SYS-CON MEDIA Authors: Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White

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
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "the new virtualization." But containers are more than lightweight virtual machines. Beyond their small...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the ...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's

"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment...