APOGEE ENTERPRISES AUTHORIZES SHARE REPURCHASE
APOGEE ENTERPRISES AUTHORIZES SHARE REPURCHASE MINNEAPOLIS, July 29 /PRNewswire/ -- Apogee Enterprises, Inc.
(NASDAQ-NMS: APOG), today announced board approval for repurchase of up to 500,000 shares of Apogee's common stock. The shares will be repurchased from time to time in the open market or through negotiated transactions, the company said. Apogee has approximately 13.1 million shares outstanding.
Repurchased shares will be utilized for employee compensation plans and other corporate purposes, according to Donald W. Goldfus, chairman and chief executive officer. "Recent price weakness in Apogee shares has given us the opportunity to obtain shares at close to book value," Goldfus said. As of May 31, 1992, Apogee book value per share was $8.42. On Tuesday, Apogee common stock closed at $9. The recent share purchases have fulfilled the board's prior authorization, he noted. Apogee Enterprises is an industry leader in the fabrication, installation and distribution of glass and aluminum. Its products and services include glass, windows and curtainwall for commercial and institutional construction and remodeling markets; curtainwall installation at major high-rise construction sites; design, manufacture and installation of institutional and government security systems; metal and glass coating services; fabrication, sale and installation of automotive glass; and such consumer-oriented products as venetian blinds, shutters, picture frame glass and computer anti-glare screens. Headquartered in Minneapolis, the company's stock is traded on NASDAQ's National Market System under the symbol APOG. For more information on Apogee Enterprises, Inc. via facsimile at no cost, simply dial 1-800-PRO-INFO and enter the company code number 104. -0- 7/29/92 /CONTACT: Donald W. Goldfus of Apogee, 612-835-1874; or Michael Rosenbaum or Janet Denefe, both of The Financial Relations Board, 312-266-7800/ (APOG) CO: Apogee Enterprises, Inc. ST: Minnesota IN: SU:
KH -- MN008 -- 4693 07/29/92 14:35 EDT
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|Date:||Jul 29, 1992|
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