Apogee Raises Quarterly Cash Dividend; Increases Share Repurchase Authorization
January 09 2018 - 4:54PM
Business Wire
The Board of Directors of Apogee Enterprises, Inc. (Nasdaq:APOG)
announced it has declared a quarterly cash dividend of $0.1575 per
share, payable on February 14, 2018, to shareholders of record on
January 30, 2018. The dividend of $0.1575 per share represents an
increase of 12.5 percent from the previous quarterly dividend of
$0.14 per share. The company has approximately 28.4 million shares
outstanding.
The Board of Directors also increased its existing share
repurchase authorization by 1 million shares, bringing the total
available share repurchase program to approximately 1.5 million
shares.
“Increasing our dividend underscores our confidence in the
outlook for our markets and our ability to continue to grow
revenues, earnings and cash flow,” said Joseph F. Puishys, Apogee
chief executive officer. “The increase in share repurchase
authorization positions us to continue to occasionally buy back
stock to offset dilution from our stock compensation programs.”
Apogee Enterprises, Inc., headquartered in Minneapolis, provides
distinctive solutions for enclosing buildings and framing art. The
company is organized in four segments, with three of the segments
serving the commercial construction market:
- Architectural Framing Systems segment
companies design, engineer, fabricate and finish the aluminum
frames for window, curtainwall and storefront systems that comprise
the outside skin of buildings.
- Architectural Glass segment consists of
a leading fabricator of coated, high-performance architectural
glass for global markets.
- Architectural Services segment consists
of one of the largest U.S. full-service building glass installation
companies.
- Large-scale optical segment consists of
a value-added glass and acrylic manufacturer primarily for the
custom picture framing market.
FORWARD-LOOKING STATEMENTSThe discussion above contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. 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 operating
results of the company, including the following: (A) 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
conditions of the U.S. economy, which impact our large-scale
optical segment; (B) fluctuations in foreign currency exchange
rates; (C) actions of new and existing competitors; (D) ability to
effectively utilize and increase production capacity;
(E) product performance, reliability and quality issues; (F)
project management and installation issues that could result in
losses on individual contracts; (G) changes in consumer and
customer preference, or architectural trends and building codes;
(H) dependence on a relatively small number of customers in certain
business segments; (I) revenue and operating results that could
differ from market expectations; (J) self-insurance risk related to
a material product liability or other event for which the company
is liable; (K) dependence on information technology systems and
information security threats; (L) cost of compliance with and
changes in environmental regulations; (M) interruptions in glass
supply; (N) loss of key personnel and inability to source
sufficient labor; and (O) integration of recent acquisitions. 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 of operations. 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. For a more detailed
explanation of the foregoing and other risks and uncertainties, see
Item 1A of the company’s Annual Report on Form 10-K for the fiscal
year ended March 4, 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20180109006819/en/
Apogee Enterprises, Inc.Mary Ann Jackson,
952-487-7538Investor Relationsmjackson@apog.com
Apogee Enterprises (NASDAQ:APOG)
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