Apogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2019 fourth-quarter and full-year results. Revenue in the fourth quarter was $346.3 million, compared to $353.5 million in the fourth quarter of fiscal year 2018. The company had a GAAP net loss of $(0.45) per share in the fourth quarter, which included pre-tax charges of $42.6 million for increased project-related charges on contracts that were acquired with the purchase of EFCO and of $3.1 million for a non-cash impairment of the trade name acquired with the purchase of EFCO. This compares to GAAP earnings of $0.78 per diluted share in the fourth quarter of fiscal 2018. Adjusted earnings1, which exclude the impact of the charges and the amortization of short-lived acquired intangibles, were $0.85 per diluted share, compared to $0.96 in the prior-year period. Earnings and adjusted earnings in the prior-year quarter included a $0.13 per share benefit from U.S. federal tax reform.
Full-year fiscal 2019 revenue grew 5.8 percent to $1.40 billion, from $1.33 billion in the prior year. Full-year GAAP earnings were $1.63 per diluted share, compared to $2.76 in fiscal 2018. Full-year adjusted earnings per share were $2.96, compared to $3.23 in fiscal 2018.
1 Adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Use and Reconciliation of Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation to the most directly comparable GAAP measures.
Commentary
“Apogee made progress on many fronts in fiscal
2019 and finished the year strong by delivering improved performance in
a number of our businesses,” said Joseph F. Puishys, Chief Executive
Officer. “Unfortunately, our fourth quarter results were negatively
impacted by unusually severe winter weather, which caused disruptions at
some of our manufacturing locations. Despite several challenges during
the year, we achieved another year of growth, with revenue increasing to
a record $1.4 billion. Demand remained strong in our U.S. architectural
end markets, which drove robust order flow and backlog growth going into
fiscal 2020. Our Architectural Services segment reported record
full-year revenue and operating income and we made significant progress
toward overcoming the labor and productivity issues that impacted
Architectural Glass earlier in the year.”
“As we have discussed previously, a small number of legacy EFCO projects we inherited from the acquisition have presented significant challenges,” added Mr. Puishys. “During the fourth quarter, we made substantial progress toward completion of these projects and performed detailed updated cost estimates. The charges announced today are expected to cover the remaining costs related to these legacy projects and should alleviate any additional impact on future financial results. We are also actively pursuing available options to recover these added costs from certain parties.”
“We are focused on putting these issues behind us and positioning EFCO for long-term success. In fiscal 2020, we expect to complete these legacy projects and to continue taking important steps toward improving EFCO’s productivity and operating margins. EFCO ended fiscal 2019 with solid orders momentum, which we expect to continue in fiscal 2020, setting the stage for future profitable growth.”
“Overall, we’re optimistic about Apogee’s outlook. In fiscal 2020, we expect improved revenue and operating margins in both of our core Architectural Glass and Framing Systems segments,” continued Mr. Puishys. “Specifically, in Architectural Glass, we expect continued operational improvements and we are launching a strategic growth initiative to expand our presence in the non-residential market. In our Architectural Services segment, while we expect lower results in fiscal 2020 due to project schedules, we remain confident that the segment has never been stronger, as we ended fiscal 2019 with record backlog and a visible path to significant growth returning in fiscal 2021. We are confident in Apogee’s direction and will remain focused on our strategic initiatives to create long-term value for shareholders.”
Segment Results
Architectural Framing Systems
Architectural Framing Systems
revenue in the fourth quarter was $170.6 million, down from $183.5
million in the prior year quarter, primarily due to lower volumes.
Fourth-quarter operating income was $6.1 million which includes the $3.1
million charge for the EFCO trade name impairment, down from $12.1
million in the prior year quarter, primarily driven by the lower volumes
and a less favorable mix of work. Adjusted operating income in the
fourth quarter was $9.5 million with adjusted operating margin of 5.6
percent, compared to $15.0 million and 8.2 percent respectively in the
prior year quarter. Segment backlog increased slightly to $408.5
million, compared to $407.9 million a quarter ago and $405.7 million a
year ago.
Architectural Glass
Architectural Glass delivered 13 percent
growth in the fourth quarter, with revenue of $103.7 million compared to
$92.1 million in the prior year quarter, as the segment improved its
productivity and executed against the strong order volumes booked
earlier in the fiscal year. Operating income was $7.3 million, compared
to $4.1 million in last year’s fourth quarter. The prior year quarter
included $3.0 million of restructuring-related costs. In the current
quarter, both revenue and operating income were negatively affected by
the impact of production interruptions caused by unusually severe winter
weather.
