Selected First Quarter 2005 Financial Highlights:
-- Revenues of $15.6 million, an increase of 41% from $11.1 million in the first quarter of 2004 and a decrease of 2% from $16.0 million in the fourth quarter of 2004.
-- Gross profit of $4.4 million, an increase of 68% from $2.6 million in the first quarter of 2004 and a decrease of 36% from $6.8 million in the fourth quarter of 2004.
-- Net income of $1.7 million, an increase of $8.4 million over the first quarter of 2004 and a decrease of $1.5 million, or 47% from the fourth quarter of 2004.
-- Net income per fully diluted share of $0.05, compared to net loss per share of $0.53 in the first quarter of 2004 and net income of $0.10 per fully diluted share in the fourth quarter of 2004.
"Our first quarter 2005 financial results delivered impressive year over year revenue and profit growth. It also represents Southwall's fourth consecutive profitable quarter," said Thomas G. Hood, Southwall's president and chief executive officer. "For the balance of 2005, our focus remains on profitable operations while continuing to build out our longer term growth strategy centered on bringing innovative new products to the three core markets we serve."
In addition, the Company announced today that it has migrated its corporate banking relationship from Pacific Business Funding to Wells Fargo HSBC Trade Bank N.A. effective April 28, 2005. "As a direct result of dramatically improving our financial results over the last year, we were able to move our banking relationship to Wells Fargo effective last Thursday," said Maury Austin, Southwall's chief financial officer. "This change will provide Southwall more potential financing options in addition to lowering our overall cost of financing," added Austin.