UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01 | Other Events. |
On October 5, 2020, Apogee Enterprises, Inc. (the “Company”) provided the following business updates:
Share repurchases
The Company intends to reinstate its previously authorized share repurchase program, pursuant to which the Company has remaining authority to repurchase up to 2,063,596 shares (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program were temporarily suspended in April 2020 due to economic uncertainty stemming from the COVID-19 pandemic. The timing and pace of the Company’s repurchase activity under the Share Repurchase Program, if any, will depend on a number of factors, including the amount of cash generated by the Company’s operations, the Company’s liquidity and capital requirements, the Company’s potential alternative uses of capital and the Company’s stock price. The timing and amount of the Company’s repurchases, if any, will also be subject to management’s evaluation of market conditions, applicable legal requirements and other factors. The Company may initiate, suspend or discontinue purchases under the Share Repurchase Program at any time and without prior notice.
Cost reductions
After the end of the second quarter of fiscal 2021, the Company completed an assessment of certain opportunities to reduce selling, general, and administrative (SG&A) expenses, identifying near-term and long-term actions, with the goals of reducing SG&A costs and improving productivity across the Company. The Company has preliminarily determined that expected cost savings, on an annual run-rate basis, of such opportunities should be at least $10 to 20 million by the end of fiscal 2023. The costs to implement such opportunities are likely to be recognized during the latter part of the fourth quarter of fiscal 2021 and during fiscal 2022. These SG&A reduction opportunities are in addition to the cost savings actions, of $40 million on an annualized basis, referenced in the Company’s second quarter earnings release, dated September 17, 2020.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| APOGEE ENTERPRISES, INC. | ||
| By: | /s/ Meghan M. Elliott | |
| Meghan M. Elliott | ||
| Vice President, General Counsel and Secretary | ||
Date: October 5, 2020