(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Emerging growth company |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
APOGEE ENTERPRISES, INC. | ||
By: | /s/ James S. Porter | |
James S. Porter Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | ||||
• | Revenue of $338 million and earnings of $0.57 per diluted share |
• | Lower than expected results in Architectural Framing Systems |
• | Architectural Services backlog increases by 21 percent, to record $607 million |
• | Strong cash flow, with $36 million of cash provided by operating activities during the quarter |
• | Company provides information on cost reductions and updates full-year guidance |
• | Full-year revenue flat to down 1 percent, compared to previous guidance of 1 to 3 percent growth. |
• | Diluted earnings per share in the range of $2.15 to $2.30, compared to previous guidance of $3.00 to $3.20 per share. |
• | Full-year tax rate of approximately 24.5 percent. |
• | Capital expenditures of approximately $55 million, compared to previous guidance of $60 to $65 million. |
• | Adjusted operating income, adjusted operating margin, adjusted net earnings and adjusted earnings per diluted share (“adjusted earnings per share” or “adjusted EPS”) are used by the company to provide |
• | Backlog represents the dollar amount of revenues Apogee expects to recognize from firm contracts or orders. The company uses backlog as one of the metrics to evaluate sales trends in its long lead-time operating segments. |
• | Free cash flow is defined as net cash provided by operating activities, minus capital expenditures. The company considers this measure an indication of its financial strength. |
• | Adjusted EBITDA is equal to the sum of adjusted operating income depreciation and amortization expenses. We believe this metric provides useful information to investors and analysts about the Company's performance because it eliminates the effects of period-to-period changes in taxes, interest expense, and costs associated with capital investments and acquired companies. |
Apogee Enterprises, Inc. | ||||||||||||||||||||||
Consolidated Condensed Statements of Income | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Thirteen | Thirteen | Thirty-Nine | Thirty-Nine | |||||||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||||||||
In thousands, except per share amounts | November 30, 2019 | December 1, 2018 | % Change | November 30, 2019 | December 1, 2018 | % Change | ||||||||||||||||
Net sales | $ | 337,916 | $ | 357,718 | (6 | )% | $ | 1,050,340 | $ | 1,056,382 | (1 | )% | ||||||||||
Cost of sales | 263,606 | 273,628 | (4 | )% | 808,856 | 807,096 | — | % | ||||||||||||||
Gross profit | 74,310 | 84,090 | (12 | )% | 241,484 | 249,286 | (3 | )% | ||||||||||||||
Selling, general and administrative expenses | 52,716 | 52,682 | — | % | 169,274 | 167,224 | 1 | % | ||||||||||||||
Operating income | 21,594 | 31,408 | (31 | )% | 72,210 | 82,062 | (12 | )% | ||||||||||||||
Interest and other expense, net | 1,764 | 2,787 | (37 | )% | 6,577 | 6,254 | 5 | % | ||||||||||||||
Earnings before income taxes | 19,830 | 28,621 | (31 | )% | 65,633 | 75,808 | (13 | )% | ||||||||||||||
Income tax expense | 4,596 | 6,730 | (32 | )% | 15,677 | 18,030 | (13 | )% | ||||||||||||||
Net earnings | $ | 15,234 | $ | 21,891 | (30 | )% | $ | 49,956 | $ | 57,778 | (14 | )% | ||||||||||
Earnings per share - basic | $ | 0.58 | $ | 0.79 | (27 | )% | $ | 1.89 | $ | 2.06 | (8 | )% | ||||||||||
