rebates on retail windscreens. Progress is being made in its glass technologies division as well, Apogee said. “Overall, while some modest challenges remain, we are moving in the right direction,” Huffer said.