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RONKONKOMA, N.Y., (Businesswire) - May 17, 2010 - (NASDAQ: CVV) CVD Equipment
Corporation today announced its financial results for the quarter ended March 31, 2010.
Gross profits increased by $80,000 to approximately $1,107,000 and our gross profit
percentage increased by 3.9% to 29.7% on revenue of $3,722,000 for the first quarter ending
March 31, 2010 compared to gross profits of approximately $1,027,000 and a gross profit
percentage of 25.8% on $3,985,000 of revenue for the quarter ending March 31, 2009. The
increase in gross profits and gross profit percentage is primarily attributable to our efforts to
streamline engineering and production personnel to achieve greater efficiencies as we continue to develop new products in the Nanomaterials, Solar, Energy, and Semiconductor fields, and continue the expansion of our Application Laboratory’s capabilities.
Loss from operations for the three months ended March 31, 2010 was reduced by 51.8% to
approximately $53,000 compared to a loss from operations of approximately $110,000 for the
three months ended March 31, 2009. Overall our net loss for the current quarter was
approximately $90,000 or ($0.02) per share basic and diluted compared to a net loss of
$86,000 or ($0.02) per share basic and diluted for the quarter ending March 31, 2009.
There was an increase of 17.4% in orders received during the current period (January 1, 2010
thru March 31, 2010) compared to orders received during the same period one year ago. This
was an increase of 50% over the period from October 1, 2009 to December 31, 2009.
However, our backlog at March 31, 2010 was $2,101,000, a decrease of $448,000 compared
to $2,549,000 at December 31, 2009. Timing for completion of the backlog varies depending
on the product mix and can be as long as two years. Order backlog usually is a reasonable
management tool to indicate expected revenues and projected profits, however it does not
provide an assurance of future achievement 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.
Leonard Rosenbaum, President and Chief Executive Officer stated, “We have seen an increase
in order and quotation demand in the first quarter and we expect this trend to continue at least in the near term. During the second quarter we will be introducing new products and services and expanding our marketing reach. We will be introducing a new First Nano EasyTube product – “ET101” - that will provide researchers with a sophisticated, high performance, entry level CVD System for basic research in the nano, solar, semiconductor and Mems markets. With the increase in current order and quotation levels we are also finding additional new endeavors for the use and application of our chemical vapor deposition tools in the manufacturing of Graphene films and Silicon Nanowires.”
CVD Equipment Corporation
Comparative Operating Results for the Three Months ended March 31,
|
2010 |
2009 |
| Revenue |
$3,722,000
|
$3,985,000 |
| Cost of Revenue |
$2,615,000 |
|
$2,958,000 |
| Gross Profit |
|
$1,107,000 |
|
$1,027,000 |
|
| Operating expenses |
|
$1,160,000 |
|
$1,137,000 |
| Net (loss) |
|
($90,000) |
|
($86,000) |
| Net (loss) per common share basic and diluted |
|
($0.02) |
|
($0.02) |
| Weighted average shares of common stock outstanding basic and diluted |
|
$4,775,575 |
|
$4,759,296 |
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) is a designer and manufacturer of standard and custom state-of-the-art equipment used in the development, design and manufacture of advanced electronic components, materials and coatings for research and industrial applications. It 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, carbon nanotubes, nanowires, LEDs, MEMS, industrial coatings and equipment for surface mounting of components onto printed circuit boards. It also operates an Application Laboratory, which develops and manufactures a range of nano and CVD based materials and develops related processes and manufacturing solutions.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release by CVD Equipment Corporation (“CVDEC”) as well as information included in oral or other written statements made or to be made by CVDEC, contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. 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, industry specific and general business conditions, competitive market conditions, success of CVDEC's growth and sales strategies, possible customer changes in delivery schedules, cancellation of orders, delays in product shipments, delays in obtaining parts from suppliers, failure to satisfy customer acceptance requirements and other risk factors described in CVDEC’s SEC filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof and CVDEC assumes no obligation to update this press release.
For further information regarding CVD please contact Investor Relations by Phone: (631) 981-7081, Fax: (631) 981-7095 or Email: investorrelations@CVDequipment.com or visit our website at www.CVDequipment.com |
