Apogee Reports Second Quarter Fiscal 2005 Earnings; Announces Architectural Manufacturing Expansion.

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Apogee Reports Second Quarter Fiscal 2005 Earnings; Announces Architectural Manufacturing Expansion.

MINNEAPOLIS -- Apogee Enterprises, Inc. (Nasdaq:APOG), today announced fiscal 2005 second quarter earnings. Apogee develops and delivers value-added glass products and services for the architectural, large-scale optical and automotive industries.

HIGHLIGHTS

--Earnings from continuing operations were $0.16 per share, versus $0.09 per share a year earlier. (All earnings per share figures refer to diluted earnings per share.)

--Includes $0.05 per share from net proceeds of a class action lawsuit settlement with certain flat glass manufacturers covering 1991 to 1995. The proceeds are included in operating income for each segment. Prior-year second quarter results include a charge of $0.01 per share for closure of a small architectural finishing facility.

--Revenues increased 11 percent versus the prior-year period.

--Operating margin was 4.6 percent, or 3.1 percent excluding the flat glass settlement. Operating margin was 2.4 percent in the prior-year period. Improved efficiencies on increased volume were offset by continued competitive architectural pricing and lower auto glass pricing.

--Architectural segment revenues were up 21 percent, and operating income grew to $4.6 million from $0.9 million in the prior-year period. Increased volume led to higher cap...

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