CVD Equipment Corporation (NASDAQ: CVV), a leading provider of
chemical vapor deposition systems, today announced its second
quarter 2017 financial results.
Revenue for the second quarter was $10.8 million, an increase of
12.2% over the prior quarter and 189.3% from the same period last
year. During the quarter, the Company received approximately $6.0
million in new orders. Backlog as of June 30, 2017 was $24.8
million.
“Solid execution of our growth strategy led to record revenue
and strong profitability in the quarter,” said Leonard Rosenbaum,
President and Chief Executive Officer. “As we deliver and execute
on our large aviation project and rebuild our core business
pipeline, we are achieving exceptional results. The strong
performance of our systems in the field and our ongoing development
of additional coating products will generate future demand in a
variety of new and adjacent markets.”
Net income for the second quarter was $1.3 million compared to
$1.0 million in the prior quarter and a loss of ($496,000) a year
ago. Net earnings per diluted share increased to $0.20 from $0.16
in the first quarter and a net loss of ($0.08) in the second
quarter of 2016.
The Company will hold a conference call to discuss its results
today at 4:30 p.m. (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 13667684. 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/
CVD Equipment Corporation and
Subsidiaries
Condensed Consolidated Statements of
Operations
(In thousands except per share
information)
Three Months Ended June 30 Six months Ended
June 30 2017 2016 2017 2016 Revenue $10,830 3,744
$20,480 8,747 Gross profit 4,410 494 8,582 2,027 Operating expenses
2,580 1,475 5,034
3,540 Operating income/(loss) 1,830 (980) 3,548
(1,513) Net income/(loss)
1,257 (496)
2,281 (833) Diluted earnings per share
$0.20 $(0.08) $0.36 $(0.13)
CVD Equipment Corporation and
Subsidiaries
Condensed Consolidated Balance
Sheets
(In thousands)
June 30,
2017
December 31, 2016
Assets
Current assets: Cash and cash equivalents $21,477 $21,677 Accounts
Receivable, net 1,852 608 Costs and estimated earnings in excess of
billings on contracts in progress 3,027 2,597 Inventories 3,102
3,287 Other current assets
344 235 Total
current assets 29,802 28,404 Property, plant and equipment, net
14,280 14,439 Deferred taxes 1,952 2,440 Other assets 272 68
Intangible assets 240 254
Total assets $46,546
$45,605 Liabilities and stockholders' equity
Current liabilities: Accounts payable $1,173 $743 Accrued expenses
and other current liabilities 2,122 1,943 Current portion of
long-term debt 300 300 Billings in excess of costs and estimated
earnings on contracts in progress 2,985 5,262 Deferred revenue
99 78 Total current liabilities 6,678
8,326 Long-term debt 2,816 2,966
Total liabilities 9,494
11,292
Total stockholders' equity 37,052
34,313 Total liabilities and stockholders'
equity $46,546 $45,605
Earnings release should be read in conjunction
with Company’s Annual Report on Form 10-K for fiscal year ended
December 31, 2016
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™. Its wholly owned subsidiary CVD Materials
Corporation provides advanced metal surface treatments and coatings
serving demanding applications in the biomedical, petroleum,
pharmaceutical, and many other industrial markets.
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 a
number 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/20170814005745/en/
CVD Equipment CorporationGina Franco, 631-981-7081Fax:
631-981-7095investorrelations@cvdequipment.com
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