First Quarter Balance Sheets & Cash Flows

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Apogee Enterprises, Inc. and Subsidiaries First Quarter Consolidated Balance Sheets and Cash Flows.
 
consolildated balance sheets
 (Dollar amounts in thousands)
  May 29, 1999
(Unaudited) 		February 27, 1999
Assets    
Current Assets    
Cash and cash equivalents 5,775 1,318
Receivables, net of allowance for doubtful accounts 111,841 118,216
Inventories 69,999 68,171
Deferred tax assets 11,650 11,622
Other current assets 5,467 6,018
Total current assets $204,732 $205,345
 
Property, plant & equipment, net 198,127 180,428
Other assets    
Marketable securities available for sale 23,942 27,239
Investments 521 570
Intangible assets, at cost less accumulated amortization of $10,030 and $9,446, respectively 55,116 55,077
Other 2,483 2,532
Total assets $484,921 $471,191
 
Shareholders' Liabilities and Equity    
Current liabilities    
Accounts payable 31,601 43,166
Accrued expenses 47,572 51,738
Billings in excess of costs and earnings on uncompleted contracts 11,714 11,622
Accrued income taxes 9,709 7,385
Current installments of long-term debt 1,035 1,300
Total current liabilities $101,631 $115,211
 
Long-term debt, less current installments 187,086 165,097
Other long-term liabilities 29,639 27,845
Net liabilities of discontinued operations 32,793 32,374
Shareholders' equity    
Common stock of $.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding, 27,761,000 and 27,623,000, respectively 9,253 9,208
Additional paid-in capital

43,879

41,903

  Retained earnings 82,128 80,194
Unearned compensation (1,450) (721)
Net unrealized (loss) gain on marketable securities (38) 80
Total shareholders' equity $133,772 $130,664
Total liabilities and shareholders' equity $484,921 $471,191


 
consolidated statements of cash flows

(Dollar amounts in thousands)
(Unaudited)

  Quarters Ended May 29,1999 Quarters Ended May 30,1998
Operating Activities    
Net earnings

4,570

3,878

Adjustments to reconcile net earnings to net cash provided by continuing operating activities:    
Net (earnings) loss from discontinued operations (55) 310
Depreciation and amortization 8,373 6,726
Provision for losses on accounts receivable 806 629
Deferred income tax (benefit) expense 634 (5,279)
Equity in net loss of affiliated companies 440 300
Minority interest (117) --
Other, net 49 (7)
Cash flow before changes in operating assets and liabilities $ 14,700 $ 6,557
 
Changes in operating assets and liabilities, net of effect of aquisitions:    
Receivables 6,185 (8,134)
Inventories (1,102) 444
Other current assets 551 2,616
Accounts payable and accrued expenses (15,730) 8,106
Billings in excess of costs and earnings on uncompleted contracts 92 1,161
Refundable income taxes and accrued income taxes 2,324 16,533
Other long-term liabilities 581 (806)
Net cash provided by operating activities $ 7,601 $ 26,477
 
INVESTING ACTIVITIES    
Capital expenditures

(25,285)

(8,745)

Acquisition of businesses, net of cash acquired (1,981) (4,701)
Increase (decrease) in marketable securities 3,116 (8,120)
Investment in and advances to affiliated companies (390) (200)
Proceeds from sales of property and equipment 42 68
Other, net (168) (43)
Net cash used in investing activities $ (24,666) $ (21,741)
 
FINANCING ACTIVITIES    
Payments on long-term debt (376) (526)
Proceeds from issuance of long-term debt

22,100

1,997

Increase in deferred debt expense

--

(2,837)

Proceeds from issuance of common stock

2,140

2,056

Repurchase and retirement of common stock

(852)

(115)

Dividends paid

(1,457)

(1,382)

Net cash provided by (used in) financing activities $ 21,555 $ (807)
NET CASH FLOW FROM DISCONTINUED OPERATIONS

(33)

(81)

Increase in cash and cash equivalents 4,457 3,848
Cash and cash equivalents at beginning of year 1,318 7,853
Cash and cash equivalents at end of period $ 5,775 $ 11,701