Architectural Glass operating margin in the fourth quarter was 7.1 percent, a 120 basis point sequential increase from 5.9 percent in the third quarter of fiscal 2019, as the segment benefited from operating leverage on higher sales and made further progress toward overcoming the labor and productivity issues that reduced its profitability in the first half of the fiscal year. This improvement was partially offset by the impact of severe winter weather.
Architectural Services
Architectural Services’ revenue was
$66.3 million in the fourth quarter, compared to $67.7 million in the
prior-year quarter. The segment posted strong profitability
improvements, with operating income increasing to $9.1 million and
operating margin of 13.7 percent, compared to $6.3 million and 9.3
percent respectively in the prior year period, as a number of projects
came to completion with strong execution and lower than expected costs.
The segment had strong order flow during the quarter, with segment
backlog increasing to $444.0 million, from $419.2 million last quarter
and $426.3 million a year ago.
Large-Scale Optical
Large-Scale Optical revenue was $24.0
million, compared to $23.4 million in the fourth quarter last year.
Operating income was $7.2 million, compared to $7.0 million in the prior
year period, with operating margin improving to 29.9 percent, from 29.8
percent in the prior year quarter.
Financial Condition
The company ended the fiscal year with
$245.7 million of long-term debt. Net cash provided by operating
activities in fiscal 2019 was $96.4 million. Capital expenditures for
the fiscal year were $60.7 million, compared to $53.2 million in fiscal
2018, as the company continued to make investments in growth and
productivity improvement initiatives. During the fourth quarter, the
company repurchased 657,983 shares of stock for $20.0 million. For the
full fiscal year, Apogee returned $61.2 million of cash to shareholders
through dividend payments and share repurchases, a 22 percent increase
compared to fiscal year 2018.
Outlook
The company provided its financial outlook for
fiscal 2020. The company expects:
Conference Call Information
The company will host a
conference call today at 8:00 a.m. Central Time to discuss its financial
results and outlook. The call will be webcast and is available in the
Investor Relations section of the company’s website at http://ir.apog.com/events-and-presentations.
The webcast also will be archived for replay on the company’s website.
About Apogee Enterprises
Apogee Enterprises, Inc.,
headquartered in Minneapolis, is a leader in the design and development
of value-added glass and metal products and services for enclosing
commercial buildings, framing and displays. The company is organized in
four segments, with three of the segments serving the commercial
construction market:
Use of Non-GAAP Financial Measures
This release and other
financial communications may contain the following non-GAAP measures:
Management uses these non-GAAP measures to evaluate the company’s historical and prospective financial performance, measure operational profitability on a consistent basis, and provide enhanced transparency to the investment community. These non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies.
Forward-Looking Statements
This press release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements reflect
Apogee management’s expectations or beliefs as of the date of this
release. The company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. All forward-looking statements
are qualified by factors that may affect the operating results of the
company, including the following: (A) global economic conditions and the
cyclical nature of the North American and Latin American commercial
construction industries, which impact our three architectural segments,
and consumer confidence and the conditions of the U.S. economy, which
impact our large-scale optical segment; (B) fluctuations in foreign
currency exchange rates; (C) actions of new and existing competitors;
(D) ability to effectively utilize and increase production capacity; (E)
loss of key personnel and inability to source sufficient labor; (F)
product performance, reliability and quality issues; (G) project
management and installation issues that could result in losses on
individual contracts; (H) changes in consumer and customer preference,
or architectural trends and building codes; (I) dependence on a
relatively small number of customers in certain business segments; (J)
revenue and operating results that could differ from market
expectations; (K) self-insurance risk related to a material product
liability or other event for which the company is liable; (L) dependence
on information technology systems and information security threats; (M)
cost of compliance with and changes in environmental regulations; (N)
commodity price fluctuations, trade policy impacts, and supply
availability; and (O) integration of recent acquisitions and management
of acquired contracts. The company cautions investors that actual future
results could differ materially from those described in the
forward-looking statements, and that other factors may in the future
prove to be important in affecting the company’s results of operations.
