CVD Reports Record-Breaking First Quarter Results
CVD Equipment Corporation (NASDAQ:CVV) announced record-breaking revenues for the three months ended March 31, 2015.
CVD’s record $9.7 million revenue for the quarter ending March 31, 2015 was 120% higher than the $4.4 million of revenue recognized for the comparable quarter ending March 31, 2014. Net earnings for the current quarter were $668,000, compared to a net loss of ($268,000) for the quarter ending March 31, 2014. As a result, the Company reported earnings of $0.11 per share basic and diluted compared to a net loss of ($0.04) per share basic and diluted.
The Company continued to maintain a strong backlog of $16.6 million, an increase of 9% over the backlog total as of March 31, 2014. The timing of the receipt of an order is subject to various factors, some of which are not in our control. As a result, our order levels from period to period, tend to be uneven. Order levels attained in one three month period are not necessarily indicative of order levels that will be attained in future periods. 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.
The Company continues to maintain a strong cash position and a healthy working capital ratio.
Leonard Rosenbaum, President and Chief Executive Officer stated: “I am pleased to report the record revenue achieved in the last quarter. The increase in revenue is a reflection of the Company’s execution of the backlog and improved operations at the facility we relocated to approximately two years ago. I am also happy to say that we are in the front end of a multi-unit production phase with one of our customers in the medical field and the initial production phase for a customer in aerospace that they anticipate will be a multi-year, multi-unit program. The equipment we have delivered to each customer is in operation or in the installation phase. Over the long term we expect the business from these customers to be significant however, due to our customers’ build out plans, order levels for the multi-unit production equipment can vary greatly from quarter-to-quarter. Based on the interest in our products our pipeline is strong and we expect continued growth in orders going forward. The advances we have also made in i) deposition equipment for the medical and aerospace applications, ii) custom chemical vapor deposition systems iii) graphene production, and iv) equipment for research will continue to fuel our growth.”
|CVD Equipment Corporation|
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Weighted average shares of common stock outstanding
Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2014
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.
The above includes a summary of the Company’s financial results for the three months ended March 31, 2015 and 2014, but is not intended to replace the full financial disclosure reported on Form 10-K for the year ended December 31, 2014, that the Company filed with the Securities and Exchange Commission on March 31, 2015. Please refer to that document for additional information.
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