Southwall Announces Profitable 2007; Focus on Energy Conservation Products

Date: 2 April 2008
Source: BusinessWire
Southwall Technologies Inc. (OTCBB:SWTX) announced fourth quarter 2007 revenue of $8.7 million, down 5.6% from third quarter of 2007 and down 5.5% from the fourth quarter of 2006.

Year end 2007 revenue was $37.7 million as compared to $40.2 million in 2006, a 6% decrease. The decrease was primarily due to a decline in revenue relating to Plasma Display products, which was partially offset by revenue increases for Automotive and Window Film products that improve energy efficiency in cars and buildings.

Fourth quarter 2007 net income was $2.6 million, or earnings per fully diluted share of $0.08, as compared with a net loss of $75 thousand, or a loss of $0.01 per fully diluted share, in the fourth quarter of 2006. Year end 2007 net income was $3.6 million, significantly higher as compared to a loss of $5.5 million for the year ending 2006. Year end 2007 earnings per fully diluted share were $0.11, as compared to earnings per fully diluted share of ($0.22) for the year ending 2006. The increase was primarily due to lower operating expenses, a sales termination settlement agreement with a large plasma display customer, other income from a Technology Transfer and Service Agreement, and a shift in product mix toward higher margin energy conservation products.

"2007 was a turnaround year for Southwall," said Dennis Capovilla, Southwall's President. "We reduced operating expenses across the company, exited unprofitable business segments, and realigned management accordingly to focus on growth. As demand for and interest in energy conservation continues to increase in importance globally, we believe that Southwall is now in a better position to respond to the growing opportunity for products that improve energy efficiency."

About Southwall Technologies Inc.

Southwall Technologies Inc. is recognized as an innovator in the development and manufacture of high performance, energy-saving films and glass products that dramatically improve the energy efficiency of architectural and automotive glass. Southwall is an ISO 9001:2000-certified manufacturer with customers in over 25 countries around the world, including Audi, BMW, DaimlerChrysler, Guardian, Peugeot-Citroen, Philips, Pilkington, Renault, Saint-Gobain Sekurit, and Volvo.

600450 Southwall Announces Profitable 2007; Focus on Energy Conservation Products glassonweb.com

See more news about:

Others also read

Amal Clooney
Clooney will speak at the Opening Plenary on Wednesday, Nov. 14 from 9-10 a.m. at the LEED-certified McCormick Place Convention Center.
Donau City Tower 1
Designed by Dominique Perrault, Tower 1 of the Donau City (DC) Towers project is a prominent building across the Vienna skyline and is the highest skyscraper in Austria.
SEAC: Aesthetic styling of colored thin film PV façades
From the first of January 2020 onwards, all new buildings in the Netherlands need to meet the so called  “Near Zero Energy Buildings” regulation.
EEIF Calls For An Ambitious EED Ahead Of Energy Council Meeting | Glass for Europe
Today 11 June, the Energy Council of Ministers of the EU meets in Brussels with a heavy agenda, including discussions on the Energy Efficiency Directive (EED).
VIG Technologies Ready to Take on AIA 2018
VIG Technologies with LandVac® is rolling out an industry changing new product, Tempered Vacuum Insulated Glass, at AIA in New York City, June 21 and 22. Booth 4610

Greenbuild International Conference & Expo and GIGA announce collaboration
Integration planned between Origin and Greenbuild’s new online product gallery, Connect.

From industry

Polígono Industrial El Bayo, parcela I, 19
24492 Cubillos del Sil León
Spain

Add new comment