CVD Equipment Corporation (CVD) (NASDAQ: CVV), today announced its financial results for the three and nine months ended September 30, 2009.
As a result of higher gross profit margins due to the mix of projects being worked on and continuing cost containment efforts, CVD Equipment Corporation achieved net income of $103,000 or $0.02 per share basic and diluted for the current three month period compared to net income of approximately $129,000 or $0.03 per share basic and diluted for the same period one year ago. The Company achieved net income of approximately $27,000 or $0.01 per share basic and diluted for the nine months ended September 30, 2009 compared to net income of approximately $155,000 or $0.03 per share basic and diluted for the nine months ended September 30, 2008.
Revenue for the three and nine months ending September 30, 2009 was approximately $3,557,000 and $10,984,000 compared to $4,884,000 and $13,196,000 respectively for the three and nine months ending September 30, 2008. The Company continues to experience delays and reduced capital expenditures by potential customers due to current economic conditions.
As of September 30, 2009 the Company''s backlog was approximately $11,881,000, an increase of 126.7% over the backlog of $5,240,000 at September 30, 2008. However, the backlog decreased by $3,390,000 or 22.2% compared to $15,271,000 at December 31, 2008. Timing for completion of the backlog varies depending on the product mix and can be as long as two years. Order backlog is usually a reasonable management tool to indicate expected revenues and projected profits, however, it does not provide assurance of future achievement or profits as order cancellations or delays are possible. Backlog from quarter to quarter can vary based on the timing of order placements and shipments.
Leonard Rosenbaum, President and Chief Executive Officer stated, "The global economic downturn continues to negatively impact current sales and profitability. However, quotation activity is high and we feel we are in a strong position to weather the current economic conditions and respond positively as they improve. Our Application Laboratory continues to see increased customer usage and requirements to demonstrate new and existing equipment platforms, processes and proprietary intellectual property. This will further aid in our growth once global conditions start to change.”
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) is a designer and manufacturer of standard and custom 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, carbon nanotubes, nanowires, LEDs, MEMS, industrial coatings and equipment for surface mounting of components onto printed circuit boards.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release by CVD Equipment Corporation (CVD), as well as information included in oral or other written statements made or to be made by CVD, contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. 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, industry specific and general business conditions, competitive market conditions, success of CVD's growth and sales strategies, possible customer changes in delivery schedules, cancellation of orders, delays in product shipments, delays in obtaining parts from suppliers, failure to satisfy customer acceptance requirements and other risk factors described in CVD''s SEC filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof and although CVD believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved and assumes no obligation to update this press release.
CVD Equipment Corporation | ||||||||
Comparative Operating Results for the | ||||||||
| Three months Ended | Nine Months Ended | |||||||
| 9/30/09 | 9/30/08 | 9/30/09 | 9/30/08 | |||||
| Revenue | $3,557,000 | $4,884,000 | $10,984,000 | $13,196,000 | ||||
| Cost of revenue | 2,124,000 | 3,587,000 | 7,494,000 | 9,530,000 | ||||
| Gross profit | 1,433,000 | 1,297,000 | 3,490,000 | 3,666,000 | ||||
| Operating expenses | 1,250,000 | 1,228,000 | 3,392,000 | 3,529,000 | ||||
| Operating income | 183,000 | 69,000 | 98,000 | 137,000 | ||||
| Net income | 103,000 | 129,000 | 27,000 | 155,000 | ||||
| Net income | ||||||||
| Per share basic | $0.02 | $0.03 | $0.01 | $0.03 | ||||
| Per share diluted | 0.02 | 0.03 | 0.01 | 0.03 | ||||
| Weighted average shares of | ||||||||
| common stock outstanding | ||||||||
| Basic | 4,761,100 | 4,734,717 | 4,760,503 | 4,733,416 | ||||
| Diluted | 4,806,946 | 4,785,180 | 4,804,290 | 4,770,063 | ||||
Contacts:
CVD Equipment Corporation
Michael Gray (mgray@cvdequipment.com)
or
Investor
Relations:
Phone: 631-981-7081
Fax: 631-981-7095
Email: investorrelations@cvdequipment.com
