Southwall Announces Q3 2009 Results

While Southwall Technologies Inc.'s third-quarter 2009 revenue of $8.6 million was up 3 percent from the second quarter, it was still down 19 percent compared to third-quarter 2008 revenues of $10.6 million. According to the company's financial statement, the year-over-year decrease was primarily due to a decline in sales of automotive and window film products primarily driven by lower market demand caused by the global economic downturn.

Third quarter 2009 net income was $0.7 million, or $0.02 per diluted share, as compared to net income of $1.5 million, or $0.04 per diluted share in second quarter 2009, and $1.0 million, or $0.03 per diluted share in third quarter 2008. Net income in the second quarter 2009 included $0.5 million of other income relating to the receipt of the final milestone payment under the Technology Transfer and Services agreement with Sunfilm.

Third quarter 2009 gross profit was $3.7 million, or 43 percent of net revenues, as compared to $3.7 million, or 44 percent of net revenues, in second quarter 2009 and $4.2 million, or 40 percent of net revenues, in third quarter 2008. The company posted income from operations of $1.0 million in the third quarter 2009, as compared to $0.9 million in the second quarter 2009 and $1.4 million in the third quarter 2008.

CLICK HERE to read the full financial statement.