Southwall Announces 2009 Fourth Quarter and Full Year Results
Press Release Source: Southwall Technologies Inc. On Thursday March 25, 2010, 8:00 am
PALO ALTO, Calif.--(BUSINESS WIRE)--Southwall Technologies Inc. (OTCBB:SWTX - News) announced fourth quarter 2009 revenue of $8.7 million, an increase of 23% as compared to the fourth quarter of 2008, reflecting a stabilizing economy. Full year 2009 revenue was $32.1 million, a 23% decrease over 2008. The full-year revenue decline was broad-based and driven by the poor economic climate, particularly in the first half of the year.
Net income and fully diluted earnings per share for the fourth quarter of 2009 were $1.2 million and $0.03, respectively, as compared with a net loss of $0.2 million, or a loss of $0.01 per fully diluted share, in the fourth quarter of 2008. The increase was primarily due to higher gross profit attributable to higher sales volumes and was partially offset by an increase in losses incurred by our insulating glass joint venture. Year end 2009 net income was $5.7 million, an increase of approximately 9% as compared to 2008. Year end 2009 earnings per fully diluted share was $0.16 as compared to $0.15 for the year ended 2008. The increase was primarily due to improved gross margins attributable to improved production efficiency, controlled operating expenses, and a gain recognized in the first quarter of 2009 relating to the settlement of our Matrix debt.
“In a tough year, we maintained our long-term focus on growth while delivering respectable results - a great tribute to the employees of Southwall,” said Dennis Capovilla, Chief Executive Officer. “Despite the challenging economy, we invested in growth, retired debt, increased profitability and generated cash. This positions us well for continued growth of our energy efficiency products in 2010.”
About Southwall Technologies Inc.
Southwall Technologies is the leading innovator of energy-saving films and glass products that dramatically improve the energy efficiency of buildings, homes and cars. Southwall is an ISO 9001/2000/14001-certified manufacturer with customers in over 25 countries around the world.
