CVD Equipment Corporation (NASDAQ: CVV), a leading provider of
chemical vapor deposition systems, today announced its third
quarter 2017 financial results.
Revenue for the third quarter was $10.8 million, slightly above
the prior quarter and an increase of 121.8% from the same period
last year. During the quarter, the Company received approximately
$6.4 million in new orders. Backlog as of September 30, 2017 was
$20.3 million, a decrease of 18.1% compared to the backlog on June
30, 2017 and a decrease of 36.2% compared with the balance at
September 30, 2016.
“Building on the last two quarters, CVD delivered an exceptional
quarter with record revenue and earnings,” said Leonard Rosenbaum,
President and Chief Executive Officer. “Our focus on successfully
meeting customer demand while maintaining operational excellence is
fueling our growth and opening up new opportunities in adjacent
markets. The recent addition of MesoScribe’s Direct Write™ plasma
spray technology to our coating portfolio, together with the
agreement to purchase an additional 180,000 sq. ft. manufacturing
facility to accommodate future materials growth, is laying the
foundation for CVD’s further expansion.”
Net income for the third quarter was $1.4 million compared to
$1.3 million in the prior quarter and a loss of ($85,000) a year
ago. Net earnings per diluted share increased to $0.22 from $0.20
in the second quarter and a net loss of ($0.01) in the third
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 13672852. 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™. Its wholly owned subsidiary CVD Materials
Corporation provides advanced materials and metal surface
treatments and coatings to serve demanding applications in the
electronic, 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.
CVD Equipment Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands except per share
information)
Three Months Ended
September 30
Nine months Ended September 30
2017 2016 2017 2016
Revenue $ 10,832 4,884 $ 31,312 13,631
Gross profit 4,603 1,691 13,184
3.719
Operating expenses
2,712
2,086
7,746
5,627
Operating income/(loss)
1,890
(395)
5,438
(1,826)
Net income/(loss)
1,396
(85)
3,677
(919)
Diluted earnings per share $0.22
$(0.01) $0.58 $(0.15)
CVD Equipment Corporation and
Subsidiaries
Condensed Consolidated Balance Sheets (In thousands)
September 30, 2017 December 31,
2016 Assets Current assets:
Cash and cash equivalents
$17,181 $21,677 Accounts Receivable, net 4,057
608 Costs and estimated earnings in excess of
billings on contracts in progress 4,458 2,597
Inventories 3,023 3,287 Other current assets
438
235
Total current assets 29,157 28,404 Property, plant
and equipment, net 14,124 14,439 Deferred taxes
1,881 2,440 Other assets 416 68
Intangible assets
225
254
Total assets
$45,803
$45,605
Liabilities and stockholders'
equity Current liabilities:
Accounts payable $751 $743
Accrued expenses and other current liabilities 2,607
1,943 Current portion of long-term debt 300 300
Billings in excess of costs and estimated
earnings on contracts in progress 216 5,262
Deferred revenue
499
78
Total current liabilities 4,373 8,326 Long-term debt
2,740
2,966
Total liabilities 7,113 11,292
Total stockholders' equity
38,690
34,313
Total liabilities and
stockholders' equity
$45,803
$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
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171114006363/en/
CVD Equipment CorporationGina Franco,
631-981-7081Fax:
631-981-7095investorrelations@cvdequipment.com
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