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Apogee Enterprises Reports Fiscal 2021 Fourth Quarter and Full Year Results

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·21 min read
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  • Fourth-quarter revenue declines 8 percent to $309 million, with continued end-market headwinds

  • Fourth-quarter loss of $(1.65) per diluted share, which includes $70 million of non-cash impairment charges and $5 million of restructuring charges

  • Fourth quarter adjusted earnings per diluted share grow 26 percent to $0.63

  • Full-year cash flow from operations increases 32 percent, to record $142 million

  • Provides guidance for fiscal 2022

Apogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2021 fourth-quarter and full-year results and provided guidance for fiscal 2022. Fourth-quarter revenue was $308.6 million, compared to $337.1 million in the fourth quarter of fiscal year 2020, reflecting market-related volume declines in Architectural Framing Systems and Architectural Glass, partially offset by growth in Architectural Services. The company reported a net loss of $(1.65) per diluted share in the fourth quarter, which included non-cash, pre-tax impairment charges of $70.1 million in the Architectural Framing Systems segment, $4.9 million of restructuring costs, and $0.9 million of costs related to COVID. This compares to earnings of $0.45 per diluted share in the fourth quarter of fiscal 2020. Adjusted earnings, which exclude the impact of these charges, were $0.63 per diluted share, up from $0.50 in the prior-year period1.

Full-year fiscal 2021 revenue was $1.23 billion, compared to $1.39 billion in the prior-year. Full-year earnings were $0.59 per diluted share, compared to $2.32 in fiscal 2020, with full-year adjusted earnings per share of $2.40, compared to $2.38 in fiscal 2020.

Commentary

"Apogee’s fourth-quarter results demonstrate our team’s ability to respond in challenging times, with adjusted earnings growth despite continued softness in our architectural end markets," said Ty R. Silberhorn, Chief Executive Officer. "There is no question fiscal 2021 was a difficult year for our business and the broader non-residential construction industry. Apogee’s team rose to the challenge, adapting our business to protect the health of employees and serve our customers, while making significant progress on cost initiatives to deliver solid adjusted earnings and record full-year cash flow."

Mr. Silberhorn continued, "As we enter fiscal 2022, uncertainty remains about the direction of non-residential construction markets. We are using this as a catalyst to accelerate our transformation, to better position the company for sustainable growth and improved profitability in the future. We will also build on the work we began in fiscal 2021, continuing to improve our cost structure and strengthen operational execution to deliver near-term results."

Segment Results

Architectural Framing Systems

Architectural Framing Systems fourth-quarter revenue was $131.1 million, compared to $153.2 million in the prior-year period, primarily reflecting lower volume for short lead time products and market-related project delays. Framing Systems had a fourth-quarter operating loss of $(71.0) million and operating margin of (54.1) percent, which included the $70.1 million impairment charge and $4.4 million of restructuring charges. This compares to operating income of $2.0 million and operating margin of 1.3 percent in last year’s fourth quarter. Excluding the charges, fourth-quarter adjusted operating income2 increased to $3.5 million, with adjusted operating margin of 2.7 percent, up from $2.0 million and 1.3 percent respectively in last year’s fourth quarter. This was primarily driven by cost reductions, which helped offset the impact of lower revenue. Segment backlog increased slightly to $411 million, compared to $408 million at the end of the third quarter.

Architectural Glass

Architectural Glass revenue in the fourth quarter was $82.0 million, compared to $98.3 million in the prior-year quarter, primarily reflecting market-related volume declines and project delays. The segment had operating income of $3.4 million and operating margin of 4.1 percent, which included $0.2 million of restructuring costs. This compares to $3.8 million and 3.9 percent in last year’s fourth quarter. Excluding the restructuring costs, adjusted operating income2 was $3.6 million, with adjusted operating margin of 4.4 percent, compared to $3.8 million and 3.9 percent in last year’s fourth quarter, reflecting improved factory productivity in core glass operations, which partially offset lower volumes as well as increased costs related to the small projects growth initiative.

Architectural Services

Architectural Services revenue grew 12 percent to $81.9 million, from $73.4 million in the prior-year quarter, driven by increased volume from executing projects in backlog. Fourth-quarter operating income increased to $10.7 million with operating margin of 13.1 percent, up from $8.5 million and 11.6 percent respectively in the prior-year period, primarily driven by increased volume and continued strong project execution. Segment backlog stood at $571 million, compared to $597 million at the end of the third quarter.

