Leading innovator of energy-saving films and glass products, Southwall Technologies Inc., has announced fourth-quarter 2009 revenue of USD 8.7 million, an increase of 23% compared to the same period i…
Leading innovator of energy-saving films and glass products, Southwall Technologies Inc., has announced fourth-quarter 2009 revenue of USD 8.7 million, an increase of 23% compared to the same period in 2008, reflecting a stabilizing economy. Full-year revenue for 2009, which was broad-based and driven by the poor economic climate, particularly in the first half of the year, totalled USD 32.1 million, down 23% compared to 2008. Fourth-quarter net income and fully diluted earnings in 2009 came to USD 1.2 million and USD 0.03, respectively, compared to a net loss for the same period of 2008. The increase was mainly caused by higher gross profit attributable to higher sales volumes, and was partially balanced out by an increase in losses in the company“s insulating glass joint venture. Year-end 2009 net income totalled USD 5.7 million, up approximately 9% compared to 2008. Year-end 2009 earnings per fully diluted share were USD 0.16 compared to USD 0.15 for 2008. This increase was mainly caused by improved gross margins deriving from improved production efficiency, controlled operating expenses, and a gain recognized in the first quarter of 2009 thanks to the settlement of its 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, CEO at Southwall. “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.”