NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
The consolidated financial statements of Apogee Enterprises, Inc. (we, us, our or the Company) have been prepared in accordance with accounting principles generally accepted in the United States. The information included in this Form 10-Q should be read in conjunction with the Company’s Form 10-K for the year ended
February 27, 2016
. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly operating results are reflected herein and are of a normal, recurring nature. The results of operations for the
three
-month period ended
May 28, 2016
are not necessarily indicative of the results to be expected for the full year.
In connection with preparing the unaudited consolidated financial statements for the
three
months ended
May 28, 2016
, we evaluated subsequent events for potential recognition and disclosure through the date of this filing. In June 2016, we entered into an additional New Markets Tax Credit (NMTC) transaction related to our announced investment in plant and equipment to introduce oversize production capability within our Architectural Glass segment, whereby we received
$5.2 million
of cash in exchange for substantially all the benefits derived from the tax credits. This transaction will be reflected in our second quarter financial statements.
|
|
2.
|
New Accounting Standards
|
In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17,
Balance Sheet Classification of Deferred Taxes
, which requires all deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent on the balance sheet. We have early adopted this standard in the current period, and prior periods were not retrospectively adjusted.
In March 2016, the FASB issued ASU 2016-09,
Improvements to Employee Share-Based Payment Accounting
, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016. We are currently evaluating the impact this standard will have on our consolidated financial statements.
In February 2016, the FASB issued ASU 2016-02,
Leases
, which provides for comprehensive changes to lease accounting. The new standard requires that a lessee recognize a lease obligation liability and a right to use asset for virtually all leases of property, plant and equipment, subsequently amortized over the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, with a modified retrospective transition. We are currently evaluating the impact this standard will have on our consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09,
Revenue from Contracts with Customers
, which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new standard, an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017, Apogee's fiscal 2019. We are currently evaluating the impact this standard will have on our consolidated financial statements.
|
|
3.
|
Share-Based Compensation
|
Total share-based compensation expense included in the results of operations was
$1.4 million
and
$1.0 million
for the
three
-month periods ended
May 28, 2016
and
May 30, 2015
, respectively.
Stock Options and SARs
There were no options or SARs issued in the first
three
months of either fiscal
2017
or
2016
. The following table summarizes the award transactions for the
three
months ended
May 28, 2016
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Options and SARs
|
|
Number of
Shares
|
|
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Life
|
|
Aggregate
Intrinsic
Value
|
Outstanding at February 27, 2016
|
|
403,714
|
|
|
$
|
11.81
|
|
|
|
|
|
Awards exercised
|
|
(12,315
|
)
|
|
15.86
|
|
|
|
|
|
Outstanding and exercisable at May 28, 2016
|
|
391,399
|
|
|
$
|
11.69
|
|
|
4.4 Years
|
|
$
|
13,406,598
|
|
Cash proceeds from the exercise of stock options were
$0.1 million
and
$1.3 million
for the
three
months ended
May 28, 2016
and
May 30, 2015
, respectively. The aggregate intrinsic value of securities exercised (the amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant) was
$0.3 million
during the
three
months ended
May 28, 2016
and
$5.7 million
during the prior-year period.
Nonvested Shares and Share Units
The following table summarizes nonvested share activity for the
three
months ended
May 28, 2016
:
|
|
|
|
|
|
|
|
|
Nonvested Shares and Units
|
|
Number of
Shares and
Units
|
|
Weighted
Average
Grant Date
Fair Value
|
Nonvested at February 27, 2016
|
|
275,457
|
|
|
$
|
37.48
|
|
Granted
|
|
130,507
|
|
|
42.55
|
|
Vested
|
|
(76,759
|
)
|
|
34.32
|
|
Nonvested at May 28, 2016
|
|
329,205
|
|
|
$
|
40.23
|
|
At
May 28, 2016
, there was
$10.4 million
of total unrecognized compensation cost related to nonvested shares and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately
26
months. The total fair value of shares vested during the
three
months ended
May 28, 2016
was
$3.2 million
.
