US thin-film coatings business Southwall Technologies Inc. announced recently that it had been approached by potential buyers and is currently exploring options for its future.
The company had to res…
US thin-film coatings business Southwall Technologies Inc. announced recently that it had been approached by potential buyers and is currently exploring options for its future. The company had to restate earnings for 1999, as well as the first quarter of 2000, primarily because expenses were greater than originally expected. The Nasdaq-quoted company was suspended from trading in August because it had to restate prior periods, said company CFO Robert Freeman. He said the company has now restated its financial results and has filed its second quarter earnings. For the second quarter, which ended on 2 July, Southwall reported losses totalling US$ 1.6 million on revenue of nearly US$ 21 million. This compared with a profit of US$ 452,000 on revenue of US$ 13.5 million in the same period of 1999.