Apogee Reports Fiscal 2011 Full-Year, Fourth-Quarter Results

Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.

FY11 FULL YEAR VS. PRIOR-YEAR PERIOD

* Revenues of $582.8 million were down 16 percent.

* Operating loss was $21.0 million, compared to earnings of $45.4 million.

* Per share loss from continuing operations was $0.51, versus earnings of $1.13.

* Architectural segment revenues declined 19 percent, while there was an operating loss of $37.7 million compared to earnings of $31.6 million.

* Large-scale optical segment revenues increased 7 percent, and operating income was $20.5 million.

* Net loss was $0.37 per share, compared to net earnings of $1.15 per share. o Discontinued operations provided net earnings from resolution of outstanding exposures related to foreign operations discontinued in 1998.

* Cash and short-term investments totaled $60.6 million, compared to $46.4 million at the end of the third quarter, and $102.6 million at the end of fiscal 2010. o Brazilian architectural glass fabricator was acquired for approximately $21 million in cash in the third quarter.

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