Southwall Announces 2011 Third Quarter Results
Southwall Technologies Inc. (NASDAQ:SWTX), an energy efficiency company that develops and manufactures high-performance films and glass products that save energy and reduce carbon emissions in buildings, homes and cars, announced third quarter 2011 revenues of $13.6 million, an increase of 12% from third quarter 2010 revenues of $12.2 million. Revenues for the nine month period ended September 30, 2011 were $41.7 million, an increase of 21% compared to $34.5 million for the nine months ended September 30, 2010. The year over year increase primarily reflects increasing demand for higher energy efficiency products in the window film market.
Gross profit for third quarter 2011 was $5.6 million compared to $5.3 million in the third quarter 2010. For the nine months ended September 30, 2011, gross profit increased 10% to $17.5 million compared to $15.9 million for the same period in 2010. The year over year increase is primarily due to the increase in sales volume partially offset by higher cost of precious metals.
Operating income was $0.8 million in the third quarter 2011 as compared to $1.5 million in the third quarter 2010. For the nine months ended September 30, 2011, operating income decreased to $2.9 million compared to $6.3 million for the same period in 2010. The year over year decrease in operating income is a result of higher operating costs, including mergers and acquisition related activities and the impairment of goodwill and intangible assets during Q2 2011.
Third quarter 2011 net income before the preferred dividend decreased to $0.2 million, or $0.03 per fully diluted share, as compared to the third quarter 2010 of $1.1 million, or $0.15 per fully diluted share. For the nine months ended September 30, 2011, net income before the preferred dividend decreased to $1.2 million or $0.16 per fully diluted share compared to $5.4 million and $0.75 per fully dilute share for the same period in 2010.
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