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
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
Your clients expect transactions to never fail, cloud access to be fast and always on, and their data to be protected - no exceptions. Hear about how Secure Service Container (SSC), an IBM-exclusive open technology, enables secure building and hosting of next-generation applications, both cloud and on-premises. SSC protects the full stack from external and insider threats, allows automatic encryption of data in-flight and at-rest, and is tamper-resistant during installation and runtime – with no...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, will discuss how data centers of the future will be managed, how th...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...