|By Business Wire||
|March 31, 2014 05:35 PM EDT||
CVD Equipment Corporation (NASDAQ:CVV) announced revenue and earnings for the year ending December 31, 2013.
On revenue of approximately $17,884,000 for the year ended December 31, 2013 the Company recorded a net loss of approximately $560,000 or $0.09 per basic and diluted share.
An expansion plan that began in 2011, to enable CVD Equipment Corporation to meet anticipated future production requirements, was completed in 2013 with the Company taking occupancy of its 130,000 square foot headquarters in Central Islip, New York. Our 2012 and 2013 results of operations were significantly impacted by this transaction due to the substantial amount of time and effort which was dedicated to purchasing, renovating and moving into the new facility. During this transition period the Company continued to increase and train additional sales, engineering and production staff in order to maximize productivity once the move was completed.
With the expansion of its Application Laboratory, CVD increased its research and development efforts towards producing higher efficiency material for a wide variety of growth markets to accelerate the introduction of nano materials into a range of products and applications marketed through our wholly owned subsidiary CVD Materials Corporation. During this period CVD increased our internally funded research and product development expenditures from $0 in 2011 to $389,000 in 2012 and $1,013,000 in 2013.
Additionally, during the transition period into the new facility, order acceptance levels were purposely reduced in order to maintain a more manageable backlog level during the transition. Order backlog usually is a reasonable management tool to indicate future revenues and profits, however it does not provide an assurance of future achievement of revenues or profits as order cancellations or delays are possible. Backlog from quarter to quarter can vary based on the timing of order placements and shipments.
The Company continues to maintain a strong cash position and a healthy working capital ratio despite the cash outlays for the new facility, internal R&D and the inherent inefficiencies of moving into new quarters.
Leonard Rosenbaum, President and Chief Executive Officer stated: “We had a difficult 2013 with getting the new facility operational. We added a significant amount of both space and new personnel and the effectiveness of both took longer to bring operational than was expected. I can happily say that this investment started to be recognized by our customers with the placement of orders in excess of $21,000,000 during the four months ending January 31, 2014 as reported in a press release on February 4, 2014. In another press release dated January 9, 2014, we reported the filing of provisional patents covering production of larger size, higher quality CVD graphene in increased quantity and at a lower cost. We believe that our internal investment in R&D was well spent and will keep us at the forefront in manufacturing of nanomaterials in the years to come.
I anticipate that 2014 order levels will exceed all previous year order levels and demonstrate that our difficult move to the new facility is behind us. Our quotation level continues to be very high and we have a very bright future. Our ability to work with customers to solve their process issues by defining, designing and manufacturing customized equipment for their production needs will continue to provide us with significant order levels. Our First NanoTM EasyTube® product family keeps us in the forefront of technology and continues to expand throughout the world in fields such as Nanotubes (Carbon and Boron Nitride), Graphene, Nanowires (Zinc Oxide, Gallium Nitride, Silicon,) Solar Cells, MEM’s, Energy generation and storage, Semiconductors and Light Emitting Diodes. Our Application Laboratory together with our wholly owned subsidiary, CVD Materials Corporation is providing research and implementation of our business plan to offer our assistance in accelerating the commercialization of the next generation products on CVD production equipment platforms. The Company plans to further expand our technology, products and customer base in 2014.”
CVD Equipment Corporation
Comparison of Consolidated Statements of Operations
For the Twelve Months Ended December 31, 2013 vs. December 31, 2012
- Per share basic
- Per share diluted
Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2013
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. CVD’s application laboratory focuses on higher efficiency nano and nano to macro material manufacturing for a wide variety of growth markets, which are marketed through our wholly owned subsidiary CVD Materials Corporation.
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.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
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