Average common shares outstanding | 26,432 | 27,836 | (5 | )% | 26,481 | 28,030 | (6 | )% | ||||||||||||||
Earnings per share - diluted | $ | 0.57 | $ | 0.78 | (27 | )% | $ | 1.87 | $ | 2.04 | (8 | )% | ||||||||||
Average common and common equivalent shares outstanding | 26,750 | 28,156 | (5 | )% | 26,776 | 28,304 | (5 | )% | ||||||||||||||
Cash dividends per common share | $ | 0.1750 | $ | 0.1575 | 11 | % | $ | 0.5250 | $ | 0.4725 | 11 | % | ||||||||||
Business Segment Information | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Thirteen | Thirteen | Thirty-Nine | Thirty-Nine | |||||||||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||||||||
In thousands | November 30, 2019 | December 1, 2018 | % Change | November 30, 2019 | December 1, 2018 | % Change | ||||||||||||||||
Sales | ||||||||||||||||||||||
Architectural Framing Systems | $ | 165,517 | $ | 181,306 | (9 | )% | $ | 533,432 | $ | 550,193 | (3 | )% | ||||||||||
Architectural Glass | 89,433 | 98,524 | (9 | )% | 288,862 | 263,533 | 10 | % | ||||||||||||||
Architectural Services | 69,043 | 72,828 | (5 | )% | 195,787 | 220,051 | (11 | )% | ||||||||||||||
Large-Scale Optical | 24,405 | 23,377 | 4 | % | 66,449 | 64,522 | 3 | % | ||||||||||||||
Eliminations | (10,482 | ) | (18,317 | ) | (43 | )% | (34,190 | ) | (41,917 | ) | (18 | )% | ||||||||||
Total | $ | 337,916 | $ | 357,718 | (6 | )% | $ | 1,050,340 | $ | 1,056,382 | (1 | )% | ||||||||||
Operating income (loss) | ||||||||||||||||||||||
Architectural Framing Systems | $ | 6,345 | $ | 12,903 | (51 | )% | $ | 34,141 | $ | 43,554 | (22 | )% | ||||||||||
Architectural Glass | 4,092 | 5,851 | (30 | )% | 16,951 | 9,168 | 85 | % | ||||||||||||||
Architectural Services | 6,533 | 8,659 | (25 | )% | 15,082 | 21,435 | (30 | )% | ||||||||||||||
Large-Scale Optical | 6,754 | 6,628 | 2 | % | 15,561 | 15,845 | (2 | )% | ||||||||||||||
Corporate and other | (2,130 | ) | (2,633 | ) | (19 | )% | (9,525 | ) | (7,940 | ) | 20 | % | ||||||||||
Total | $ | 21,594 | $ | 31,408 | (31 | )% | $ | 72,210 | $ | 82,062 | (12 | )% |
Apogee Enterprises, Inc. | ||||||||
Consolidated Condensed Balance Sheets | ||||||||
(Unaudited) | ||||||||
In thousands | November 30, 2019 | March 2, 2019 | ||||||
Assets | ||||||||
Current assets | $ | 393,590 | $ | 371,898 | ||||
Net property, plant and equipment | 326,418 | 315,823 | ||||||
Other assets | 429,783 | 380,447 | ||||||
Total assets | $ | 1,149,791 | $ | 1,068,168 | ||||
Liabilities and shareholders' equity | ||||||||
Current liabilities | $ | 228,102 | $ | 227,512 | ||||
Current debt | 155,400 | — | ||||||
Long-term debt | 95,856 | 245,724 | ||||||
Other liabilities | 155,454 | 98,615 | ||||||
Shareholders' equity | 514,979 | 496,317 | ||||||
Total liabilities and shareholders' equity | $ | 1,149,791 | $ | 1,068,168 |
Consolidated Statement of Cash Flows | ||||||||
(Unaudited) | ||||||||
Thirty-Nine | Thirty-Nine | |||||||
Weeks Ended | Weeks Ended | |||||||
In thousands | November 30, 2019 | December 1, 2018 | ||||||
Net earnings | $ | 49,956 | $ | 57,778 | ||||
Depreciation and amortization | 34,681 | 38,378 | ||||||
Share-based compensation | 4,617 | 4,724 | ||||||
Proceeds from new markets tax credit transaction, net of deferred costs | — | 8,850 | ||||||
Other, net | 8,983 | 7,302 | ||||||
Changes in operating assets and liabilities | ||||||||
Receivables | (5,288 | ) | 9,291 | |||||
Inventories | 2,474 | 4,398 | ||||||
Costs and earnings on contracts in excess of billings | (17,156 | ) | (54,569 | ) | ||||
