Apogee Shares Jump on Plan to Resume Share Buyback

Apogee  (APOG) – Get Report Enterprises, a provider of glass and metal products and services for construction and art framing, resumed its share buyback, five months after it was interrupted by covid-19.  The Minneapolis company had halted the buyback on April 30 to manage its cost structure and economic uncertainty due to the […]

Apogee  (APOG) – Get Report Enterprises, a provider of glass and metal products and services for construction and art framing, resumed its share buyback, five months after it was interrupted by covid-19. 

The Minneapolis company had halted the buyback on April 30 to manage its cost structure and economic uncertainty due to the pandemic.

About 2.1 million shares are authorized for buyback, Apogee said. At Aug. 29, Apogee had 26.5 million shares outstanding.

At last check Apogee shares were trading 8.8% higher at $23.21.

The suspension was one of a number of steps it took to conserve cash, including reducing salaries for the CEO and staff, fee reductions for the board, furloughing manufacturing staff and reducing hours worked for salaried employees.

In an Oct. 5 Securities and Exchange Commission filing, Apogee also said it planned to reduce selling, general, and administrative expense to improve productivity across the company. 

Apogee said this could result in annual cost savings of at least $10 million to $20 million by the end of fiscal 2023. 

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