Viracon Announces Profit Sharing for Fiscal Year 2015
Strong 2015 Performance Pays off for Viracon Employees
For More Information: Jim Wendorff, Vice President of Human Resources, Viracon - Phone: 507-444-3225
OWATONNA, MN…Viracon, the nation’s leading single-source architectural glass fabricator, announces its employee profit sharing payouts for Fiscal Year 2015, ending March 31, 2015. The total amount paid for a base share was $2,012 – among the top ten highest payouts in Viracon history.
Viracon continued its strong contribution as a key subsidiary of Apogee Enterprises, Inc. (NASDAQ: APOG). In Fiscal Year 2015, Apogee reported revenues up 21% and operating income up 58%. As the U.S. non-residential construction sector strengthened in 2014, Apogee benefitted from Viracon’s operating leverage in volume growth, and its improved margins and productivity.
“We are extremely grateful to our employees for their hard work and dedication,” says Kelly Schuller, President of Viracon. “It is a pleasure to be able to share the company’s success with those whose contributions made it possible.”
Viracon’s profit sharing is paid out on a quarterly basis to employees who worked during that time period. At the end of each financial quarter, the company calculates the respective profit sharing amount for that quarter per employee. Viracon pays half that amount to the employee in cash, and the other half is banked and paid out in-full at the end of the fiscal year. The plan is designed to allow employees to enjoy financial success in the short-term, and have a larger accumulated sum at the end of the year to spend on their families, or to invest.
Viracon has also increased the base rate of its hourly wages for production employees to further invest in its workforce.
Apogee projects an additional 10-15% revenue growth in Fiscal Year 2016, with similar growth for Viracon. Robust bidding and high award activity is expected to continue.
“We are doing extremely well as a company, but our best years are still in front of us,“ adds Schuller.
About Viracon, Inc.
Viracon is based in Owatonna, Minnesota, and has facilities in Statesboro, Georgia, St. George, Utah and Nazaré Paulista, Brazil. Viracon produces high-performance glass products, including tempered, laminated, insulating, silk-screened and high-performance coatings, for North American and international markets. The company is a subsidiary of Apogee Enterprises, Inc. (NASDAQ: APOG). Apogee, headquartered in Minneapolis, is a leader in technologies involving the design and development of value-added glass products and services. For more information, visit www.viracon.com.
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