The US coatings operation Southwall Technologies Inc. recently reported record net income of US$ 766,000 or US$ 0.11 per share, on net revenues of US$ 10.85 million for the first quarter which ended o…
The US coatings operation Southwall Technologies Inc. recently reported record net income of US$ 766,000 or US$ 0.11 per share, on net revenues of US$ 10.85 million for the first quarter which ended on 30 March 1997. This compares with a net income of US$ 511,000 or US$ 0.08 per share, on net revenues of US$ 10.63 million for the same period a year ago. First quarter 1997 net income was reduced by US$ 178,000 in incremental start-up costs related to the company“s new manufacturing facility under construction in Tempe, Arizona, US. Without the start-up costs, net income would have been US$ 944,000 or US$ 0.13 per share. First quarter 1996 results include US$ 587,000 in revenues and a US$ 109,000 operating loss from the company“s now-closed subsidiary, Southwall Worldwide Glass, Inc. “In the past, Southwall had a sales mix dominated by our high performance glazing products for the housing and commercial building markets,” said Martin Schwartz, President and Chief Executive Officer. “The first quarter, therefore, has traditionally been a seasonally slow period for us. Our growing sales of anti-reflective thin films, however, have helped smooth out Southwall“s revenue stream,” he explained.