This mutt actaully posted a profit last qtr!!!!
Southwall Announces Financial Results for Second Quarter, 2001
PALO ALTO, Calif., Jul 30, 2001 (BUSINESS WIRE) --
Southwall Technologies Inc. (Nasdaq: SWTX chart, msgs):
Selected Second Quarter Highlights
-- Southwall recorded net profit in the second quarter of 2001 of
$1.2 million compared to a net loss of ($1.6 million) for the
second quarter of 2000.
-- Earnings per share as reported increased to $0.15 per diluted
share from a net loss of ($0.22) per diluted share in the
second quarter of 2000.
Southwall Technologies Inc. (Nasdaq: SWTX chart, msgs), a leading developer,
manufacturer and marketer of thin-film coatings for the automotive
glass, electronic display and residential and commercial building
glass markets, today reported financial results for the quarter ended
June 30, 2001.
Revenues for the second quarter of 2001 were $21.9 million, up 4.8
percent over the $20.9 million recorded in the second quarter of 2000,
and up sequentially $4.2 million, or 23.7 percent, from the $17.7
million achieved in the first quarter of 2001. Automotive products
nearly doubled from the previous year to $9.9 million from $5.0
million for the second quarter of 2000. Conversely Display product
sales were down 31% from the same quarter last year. Display product
sales have been impacted by the worldwide decline of sales in the
computer industry, beginning late in 2000. Architectural products were
up 10.6% from the second quarter of 2000.
Net income for the second quarter of 2001 was $1.2 million, or
$0.15 per diluted share, an increase of $2.8 million, or 175%,
compared to a net loss of $1.6 million, or ($0.22) per diluted share
in the comparable period last year. Net income increased sequentially
$2.3 million, or 205%, from a net loss of $1.1 million in the first
quarter.
Gross margin for the second quarter of 2001 was 25.5% compared to
19.1% for the second quarter of 2000 and 16.2% for the first quarter
of 2001. The increase in gross margin from the previous year was
related primarily to better than expected margins from the company's
German facility, offset by lower fixed cost absorption as a result of
lower production in the Tempe facility.
Operating expenses were down 16.6% from the same period in 2000,
and up 3.9% sequentially from the first quarter of 2001. Second
quarter operating expenses, as a percent of sales, were 19.3% compared
to 24.3% for the same period in 2000 and 23.0% for the first quarter
of 2001.
"Southwall's return to profitability is extremely gratifying to
the company and its employees," commented Mr. Thomas G. Hood, Chief
Executive Officer. "It demonstrates that the company's decisions, to
broaden product lines and expand production facilities, may finally be
realizing their promise. More immediately, the company's quick
reaction to control expenses, in response to the downturn in computer
sales late last year, are also reflected in the second quarter
results."
Mr. Robert R. Freeman, Chief Financial Officer noted "the company
continues to improve its liquidity by focusing on receivable and
inventory control. This has allowed the company to reduce its vendor
payables and debt by $8.4 million since the beginning of 2001."
Conference Call Information
When: Tuesday, August 7th
Time: 9:00am Pacific Daylight Time
Dial-In Number: 1-877-481-7179 (USA/ Canada)
1-706-679-3003 (International)
Name of call: Southwall
Leader: Tom Hood
Playback Number: 1-800-642-1687; 1-706-645-9291 (International)
(2 Hours after Completion of Call)
ID Number: 1469998
Playback Dates: August 7 to 11, 2001 |
