29 July 1999: US-based Southwall Technologies Inc. reported net income of US$ 534,000 or US$ 0.07 per diluted share for the second quarter ended 4 July 1999.
This compares with a net loss of (US$ 348…
29 July 1999: US-based Southwall Technologies Inc. reported net income of US$ 534,000 or US$ 0.07 per diluted share for the second quarter ended 4 July 1999. This compares with a net loss of (US$ 348,000) or (US$ 0.05) per diluted share for the same period a year ago. Revenues decreased by 4% to US$ 13.53 million in the current quarter from US$ 14.06 million for the same period a year ago. For the first six months of 1999, Southwall posted a net loss of (US$ 985,000) or (US$ 0.13) per diluted share on revenues of US$ 24.39 million. This compares to a net loss of (US$ 3.73 million) or (US$ 0.49) per diluted share on net revenues of US$ 24.47 million for the same period last year. “We are pleased to report a real improvement in this quarter“s operating performance,” said Thomas G. Hood, president and chief executive officer. “Continued progress in the production of antireflective film in Tempe, Arizona, and higher-than-expected gross margins from our energy products were principal contributors in our performance this quarter.” Hood added that new orders continue to exceed its current capacity. “In order to meet the increased demand, Southwall has begun installation of the company“s sixth large-scale sputtering system at the Tempe facility,” said Hood. “This increased production will begin to add revenues in the fourth quarter of 1999”. “Additional capacity will result from our recently-announced new company, Southwall Europe GmbH (located in Germany), which will manufacture XIR(R) film for the automobile original equipment manufacture (OEM) glass industry. Southwall Europe should begin shipping product in early 2000.”