The following table presents a reconciliation of the share amounts used in the computation of basic and diluted earnings per share:
|
|
|
|
|
|
|
|
Three Months Ended
|
(In thousands, except per share data)
|
May 28, 2016
|
|
May 30, 2015
|
Basic earnings per share – weighted average common shares outstanding
|
28,702
|
|
|
29,044
|
|
Weighted average effect of nonvested share grants and assumed exercise of stock options
|
199
|
|
|
435
|
|
Diluted earnings per share – weighted average common shares and potential
common shares outstanding
|
28,901
|
|
|
29,479
|
|
There were no anti-dilutive stock options excluded from the calculation of earnings per share for any of the periods presented, as the average market price exceeded the exercise price of options outstanding.
|
|
|
|
|
|
|
|
|
(In thousands)
|
May 28, 2016
|
|
February 27, 2016
|
Raw materials
|
$
|
24,553
|
|
|
$
|
21,404
|
|
Work-in-process
|
12,723
|
|
|
9,958
|
|
Finished goods
|
26,352
|
|
|
25,486
|
|
Costs and earnings in excess of billings on uncompleted contracts
|
5,902
|
|
|
6,538
|
|
Total inventories
|
$
|
69,530
|
|
|
$
|
63,386
|
|
We hold the following marketable securities, all classified as available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated
Fair Value
|
May 28, 2016
|
|
|
|
|
|
|
|
Mutual fund
|
$
|
30,233
|
|
|
$
|
—
|
|
|
$
|
(56
|
)
|
|
$
|
30,177
|
|
Municipal bonds
|
13,101
|
|
|
248
|
|
|
(94
|
)
|
|
13,255
|
|
Total marketable securities
|
$
|
43,334
|
|
|
$
|
248
|
|
|
$
|
(150
|
)
|
|
$
|
43,432
|
|
|
|
|
|
|
|
|
|
February 27, 2016
|
|
|
|
|
|
|
|
Mutual fund
|
$
|
30,178
|
|
|
$
|
—
|
|
|
$
|
(55
|
)
|
|
$
|
30,123
|
|
Municipal bonds
|
12,393
|
|
|
285
|
|
|
(109
|
)
|
|
12,569
|
|
Total marketable securities
|
$
|
42,571
|
|
|
$
|
285
|
|
|
$
|
(164
|
)
|
|
$
|
42,692
|
|
We are invested in a mutual fund holding short-term government securities as a means of investing excess cash while preserving liquidity.
We have a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), which holds municipal bonds. Prism insures a portion of our general liability, workers’ compensation and automobile liability risks using reinsurance agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments, which are generally high-quality municipal bonds, for the purpose of providing collateral for Prism’s obligations under the reinsurance agreement.
As of
May 28, 2016
, marketable securities with a fair value of
$1.4 million
have been in a continuous unrealized loss position for more than 12 months with unrea
lized losses of
$0.1 million
.
We test for other-than-temporary losses on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We consider the unrealized losses indicated above to be temporary in nature. We intend to hold our investments until the full principal amount can be recovered, and we have the ability to do so based on other sources of liquidity.
The amortized cost and estimated fair values of municipal bonds at
May 28, 2016
, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without penalty.
|
|
|
|
|
|
|
|
|
(In thousands)
|
Amortized Cost
|
|
Estimated Fair Value
|
Due within one year
|
$
|
325
|
|
|
$
|
324
|
|
Due after one year through five years
|
4,527
|
|
|
4,564
|
|
Due after five years through 10 years
|
6,013
|
|
|
6,184
|
|
Due after 10 years through 15 years
|
2,236
|
|
|
2,183
|
|
Total
|
$
|
13,101
|
|
|
$
|
13,255
|
|
Gross realized gains and losses were
not significant
during the first
three
months of fiscal
2017
and fiscal
2016
.
|
|
7.
|
Fair Value Measurements
|
Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (unadjusted quoted prices in active markets for identical assets or liabilities); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). We do not have any Level 3 assets or liabilities.
