Nasdaq has lifted its ban on the trading of Southwall Technologies common stock, stating that the US coatings technology company is now in compliance with all requirements for continued listing on the…
Nasdaq has lifted its ban on the trading of Southwall Technologies common stock, stating that the US coatings technology company is now in compliance with all requirements for continued listing on the Nasdaq National Market. The trading halt was imposed in August 2000. Southwall Technologies has continued to perform well through 2000. Revenues for the third quarter, ending on 1 October 2000, were 26% up on revenues in the second quarter, and 74% up on revenues for the third quarter of 1999. Excluding start-up costs associated with the company“s plant near Dresden, Germany, pre-tax profits increased 67% from US$ 4.5 million in the second quarter to US$ 7.5 million in the third quarter. For the fourth quarter, Southwall Technologies is expecting a 50% improvement on the same quarter in 1999. “Nasdaq“s decision to allow Southwall“s stock to resume trading is a major step in the company“s road to recovery from the issues associated with our recent financial restatements,” said Thomas G. Hood, Southwall“s president and CEO. “With our new financial team in place, Southwall continues to focus on improving its financial systems and disciplines.” According to Hood, as the Dresden plant comes on line, the company will be able to meet its European automotive sector commitments from the German operation, freeing up domestic capacity for other growth.