Southwall Announces Earnings in Q2 2006

Date: 2 August 2006
Source: Businesswire.com

Date: 2 August 2006

Southwall Technologies Inc. released its financial results for the second quarter of fiscal 2006 following the close of market on July 31, 2006.

Selected Second Quarter Financial Highlights

-- Second quarter revenues of $11.3 million decreased 25% from $15.2 million in the second quarter of 2005 and increased 13% from $10.0 million in the first quarter of 2006.

-- Second quarter 2006 gross margin was 36%, an increase of 1% from the second quarter 2005 margin of 35% and a decrease of 2% over first quarter of 2006 gross margin of 37%.

-- Second quarter 2006 net loss was $1.4 million, as compared to second quarter 2005 net income of $1.4 million and a first quarter 2006 net loss of $1.3 million.

-- Second quarter 2006 net loss per fully diluted share was $0.06, as compared to second quarter 2005 net income per fully diluted share of $0.04 and first quarter 2006 net loss per fully diluted share of $0.05.

"We continued to reduce our cost of operations in the second quarter of 2006 by completing the closure of our Palo Alto manufacturing operations in April. Furthermore, in July we completed the relocation of our headquarters to a new location in Palo Alto," commented Thomas G. Hood, President and CEO. "We expect these initiatives to reduce our fixed costs, while we continue to invest in our research and development activities aimed at reducing product costs and developing new products."

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.

600450 Southwall Announces Earnings in Q2 2006 glassonweb.com

See more news about:

Others also read

MORE...

Potters Industries Inc. Announces Price Increase For Metal Finishing and Impact Glass Bead Products
Potters Industries Inc., an affiliate of PQ Corporation, announced today that, effective February 15, 2007, the price on all Metal Finishing Glass Bead and Ground Glass product shipments will increase up to 3 cents a pound.
Lincoln Glass Celebrates 50th Year
Owners of Lincoln Glass in Newport, Dan and Elayne Mason, celebrated their 50th anniversary in the business this year. Dan's parents, John and Grace Mason, established Lincoln Glass in 1956 and oversaw day-to-day operations for 20 years.
Retail Architects Say Better-Looking Stores Mean Profits
Edward A. Shriver Jr., a Pittsburgh architect who works in retail store design, encourages architects and retail owners alike to "think outside the box," light years away from the designs that have dominated American retail architecture in recent decades.
Optical-Glass Firm Buys Camera Maker Pentax
Hoya Corp., Japan's largest optical glass maker, agreed to buy camera maker Pentax Corp. for 90.6 billion yen ($765 million) to add endoscopes and surgical scissors.
Mysterious Egyptian Glass Formed by Meteorite Strike, Study Says
Strange specimens of natural glass found in the Egyptian desert are products of a meteorite slamming into Earth between 100,000 and 200,000 years ago, scientists have concluded.
Business Of Glass Manufacturer Gecsat Down 16%
ZF.com reported that Tarnaveni (Romania)-based Gecsat, estimates an approximately 6.4 million-euro turnover for this year, a 16% drop against last year, when the company posted a 7.6 million-euro turnover.

Add new comment