Volume 7, Issue 6, November-December 2003
The Latest Industry News
Applied Films Reports Fourth-Quarter Results
Longmont, Colo.’s Applied Films Corp. has reported results for the fourth quarter of fiscal 2003, ended June 28, 2003.
Net revenues for the fourth quarter were $51.2 million, compared to $29.2 million for the fourth quarter of 2002, an increase of 75.3 percent. Revenues were 12.2 percent higher than the third quarter of 2003.
“We are pleased to report our fourth consecutive strong bookings quarter results in a record backlog, which exceeded $100 million for the first time in our history,” wrote Applied Films in a news release issued July 24. “Our revenue strength and improved gross margins allowed us to leverage our cost structure and deliver solid bottom-line performance to our shareholders in the fourth quarter. These results completed a strong 2003 fiscal year for Applied Films Corp., as all areas of our business performed well during the second half of our fiscal year.”
Income from continuing operations for the fourth quarter of 2003 was $2.3 million, or 21 cents per fully diluted common share, compared to a loss from continuing operations of $1 million or 9 cents per fully diluted common share for last year’s fourth
Earnings before amortization of other intangible assets (EBIA), for this quarter were $3.1 million, or 27 cents per fully diluted common share, compared to a loss of $156,000 or 1 cent per fully diluted common share for the fourth quarter of 2002.
Bookings for the quarter were $55.4 million. Equipment backlog as of June 28, 2003, was $100.6 million, compared to $41.1 million at the end of 2002’s fourth quarter, an increase of 144.8 percent, and compared to $96.4 million at the end of the third quarter of 2003. The company expects to recognize revenue from this backlog over six to 12 months.
Info circle card #25.
California Rebate Program Still Running
The Los Angeles Department of Water and Power (LADWP) Efficiency Solutions’ rebate program for window film has been extended through at least December 2003. The LADWP Reflective Film program offers rebates to consumers for the installation of “qualifying reflective film.” Rebate amounts are based on the inherent energy-saving potential of the reflective film as well as the installed square footage (see related story in March-April 2002 Window Film, page 6).
For applied films with shading coefficients between .55 and .45, the homeowner will receive a 90-cents-per-square-foot rebate for single-lite clear glass, and for windows with insulating glass homeowners will receive 58 cents per square foot. Likewise, for applied films with shading coefficients less than .45, the homeowner will receive $1.10 per square foot for single-lite clear glass and 71 cents per square foot for insulating glass.
The maximum cash rebate is $10,000 per project. To obtain the rebate, the consumer needs to have the film applied and then complete the required application to claim the rebate.
Info circle card #26.
Southwall Sees Drop in Net Revenue
Palo Alto, Calif.-based Southwall Technologies Inc. reported its financial results for the second quarter, which ended June 29, 2003.
Southwall’s net revenues were $15.3 million, compared with 19.7 million for the same quarter in 2002 and $15.2 for the first quarter. The company’s second-quarter net loss was $1.7 million, or 14 cents per share. Compared with net income of $1.4 million, or 15 cents per share, for the same quarter in 2002 and with a net loss of
$1.7 million, or a loss of 13 cents per share, for the first quarter of 2003.
The company’s second-quarter sales of automotive products were $6.6 million, compared with $6.9 million from the second quarter of 2002 and with $6.1 million for the first quarter of 2003. Sales of electronic display products were $6.1 million, compared with $7.6 million for the same quarter of last year and with $6.6 million for the first quarter of 2003.
The company’s cash and cash equivalents were $2.4 million June 29, 2003, compared with $2 million December 21, 2002, and with $1.7 million March 30, 2003. As planned, the company entered into a $10 million credit facility during the second quarter to replace its expiring line of credit.
Info circle card #27.
View Plus Teams Up with CPFilms to Sell Frame/lok System
Canada-based View Plus Window Films, which manufactures the patented Frame/lok attachment system, has signed an agreement with Martinsville, Va.-based CPFilms Inc. to distribute the Frame/lok system exclusively worldwide. CPFilms’ Llumar Magnum film will now be used exclusively with the Frame/lok system. The current agreement extends three years.
Info circle card #28.
IWFA Recognizes Kym Singer
Martinsville, Va.-based International Window Film Association (IWFA) recently honored Kym Singer of Bekaert Specialty Films in Largo, Fla., for her outstanding efforts supporting the association’s efforts throughout the years.
“Her enthusiasm, dedication to the industry and spirit of cooperation are to be highly commended and serve as a new standard for others in our industry,” wrote the IWFA in its Summer 2003 newsletter.
The IWFA also made a special note of thanking Singer for her efforts at last year’s annual IWFA networking event at the SEMA Show in Las Vegas.
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