Large-Scale Optical

Large-Scale Optical revenue was $21.6 million, up slightly from $21.5 million in the fourth quarter last year. Segment operating income was $6.1 million, with operating margin of 28.1 percent, compared to $7.1 million and 33.0 percent respectively in last year’s fourth quarter, reflecting higher manufacturing costs and increased lease expense resulting from the sale-leaseback transaction completed in the third quarter.

Financial Condition

Net cash provided by operating activities in fiscal 2021 increased 32 percent to a record $142 million, compared to $107 million last year, primarily driven by strong working capital management. Capital expenditures for the fiscal year were $26.2 million, down from $51.4 million in fiscal 2020, as the company limited spending on non-essential capital projects. During the fourth quarter, the company repurchased 326,000 shares of stock for $12.1 million. For the full year, the company returned $52.5 million to shareholders through dividend payments and share repurchases, up 20 percent compared to $43.9 million in fiscal 2020.

During the fiscal year, the company reduced its total debt by $52.9 million, to $165.0 million. Year-end cash and cash equivalents increased to $47.3 million, from $15.0 million at the end of fiscal 2020.

Outlook

Apogee is providing initial guidance for fiscal year 2022, with full-year earnings expected to be in the range of $2.10 to $2.35 per diluted share. This guidance includes $7 to $10 million of expected pre-tax costs related to investments in transformation initiatives. The company expects a full-year tax rate of approximately 24.5 percent, and capital expenditures of approximately $45 million.

Conference Call Information

The company will host a conference call today at 8:00 a.m. Central Time to discuss its financial results and provide a business update. This call will be webcast and is available in the Investor Relations section of the company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. The webcast also will be archived for replay on the company’s website.

About Apogee Enterprises

Apogee Enterprises, Inc. (Nasdaq: APOG) delivers distinctive solutions for enclosing commercial buildings and framing art. Headquartered in Minneapolis, MN, we are a leader in architectural products and services, providing architectural glass, aluminum framing systems and installation services for buildings, as well as value-added glass and acrylic for custom picture framing and displays. For more information, visit www.apog.com.

Use of Non-GAAP Financial Measures

This release and other financial communications may contain the following non-GAAP measures:

  • 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 meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period. Examples of items excluded to arrive at this adjusted measure in recent reporting periods include: impairment charge, restructuring costs, acquired project-related charges, and COVID-19 related expenditures.

  • 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. However, free cash flow does not fully reflect the company’s ability to freely deploy generated cash, as it does not reflect, for example, required payments on indebtedness and other fixed obligations.

  • Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. We believe this metric provides useful information to investors and analysts about the Company's performance because it eliminates the effects of certain items that are unusual in nature or whose fluctuation from period to period do not necessarily correspond to changes in the operations of the company.

Another non-GAAP operational measure that management uses is backlog. Backlog represents the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future segment revenue because we have a substantial amount of projects with short lead times that book-and-bill within the same reporting period and are not included in backlog.

Management uses these non-GAAP measures to evaluate the company’s historical and prospective financial performance and liquidity, 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. The words "believe," "expect," "anticipate," "intend," "estimate," "forecast," "project," "should" and similar expressions are intended to identify "forward-looking statements". 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 results, performance, prospects and opportunities of the company, including the following: (A) potential continuing impacts from pandemic health issues, such as the coronavirus / COVID-19, along with the impact of government stay-at-home orders or other similar directives on our future financial results of operations, our future financial condition, and our ability to continue business activities in affected regions; (B) 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 condition of the U.S. economy, which impact our large-scale optical segment; (C) fluctuations in foreign currency exchange rates; (D) actions of new and existing competitors; (E) ability to effectively utilize and increase production capacity; (F) departure of key personnel and ability to source sufficient labor; (G) product performance, reliability and quality issues; (H) project management and installation issues that could affect the profitability of individual contracts; (I) changes in consumer and customer preference, or architectural trends and building codes; (J) dependence on a relatively small number of customers in certain business segments; (K) revenue and operating results that could differ from market expectations; (L) self-insurance risk related to a material product liability or other event for which the company is liable; (M) dependence on information technology systems and information security concerns; (N) cost of compliance with and changes in environmental regulations; (O) commodity price fluctuations, trade policy impacts, and supply availability; (P) integration of recent acquisitions and management of acquired contracts; and (Q) impairment of goodwill or indefinite-lived intangible assets. 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, performance, prospects or opportunities. 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 February 29, 2020 and in subsequent filings with the U.S. Securities and Exchange Commission.

