|By Business Wire||
|May 15, 2014 05:06 PM EDT||
CVD Equipment Corporation (NASDAQ:CVV) announces its financial results for the three months ended March 31, 2014.
New orders of approximately $15,725,000 were received during the three months ended March 31, 2014 compared to approximately $3,174,000 of new orders received during the three months ended March 31, 2013, Revenues for the current three month period were $4,385,000 an increase of $935,000 or 27.1% compared to revenues of $3,450,000 for the three month period ending March 31, 2013. This influx of new orders brought the backlog levels to $15,257,000 at March 31, 2014 compared to $3,917,000 at December 31, 2013. Timing for completion of the backlog varies depending on the product mix and can range between three months and two years.
The Company, as a result of the increased revenue and higher gross margins for the current three month period, reduced its loss from operations to approximately ($50,000) compared to a loss from operations of approximately ($870,000) for the three months ended March 31, 2013. In April of 2014, New York State eliminated the state income tax for qualified manufacturing companies such as CVD. Due to this change in tax law, the Company was required to write off state-level deferred tax assets of $381,000 which would have been used to offset future taxes payable to New York State. Consequently, we reported a net loss of approximately ($268,000) or ($0.04) per share basic and diluted compared to a net loss of ($440,000) or ($0.07) per share basic and diluted. Without this one time write off which resulted from the change in the New York State tax law, the Company would have posted net earnings of approximately $142,000 or $0.02 per share basic and diluted.
The Company continues to maintain a strong cash position and a healthy working capital ratio.
Leonard Rosenbaum, President and Chief Executive Officer stated: “The increase in new orders are a reflection of the Company’s ability to now commit its efforts towards the operations of the business and leave the matters of moving into our new headquarters behind. Based on the interest in our products and current quotation levels we expect continued growth in orders and resulting profits going forward. The advances we have made in i) Graphene production, ii) deposition equipment for the medical and aerospace applications, iii) custom chemical vapor deposition systems and iv) equipment for research will continue to fuel our growth.”
CVD Equipment Corporation
Comparison of Consolidated Statements of Operations
For the Three Months Ended March 31, 2014 vs. March 31, 2013
|Net loss per common share|
Weighted average shares of common stock outstanding
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.
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