Apogee Enterprises Inc (NASDAQ:APOG) Q4 2020 Earnings Conference Call - Final Transcript
Apr 02, 2020 • 09:00 am ET
Joseph F. Puishys
that we took action to provide further financial flexibility by extending the maturity of our term loan, which Jim will discuss.
In addition, we made good progress during the quarter on our key strategic initiatives. Our new automated glass -- our Architectural Glass facility to serve the small projects market is fully operational. We made significant progress on our internal enterprise-wide procurement savings program, and we advance efforts to improve execution, drive synergies and reduce cost in Architectural Framing Systems. We maintain line of sight to achieve $30 million to $40 million in annual cost savings target when these initiatives are fully implemented and expect substantial benefit this fiscal year. Once again, Jim will provide additional details about these cost savings. So overall, it was a good quarter. We delivered on our commitments, above our guidance and closed the fiscal year in a strong position.
We entered fiscal '21 with positive momentum in our business and the path to deliver significantly improved performance. We were executing a plan that would deliver mid-single-digit topline growth and more than 30% increase in operating income compared to fiscal 2020. In the week since our fourth quarter ended, the world has seen unprecedented events and is responding to the COVID-19 outbreak, which has become the primary focus for all of us. As a company, we are stepping up to this challenge. I want to acknowledge the tremendous efforts of everyone on Apogee's team. Our employees have worked tirelessly over the past several weeks to adapt our operations, so we can take care of our people and customers in this rapidly changing environment. Thank you to all of Apogee's employees for your contributions during this most challenging time.
Page 5 in our slide deck outlines some of the key actions in our COVID-19 Response Plan. We've assembled a cross-functional team to lead our response in everything we do. The health and safety of our employees is our top priority. We've implemented robust site prevention activities, including social distancing, massively increased hygiene standards, restrictions on travel, restrictions on visitors and meetings and remote work to the maximum extent possible. We've also established business continuity plans to maintain essential operations and to continue to serve our customers. We've stepped up our communications with customers, so we can understand and accommodate their requirements and we are working closely with our supply chain partners to ensure the flow of critical materials.
The situation is evolving very quickly, as you all know. Given this high uncertainty environment, we have decided not to provide financial guidance for fiscal '21 at this time. However, I would like to share some observations about what we are seeing in our operations and end-markets and how we're positioned to respond to the situation. First, almost every day, we are receiving new directors from federal, state and local governments in the locations where we operate. We're working to assess these directors and ensure we comply to support health and safety requirements. In most cases, construction-related activities