1 Adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Use and Reconciliation of Non-GAAP Financial Measures later in this press release for more information and a reconciliation to the most directly comparable GAAP measures.

2 Adjusted operating income and adjusted operating margin are non-GAAP financial measures. See Use and Reconciliation of Non-GAAP Financial Measures later in this press release for more information and a reconciliation to the most directly comparable GAAP measures.

Apogee Enterprises, Inc.

Consolidated Condensed Statements of Income

(Unaudited)

Three Months Ended

Twelve Months Ended

(In thousands, except per share amounts)

February 27,
2021

February 29,
2020

%
Change

February 27,
2021

February 29,
2020

%
Change

Net sales

$

308,612

$

337,100

(8

)%

$

1,230,774

$

1,387,439

(11

)%

Cost of sales

238,945

259,625

(8

)%

955,084

1,068,480

(11

)%

Gross profit

69,667

77,475

(10

)%

275,690

318,959

(14

)%

Selling, general and administrative expenses

123,573

61,837

100

%

250,163

231,111

8

%

Operating (loss) income

(53,906

)

15,638

N/M

25,527

87,848

(71

)%

Interest expense, net

167

1,638

(90

)%

4,408

8,814

(50

)%

Other income, net

807

118

584

%

1,492

716

108

%

(Loss) earnings before income taxes

(53,266

)

14,118

N/M

22,611

79,750

(72

)%

Income tax (benefit) expense

(10,895

)

2,160

N/M

7,175

17,836

(60

)%

Net (loss) earnings

$

(42,371

)

$

11,958

N/M

$

15,436

$

61,914

(75

)%

(Loss) earnings per share - basic

$

(1.65

)

$

0.45

N/M

$

0.59

$

2.34

(75

)%

Weighted average basic shares outstanding

25,613

26,454

(3

)%

25,955

26,474

(2

)%

(Loss) earnings per share - diluted

$

(1.65

)

$

0.45

N/M

$

0.59

$

2.32

(75

)%

Weighted average diluted shares outstanding

25,613

26,746

(4

)%

26,304

26,729

(2

)%

Cash dividends per common share

$

0.2000

$

0.1875

7

%

$

0.7625

$

0.7125

7

%

Business Segment Information

(Unaudited)

Three Months Ended

Twelve Months Ended

(In thousands)

February 27,
2021

February 29,
2020

%
Change

February 27,
2021

February 29,
2020

%
Change

Net sales

Architectural Framing Systems

$

131,071

$

153,164

(14

)%

$

570,850

$

686,596

(17

)%

Architectural Glass

81,982

98,329

(17

)%

330,256

387,191

(15

)%

Architectural Services

81,896

73,352

12

%

295,807

269,140

10

%

Large-Scale Optical

21,611

21,461

1

%

70,050

87,911

(20

)%

Intersegment eliminations

(7,948

)

(9,206

)

(14

)%

(36,189

)

(43,399

)

(17

)%

Net sales

$

308,612

$

337,100

(8

)%

$

1,230,774

$

1,387,439

(11

)%

Operating (loss) income

Architectural Framing Systems

$

(70,972

)

$

1,968

N/M

$

(44,761

)

$

36,110

N/M

Architectural Glass

3,371

3,809

(11

)%

18,678

20,760

(10

)%

Architectural Services

10,712

8,500

26

%

31,182

23,582

32

%

Large-Scale Optical

6,073

7,081

(14

)%

31,203

22,642

38

%

Corporate and other

(3,090

)

(5,720

)

46

%

(10,775

)

(15,246

)

29

%

Operating (loss) income

$

(53,906

)

$

15,638

N/M

$

25,527

$

87,848

(71

)%

Apogee Enterprises, Inc.

Consolidated Condensed Balance Sheets

(Unaudited)

(In thousands)

February 27, 2021

February 29, 2020

Assets

Cash and cash equivalents

$

47,277

$

14,952

Current assets

303,397

366,958

Net property, plant and equipment

298,443

324,386

Other assets

365,982

422,695

Total assets

$

1,015,099

$

1,128,991

Liabilities and shareholders' equity

Current liabilities

215,552

271,457

Current debt

2,000

5,400

Long-term debt

163,000

212,500

Other liabilities

141,802

122,856

Shareholders' equity

492,745

516,778

Total liabilities and shareholders' equity

$

1,015,099

$

1,128,991

Apogee Enterprises, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Twelve Months Ended

