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CVD Equipment Corporation Announces First Quarter Results
RONKONKOMA, N.Y., (PR Newswire)-May 13, 2005-CVD Equipment Corporation (Amex: CVV - News),
a global designer, manufacturer and supplier of equipment primarily used in the semiconductor
and printed circuit board industries, today announced its financial results for the first quarter
ended March 31, 2005.
Revenue for the first quarter ending March 31, 2005 was $2,398,000, compared to $2,192,000 for
the quarter ending March 31, 2004, representing an increase of 9.4%. The overall gross profit
percentage increased in the quarter ending March 31, 2005 by 19.7%, to 32.2 % from 26.9% during the
quarter ending March 31, 2004. The increase in gross revenue and gross margin resulted in the Company
generating net income of $1,000 or $0.0 per share basic and diluted for the current period compared
to a net loss of $92,000 or ($.03) per share basic and diluted for the comparable quarter one year ago.
At March 31, 2005 our order backlog, this is comprised of customer orders that are expected to ship with
the next six months, decreased by 16.7% to approximately $2,023,000 from $2,430,000 at December 31, 2004.
Our backlog at any specific point in time is not necessarily indicative of actual revenues or earnings
for any succeeding period due to possible customer changes in delivery schedules or cancellation of
orders, and because backlog does not provide any assurance of a profit from these orders.
Leonard Rosenbaum, President and Chief Executive Officer stated, "We are pleased with our percentage
increase in gross profits year over year which is a direct result of our vertical integration, engineering,
cost reductions and increase in productivity. The gross profit increase should provide for improved
earnings in future quarters. Order levels during the first quarter were slow but in the beginning of
the second quarter we have seen order levels increase at a rate greater than in the first quarter."
Statements in this press release may be "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. words such as "anticipate," "believe," "estimate," "expect,"
"intend" and similar expressions, as they relate to the company or its management, identify forward-looking
statements. These statements are based on current expectations, estimates and projections about the company's
business based, in part, on assumptions made by management. These statements are not guarantees of future performance
and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual
outcomes and results may, and probably will, differ materially from what is expressed or forecasted in
such forward-looking statements due to numerous factors, including those described above and those
risks discussed from time to time in CVD Equipment Corporation's filings with the Securities and
Exchange Commission. In addition, such statements could be affected by risks and uncertainties related
to product demand, market and customer acceptance, competition, pricing and development difficulties,
as well as general industry and market conditions and growth rates and general economic conditions.
Any forward-looking statements speak only as of the date on which they are made, and the company does
not undertake any obligation to update any forward-looking statement to reflect events or circumstances
after the date of this release. Information on CVD Equipment Corporation's website does not constitute
a part of this release.
CVD Equipment Corporation
Comparative Operating Results for the Three Months ended March 31
2005 2004
Revenue
$2,398,000
$2,192,000
Net
Income
1,000
(92,000)
Net Income Per share
basic and
diluted
$.0.00
$(0.03)
Weighted Average Shares of Common Stock
Outstanding Basic
3,039,100
3,039,100 Diluted 3,048,815
3,039,100
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