New factors emerge from time to time and it is not possible for
management to predict all such factors, nor can it assess the impact of
each factor on the business or the extent to which any factor, or a
combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. More information
concerning potential factors that could affect future financial results
is included in the company’s Annual Report on Form 10-K for the fiscal
year ended March 3, 2018 and in subsequent filings with the U.S.
Securities and Exchange Commission.
Apogee Enterprises, Inc. | ||||||||||||||||||||||||||
Consolidated Condensed Statements of Income | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Thirteen | Thirteen | Fifty-two | Fifty-two | |||||||||||||||||||||||
Weeks Ended | Weeks Ended | % | Weeks Ended | Weeks Ended | % | |||||||||||||||||||||
In thousands, except per share amounts | March 2, 2019 | March 3, 2018 | Change | March 2, 2019 | March 3, 2018 | Change | ||||||||||||||||||||
Net sales | $ | 346,255 | $ | 353,453 | (2 | )% | $ | 1,402,637 | $ | 1,326,173 | 6 | % | ||||||||||||||
Cost of sales | 301,976 | 267,789 | 13 | % | 1,109,072 | 992,655 | 12 | % | ||||||||||||||||||
Gross profit | 44,279 | 85,664 | (48 | )% | 293,565 | 333,518 | (12 | )% | ||||||||||||||||||
Selling, general and administrative expenses | 59,057 | 57,795 | 2 | % | 226,281 | 219,234 | 3 | % | ||||||||||||||||||
Operating (loss) income | (14,778 | ) | 27,869 | N/M | 67,284 | 114,284 | (41 | )% | ||||||||||||||||||
Interest income | 155 | 148 | 5 | % | 355 | 538 | (34 | )% | ||||||||||||||||||
Interest expense | 2,454 | 1,819 | 35 | % | 8,449 | 5,508 | 53 | % | ||||||||||||||||||
Other (expense) income, net | (69 | ) | 6 | N/M | (528 | ) | 566 | N/M | ||||||||||||||||||
(Loss) earnings before income taxes | (17,146 | ) | 26,204 | N/M | 58,662 | 109,880 | (47 | )% | ||||||||||||||||||
Income tax (benefit) expense | (5,062 | ) | 3,875 | N/M | 12,968 | 30,392 | (57 | )% | ||||||||||||||||||
Net (loss) earnings | $ | (12,084 | ) | $ | 22,329 | N/M | $ | 45,694 | $ | 79,488 | (43 | )% | ||||||||||||||
(Loss) earnings per share - basic | $ | (0.45 | ) | $ | 0.79 | N/M | $ | 1.64 | $ | 2.79 | (41 | )% | ||||||||||||||
Average common shares outstanding | 27,117 | 28,298 | (4 | )% | 27,802 | 28,534 | (3 | )% | ||||||||||||||||||
(Loss) earnings per share - diluted | $ | (0.45 | ) | $ | 0.78 | N/M | $ | 1.63 | $ | 2.76 | (41 | )% | ||||||||||||||
Average common and common equivalent shares outstanding | 27,117 | 28,619 | (5 | )% | 28,082 | 28,804 | (3 | )% | ||||||||||||||||||
Cash dividends per common share | $ | 0.1750 | $ | 0.1575 | 11 | % | $ | 0.6475 | $ | 0.5775 | 12 | % | ||||||||||||||
Business Segment Information | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Thirteen | Thirteen | Fifty-two | Fifty-two | |||||||||||||||||||||||||
Weeks Ended | Weeks Ended | % | Weeks Ended | Weeks Ended | % | |||||||||||||||||||||||
In thousands | March 2, 2019 | March 3, 2018 | Change | March 2, 2019 | March 3, 2018 | Change | ||||||||||||||||||||||
Sales | ||||||||||||||||||||||||||||
Architectural Framing Systems | $ | 170,636 | $ | 183,527 | (7 | )% | $ | 720,829 | $ | 677,198 | 6 | % | ||||||||||||||||
Architectural Glass | 103,670 | 92,110 | 13 | % | 367,203 | 384,137 | (4 | )% | ||||||||||||||||||||
Architectural Services | 66,264 | 67,700 | (2 | )% | 286,314 | 213,757 | 34 | % | ||||||||||||||||||||
