Southwall announces positive second-quarter earnings

US Southwall Technologies, Inc., a global developer, manufacturer and marketer of thin-film coatings for the automotive glass, electronic display and architectural markets, today reported financial re…

US Southwall Technologies, Inc., a global developer, manufacturer and marketer of thin-film coatings for the automotive glass, electronic display and architectural markets, today reported financial results for the quarter ended 30 June 2002. Revenues for the second quarter of 2002 were US$ 19.7 million, a decrease of US$ 2.2 million, or 10%, from the US$ 21.9 million achieved in the second quarter of 2001. Sequentially revenues increased 2% from US$ 19.3 million in the first quarter of 2002. Automotive product sales were down by 29% from the second quarter of 2001. The decline was primarily due to less volume and lower average prices of products sold. Sales of electronic display products decreased 13% from the comparable quarter of 2001 primarily as a result of a decrease in Southwall“s average sales prices for products used in flat screen CRT monitors, partially offset by higher sales of products used in LCD“s and Plasma Display products. Sales of architectural products were up 27% from the same quarter of 2001 as a result of increased sales of Heat Mirror(R) products produced as a result of increased manufacturing capacity. Net income for the second quarter of 2002 was US$ 1.4 million, or US$ 0.15 per diluted share, compared to US$ 1.2 million, or US$ 0.15 per diluted share in the comparable period last year. The net income increase of 17% was the result of improved gross margins of 34% compared to 26% for the same period in 2001. Sequentially net income increased US$ 0.2 million, or 17%, from US$ 1.2 million in the first quarter of 2002.