The decrease was primarily due to a decrease in revenues from our electronic display products partially offset by an increase from our window film and architectural products.
Second quarter 2007 net income was $462 thousand, or $0.01 per fully diluted share, compared to a loss of $1.387 million or ($0.06) per fully diluted share for the second quarter of 2006. The increase was primarily due to a lower operating expenses and other income from a Technology Transfer and Service Agreement.
Our cash and cash equivalents at the end of the second quarter were $2.937 million.
Dr. Gene Goodson, CEO said, "We are pleased that both the first and second quarter were profitable in part as the result of reduced operating costs. I believe that the Board of Directors' appointment of Dennis Capovilla as President and Michael Vargas as Vice President of General Administration will strengthen our management team."
The Company will hold a teleconference at 2:00 p.m. PT / 5:00 p.m. ET today to discuss the results in more detail.
This call will be open to all investors via a webcast accessible at www.southwall.com and by phone. Both phone and webcast replays will be available for approximately one week after the teleconference, beginning approximately two hours after the call ends.
How to Access the Webcast
Go to the Investor Relations page of the Southwall website at www.southwall.com and click on the CCBN webcast icon. From here, you can listen to the teleconference, assuming that your computer system is configured properly.