Large-Scale Optical | 23,971 | 23,406 | 2 | % | 88,493 | 88,303 | — | % | ||||||||||||||||||||
Eliminations | (18,286 | ) | (13,290 | ) | 38 | % | (60,202 | ) | (37,222 | ) | 62 | % | ||||||||||||||||
Total | $ | 346,255 | $ | 353,453 | (2 | )% | $ | 1,402,637 | $ | 1,326,173 | 6 | % | ||||||||||||||||
Operating (loss) income | ||||||||||||||||||||||||||||
Architectural Framing Systems | $ | 6,107 | $ | 12,073 | (49 | )% | $ | 49,660 | $ | 59,031 | (16 | )% | ||||||||||||||||
Architectural Glass | 7,334 | 4,077 | 80 | % | 16,503 | 32,764 | (50 | )% | ||||||||||||||||||||
Architectural Services | 9,074 | 6,318 | 44 | % | 30,509 | 10,420 | 193 | % | ||||||||||||||||||||
Large-Scale Optical | 7,158 | 6,978 | 3 | % | 23,003 | 22,000 | 5 | % | ||||||||||||||||||||
Corporate and other | (44,451 | ) | (1,577 | ) | 2,719 | % | (52,391 | ) | (9,931 | ) | 428 | % | ||||||||||||||||
Total | $ | (14,778 | ) | $ | 27,869 | N/M | $ | 67,284 | $ | 114,284 | (41 | )% | ||||||||||||||||
Apogee Enterprises, Inc. | ||||||||
Consolidated Condensed Balance Sheets | ||||||||
(Unaudited) | ||||||||
In thousands | March 2, 2019 | March 3, 2018 | ||||||
Assets | ||||||||
Current assets | $ | 371,898 | $ | 336,278 | ||||
Net property, plant and equipment | 315,823 | 304,063 | ||||||
Other assets | 380,447 | 381,979 | ||||||
Total assets | $ | 1,068,168 | $ | 1,022,320 | ||||
Liabilities and shareholders' equity | ||||||||
Current liabilities | $ | 227,512 | $ | 208,152 | ||||
Long-term debt | 245,724 | 215,860 | ||||||
Other liabilities | 98,615 | 86,953 | ||||||
Shareholders' equity | 496,317 | 511,355 | ||||||
Total liabilities and shareholders' equity | $ | 1,068,168 | $ | 1,022,320 | ||||
Consolidated Condensed Statement of Cash Flows | ||||||||||
(Unaudited) | ||||||||||
Fifty-two | Fifty-two | |||||||||
Weeks Ended | Weeks Ended | |||||||||
In thousands | March 2, 2019 | March 3, 2018 | ||||||||
Net earnings | $ | 45,694 | $ | 79,488 | ||||||
Depreciation and amortization | 49,798 | 54,843 | ||||||||
Share-based compensation | 6,286 | 6,205 | ||||||||
Proceeds from new markets tax credit transaction, net of deferred costs | 8,850 | — | ||||||||
Other, net | (7,019 | ) | 2,801 | |||||||
Changes in operating assets and liabilities | (7,186 | ) | (15,874 | ) | ||||||
Net cash provided by operating activities | 96,423 | 127,463 | ||||||||
Capital expenditures | (60,717 | ) | (53,196 | ) | ||||||
Proceeds on sale of property | 12,333 | 1,394 | ||||||||
Acquisition of businesses and intangibles | — | (182,849 | ) | |||||||
Other, net | (5,312 | ) | 1,083 | |||||||
Net cash used in investing activities | (53,696 | ) | (233,568 | ) | ||||||
Borrowings on line of credit, net | 30,000 | 149,960 | ||||||||
Repurchase and retirement of common stock | (43,326 | ) | (33,676 | ) | ||||||
Dividends paid | (17,864 | ) | (16,393 | ) | ||||||
Other, net | (1,136 | ) | (1,557 | ) | ||||||
Net cash (used in) provided by financing activities | (32,326 | ) | 98,334 | |||||||
Increase (decrease) in cash and cash equivalents | 10,401 | (7,771 | ) | |||||||
Effect of exchange rates on cash | (519 | ) | (167 | ) | ||||||
Cash, cash equivalents and restricted cash at beginning of year | 19,359 | 27,297 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 29,241 | $ | 19,359 | ||||||
Apogee Enterprises, Inc. | ||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
Adjusted Net Earnings and Adjusted Earnings per Diluted Common Share | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Thirteen | Thirteen | Fifty-two | Fifty-two | |||||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||||||
