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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.

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