Joseph F. Puishys, CEO of Apogee Enterprises Inc. (NASDAQ: APOG), recently bought $250,000 worth of APOG stock. The purchase suggests that Puishys, who joined APOG in August 2011, is bullish about the company’s prospects.
According to a report by Barron’s, Puishys purchased 18,600 shares of Apogee common stock on April 18 for $13.42 per share or $249,559.92. With the addition of 18,600 shares, Puishys now holds 214,285 shares of APOG common stock.
In an email, Puishys said that his purchase underscores his confidence in Apogee and its future opportunities both in the U.S. and internationally.
The purchase from Puishys comes a few days after the Minneapolis-based company reported its fiscal 2012 fourth-quarter results. Apogee, which is a leader in technologies involving the design and development of value-added glass products and services, reported fourth-quarter revenue of $168.7 million, representing an increase of 14% over the same period in the previous year.
APOG’s operating income for the quarter was $2.8 million, compared with a loss of $5.6 million reported for the same period in the previous year. On a per share basis, the company reported earnings from continuing operations of $0.11, compared with a loss of $0.12.
APOG’s architectural segment revenues rose 15%, while its large-scale optical segment revenue rose 7%. APOG’s net earnings were $0.11 per share for the quarter, compared with a loss of $0.16 per share reported for the same period in the previous year.
CEO Puishys said at the time of release of fourth-quarter results that APOG finished the year strong with another quarter of double-digit revenue growth, significant earnings improvement, very positive cash flow and continued increase in its backlog. Puishys also said that APOG’s year-over-year improvement was particularly strong in the architectural segment. He added that in flat market conditions, APOG grew 14% over fiscal 2011 due to share gains, geographic growth, pricing and the acquisition of the Brazilian architectural glass business, which contributed 5 points of the growth.
Apogee shares are sharply higher in trading today. At last check, the stock was trading 3.21% higher at $14.49. APOG shares gained 16.8% so far this year.
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