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Quoted Prices in
Active Markets
(Level 1)
|
|
Other
Observable
Inputs
(Level 2)
|
|
Total Fair
Value
|
May 28, 2016
|
|
|
|
|
|
Cash equivalents
|
|
|
|
|
|
Money market funds
|
$
|
12,045
|
|
|
$
|
—
|
|
|
$
|
12,045
|
|
Commercial paper
|
—
|
|
|
11,416
|
|
|
11,416
|
|
Total cash equivalents
|
12,045
|
|
|
11,416
|
|
|
23,461
|
|
Short-term securities
|
|
|
|
|
|
Mutual funds
|
30,177
|
|
|
—
|
|
|
30,177
|
|
Municipal bonds
|
—
|
|
|
325
|
|
|
325
|
|
Total short-term securities
|
30,177
|
|
|
325
|
|
|
30,502
|
|
Long-term securities
|
|
|
|
|
|
Municipal bonds
|
—
|
|
|
12,930
|
|
|
12,930
|
|
Total assets at fair value
|
$
|
42,222
|
|
|
$
|
24,671
|
|
|
$
|
66,893
|
|
February 27, 2016
|
|
|
|
|
|
Cash equivalents
|
|
|
|
|
|
Money market funds
|
$
|
23,199
|
|
|
$
|
—
|
|
|
$
|
23,199
|
|
Commercial paper
|
—
|
|
|
29,774
|
|
|
29,774
|
|
Total cash equivalents
|
23,199
|
|
|
29,774
|
|
|
52,973
|
|
Short-term securities
|
|
|
|
|
|
Mutual funds
|
30,123
|
|
|
—
|
|
|
30,123
|
|
Municipal bonds
|
—
|
|
|
50
|
|
|
50
|
|
Total short-term securities
|
30,123
|
|
|
50
|
|
|
30,173
|
|
Long-term securities
|
|
|
|
|
|
Municipal bonds
|
—
|
|
|
12,519
|
|
|
12,519
|
|
Total assets at fair value
|
$
|
53,322
|
|
|
$
|
42,343
|
|
|
$
|
95,665
|
|
Cash equivalents
Fair value of money market funds was determined based on quoted prices in active markets. Commercial paper was measured at fair value using inputs based on quoted prices for similar securities in active markets.
Short- and long-term securities
Mutual funds were measured at fair value based on quoted prices for identical assets in active markets.
Municipal bonds were measured at fair value based on market prices from recent trades of similar securities and are classified as short-term or long-term based on maturity date.
|
|
8.
|
Goodwill and Other Identifiable Intangible Assets
|
The carrying amount of goodwill attributable to each business segment is below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Architectural Glass
|
|
Architectural Services
|
|
Architectural Framing Systems
|
|
Large-Scale
Optical
|
|
Total
|
Balance at February 28, 2015
|
$
|
26,355
|
|
|
$
|
1,120
|
|
|
$
|
37,825
|
|
|
$
|
10,557
|
|
|
$
|
75,857
|
|
Foreign currency translation
|
(716
|
)
|
|
—
|
|
|
(1,145
|
)
|
|
—
|
|
|
(1,861
|
)
|
Balance at February 27, 2016
|
25,639
|
|
|
1,120
|
|
|
36,680
|
|
|
10,557
|
|
|
73,996
|
|
Foreign currency translation
|
167
|
|
|
—
|
|
|
523
|
|
|
—
|
|
|
690
|
|
Balance at May 28, 2016
|
$
|
25,806
|
|
|
$
|
1,120
|
|
|
$
|
37,203
|
|
|
$
|
10,557
|
|
|
$
|
74,686
|
|
The following table provides the gross carrying amount of other intangible assets and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Foreign
Currency
Translation
|
|
Net
|
May 28, 2016
|
|
|
|
|
|
|
|
|
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
Debt issue costs on revolving credit facility
|
|
$
|
3,677
|
|
|
$
|
(2,807
|
)
|
|
$
|
—
|
|
|
$
|
870
|
|
Non-compete agreements
|
|
6,524
|
|
|
(6,296
|
)
|
|
—
|
|
|
228
|
|
Customer relationships
|
|
22,636
|
|
|
(12,586
|
)
|
|
397
|
|
|
10,447
|
|
Purchased intellectual property
|
|
7,656
|
|
|
(3,253
|
)
|
|
95
|
|
|
4,498
|
|
Total definite-lived intangible assets
|
|
$
|
40,493
|
|
|
$
|
(24,942
|
)
|
|
$
|
492
|
|
|
$
|
16,043
|
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
Trademarks
|
|
3,919
|
|
|
—
|
|
|
146
|
|
|
4,065
|
|
Total intangible assets
|
|
$
|
44,412
|
|
|
$
|
(24,942
|
)
|
|
$
|
638
|
|
|
$
|
20,108
|
|
February 27, 2016
|
|
|
|
|
|
|
|
|
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
Debt issue costs on revolving credit facility
|
|
$
|
3,677
|
|
|
$
|
(2,758
|
)
|
|
$
|
—
|
|
|
$
|
919
|
|
Non-compete agreements
|
|
6,673
|
|
|
(6,419
|
)
|
|
(16
|
)
|
|
238
|
|
Customer relationships
|
|
24,174
|
|
|
(12,737
|
)
|
|
(1,162
|
)
|
|
10,275
|
|
Purchased intellectual property
|
|
8,213
|
|
|
(3,271
|
)
|
|
(431
|
)
|
|
4,511
|
|
