CVD Reports First Quarter 2017 Results
May 15 2017 - 4:05PM
Business Wire
CVD Equipment Corporation (NASDAQ:CVV), a leading provider of
chemical vapor deposition systems, today announced its first
quarter 2017 financial results.
Revenue for the first quarter was $9.7 million, an increase of
31.8% over the prior quarter and 92.9% from the same period last
year. During the quarter the company received approximately $12
million in new orders. Backlog as of March 31, 2017 was over $30
million, an increase of 8.9% over the fourth quarter and 787% over
the previous year.
“Solid execution coupled with ongoing customer momentum resulted
in our strong first quarter performance,” said Leonard Rosenbaum,
President and Chief Executive Officer. “During the quarter, we
began to develop new equipment for our recently acquired Tantaline®
technology and continued to find new applications for our growing
product line. We expect 2017 to be a year of solid growth as we
focus on expanding and diversifying our customer base to position
the company for continued long-term growth and profitability.”
Net income for the first quarter was $1.0 million compared to
$770,000 in the prior quarter and a loss of ($338,000) a year ago.
Net earnings per diluted share increased to $0.16 from $0.12 in the
fourth quarter and a net loss of ($0.05) in the first quarter of
2016.
The Company will hold a conference call to discuss its results
today at 4:30 pm (Eastern Time). To participate in the live
conference call, please dial toll free (877) 407-0784 or
International (201) 689-8560. A telephone replay will be available
for 7 days following the call. To access the replay, dial (844)
512-2921 or (412) 317-6671. The replay passcode is 13661483. A live
and archived webcast of the call is also available on the company’s
website at
https://www.cvdequipment.com/events/category/investor-meetings/.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and
manufactures a broad range of chemical vapor deposition, gas
control, and other state-of-the-art equipment and process solutions
used to develop and manufacture materials and coatings for research
and industrial applications. This equipment is used by our
customers to research, design, and manufacture these materials or
coatings for aerospace engine components, medical implants,
semiconductors, solar cells, smart glass, carbon nanotubes,
nanowires, LEDs, MEMS, and other applications. Through our
application laboratory, we provide process development support and
process startup assistance with the focus on enabling tomorrow’s
technologies™.
CVD Equipment Corporation and Subsidiaries Statement of
Operations (Unaudited) For the Three Months Ended March 31, 2017
and 2016 (in thousands except per share information)
Three Months Ended March 31
2017
2016
Revenue $ 9,651 5,003 Cost of revenue
5,479
3,470 Gross profit 4,172 1,533 Operating expenses
2,454 2,066 Operating income/(loss) 1,717
(533) Income/(loss) before income tax (expense)/benefit 1,708 (541)
Net income/(loss)
1,024 (338) Diluted
earnings per share, as reported
$0.16
$(0.05)
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made or to be made by
CVD Equipment Corporation) contains statements that are
forward-looking. All statements other than statements of historical
fact are hereby identified as “forward-looking statements, “as such
term is defined in Section 27A of the Securities Exchange Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such forward looking information involves many of
known and unknown risks and uncertainties that could cause actual
results to differ materially from those discussed or anticipated by
management. Potential risks and uncertainties include, among other
factors, conditions, success of CVD Equipment Corporation’s growth
and sales strategies, the possibility of customer changes in
delivery schedules, cancellation of orders, potential delays in
product shipments, delays in obtaining inventory parts from
suppliers and failure to satisfy customer acceptance
requirements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170515006445/en/
CVD Equipment CorporationGina Franco, 631-981-7081Fax:
631-981-7095investorrelations@cvdequipment.comsales@cvdequipment.com
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