CVD Equipment Corporation Fiscal Year 2010 Results
RONKONKOMA, N.Y., (Business Wire) – March 7, 2011 – CVD Equipment Corporation (NASDAQ: CVV) announced a seventh consecutive profitable year.
On revenue of approximately $5,123,000 for the three months ended December 31, 2010 we achieved net earnings of $375,000 or $0.08 per basic and diluted share and on revenue of approximately $16,258,000 for fiscal year ended December 31, 2010 we achieved net earnings of $532,000 or $0.11 per basic and diluted share.
Revenue for fiscal year ended December 31, 2010 increased due to increasing demand for energy saving and energy generation materials and products needed to address rising energy costs. This creates a growing need for solutions using nanotechnology and thin film coatings on glass, wafers and other substrates or materials.
Gross profit margin for Q4, 2010 was 41.6%, raising the overall gross profit margin for fiscal year ended December 31, 2010 to 36.2%. This was accomplished through a combination of greater efficiencies in purchasing and labor on an increase in revenue, a trend we expect to continue.
Leonard Rosenbaum, President and Chief Executive Officer stated, “2010 started slow but finished with a significant increase in order levels and revenue. Our quotation level continues to remain very high and with our backlog on December 31, 2010 of approximately $9.9M and our previous announcement of $9.3M in new orders in January, 2011, we expect 2011 to easily exceed all previous years in new orders, revenue and profit. Additionally, we believe this trend will continue in subsequent years. Our ability to work with customers to solve their process issues and define the equipment needed to meet their production needs will continue to provide significant order levels in both the near and long term. Our First Nano™ - EasyTube™ product line keeps us in the forefront of technology and continues to expand by serving University, Industrial and Government Research Laboratories and Startup companies throughout the world in fields such as Nanotubes (Carbon and Boron Nitride), Graphene, Nanowires (Zinc Oxide, Gallium Nitride, Silicon,) Solar Cells, MEM’s, Energy, Semiconductors and Light Emitting Diodes. Our Application Laboratory is providing research and the further implementation of our business plan to offer our assistance in accelerating the commercialization of the next generation products on CVD production equipment platforms. The Company will continue to expand our technology, products, customer base and revenues for 2011”.
Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2010.
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.