Basis of Presentation

6 Months Ended

Aug. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The consolidated financial statements of Apogee Enterprises, Inc. (we, us, our or the Company) included herein have been prepared in accordance with accounting principles generally accepted in the United States. The consolidated financial statements and notes are presented as permitted by the regulations of the Securities and Exchange Commission (Form 10-Q) and do not contain certain information included in the Company’s annual financial statements and notes. The information included in this Form 10-Q should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in the Company’s Form 10-K for the year ended March 1, 2014. The results of operations for the six-month period ended August 30, 2014 are not necessarily indicative of the results to be expected for the full year.

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 August 30, 2014 and March 1, 2014, and the results of operations and comprehensive earnings for the three and six-month periods ended August 30, 2014 and August 31, 2013, and cash flows for the six-month periods ended August 30, 2014 and August 31, 2013.

The Company’s fiscal year ends on the Saturday closest to the last day of February. Each interim quarter ends on the Saturday closest to the end of the months of May, August and November.

The results of the Company's Brazilian subsidiary within the Architectural Glass segment are reported on a two-month lag. There were no significant intervening events that would have materially affected our consolidated financial statements had they been recorded during the six months ended August 30, 2014.

In connection with preparing the unaudited consolidated financial statements for the six months ended August 30, 2014, the Company has evaluated subsequent events for potential recognition and disclosure through the date of this filing. Subsequent to the end of the quarter, the Company executed a release of security under the terms of its existing committed revolving credit facility. Upon release of the security, the Company is now required to maintain a debt-to-EBITDA ratio of not more than 2.75; replacing the adjusted debt-to-EBITDA covenant. This ratio will be computed quarterly for all subsequent quarters, beginning with the Company’s third quarter of fiscal 2015. The Company would have been in compliance with this new debt-to-EBITDA covenant at August 30, 2014, if the covenant had been in place at that time.