Apogee Enterprises, Inc. Files 10-Q for Period Ending November 25, 2023

TL;DR

<b>Apogee Enterprises, Inc. filed its 10-Q for the third quarter ending November 25, 2023.</b>

AI Summary

APOGEE ENTERPRISES, INC. (APOG) filed a Quarterly Report (10-Q) with the SEC on January 3, 2024. Apogee Enterprises, Inc. filed its quarterly report (10-Q) for the period ending November 25, 2023. The filing covers the third quarter of the fiscal year. The company's fiscal year ends on March 2nd. Apogee Enterprises, Inc. is incorporated in Minnesota. The company's SIC code is 3231 (Glass Products, Made of Purchased Glass).

Why It Matters

For investors and stakeholders tracking APOGEE ENTERPRISES, INC., this filing contains several important signals. This filing provides investors with the latest financial performance and operational details for Apogee Enterprises. Understanding the quarterly results is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — APOGEE ENTERPRISES, INC. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess Apogee's financial trajectory.

Key Numbers

• 2023-11-25 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-01-03 — Filed As Of Date (FILED AS OF DATE)
• 0302 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• APOGEE ENTERPRISES, INC. (company) — FILER
• APOG (company) — tk
• 0000006845 (company) — CENTRAL INDEX KEY
• 3231 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• MN (company) — STATE OF INCORPORATION
• MINNEAPOLIS (company) — CITY
• 6128351874 (company) — BUSINESS PHONE

Forward-Looking Statements

• APOGEE ENTERPRISES, INC. will continue to show an increase in retained earnings in its next fiscal report, reflecting ongoing profitability. (APOGEE ENTERPRISES, INC.) — medium confidence, target: 2024-05-27

FAQ

Industry Context

Apogee Enterprises operates in the glass products manufacturing sector, specifically focusing on glass made from purchased glass.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of 10-Q forms.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze revenue segments and growth rates to understand business unit performance.
3. Assess any disclosed risk factors and their potential impact on the company.

Key Dates

• 2023-11-25: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-01-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending November 25, 2023, following previous filings for the fiscal year.

Key Financial Figures

• $0.33 — ich registered Common stock, par value $0.33 1/3 per share APOG The Nasdaq Stock Mar

Filing Documents

• apog-20231125.htm (10-Q) — 1105KB
• apog-ex311_20231125.htm (EX-31.1) — 9KB
• apog-ex312_20231125.htm (EX-31.2) — 9KB
• apog-ex321_20231125.htm (EX-32.1) — 4KB
• apog-ex322_20231125.htm (EX-32.2) — 4KB
• 0000006845-24-000004.txt (&nbsp;) — 5285KB
• apog-20231125.xsd (EX-101.SCH) — 30KB
• apog-20231125_cal.xml (EX-101.CAL) — 54KB
• apog-20231125_def.xml (EX-101.DEF) — 111KB
• apog-20231125_lab.xml (EX-101.LAB) — 515KB
• apog-20231125_pre.xml (EX-101.PRE) — 305KB
• apog-20231125_htm.xml (XML) — 712KB

Financial Information

PART I Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Consolidated Balance Sheets 4 Consolidated Results of Operations 5 Consolidated Statements of Comprehensive Earnings 6 Consolidated Statements of Cash Flows 7 Consolidated Statements of Shareholders' Equity 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

Other Information

PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except stock data) November 25, 2023 February 25, 2023 Assets Current assets Cash and cash equivalents $ 23,407 $ 19,924 Restricted cash — 1,549 Receivables, net 198,249 197,267 Inventories 70,267 78,441 Contract assets 48,146 59,403 Other current assets 32,390 26,517 Total current assets 372,459 383,101 Property, plant and equipment, net of accumulated depreciation of $ 454,659 and $ 431,710 246,206 248,867 Operating lease right-of-use assets 38,849 41,354 Goodwill 129,053 129,026 Intangible assets, net 64,174 67,375 Other non-current assets 44,114 45,642 Total assets $ 894,855 $ 915,365 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 83,107 $ 86,549 Accrued compensation and benefits 42,768 51,651 Contract liabilities 35,770 28,011 Operating lease liabilities 12,358 11,806 Other current liabilities 62,572 64,532 Total current liabilities 236,575 242,549 Long-term debt 100,666 169,837 Non-current operating lease liabilities 29,547 33,072 Non-current self-insurance reserves 31,830 29,316 Other non-current liabilities 40,506 44,183 Commitments and contingent liabilities (Note 7) Shareholders' equity Common stock of $ 0.33 -1/3 par value; authorized 50,000,000 shares; issued and outstanding 22,085,098 and 22,224,299 , respectively 7,362 7,408 Additional paid-in capital 149,557 146,816 Retained earnings 329,936 273,740 Accumulated other comprehensive loss ( 31,124 ) ( 31,556 ) Total shareholders' equity 455,731 396,408 Total liabilities and shareholders' equity $ 894,855 $ 915,365 See accompanying notes to consolidated financial statements. 4 Table of Contents CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended (In thousands, except per share data) November 25, 2023 November 26, 2022 November 25, 2023 November 26, 2022 Net sales $ 339,714 $ 367,847 $ 1,055,102 $ 1,096,59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting Policies Basis of presentation 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 25, 2023. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly and year to date operating results are reflected herein and are of a normal, recurring nature. The results of operations for the three- and nine-month periods ended November 25, 2023 are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain reclassifications of amounts previously reported have been made to the accompanying consolidated balance sheets, consolidated statements of cash flows and notes to consolidated financial statements to conform to current year presentation of contract assets and liabilities. These reclassifications had no impact on reported cash flows or total assets and liabilities. Adoption of new accounting standards In the first quarter, we adopted the guidance in ASU 2022-04, Liabilities – Supplier Finance Programs, Disclosure of Supplier Finance Program Obligations. The guidance requires that entities that use supplier finance programs disclose information about the nature and potential magnitude of the programs, activity during the period, and changes from period to period. Beginning in the first quarter, we implemented a supplier financing arrangement with U.S. Bank that enables our suppliers, at their sole discretion, to sell the Company's receivables (i.e., our payment obligations to the suppliers) to U.S. Bank on a non-recourse basis in order to be paid earlier than our paymen

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View this 10-Q filing on SEC EDGAR