Accounts payable and accrued expenses | (22,457 | ) | (20,072 | ) | ||||
Billings in excess of costs and earnings on uncompleted contracts | 4,901 | 14,558 | ||||||
Refundable and accrued income taxes | (6,159 | ) | 1,831 | |||||
Other, net | (951 | ) | (1,825 | ) | ||||
Net cash provided by operating activities | 53,601 | 70,644 | ||||||
Capital expenditures | (41,176 | ) | (33,867 | ) | ||||
Proceeds on sale of property | 591 | 12,332 | ||||||
Purchases of marketable securities | (4,201 | ) | (9,006 | ) | ||||
Sales/maturities of marketable securities | 4,867 | 5,813 | ||||||
Other, net | (1,523 | ) | (2,209 | ) | ||||
Net cash used by investing activities | (41,442 | ) | (26,937 | ) | ||||
Borrowings on line of credit | 108,000 | 294,500 | ||||||
Proceeds from issuance of term debt | 150,000 | — | ||||||
Payments on line of credit | (252,500 | ) | (278,000 | ) | ||||
Repurchase and retirement of common stock | (20,010 | ) | (23,313 | ) | ||||
Dividends paid | (13,808 | ) | (13,180 | ) | ||||
Other, net | (2,584 | ) | (1,178 | ) | ||||
Net cash used by financing activities | (30,902 | ) | (21,171 | ) | ||||
(Decrease) increase in cash and cash equivalents | (18,743 | ) | 22,536 | |||||
Effect of exchange rates on cash | 32 | (498 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of year | 29,241 | 19,359 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 10,530 | $ | 41,397 |
Apogee Enterprises, Inc. | ||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Adjusted Net Earnings and Adjusted Earnings per Diluted Common Share | ||||||||||||||||
Thirteen | Thirteen | Thirty-Nine | Thirty-Nine | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
In thousands | November 30, 2019 | December 1, 2018 | November 30, 2019 | December 1, 2018 | ||||||||||||
Net earnings | $ | 15,234 | $ | 21,891 | $ | 49,956 | $ | 57,778 | ||||||||
Cooperation agreement advisory costs | 2,776 | — | 2,776 | — | ||||||||||||
Acquired project matters | (2,635 | ) | — | (2,635 | ) | — | ||||||||||
Amortization of short-lived acquired intangibles | — | 717 | — | 4,655 | ||||||||||||
Acquired project profits (1) | — | (637 | ) | — | (1,651 | ) | ||||||||||
Income tax impact on above adjustments | (33 | ) | (19 | ) | (34 | ) | (715 | ) | ||||||||
Adjusted net earnings | $ | 15,342 | $ | 21,952 | $ | 50,063 | $ | 60,067 | ||||||||
Thirteen | Thirteen | Thirty-Nine | Thirty-Nine | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
November 30, 2019 | December 1, 2018 | November 30, 2019 | September 1, 2018 | |||||||||||||
Earnings per diluted common share | $ | 0.57 | $ | 0.78 | $ | 1.87 | $ | 2.04 | ||||||||
Cooperation agreement advisory costs | 0.10 | — | 0.10 | — | ||||||||||||
Acquired project matters | (0.10 | ) | — | (0.10 | ) | — | ||||||||||
Amortization of short-lived acquired intangibles | — | 0.03 | — | 0.16 | ||||||||||||
Acquired project profits (1) | — | (0.02 | ) | — | (0.06 | ) | ||||||||||
Income tax impact on above adjustments | — | — | — | (0.03 | ) | |||||||||||
Adjusted earnings per diluted common share | $ | 0.57 | $ | 0.78 | $ | 1.87 | $ | 2.12 | ||||||||
(1) Adjustment for profits recognized during fiscal 2019 on contracts that were acquired with the purchase of EFCO. | ||||||||||||||||
Adjusted Operating Income and Adjusted Operating Margin | ||||||||||||||||||
Thirteen Weeks Ended November 30, 2019 | ||||||||||||||||||
Framing Systems Segment | Corporate | Consolidated | ||||||||||||||||
In thousands | Operating income | Operating margin | Operating loss | Operating income | Operating margin | |||||||||||||
