Volume 35, Number 12, December 2000

FinancialFlash

Research Frontiers Authorized to Buy Back 200,000 Shares of Its Own Stock

The board of directors of Research Frontiers Inc. of Woodbury, N.Y., authorized the corporation to make discretionary purchases in the open market of up to 200,000 shares of its own common stock. According to the company's statement, the amount and timing of purchases will depend upon market conditions as other factors, as they exist from time to time. The statement also says shares purchased by the company are immediately retired.

"To date this year, Research Frontiers has purchased more than $1.4 million worth of our stock under a previously-approved buyback authorization," said Robert L. Saxe, Research Frontiers president. "With this new authorization from our board of directors, we can continue to take advantage of the attractive price for our stock in the market to reduce the number of shares issued and outstanding." He continued, "We believe that our stock is an excellent investment, and with our strong balance sheet and anticipated revenues and moderate expenses, we think this is a good use of our capital." As of June 30, 2000, the company had 12,134,571 shares outstanding and approximately $17.9 million in cash equivalents with no debt.

 

PPG Reports Record Sales for Third Quarter

In its third-quarter financial report PPG Industries of Pittsburgh announced $2.08 billion in sales and a net income of $150 million. The net income includes a one-time after-tax charge of $3 million, or 2 cents per share, to rationalize the recently formed PPG Auto Glass automotive replacement glass distribution venture, the company says. PPG's nine-month net income was $494 million, or $2.82 per share, including the third-quarter charges and a first-quarter charge of $35 million for the write-off of an equity investment. Sales for the third quarter were $6.38 billion, compared with $406 million in the 1999 same period.

PPG's glass segment posted an 8 percent sales increase with the sales and operating earnings growth led by automotive replacement glass and fiberglass products.

In addition, PPG's board of directors declared a regular quarterly dividend of 40 cents a share and authorized repurchases of up to 10 million additional shares. About 48 million shares have been re-acquired since October 1993.

PPG's Third-Quarter Results

1999 2000

Net Income

$99 million $150 million

Net Income Per Share

56 cents 86 cents

Sales

$1.95 billion $2.08 billion

 

Apogee Announces Third Quarter Dividend

Apogee Enterprises Inc. of Minneapolis declared a regular quarterly cash dividend of 5.25 cents per share, which was payable November 15, 2000 to shareholders of record October 30, 2000. The company currently has approximately 27.8 million shares outstanding.

Southwall Releases Financial Results

Southwall Technologies Inc. of Palo Alto, Calif., recently announced its financial results for the 2000 third quarter. The company experienced a net loss of $1,548,000 for the third quarter, compared to a net income of $494,000 or 6 cents per diluted share for the same period last year. However, the company increased its net revenues 74 percent to $26,361,000 for the third quarter, compared to $15,122,000 for the same period last year.

For the first nine months of 2000, Southwall had a net loss of $4,878,000 on net revenues of $64,398,000, compared to a net loss of $573,000 on net revenues of $39,459,000 for the 1999 period.

"The third quarter results for 2000 include accounting, legal and consulting expenses of $1,700,000 related to the restatement of its 1999 10-K, its first quarter 10-Q and its delayed filing of its second quarter 10-Q, all filed October 1, 2000," said Robert R. Freeman, chief financial officer.

However, Thomas G. Hood, chief executive officer, said that the company also grew financially in the past year. "Our third-quarter revenue growth was driven by an ongoing demand for anti-reflective products for the flat CRT market, along with record volume shipments of our automotive XIRŪ solar control products."

Southwall's Financial Results

1999 2000 Percent Change
Third Quarter Net Revenue $15,122,000 $26,361,000 74 percent
First Nine Months Net Sales $39,459,000 $64,398,000 63 percent
First Nine Months Net Loss ($573,000) ($4,878,000)

Goldray Announces Third Quarter Results

Goldray Inc. of Vancouver, British Columbia, a supplier of architectural decorative glass, has announced its 2000 third-quarter financial results. According to the company's financial statement, its net earnings for the first nine months of 2000 were $287,885, up 324 percent from last year, when the company earned $67,974 for the same period. n

Goldray's Third Quarter Financial Results

1999 2000 Percent Change
Revenue $3,293,600 $2,979,994 +11 percent
Net Earnings $212,102 $253,894 -16 percent
Basic Earnings Per Share $0.018 $0.033 -43 percent
Diluted Earnings Per Share $0.016 $0.029 -46 percent
Cash Flow From Operations $530,359 $395,558 +34 percent
Cash Flow Per Share $0.046 $0.051 -10.8 percent
EBITDA $621,613 $475,640 +31 percent