The value of small cap stock for Apogee Enterprises, Inc. (NASDAQ:APOG) rose during trading on Thursday, as the company benefited from news that its first quarter results were positive for FY 2013.
According to a release, the valued-added glass solutions provider for the architectural industry noted that revenues for the first quarter of 2013 were up 1 percent, reversing losses that negatively affected the Apogee stock last year.
"Gross and operating margins for both our architectural and large-scale optical segments improved year on year, and we operated well throughout Apogee’s businesses," said Joseph F. Puishys, chief executive officer for the company. "Cash and short-term investments ended at $58 million after normal first-quarter seasonal uses and capital investments for growth and productivity enhancements, with ongoing positive working capital performance."
RTTNews reported that the Minneapolis, Minnesota-based company's first-quarter net profit was $1.61 million, beating the expectations of analysts due to a drop in the cost of goods and more efficient operations.
The value of the company's stock rose $0.84 to $15.99 at 12:17 p.m. on June 21, an increase of 5.5 percent.