(In thousands)

February 27, 2021

February 29, 2020

Net earnings

$

15,436

$

61,914

Depreciation and amortization

51,440

46,795

Share-based compensation

8,573

6,607

Gain on disposal of assets

(18,644

)

(2,197

)

Impairment loss on goodwill and intangibles

70,069

Other, net

3,687

21,367

Changes in operating assets and liabilities:

Receivables

21,630

(4,217

)

Inventories

(1,440

)

7,142

Costs and earnings on contracts in excess of billings

44,183

(18,468

)

Accounts payable and accrued expenses

(32,591

)

(375

)

Billings on contracts in excess of costs and earnings

(10,351

)

11,314

Refundable and accrued income taxes

2,652

(8,726

)

Operating lease liability

(11,513

)

(10,829

)

Other

(1,268

)

(3,065

)

Net cash provided by operating activities

141,863

107,262

Capital expenditures

(26,165

)

(51,428

)

Proceeds from sales of property, plant and equipment

25,108

5,307

Other

(1,090

)

(917

)

Net cash used by investing activities

(2,147

)

(47,038

)

Borrowings on line of credit

198,601

229,000

(Repayment) borrowings on debt

(5,400

)

150,000

Payments on line of credit

(246,340

)

(406,500

)

Repurchase and retirement of common stock

(32,878

)

(25,140

)

Dividends paid

(19,601

)

(18,714

)

Other

(2,258

)

(3,160

)

Net cash used by financing activities

(107,876

)

(74,514

)

Increase (decrease) in cash and cash equivalents

31,840

(14,290

)

Effect of exchange rates on cash

485

1

Cash, cash equivalents and restricted cash at beginning of year

14,952

29,241

Cash, cash equivalents and restricted cash at end of period

$

47,277

$

14,952

Apogee Enterprises, Inc.

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Adjusted Net Earnings and Adjusted Earnings per Diluted Common Share

Three Months Ended

Twelve Months Ended

(In thousands)

February 27, 2021

February 29, 2020

February 27, 2021

February 29, 2020

Net (loss) earnings

$

(42,371

)

$

11,958

$

15,436

$

61,914

Impairment (1)

70,069

70,069

Restructuring costs (2)

4,884

4,884

Gain on sale of building (3)

(19,346

)

COVID-19 (4)

920

4,988

Post-acquisition and acquired project matters

2,000

1,000

(635

)

Cooperation agreement advisory costs

2,776

Income tax impact on above adjustments (5)

(17,475

)

(500

)

(13,905

)

(535

)

Adjusted net earnings

$

16,027

$

13,458

$

63,126

$

63,520

Three Months Ended

Twelve Months Ended

February 27, 2021

February 29, 2020

February 27, 2021

February 29, 2020

(Loss) earnings per diluted common share

$

(1.65

)

$

0.45

$

0.59

$

2.32

Impairment (1)

2.74

2.66

Restructuring costs (2)

0.19

0.19

Gain on sale of building (3)

(0.74

)

COVID-19 (4)

0.04

0.19

Post-acquisition and acquired project matters

0.07

0.04

(0.02

)

Cooperation agreement advisory costs

0.10

Income tax impact on above adjustments (5)

(0.68

)

(0.02

)

(0.53

)

(0.02

)

Adjusted earnings per diluted common share

$

0.63

$

0.50

$

2.40

$

2.38

Per share amounts are computed independently for each of the items presented so the sum of the items may not equal the total amount.

(1) Impairment charge taken on goodwill and indefinite-lived intangible assets within the Architectural Framing Systems segment, as a result of our fourth quarter annual impairment evaluation.

(2) Restructuring costs relate to exiting certain facilities within the Architectural Framing Systems segment and other termination costs across the company.

(3) Gain on sale of building within the Large-Scale Optical segment during the third quarter of fiscal 2021.

(4) Adjustment for COVID-19-related costs, primarily incremental labor costs due to quarantine-related absenteeism and personal protective equipment for employees.

(5) Income tax impact calculated using an estimated statutory tax rate of 25%, which reflects the estimated blended statutory tax rate for the jurisdiction in which the charge or income occurred. Income tax impact excludes the amount of each charge that is non-deductible in the applicable jurisdiction. In prior periods, tax impacts were calculated using an effective tax rate. All such periods were recalculated herein using the 25% estimated statutory tax rate for consistency and comparability with the current period presentation. This change did not have a significant impact on the income tax impact or the adjusted net earnings or adjusted earnings per diluted common share amounts that had been reported for the three months or twelve months ended February 29, 2020.

