Apogee Enterprises Inc. Reports Operating Results (10-Q)

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Jul 12, 2012
Apogee Enterprises Inc. (APOG, Financial) filed Quarterly Report for the period ended 2012-06-02.

Apogee Enterprises, Inc. has a market cap of $459.6 million; its shares were traded at around $16.46 with a P/E ratio of 45.1 and P/S ratio of 0.7. The dividend yield of Apogee Enterprises, Inc. stocks is 2.2%.

Highlight of Business Operations:

In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as of June 2, 2012 and March 3, 2012, and the results of operations, comprehensive earnings and cash flows for the three-month periods ended June 2, 2012 and May 28, 2011.

The following table presents sales and operating income data for the Companys two segments, and on a consolidated basis, for the three months ended June 2, 2012, as compared to the corresponding period a year ago.

The relationship between various components of operations, stated as a percent of net sales, is illustrated below for the three-month periods of the current and prior fiscal year.

The following table presents sales and operating income data for our two segments and on a consolidated basis for the three-month period ended June 2, 2012, when compared to the corresponding period a year ago.

Non-cash working capital (current assets, excluding cash and short-term marketable securities available for sale and short-term restricted investments, less current liabilities) was $61.2 million at June 2, 2012, or 9.2 percent of last 12-month sales, our key metric for measuring working capital efficiency. This compares to $44.4 million at March 3, 2012 or 6.7 percent of fiscal 2012 sales and 10.7 percent at May 28, 2011. The dollar change from year-end was due to working capital outflows for current quarter as described above and added working capital for future growth. As indicated in our Form 10-K for the year ended March 3, 2012, we expect non-cash working capital to increase during fiscal 2013 as we anticipate that our Architectural businesses will require more working capital to support increasing business activities.

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