Volume 35, Number 8, August 2000

FinancialFlash

PPG Second Quarter Results Show Improvement

Pittsburgh’s PPG Industries wrapped up the second quarter of 2000 with a 14 percent sales increase totaling $2.21 billion compared to $1.95 billion for the second quarter of 1999. According to the company, 9 percent of the sales increase was due to acquisitions within its coatings segment, 3 percent from improvements in sales volume within the coatings segment, and another 3 percent from higher selling prices with the company’s chemical segments.

The company also noted a gross profit percentage decrease to 40 percent for this quarter compared to the 40.2 percent from the same time last year. PPG says the decrease in gross profit is due to an increase in raw material and energy costs, mostly within the company’s chemicals
segment.

In addition, PPG’s net income and earnings per share, diluted for the second quarter of 2000, increased to $205 million and $1.17, respectively, compared to the $184 million and $1.05, respectively, from 1999.

 

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 Euro ($5.8 million USD). According to the company, sales increased by 14.8 percent in Euro and 9.7 percent in local currencies. Sales in North America were 1.8 million Euro ($1.7 million USD) as compared to 1.3 million Euro ($1.2 million USD) for the same period last year.

 

Southwall Announces Follow-On Stock Offering

Southwall Technologies Inc. of Palo Alto, Calif., has filed a registration statement with the Securities and Exchange Commission, proposing a public offering of 3,000,000 shares of its common stock, 2,500,000 offered by the company and 500,000 by the selling stockholders.

In addition, Southwall has granted the underwriters the option to purchase up to 450,000 shares solely to cover over-allotment.

 

Lilly Industries Declares
Quarterly Cash Dividend

A regular, quarterly cash dividend of eight cents per common share, payable October 2, 2000, has been announced by Lilly Industries’ board of directors, payable to shareholders of record as of September 11, 2000. This is the company’s 246th consecutive, quarterly cash dividend.

 

For the month of July, three of the publicly traded glass companies or companies that own glass concerns posted significant decreases. CompuDyne led the pack with a whopping 91 percent decline. Applied Films Corp. and ThermoView Industries also saw significant decreases (37 and 36 percent respectively).

The majority of companies saw increases for the month with Apogee posting the biggest rise of 19 percent.

Company Name                                                   Monthly Range                                     52-Wk Range                                         P/E Ratio
                                                                              (June 29 - July 28)

3M Corp. (MMM)  85 9/16 - 91 78.18 - 103.81 19.7
Apogee (APOG) 3 5/8 - 4 5/16 3.25 - 14.31 12.3
Alcoa (AA)
owns Alumax & Kawneer
29 - 31 27.25 - 43.62 17.9
Applied Films Corp. (AFCO) 39 1/8 - 24 1/2 3.00 - 42.00 53.3
Asahi (ASGLY) 117 - 96 1/2 yen NA NE
Butler Mfg. (BBR)
owns Vistawall
18 1/16 - 20 3/16 17.00 - 28.56 5.0
Compudyne (CDCY)
owns Norment
82 1/32 - 7 3/4 5.50 - 12.75 14.9
CRH plc (CRHCY)
owns OldCastle Glass
17 3/8 - 17 1/4 15.87 - 23.75 15.1
Donnelly (DON)    12 3/16 - 13 1/16 11.75 - 17.25 4.1
Dow Chemical (DOW) 31 5/16 - 28 9/16  27.81 -  47.16 12.6
Dupont (DD) 44 1/2 - 45 7/8  42.87 - 75.06 6.5
Dwyer Group (DWYR)  
owns the Glass Doctor
2 5/8 - 2 11/16 1.87-4.25 11.7
Flour City Int’l (FCIN) 4 3/32 - 3 3/8 1.31-6.00 NE
Lilly Industries (LI)  30 1/16 - 30 7/16 10.50 - 30.75 22.2
Pilkington plc (PILK) 93 - 96.50 pounds NA NA
PPG (PPG) 45 - 40 11/16 40.62-67.00 11.8
Solutia (SOI)    14 1/8 - 14 5/16 11.25 - 22.93 9.6
ThermoView Ind. (THV)  1 3/8 - .88 .075 - 7.12 NE
Vitro (VTO) 
owns VVP America
3 1/8 - 3 3/8 2.93-5.87 NE

NA = Not Applicable; NE = Negative Earnings


USG

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