SALT LAKE CITY — Daw Technologies, Inc., which designs, engineers, manufactures and installs ultra-clean manufacturing environments, announced its financial results for the fourth quarter and year ended December 31, 2000.
Total revenue for the fourth quarter was $10.2 million and net earnings for the quarter were $2.3 million. For the year, the company reported total revenue of $52.6 million, a 16.4 percent increase over 1999. Net earnings for the year were $3.5 million, or $0.21 per diluted share, compared to a net loss of $7.6 million, or ($0.61) per share, in 1999.
The company attributed its improved financial performance to several factors, including rigorous cost-cutting measures begun in early 2000 and efforts to diversify the company’s business, both geographically and among industry segments, and a top to bottom restructure of the company’s operations to focus on individual business units.
“The year 2000 was clearly a turning point for the company,” said Michael J. Shea, newly appointed president of the company. “The company’s weak results in the prior two years necessitated that we take extreme measures in 2000 to return to profitability, and our financial results for the year 2000 show that those measures have begun to pay off. The company has become much more efficient and cost-conscious, an example of which is the fact that we have nearly doubled our revenues per employee in 2000 vs. 1999. These increased efficiencies, combined with our efforts to expand beyond our traditional base in the semiconductor industry, position us very well for the year 2001 and beyond.”
The company also announced that its backlog of work at December 31, 2000 was approximately $28.3 million, as compared to $19.7 million at the end of 1999 and $12.8 million at the end of 1998.
Daw Technologies, Inc. provides ultra-clean manufacturing environments for customers throughout the world, and specializes in the design, engineering and installation of cleanroom and mini-environment systems that meet stringent semiconductor, pharmaceutical and medical device manufacturing requirements. The company also provides advanced, high precision manufacturing and specialized painting services on an OEM (original equipment manufacturer) basis for various customers.