|By Business Wire||
|November 21, 2012 05:23 PM EST||
(NASDAQ: CVV – News) CVD Equipment Corporation, a leading provider of custom chemical vapor deposition systems, today announced its financial results for the three and nine months ended September 30, 2012.
Having determined that larger quarters were required to facilitate the growth of CVD, First Nano and the Application Laboratory, the Company is replacing its two Long Island buildings with a new building (also on Long Island) which will double the facility size to 130,000 square feet. As a result of management focusing its efforts to relocate to the new facility in Central Islip, New York, revenue, net income and backlog for the three and nine months ended September 30, 2012 have all decreased compared to the three and nine months ended September 30, 2011.
Revenue for the three and nine months ended September 30, 2012 was $4,696,000 and $18,945,000 respectively, compared to $8,844,000 and $22,558,000 for the three and nine months ended September 30, 2011. Net income for the three and nine months ended September 30, 2012 was $180,000 and $1,229,000, or $0.03 per share both basic and diluted for the three month period and $0.21 per share basic and $0.20 per share diluted for the nine month period respectively. This is compared to $1,239,000 and $2,704,000, $.21 per share basic and $0.20 diluted for the three month period ended September 30, 2011 and $0.51 per share basic and $0.49 per share diluted for the nine months ended September 30, 2011. Our backlog at September 30, 2012 was $8,692,000 compared to $16,198,000 at December 31, 2011.
The building that housed CVD’s Application Laboratory was sold in April, 2012, resulting in a capital loss of approximately $694,000 or $0.12 per share pre-tax for the current nine month period. Sale of the 2nd building currently housing CVD/First Nano is in contract, expected to generate a capital gain, and scheduled to close on or around December 31, 2012. The Company anticipates the net effect of these two real estate transactions, when completed, will result in an overall net capital gain.
In addition to the condensed statement of operations in accordance with GAAP, we have included a pro-forma statement of income from operations excluding the effect of the capital loss on the sale of the building which housed the Application Laboratory.
Leonard Rosenbaum, President and Chief Executive Officer stated, “Starting in Q2 we re-directed some of our manpower toward the new facility into which we will start moving shortly. In Q3 we expanded our sales effort with additional representatives, sales assistants, and direct sales personnel. Although we have allowed our backlog to decrease to a more manageable level to ease the transition into our new quarters, based on the continuing high level of interest in our products, we are confident that orders will increase in 2013. Space limitations in our current facility hindered our ability to take on larger size orders, expand overall production and add additional engineering and management personnel to support our growth. The new 2 times larger facility will enable our growth to continue both in equipment and materials with no significant increase in operating costs.”
|CVD Equipment Corporation|
|Comparative Operating Results for the Three Months Ended September 30,|
|(In thousands, except for per share amounts)|
|Three Months Ended|
|Cost of revenue||2,950||5,670|
|Selling, general & administrative||1,398||1,786|
|Other (expenses) income||(55)||46|
|Income before income taxes||293||1,434|
|Income tax expense||113||196|
|Weighted average shares:|
|Common stock - Basic||6,047||5,839|
|Common stock - Diluted||6,201||6,113|
|CVD Equipment Corporation|
|Comparative Operating Results for the Nine Months Ended September 30,|
|(In thousands, except for per share amounts)|
Includes Sale of Building
Excludes Sale of Building
|Nine Months Ended||Nine Months Ended|
|September 30, Pro Forma|
|Cost of revenue||11,554||14,226||11,554||14,226|
|Selling, general & administrative||4,765||4,865||4,765||4,865|
|Loss on sale of building||694||--||--||--|
|Other income (expenses)||(99)||42||(99)||42|
|Income before income taxes||1,833||3,509||2,527||3,509|
|Income tax expense||604||804|
|Weighted average shares:|
|Common stock – Basic||5,994||5,296|
|Common stock – Diluted||6,159||5,544|
CVD Equipment Corporation (NASDAQ: CVV) is a designer and manufacturer of custom and standard state-of-the-art equipment used in the development, design and manufacture of advanced electronic components, materials and coatings for research and industrial applications. CVD offers a broad range of chemical vapor deposition, gas control, and other equipment that is used by customers to research, design and manufacture semiconductors, solar cells, graphene, carbon nanotubes, nanowires, LEDs, MEMS, smart glass coatings, batteries, ultra capacitors, medical coatings, industrial coatings and equipment for surface mounting of printed circuit components.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release by CVD, as well as information included in oral or other written statements made or to be made by CVD, contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. 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, industry specific and general business conditions, competitive market conditions, success of CVD's growth and sales strategies, possible customer changes in delivery schedules, cancellation of orders, delays in product shipments, delays in obtaining parts from suppliers, failure to satisfy customer acceptance requirements and other risk factors described in CVD’s SEC filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof and CVD assumes no obligation to update this press release.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 30, 2016 03:00 AM EDT Reads: 1,637
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 30, 2016 02:45 AM EDT Reads: 1,483
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Jul. 30, 2016 02:15 AM EDT Reads: 1,184
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 02:00 AM EDT Reads: 1,685
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Jul. 30, 2016 12:30 AM EDT Reads: 2,130
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Jul. 30, 2016 12:30 AM EDT Reads: 2,336
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jul. 29, 2016 10:15 PM EDT Reads: 2,075
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 29, 2016 10:00 PM EDT Reads: 1,289
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 29, 2016 09:45 PM EDT Reads: 1,499
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 29, 2016 08:00 PM EDT Reads: 2,749
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Jul. 29, 2016 07:45 PM EDT Reads: 1,186
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Jul. 29, 2016 06:15 PM EDT Reads: 962
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 29, 2016 06:00 PM EDT Reads: 936
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 29, 2016 05:15 PM EDT Reads: 396
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 29, 2016 05:15 PM EDT Reads: 988