Apogee Enterprises Inc., Minneapolis, announced fiscal 2011 full-year and fourth-quarter results. The company reported revenues of $582.8 million for FY2011, down 16 percent. Operating loss was $21.0 million, compared to earnings of $45.4 million. Architectural segment revenues declined 19 percent , according to an April 6 release.
"Our fiscal 2011 results were impacted by extremely challenging commercial construction market conditions for our architectural segment," said Russell Huffer, Apogee CEO, in the release. "Architectural segment revenues were down, consistent with our markets served, and low architectural glass pricing and low segment capacity utilization led to losses. Earnings from our picture framing business were unable to offset architectural segment losses."
On a positive note, "Architectural segment revenue declines slowed and backlog grew in the fourth quarter, signaling that our markets may be stabilizing," Huffer said. "We believe that we are well positioned for a market rebound with our strong balance sheet, green energy-efficient products, expertise in complex institutional projects, and success in pursuing installation work in new domestic geographies," he said.
