Volume 35, Number 6, June 2000

FinancialFlash

Asahi Glass Co. Acquires Chinese Glass Businesses from PPG

Tokyo’s Asahi Glass Co. has acquired PPG’s minority interest in three businesses in which the companies partnered with others. A Chinese firm acquired Asahi’s and PPG’s interests in a fourth.

“These [disposal of PPG’s Chinese glass interests and the 1998 sale of European flat and automotive glass operations] were strategic decisions that enable us to better utilize resources for our vigorous glass business in North America where we are the industry leader and from which we continue to serve customers from around the world,” said PPG executive vice president Frank A. Archinaco.

Saint Gobain Posts
23 Percent Increase
for First Quarter 2000

France’s Saint Gobain reported a 23 percent increase for the first quarter of 2000 of 6.3 million euros ($5.8 million USD). According to the company, sales increased by 14.8 percent in euros and 9.7 percent in local currencies. Sales in North America were 1.8 million euros ($1.7 million USD) as compared to 1.3 million euros ($1.2 million USD) for the same period last year.

Dwyer Group Reports
Rise in Net Income

The Dwyer Group Inc. of Waco, Texas, reported a net income of $333,000 or $.05 per share for the three months ended March 31, 2000 versus a net income of $255,000 or $.04 per share for the same period last year. The company also saw revenues increase by 28 percent to $4.4 million from $3.5 million in 1999. The company attributes the increase to growth in royalty revenues from each of its franchise concepts and to an overall increase in franchise fees.

Applied Films Corp. Sees Net Income Skyrocket

Applied Films Corp. of Longmont, Colo., posted its results for the fiscal 2000 third quarter and nine-month period ended April 1, 2000. The company saw net income soar to $807,000, or $.18 per diluted share, compared to a net income of $143,000, or $.04 per diluted share, for the fiscal 1999 third quarter ended April 3, 1999. Net sales were $11.8 million versus $8.2 million for the fiscal 1999 third quarter.

“We continued to experience increased demand throughout the third quarter for our thin film coated glass products driven by the growth of applications in wireless communication devices,” said Tom Edman, president and CEO.

Drops in stock were the dominating presence in May for ten of the publicly-traded glass companies or companies that own glass concerns. For the period between April 28 and June 1, ThermoView Industries posted the biggest dip with a 38 percent downturn, while Flour City reported a 20 percent decrease. Of the six companies that posted increases, Lilly Industries posted a very healthy 36 percent climb, while Pilkington saw its stock rise by 21 percent.