A net income of US$ 657,000 for the fourth quarter of 1996, ending on 31 December, has been reported by thin film coatings specialists Southwall Technologies Inc. of the United States. This compares w…
A net income of US$ 657,000 for the fourth quarter of 1996, ending on 31 December, has been reported by thin film coatings specialists Southwall Technologies Inc. of the United States. This compares with a net income of US$ 353,000 for the same period a year earlier. Revenues increased by 11% to US$ 10.12 million in the quarter from US$ 9.12 million for the same period in 1995. For the whole year, Southwall Technologies announced a net income of US$ 2.43 million on revenues of US$ 41.7 million. For 1995, the Company recorded a net income of US$ 633,000 on revenues of US$ 33.5 million. “Our revenue growth was primarily driven by higher sales of anti-reflective products, as well as our Heat Mirror suspended film and Heat Mirror XIR products,” said Martin M. Schwartz, president and chief executive officer. “These three product lines combined represented more than US$ 12 million of our 1996 sales growth, gains that were only partially offset by reductions in revenues from our Silver Reflector products, discontinued aerospace and laminated glass products.” “Complementing our sales successes, we also made significant progress in manufacturing processes during 1996,” Schwartz added. “We showed improved manufacturing efficiencies during the fourth quarter, and, with our new manufacturing plant scheduled to come online in mid-1997, we look forward to further improvements in our manufacturing productivity.” Southwall spent a total of nearly US$ 2.5 million on its research and development programmes in 1996 compared to a 1995 figure of just over US$ 2 million.