Click here to close now.

Welcome!

News Feed Item

CVD Reports 108% Order Increase in Q2

CVD Equipment Corporation (NASDAQ:CVV), a leading provider of custom chemical vapor deposition systems, today announced its financial results for the three and six months ended June 30, 2014.

CVD reported new orders of approximately $5,364,000 for the three months ended June 30, 2014 compared to new orders totaling $2,574,000 for the three months ended June 30, 2013, an increase of 108%. Revenue for the three months ended June 30, 2014 was $6,107,000 compared to $4,848,000 for the three months ended June 30, 2013, an increase of 26%. The Company recorded pre-tax income of $141,000 and net income of $202,000 or $0.03 per share basic and diluted during this 2nd quarter of 2014 compared to pre-tax income of $1,005,000 and $874,000 or $0.14 per share basic and diluted for the three months ended June 30, 2013. Last year’s results for the three months ended June 30, 2013 included the one-time capital gain of $887,000 on the sale of our former headquarters.

CVD reported new orders of approximately $21,089,000 for the six months ending June 30, 2014, an increase of 267% over the $5,748,000 of new orders for the six months ended June 30, 2013. Revenue for the six months ended June 30, 2014 was approximately $10,492,000, surpassing by 26.4% the revenue of $8,298,000 achieved in the six months ended June 30, 2013. The Company recorded pre-tax income of $92,000 during the six months ended June 30, 2014 compared to pre-tax income of $102,000 for the six months ended June 30, 2013. During the six months ended June 30, 2014, the Company sustained a net loss of $($66,000) or ($0.01) per share both basic and diluted, primarily the result of a one-time write off of state-level deferred tax assets of $381,000 due to the elimination of NYS income tax for qualified manufacturing companies such as CVD. During the six months ended June 30, 2013, the Company reported net income of $434,000 which included a one-time capital gain of $887,000 on the sale of our former headquarters.

The Company continues to maintain a strong cash position of approximately $9,400,000. The backlog as of June 30, 2014 was approximately $14,514,000 compared to the backlog of $5,516,000 as of June 30, 2013. Although timing for completion of backlog varies depending on the product mix and can be as long as two years, the Company believes a significant portion of its current backlog will be completed within the next twelve months.

Leonard Rosenbaum, President and Chief Executive Officer, stated: “We continue to see opportunities in the key markets we are pursuing. Chemical vapor deposition applications in aerospace, medical, research and production equipment for nano materials will continue to drive our business. We are happy to announce that in the later part of Q2, 2014 we received a follow on order from a major medical supply company for additional deposition systems to coat implants. The use of chemical vapor deposition equipment in the medical and aerospace fields will continue growing in the future.

“Our Application Laboratory continues to advance technology for Graphene, Nanowires and Nanotube materials and work with potential end users to apply this technology to advance these nano materials into large volume, value added products. Our custom CVD solutions and systems are provided to industrial customers to help scale up their production requirements. We anticipate that we will continue to grow our orders and revenue in the second half of the year.”

                   

CVD Equipment Corporation

Comparison of Consolidated Statements of Operations

For the

 

Three Months Ended

Six Months Ended

6/30/2014 6/30/2013 6/30/2014   6/30/2013
Revenue $ 6,107,000 $ 4,848,000 $ 10,492,000 $ 8,298,000
Gross profit 2,235,000 1,785,000 4,019,000 2,572,000
Operating income 158,000 1,043,000 108,000 173,000
Pre-tax income 141,000 1,005,000 92,000 102,000
Net income/(loss) 202,000 874,000 (66,000 ) 434,000
Net earnings

- Per share basic

0.03 $ 0.14 $ (0.01 ) $ 0.07

- Per share diluted

0.03 $ 0.14 $ (0.01 ) $ 0.07
Stock Outstanding

- Basic

6,112,357 6,069,977 6,114,716 6,062,898

- Diluted

6,224,948 6,179,965 6,114,716 6,177,832
 
Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2013
 

About CVD Equipment Corporation

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations migh...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...