In thousands | March 2, 2019 | March 3, 2018 | March 2, 2019 | March 3, 2018 | ||||||||||||||||
Net (loss) earnings | $ | (12,084 | ) | $ | 22,329 | $ | 45,694 | $ | 79,488 | |||||||||||
Amortization of short-lived acquired intangibles | 239 | 2,913 | 4,894 | 10,521 | ||||||||||||||||
Project-related charges (1) | 42,598 | — | 40,948 | — | ||||||||||||||||
Impairment charge | 3,141 | — | 3,141 | — | ||||||||||||||||
Acquisition-related costs | — | 258 | — | 5,098 | ||||||||||||||||
Restructuring-related costs | — | 3,026 | — | 3,026 | ||||||||||||||||
Income tax impact on above adjustments | (10,851 | ) | (917 | ) | (11,560 | ) | (5,157 | ) | ||||||||||||
Adjusted net earnings | $ | 23,043 | $ | 27,609 | $ | 83,117 | $ | 92,976 | ||||||||||||
Thirteen | Thirteen | Fifty-two | Fifty-two | |||||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||||||
March 2, 2019 | March 3, 2018 | March 2, 2019 | March 3, 2018 | |||||||||||||||||
(Loss) earnings per diluted common share | $ | (0.45 | ) | $ | 0.78 | $ | 1.63 | $ | 2.76 | |||||||||||
Amortization of short-lived acquired intangibles | 0.01 | 0.10 | 0.17 | 0.37 | ||||||||||||||||
Project-related charges (1) | 1.57 | — | 1.46 | — | ||||||||||||||||
Impairment charge | 0.12 | — | 0.11 | — | ||||||||||||||||
Acquisition-related costs | — | 0.01 | — | 0.18 | ||||||||||||||||
Restructuring-related costs | — | 0.11 | — | 0.11 | ||||||||||||||||
Income tax impact on above adjustments | (0.40 | ) | (0.03 | ) | (0.41 | ) | (0.18 | ) | ||||||||||||
Adjusted earnings per diluted common share | $ | 0.85 | $ | 0.96 | $ | 2.96 | $ | 3.23 | ||||||||||||
EBITDA and Adjusted EBITDA | ||||||||||||||||||||
Thirteen | Thirteen | Fifty-two | Fifty-two | |||||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||||||
In thousands | March 2, 2019 | March 3, 2018 | March 2, 2019 | March 3, 2018 | ||||||||||||||||
Net (loss) earnings | $ | (12,084 | ) | $ | 22,329 | $ | 45,694 | $ | 79,488 | |||||||||||
Income tax (benefit) expense | (5,062 | ) | 3,875 | 12,968 | 30,392 | |||||||||||||||
Other expense (income), net | 69 | (6 | ) | 528 | (566 | ) | ||||||||||||||
Interest expense, net | 2,299 | 1,671 | 8,094 | 4,970 | ||||||||||||||||
Depreciation and amortization | 11,420 | 15,069 | 49,798 | 54,843 | ||||||||||||||||
EBITDA | (3,358 | ) | 42,938 | 117,082 | 169,127 | |||||||||||||||
Project-related charges (1) | 42,598 | — | 40,948 | — | ||||||||||||||||
Impairment charge | 3,141 | — | 3,141 | — | ||||||||||||||||
Acquisition-related costs | — | 258 | — | 5,098 | ||||||||||||||||
Restructuring-related costs | — | 3,026 | — | 3,026 | ||||||||||||||||
Adjusted EBITDA | $ | 42,381 | $ | 46,222 | $ | 161,171 | $ | 177,251 | ||||||||||||
Adjusted Operating Income and Adjusted Operating Margin | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
Thirteen Weeks Ended March 2, 2019 | ||||||||||||||||||||||||||||||
Framing Systems Segment | Architectural Glass Segment | Corporate | Consolidated | |||||||||||||||||||||||||||
In thousands |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
|||||||||||||||||||||||
Operating income (loss) | $ | 6,107 | 3.6 | % | $ | 7,334 | 7.1 | % | $ | (44,451 | ) | $ | (14,778 | ) | (4.3 | )% | ||||||||||||||
Amortization of short-lived acquired intangibles | 239 | 0.1 | — | — | — | 239 | 0.1 | |||||||||||||||||||||||
