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Southwall posts “low end” 3Q 2005 earnings

Southwall Technologies Inc. released financial results for the 3Q 2005 which President and CEO Thomas G. Hood described as being “on the low end of expectations”.
The company said 31 October 2005 tha…

Southwall Technologies Inc. released financial results for the 3Q 2005 which President and CEO Thomas G. Hood described as being “on the low end of expectations”. The company said 31 October 2005 that revenues of USD 12.0 million for the quarter were down 25% from USD 15.9 million in the 3Q of 2004 and down 21% from USD 15.2 million in the 2Q of 2005. Gross margin for the 3Q 2005 was 34%, down 2% from the 3Q 2004 and 1% below the 2Q 2005 gross margin of 35%. Net income for the 3Q 2005 before deemed dividend of USD 15,000 fell by USD 2.1 million compared to the 3Q 2004, and decreased USD 1.4 million compared to the 2Q 2005. Net loss attributable to common stockholders for the 3Q 2005 of USD 105,000 was USD 0.00 per fully diluted share, compared to USD 0.07 per fully diluted share for the 3Q 2004, and USD 0.04 per fully diluted share for the 2Q of 2005. “Southwall“s 3Q revenues and net income finished on the low range of expectations,” commented Thomas G. Hood, President and CEO. “Nonetheless, we continued to enlarge and strengthen our technical staff during the quarter in order to develop a strong product foundation for future growth.” Southwall Technologies Inc. designs and produces thin film coatings that selectively absorb, reflect or transmit light.

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