Operating income (loss) | $ | 6,345 | 3.8 | % | $ | (2,130 | ) | $ | 21,594 | 6.4 | % | |||||||
Cooperation agreement advisory costs | — | — | 2,776 | 2,776 | 0.8 | |||||||||||||
Acquired project matters | — | — | (2,635 | ) | (2,635 | ) | (0.8 | ) | ||||||||||
Adjusted operating income (loss) | $ | 6,345 | 3.8 | % | $ | (1,989 | ) | $ | 21,735 | 6.4 | % | |||||||
Thirteen Weeks Ended December 1, 2018 | ||||||||||||||||||
Framing Systems Segment | Corporate | Consolidated | ||||||||||||||||
In thousands | Operating income | Operating margin | Operating loss | Operating income | Operating margin | |||||||||||||
Operating income (loss) | $ | 12,903 | 7.1 | % | $ | (2,633 | ) | $ | 31,408 | 8.8 | % | |||||||
Amortization of short-lived acquired intangibles | 717 | 0.4 | — | 717 | 0.2 | |||||||||||||
Acquired project profits (1) | — | — | (637 | ) | (637 | ) | (0.2 | ) | ||||||||||
Adjusted operating income (loss) | $ | 13,620 | 7.5 | % | $ | (3,270 | ) | $ | 31,488 | 8.8 | % | |||||||
Thirty-Nine Weeks Ended November 30, 2019 | ||||||||||||||||||
Framing Systems Segment | Corporate | Consolidated | ||||||||||||||||
In thousands | Operating income | Operating margin | Operating loss | Operating income | Operating margin | |||||||||||||
Operating income (loss) | $ | 34,141 | 6.4 | % | $ | (9,525 | ) | $ | 72,210 | 6.9 | % | |||||||
Cooperation agreement advisory costs | — | — | 2,776 | 2,776 | 0.3 | |||||||||||||
Acquired project matters | — | — | (2,635 | ) | (2,635 | ) | (0.3 | ) | ||||||||||
Adjusted operating income (loss) | $ | 34,141 | 6.4 | % | $ | (9,384 | ) | $ | 72,351 | 6.9 | % | |||||||
Thirty-Nine Weeks Ended December 1, 2018 | ||||||||||||||||||
Framing Systems Segment | Corporate | Consolidated | ||||||||||||||||
In thousands | Operating income | Operating margin | Operating loss | Operating income | Operating margin | |||||||||||||
Operating income (loss) | $ | 43,554 | 7.9 | % | $ | (7,940 | ) | $ | 82,062 | 7.8 | % | |||||||
Amortization of short-lived acquired intangibles | 4,655 | 0.8 | — | 4,655 | 0.4 | |||||||||||||
Acquired project profits (1) | — | — | (1,651 | ) | (1,651 | ) | (0.2 | ) | ||||||||||
Adjusted operating income (loss) | $ | 48,209 | 8.8 | % | $ | (9,591 | ) | $ | 85,066 | 8.0 | % | |||||||
(1) Adjustment for profits recognized during fiscal 2019 on contracts that were acquired with the purchase of EFCO. |
EBITDA and Adjusted EBITDA | ||||||||||||||||
Thirteen | Thirteen | Thirty-Nine | Thirty-Nine | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
In thousands | November 30, 2019 | December 1, 2018 | November 30, 2019 | December 1, 2018 | ||||||||||||
Net earnings | $ | 15,234 | $ | 21,891 | $ | 49,956 | $ | 57,778 | ||||||||
Income tax expense | 4,596 | 6,730 | 15,677 | 18,030 | ||||||||||||
Interest and other expense, net | 1,764 | 2,787 | 6,577 | 6,254 | ||||||||||||
Depreciation and amortization | 11,922 | 11,921 | 34,681 | 38,378 | ||||||||||||
EBITDA | $ | 33,516 | $ | 43,329 | $ | 106,891 | $ | 120,440 | ||||||||
Cooperation agreement advisory costs | 2,776 | — | 2,776 | — | ||||||||||||
Acquired project matters | (2,635 | ) | — | (2,635 | ) | — | ||||||||||
Acquired project profits (1) | — | (637 | ) | — | (1,651 | ) | ||||||||||
Adjusted EBITDA | $ | 33,657 | $ | 42,692 | $ | 107,032 | $ | 118,789 | ||||||||
(1) Adjustment for profits recognized during fiscal 2019 on contracts that were acquired with the purchase of EFCO. |
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