Total definite-lived intangible assets
|
|
$
|
42,737
|
|
|
$
|
(25,185
|
)
|
|
$
|
(1,609
|
)
|
|
$
|
15,943
|
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
Trademarks
|
|
4,239
|
|
|
—
|
|
|
(320
|
)
|
|
3,919
|
|
Total intangible assets
|
|
$
|
46,976
|
|
|
$
|
(25,185
|
)
|
|
$
|
(1,929
|
)
|
|
$
|
19,862
|
|
Amortization expense on the definite-lived intangible assets was
$0.4 million
for each of the
three
-month periods ended
May 28, 2016
and
May 30, 2015
. The amortization expense associated with the debt issue costs is included in interest expense while the remainder is in selling, general and administrative expenses in the consolidated results of operations. At
May 28, 2016
, the estimated future amortization expense for definite-lived intangible assets is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Remainder
of Fiscal
2017
|
|
Fiscal
2018
|
|
Fiscal
2019
|
|
Fiscal
2020
|
|
Fiscal
2021
|
Estimated amortization expense
|
$
|
1,192
|
|
|
$
|
1,523
|
|
|
$
|
1,463
|
|
|
$
|
1,352
|
|
|
$
|
1,165
|
|
Debt at
May 28, 2016
consisted of
$20.4 million
of industrial revenue bonds and
$1.9 million
on the Canadian revolving credit facility. The industrial revenue bonds mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximates carrying value at
May 28, 2016
, due to the variable interest rates on these instruments. The bonds would be classified as Level 2 within the fair value hierarchy described in Note 7.
We maintain a
$125.0 million
committed revolving credit facility that expires in
December 2019
.
No
borrowings were outstanding under the facility as of
May 28, 2016
or
February 27, 2016
. At
May 28, 2016
, the Company was in compliance with all financial covenants as provided below:
|
|
|
|
|
|
|
|
|
|
Debt covenant financial ratios
|
|
Maximum
|
|
Company's ratio
|
Debt-to-EBITDA ratio
|
|
3.00
|
|
|
0.16
|
|
|
|
Minimum
|
|
Company's net worth
|
Net worth calculation (in millions)
|
|
$
|
366.6
|
|
|
$
|
423.6
|
|
We also maintain a $
4.0 million
Canadian dollar revolving demand facility available to our Canadian operation. Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreement. Outstanding balances under this demand facility are classified as long-term debt, as they can be refinanced through our committed revolving credit facility. No borrowings were outstanding under this facility as of
February 27, 2016
.
Interest payments were
$0.1 million
for each of the
three
months ended
May 28, 2016
and
May 30, 2015
.
|
|
10.
|
Employee Benefit Plans
|
Pension Plans
The Company sponsors two defined-benefit pension plans: an unfunded Officers’ Supplemental Executive Retirement Plan and the Tubelite Inc. Hourly Employees’ Pension Plan. Components of net periodic benefit cost are:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(In thousands)
|
May 28,
2016
|
|
May 30,
2015
|
Interest cost
|
$
|
139
|
|
|
$
|
142
|
|
Expected return on assets
|
(10
|
)
|
|
(34
|
)
|
Amortization of unrecognized net loss
|
56
|
|
|
62
|
|
Net periodic benefit cost
|
$
|
185
|
|
|
$
|
170
|
|
The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions, Canada, Brazil and other international jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years prior to fiscal 2013, or U.S. state and local income tax examinations for years prior to fiscal 2009. The Company is not currently under U.S. federal examination for years subsequent to fiscal year 2012, and there is very limited audit activity of the Company’s income tax returns in U.S. state jurisdictions or international jurisdictions.
The total liability for unrecognized tax benefits was approximately
$5.0 million
at both
May 28, 2016
and
February 27, 2016
. Penalties and interest related to unrecognized tax benefits are recorded in income tax expense. The total liability for unrecognized tax benefits is expected to decrease by approximately
$0.6 million
during the next 12 months due to lapsing of statutes.
|
|
12.
|
Commitments and Contingent Liabilities
|
Operating lease commitments.
