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Southwall announces 2011 third quarter results

Southwall Technologies has announced third quarter 2011 results on the increase.

Southwall Technologies Inc., a developer of manufactures high-performance films and glass products that save energy and reduce carbon emissions in buildings, homes and cars, announced third-quarter 2011 revenues of USD 13.6 million, an increase of 12% from third-quarter 2010 revenues of USD 12.2 million. Revenues for the nine-month period ended 30 September 2011 were USD 41.7 million, an increase of 21% compared to USD 34.5 million for the nine months ended 30 September 2010. The year over year increase primarily reflects increasing demand for higher energy efficiency products in the window film market.
Gross profit for third quarter of 2011 was USD 5.6 million compared to USD 5.3 million in the third quarter of 2010. For the nine months ended 30 September 2011, gross profit increased 10% to USD 17.5 million compared to USD 15.9 million for the same period in 2010. The year over year increase is primarily due to the increase in sales volume partially offset by higher cost of precious metals.
Operating income was USD 0.8 million in the third quarter of 2011 as compared to USD 1.5 million in the third quarter of 2010. For the nine months ended 30 September 2011, operating income decreased to USD 2.9 million compared to USD 6.3 million for the same period in 2010. The year over year decrease in operating income is a result of higher operating costs, including mergers and acquisition related activities and the impairment of goodwill and intangible assets during the second quarter of 2011.
Third-quarter 2011 net income before the preferred dividend decreased to USD 0.2 million, or USD 0.03 per fully diluted share, as compared to the third quarter of 2010 of USD 1.1 million, or USD 0.15 per fully diluted share. For the nine months ended 30 September 2011, net income before the preferred dividend decreased to USD 1.2 million or USD 0.16 per fully diluted share compared to USD 5.4 million and USD 0.75 per fully dilute share for the same period in 2010.

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