Project-related charges (1) | — | — | — | — | 42,598 | 42,598 | 12.3 | |||||||||||||||||||||||
Impairment charge | 3,141 | 1.8 | — | — | — | 3,141 | 0.9 | |||||||||||||||||||||||
Adjusted operating income (loss) | $ | 9,487 | 5.6 | % | $ | 7,334 | 7.1 | % | $ | (1,853 | ) | $ | 31,200 | 9.0 | % | |||||||||||||||
Thirteen Weeks Ended March 3, 2018 | ||||||||||||||||||||||||||||||
Framing Systems Segment | Architectural Glass Segment | Corporate | Consolidated | |||||||||||||||||||||||||||
In thousands |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
|||||||||||||||||||||||
Operating income (loss) | $ | 12,073 | 6.6 | % | $ | 4,077 | 4.4 | % | $ | (1,577 | ) | $ | 27,869 | 7.9 | % | |||||||||||||||
Amortization of short-lived acquired intangibles | 2,913 | 1.6 | — | — | — | 2,913 | 0.8 | |||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | 258 | 258 | 0.1 | |||||||||||||||||||||||
Restructuring-related costs | — | — | 3,026 | 3.3 | — | 3,026 | 0.9 | |||||||||||||||||||||||
Adjusted operating income (loss) | $ | 14,986 | 8.2 | % |
$ |
7,103 | 7.7 | % | $ | (1,319 | ) | $ | 34,066 | 9.6 | % | |||||||||||||||
Fifty-Two Weeks Ended March 2, 2019 | ||||||||||||||||||||||||||||||
Framing Systems Segment | Architectural Glass Segment | Corporate | Consolidated | |||||||||||||||||||||||||||
In thousands |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
|||||||||||||||||||||||
Operating income (loss) | $ | 49,660 | 6.9 | % | $ | 16,503 | 4.5 | % | $ | (52,391 | ) | $ | 67,284 | 4.8 | % | |||||||||||||||
Amortization of short-lived acquired intangibles | 4,894 | 0.7 | — | — | — | 4,894 | 0.3 | |||||||||||||||||||||||
Project-related charges (1) | — | — | — | — | 40,948 | 40,948 | 2.9 | |||||||||||||||||||||||
Impairment charge | 3,141 | 0.4 | — | — | — | 3,141 | 0.2 | |||||||||||||||||||||||
Adjusted operating income (loss) | $ | 57,695 | 8.0 | % | $ | 16,503 | 4.5 | % | $ | (11,443 | ) | $ | 116,267 | 8.3 | % | |||||||||||||||
Fifty-Two Weeks Ended March 3, 2018 | ||||||||||||||||||||||||||||||
Framing Systems Segment | Architectural Glass Segment | Corporate | Consolidated | |||||||||||||||||||||||||||
In thousands |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
Operating |
|||||||||||||||||||||||
Operating income (loss) | $ | 59,031 | 8.7 | % | $ | 32,764 | 8.5 | % | $ | (9,931 | ) | $ | 114,284 | 8.6 | % | |||||||||||||||
Amortization of short-lived acquired intangibles | 10,521 | 1.6 | — | — | — | 10,521 | 0.8 | |||||||||||||||||||||||
Acquisition-related costs | — | — | — | — | 5,098 | 5,098 | 0.4 | |||||||||||||||||||||||
Restructuring-related costs | — | — | 3,026 | 0.8 | — | 3,026 | 0.2 | |||||||||||||||||||||||
Adjusted operating income (loss) | $ | 69,552 | 10.3 | % | $ | 35,790 | 9.3 | % | $ | (4,833 | ) | $ | 132,929 | 10.0 | % | |||||||||||||||
(1) The adjustment for project-related charges for the fifty-two weeks ended March 2, 2019 includes an adjustment for profits recognized during the first three quarters of fiscal 2019 on contracts that were acquired with the purchase of EFCO. The amounts included in operating income are $565, $448 and $637, and EPS are $0.02, $0.01 and $0.02, for the thirteen weeks ended June 2, 2018, September 1, 2018 and December 1, 2018, respectively. | ||||||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190411005118/en/
Jeff Huebschen
Vice President, Investor Relations & Communications
952.487.7538
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