ADDING and REPLACING Apogee Reports Significant Fiscal 2015 Q3 Sales, Earnings Growth

MINNEAPOLIS--(BUSINESS WIRE)--Please add the Consolidated Condensed Statement of Cash Flows at the end of the release due to inadvertent omission by Business Wire.

The corrected release reads:

APOGEE REPORTS SIGNIFICANT FISCAL 2015 Q3 SALES, EARNINGS GROWTH

Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2015 third-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing art.

FY15 THIRD QUARTER VS. PRIOR-YEAR PERIOD

COMMENTARY I am pleased that Apogee again achieved another quarter of outstanding revenue and earnings growth, said Joseph F. Puishys, Apogee chief executive officer. In our third quarter, all four segments had double-digit revenue growth, while all but one segment had strong earnings growth.

Architectural glass operating income tripled, and the architectural framing systems and large-scale optical segments each saw approximately 30 percent growth in operating income, he said. Operating income in the architectural services segment was impacted by writedowns on a few projects, issues of which were resolved.

During the quarter, Apogee improved gross margin by 140 basis points and operating margin by 200 basis points, said Puishys. He added, At 8.4 percent, our operating margin is at its highest level in five years. Overall Apogee converted 21 percent of incremental organic growth to operating margin.

At the same time, our backlog grew sequentially and year on year to its highest level in six years, as we continue to win future work at improving margins, he said.

We are expecting a strong finish to fiscal 2015 and have raised the bottom end of our earnings per share outlook and now expect to earn $1.64 to $1.72 per share for the year, Puishys said.

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ADDING and REPLACING Apogee Reports Significant Fiscal 2015 Q3 Sales, Earnings Growth