Adjusted Operating Income and Adjusted Operating Margin

(Unaudited)

Three Months Ended February 27, 2021

Framing Systems
Segment

Glass Segment

LSO Segment

Corporate

Consolidated

(In thousands)

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
loss

Operating
income

Operating
margin

Operating (loss) income

$

(70,972

)

(54.1

)%

$

3,371

4.1

%

$

6,073

28.1

%

$

(3,090

)

$

(53,906

)

(17.5

)%

Impairment (1)

70,069

53.5

70,069

22.7

Restructuring costs (2)

4,448

3.4

207

0.3

229

4,884

1.6

COVID-19 (4)

920

920

0.3

Adjusted operating income (loss)

$

3,545

2.7

%

$

3,578

4.4

%

$

6,073

28.1

%

$

(1,941

)

$

21,967

7.1

%

Three Months Ended February 29, 2020

Framing Systems
Segment

Glass Segment

LSO Segment

Corporate

Consolidated

(In thousands)

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
loss

Operating
income

Operating
margin

Operating income (loss)

$

1,968

1.3

%

$

3,809

3.9

%

$

7,081

33.0

%

$

(5,720

)

$

15,638

4.6

%

Acquired project matters

2,000

2,000

0.6

Adjusted operating income (loss)

$

1,968

1.3

%

$

3,809

3.9

%

$

7,081

33.0

%

$

(3,720

)

$

17,638

5.2

%

Twelve Months Ended February 27, 2021

Framing Systems
Segment

Glass Segment

LSO Segment

Corporate

Consolidated

(In thousands)

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
loss

Operating
income

Operating
margin

Operating (loss) income

$

(44,761

)

(7.8

)%

$

18,678

5.7

%

$

31,203

44.5

%

$

(10,775

)

$

25,527

2.1

%

Impairment (1)

70,069

12.3

70,069

5.7

Restructuring costs (2)

4,448

0.8

207

0.1

229

4,884

0.4

Gain on sale of building (3)

(19,346

)

(27.6

)

(19,346

)

(1.6

)

COVID-19 (4)

4,988

4,988

0.4

Post-acquisition and acquired project matters

1,000

1,000

0.1

Adjusted operating income (loss)

$

29,756

5.2

%

$

18,885

5.7

%

$

11,857

16.9

%

$

(4,558

)

$

87,122

7.1

%

Twelve Months Ended February 29, 2020

Framing Systems
Segment

Glass Segment

LSO Segment

Corporate

Consolidated

(In thousands)

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
income

Operating
margin

Operating
loss

Operating
income

Operating
margin

Operating income (loss)

$

36,110

5.3

%

$

20,760

5.4

%

$

22,642

25.8

%

$

(15,246

)

$

87,848

6.3

%

Cooperation agreement advisory costs

2,776

2,776

0.2

Acquired project matters

(635

)

(635

)

Adjusted operating income (loss)

$

36,110

5.3

%

$

20,760

5.4

%

$

22,642

25.8

%

$

(13,105

)

$

89,989

6.5

%

EBITDA and Adjusted EBITDA

(Unaudited)

Three Months Ended

Twelve Months Ended

February 27,
2021

February 29,
2020 (6)

February 27,
2021

February 29,
2020 (6)

Net (loss) earnings

$

(42,371

)

$

11,958

$

15,436

$

61,914

Income tax (benefit) expense

(10,895

)

2,160

7,175

17,836

Interest expense, net

167

1,638

4,408

8,814

Depreciation and amortization

13,440

12,114

51,440

46,795

EBITDA

$

(39,659

)

$

27,870

$

78,459

$

135,359

Impairment (1)

70,069

70,069

Restructuring costs (2)

4,884

4,884

Gain on sale of building (3)

(19,346

)

COVID-19 (4)

920

4,988

Post-acquisition and acquired project matters

2,000

1,000

(635

)

Cooperation agreement advisory costs

2,776

Adjusted EBITDA

$

36,214

$

29,870

$

140,054

$

137,500

(6) Prior year EBITDA was recalculated to remove Other income, net. This change did not have a significant impact to the EBITDA and Adjusted EBITDA amounts that had been reported for the three months or twelve month ended February 29, 2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005182/en/

Contacts

Jeff Huebschen
Vice President, Investor Relations & Communications
952.487.7538
ir@apog.com