CVD Reports Second Quarter 2017 Results
CENTRAL ISLIP, N.Y.–(BUSINESS WIRE)–CVD Equipment Corporation (NASDAQ: CVV),
a leading provider of chemical vapor deposition systems, today announced
its second quarter 2017 financial results.
Revenue for the second quarter was $10.8 million, an increase of 12.2%
over the prior quarter and 189.3% from the same period last year. During
the quarter, the Company received approximately $6.0 million in new
orders. Backlog as of June 30, 2017 was $24.8 million.
“Solid execution of our growth strategy led to record revenue and strong
profitability in the quarter,” said Leonard Rosenbaum, President and
Chief Executive Officer. “As we deliver and execute on our large
aviation project and rebuild our core business pipeline, we are
achieving exceptional results. The strong performance of our systems in
the field and our ongoing development of additional coating products
will generate future demand in a variety of new and adjacent markets.”
Net income for the second quarter was $1.3 million compared to $1.0
million in the prior quarter and a loss of ($496,000) a year ago. Net
earnings per diluted share increased to $0.20 from $0.16 in the first
quarter and a net loss of ($0.08) in the second quarter of 2016.
The Company will hold a conference call to discuss its results today at
4:30 p.m. (Eastern Time). To participate in the live conference call,
please dial toll free (877) 407-0784 or International (201) 689-8560. A
telephone replay will be available for 7 days following the call. To
access the replay, dial (844) 512-2921 or (412) 317-6671. The replay
passcode is 13667684. A live and archived webcast of the call is also
available on the Company’s website at https://www.cvdequipment.com/events/category/investor-meetings/
CVD Equipment Corporation and Subsidiaries Condensed Consolidated Statements of Operations (In thousands except per share information) |
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Three Months Ended June 30 | Six months Ended June 30 | ||||||||
2017 | 2016 | 2017 | 2016 | ||||||
Revenue | $10,830 | 3,744 | $20,480 | 8,747 | |||||
Gross profit | 4,410 | 494 | 8,582 | 2,027 | |||||
Operating expenses | 2,580 | 1,475 | 5,034 | 3,540 | |||||
Operating income/(loss) | 1,830 | (980) | 3,548 | (1,513) | |||||
Net income/(loss) | 1,257 | (496) | 2,281 | (833) | |||||
Diluted earnings per share | $0.20 | $(0.08) | $0.36 | $(0.13) | |||||
CVD Equipment Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) |
||||
June 30, 2017 |
December 31, 2016 | |||
Assets |
||||
Current assets: | ||||
Cash and cash equivalents | $21,477 | $21,677 | ||
Accounts Receivable, net | 1,852 | 608 | ||
Costs and estimated earnings in excess of | ||||
billings on contracts in progress | 3,027 | 2,597 | ||
Inventories | 3,102 | 3,287 | ||
Other current assets | 344 | 235 | ||
Total current assets | 29,802 | 28,404 | ||
Property, plant and equipment, net | 14,280 | 14,439 | ||
Deferred taxes | 1,952 | 2,440 | ||
Other assets | 272 | 68 | ||
Intangible assets | 240 | 254 | ||
Total assets | $46,546 | $45,605 | ||
Liabilities and stockholders’ equity | ||||
Current liabilities: | ||||
Accounts payable | $1,173 | $743 | ||
Accrued expenses and other current liabilities | 2,122 | 1,943 | ||
Current portion of long-term debt | 300 | 300 | ||
Billings in excess of costs and estimated | ||||
earnings on contracts in progress | 2,985 | 5,262 | ||
Deferred revenue | 99 | 78 | ||
Total current liabilities | 6,678 | 8,326 | ||
Long-term debt | 2,816 | 2,966 | ||
Total liabilities | 9,494 | 11,292 | ||
Total stockholders’ equity | 37,052 | 34,313 | ||
Total liabilities and stockholders’ equity | $46,546 | $45,605 |
Earnings release should be read in conjunction with Company’s Annual
Report on Form 10-K for fiscal year ended December 31, 2016
About CVD Equipment Corporation
CVD
Equipment Corporation (NASDAQ: CVV)
designs, develops, and manufactures a broad range of chemical vapor
deposition, gas control, and other state-of-the-art equipment and
process solutions used to develop and manufacture materials and coatings
for research and industrial applications. This equipment is used by our
customers to research, design, and manufacture these materials or
coatings for aerospace engine components, medical implants,
semiconductors, solar cells, smart glass, carbon nanotubes, nanowires,
LEDs, MEMS, and other applications. Through our application laboratory,
we provide process development support and process startup assistance
with the focus on enabling tomorrow’s technologies™. Its wholly
owned subsidiary CVD Materials Corporation provides advanced metal
surface treatments and coatings serving demanding applications in the
biomedical, petroleum, pharmaceutical, and many other industrial markets.
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.
Contacts
CVD Equipment Corporation
Gina Franco, 631-981-7081
Fax:
631-981-7095
[email protected]