APOGEE ENTERPRISES, INC. (NASDAQ:APOG) Files An 8-K Results of Operations and Financial ConditionItem 2.02.Results of Operations and Financial Condition.
(a) On April13, 2017, Apogee Enterprises, Inc. (the” Company”) issued a press release announcing its fourth quarter and full year results for fiscal 2017.On June22, 2017, the Company issued a press release announcing its first quarter fiscal 2018 results and full year fiscal 2018 forecast (“Q1FY18 Release”). In its Q1FY18 Release, the Company provided non-GAAP financial measures of adjusted earnings, adjusted earnings per diluted share, adjusted operating income, and adjusted operating margin for the quarterly periods covered by that release. The Company’s adjusted fiscal 2018 first-quarter non-GAAP financial measures excluded certain costs related to the Company’s acquisition of Sotawall, Inc. (“Sotawall”), which closed during the fourth quarter of the Company’s fiscal 2017, and of EFCO Corporation (“EFCO”), which closed during the second quarter of the Company’s fiscal 2018.
The Company uses these adjusted measures to provide meaningful supplemental information about its operating performance because they exclude amounts that management does not consider part of the Company’s core operating results when management is assessing performance. Management believes that these adjusted measures improve comparability of results from period-to-period. Items excluded to arrive at these adjusted measures include the impact of acquisition-related costs and amortization of short-lived acquired intangibles associated with backlog related to the recent Sotawall and EFCO acquisitions. These non-GAAP measures should be viewed in addition to, and not as an alternative to, 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.
In order to enable investors easily to compare quarterly results for the completed fiscal 2017 to those set forth in the Q1FY18 Release, the Company has included in this Current Report on Form 8-K tables that provide comparable quarterly and annual adjusted earnings, adjusted earnings per diluted share, adjusted operating income, and adjusted operating margin for each quarter of fiscal 2017. These tables are being furnished (not filed) as Exhibit 99.1 to this Current Report on Form 8-K, and are incorporated herein by reference.
Item 2.02Financial Statements and Exhibits.
(d)Exhibits.
| 99.1 | Summary of Adjusted Operating Income and Operating Margin; Summary of Adjusted Earnings and Adjusted Earnings per Diluted Share |
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APOGEE ENTERPRISES, INC. ExhibitEX-99.1 2 d413906dex991.htm EX-99.1 EX-99.1 EXHIBIT 99.1 Apogee Enterprises,…To view the full exhibit click here
About APOGEE ENTERPRISES, INC. (NASDAQ:APOG)
Apogee Enterprises, Inc. is engaged in the design and development of glass solutions for enclosing commercial buildings and framing art. The Company operates through four segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated glass used in customized window and wall systems. The Architectural Services segment designs, engineers, fabricates and installs the walls of glass, windows and other curtainwall products making up the outside skin of commercial and institutional buildings. The Architectural Framing Systems segment designs, engineers, fabricates and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront and entrance systems. The Large-Scale Optical Technologies segment manufactures glass and acrylic products for the custom picture framing and fine art markets.