As of
May 28, 2016
, the Company was obligated under non-cancelable operating leases for buildings and equipment. Certain leases provide for increased rental payments based upon increases in real estate taxes or operating costs. Future minimum rental payments under non-cancelable operating leases are:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Remainder of Fiscal 2017
|
|
Fiscal 2018
|
|
Fiscal 2019
|
|
Fiscal 2020
|
|
Fiscal 2021
|
|
Thereafter
|
|
Total
|
Total minimum payments
|
$
|
6,384
|
|
|
$
|
8,264
|
|
|
$
|
7,492
|
|
|
$
|
6,140
|
|
|
$
|
3,670
|
|
|
$
|
4,643
|
|
|
$
|
36,593
|
|
Bond commitments.
In the ordinary course of business, predominantly in our Architectural Services segment, we are required to provide surety or performance bonds that commit payments to our customers for any non-performance by us. At
May 28, 2016
,
$120.6 million
of our backlog was bonded by performance bonds with a face value of
$317.2 million
. Performance bonds do not have stated expiration dates, as we are released from the bonds upon completion of the contract. We have never been required to make any payments related to these performance bonds with respect to any of our current portfolio of businesses.
Warranties.
We accrue for warranty and claim costs as a percentage of sales based on historical trends and for specific sales credits as they become known and estimable. Actual warranty and claim costs are deducted from the accrual when paid. Factors that could have an impact on the warranty accrual in any given period include the following: changes in manufacturing quality, shifts in product mix and any significant changes in sales volume. A warranty rollforward is provided below:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(In thousands)
|
May 28, 2016
|
|
May 30, 2015
|
Balance at beginning of period
|
$
|
16,340
|
|
|
$
|
11,275
|
|
Additional accruals
|
1,463
|
|
|
1,926
|
|
Claims paid
|
(1,129
|
)
|
|
(1,173
|
)
|
Balance at end of period
|
$
|
16,674
|
|
|
$
|
12,028
|
|
Letters of credit.
At
May 28, 2016
, we had ongoing letters of credit related to construction contracts and certain industrial revenue bonds. The total value of letters of credit under which we were obligated as of
May 28, 2016
was approximately
$23.5 million
, all of which have been issued under the credit facility. Our total availability under our
$125.0 million
credit facility is reduced by borrowings under the facility and also by letters of credit issued under the facility.
Purchase obligations.
We have purchase obligations for raw material commitments and capital expenditures that totaled
$203.2 million
as of
May 28, 2016
.
Litigation.
We are a party to various legal proceedings incidental to our normal operating activities. In particular, like others in the construction supply and services industry, our construction supply and services businesses are routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. We are also subject to litigation arising out of employment practices, workers compensation, general liability and automobile claims. Although it is very difficult to accurately predict the outcome of such proceedings, facts currently available indicate that no such claims will result in losses that would have a material adverse effect on our results of operations, cash flows or financial condition.
The Company has
four
reporting segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical (LSO).
|
|
•
|
The Architectural Glass segment fabricates coated, high-performance glass used in customized window and wall systems comprising the outside skin of commercial, institutional and high-end multi-family residential buildings.
|
|
|
•
|
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 comprising the outside skin and entrances of commercial, institutional and high-end multi-family residential buildings. The Company has aggregated
four
operating segments into this reporting segment based on their similar products, customers, distribution methods, production processes and economic characteristics.
|
|
|
•
|
The LSO segment manufactures value-added glass and acrylic products for the custom picture framing and fine art markets.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(In thousands)
|
May 28,
2016
|
|
May 30,
2015
|
Net sales from operations
|
|
|
|
Architectural Glass
|
$
|
93,360
|
|
|
$
|
101,175
|
|
Architectural Services
|
62,820
|
|
|
55,652
|
|
Architectural Framing Systems
|
81,132
|
|
|
71,900
|
|
Large-Scale Optical
|
20,028
|
|
|
20,219
|
|
Intersegment eliminations
|
(9,460
|
)
|
|
(8,984
|
)
|
Net sales
|
$
|
247,880
|
|
|
$
|
239,962
|
|
Operating income (loss) from operations
|
|
|
|
Architectural Glass
|
$
|
9,531
|
|
|
$
|
8,283
|
|
Architectural Services
|
3,181
|
|
|
942
|
|
Architectural Framing Systems
|
10,232
|
|
|
5,261
|
|
Large-Scale Optical
|
4,652
|
|
|
4,870
|
|
Corporate and other
|
(1,347
|
)
|
|
(1,132
|
)
|
Operating income
|
$
|
26,249
|
|
|
$
|
18,224
|
|
Due to the varying combinations and integration of individual window, storefront and curtainwall systems, it is impractical to report product revenues generated by class of product, beyond the segment revenues currently reported.