Apogee Enterprises Announces Increase to Share Repurchase Program
"We believe that the increase to our share repurchase program is an excellent use of our cash that will enhance value for all Apogee shareholders," said Russell Huffer, chairman, president and chief executive officer. "This program is consistent with our goal of returning excess cash to our shareholders while continuing to reduce our outstanding debt."
The company also said that as of July 22 it had repurchased 694,500 shares of stock since the announcement of the program on April 25.
Apogee has approximately 28.5 million shares outstanding. The shares repurchased will be available for re-issuance for employee stock option and other benefit plans, and for other corporate purposes. The company intends to fund such repurchases with internally generated funds.
Apogee Enterprises, Inc., headquartered in Minneapolis, is a world leader in technologies involving the design and development of value-added glass products, services and systems. The company is organized in three segments:
-- Architectural products and services companies design,
engineer, fabricate, install and renovate the walls of glass
and windows comprising the outside skin of commercial and
institutional buildings. Businesses in this segment are:
Viracon, the leading fabricator of coated, high-performance
architectural glass for global markets; Harmon, Inc., the
largest U.S. full-service building glass installation,
maintenance and renovation company; Wausau Window and Wall
Systems, a manufacturer of custom aluminum window systems and
curtainwall; and Linetec, an architectural paint and anodizing
finisher.
-- Automotive replacement glass and services companies fabricate,
repair and replace automobile windshields and windows.
Businesses in this segment are: Harmon AutoGlass, a U.S. chain
of retail auto glass replacement and repair shops; and
Viracon/Curvlite, a U.S. fabricator of aftermarket foreign and
domestic car windshields.
-- Large-scale optical technologies companies develop and produce
high technology glass that enhances the visual performance of
products for the display, imaging and picture framing
industries. Businesses in this segment are: Tru Vue, a North
American value-added glass and matboard manufacturer for the
custom framing and pre-framed art markets; and Viratec, a
producer of optical thin film coatings for the global display
and imaging markets.
CONTACT: Apogee Enterprises, Inc., Minneapolis
Investor Relations:
Mary Ann Jackson, 952/830-0674
mjackson@apog.com
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