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CVD Equipment Corporation (Nasdaq: CVV) today announced record first quarter revenues and its fourteenth consecutive profitable quarter.
Revenue for the first quarter ending March 31, 2008 was approximately $4,043,000, compared to $3,811,000 for the quarter ending March 31, 2007, an increase of 6.1% as we continue to experience an increasing demand for our products. The overall gross profit percentage decreased to 30.1% for the current quarter compared to 33.0% for the same period one year ago. The decrease is a result of adding engineering and production personnel necessitated by the increase in orders, the expansion plans with our First Nano Laboratory and our new product development in the Nanomaterials, Solar, Energy and Semiconductor fields. General and administrative expenses for the three months ending March 31, 2008 increased by approximately $259,000 or 33.5% primarily as a result of having to expense $160,000 of additional workers' compensation contributions for the years 2000 through the first quarter of 2006. As a member of a self insured trust which was found to be underfunded we are liable for our share of the fund's shortfalls. Due to our expansion, we also incurred increased payroll and benefit costs, stock-based compensation and other professional fees during the three months ended March 31, 2008.
As a result of the aforementioned increases in costs our net income for the current quarter was approximately $19,000 or $0.00 per share basic and diluted compared to $96,000 or $0.03 per share basic and diluted for the quarter ending March 31, 2007
As of March 31, 2008 the Company's backlog was approximately $3,364,000, a decrease of $1,723,000 or 33.9% compared to $5,087,000 at December 31, 2007. Timing for completion of the backlog varies depending on the product mix, however, there is generally a one to six month lag in the completion and shipping of backlogged product. Backlog from quarter to quarter can vary based on the timing of order placements and shipments.
Leonard Rosenbaum, President and Chief Executive Officer stated, "Our record first quarter revenues and quotation activity show a strong acceptance of our equipment platforms. The additional sales, engineering and manufacturing expenditures we are currently incurring will further broaden the First Nano and CVD product lines. The First Nano Laboratory expansion will enable us to further demonstrate our new and existing equipment platforms, processes and IP. In addition, the programs we are developing with universities and industry for next generation products in the Nano Technology, Solar, Energy and Semiconductor fields will provide for our long term continuous growth. These factors will keep us on track with continued revenue growth in 2008 and provide a steady increase in revenue and profitability for future years."
About CVD Equipment Corporation
CVD Equipment Corporation, is a global designer, manufacturer and supplier of equipment for use in manufacturing semiconductors, solar cells, carbon nanotubes, nanowires and equipment for surface mounting of components onto printed circuit boards.
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the companyís business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in CVD Equipment Corporationís filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on CVD Equipment Corporationís website does not constitute a part of this release.
CVD Equipment Corporation Comparative Operating Results for the Three Months ended March 31, 2008 2007 Revenue $4,043,000 $3,811,000 Cost of revenue 2,826,000 2,555,000 Gross profit 1,217,000 1,256,000 Operating expenses 1,214,000 1,052,000 Net income 19,000 96,000 Net income Per share basic $0.00 $0.03 Per share diluted 0.00 0.03 Weighted average shares of common stock outstanding Basic 4,732,016 3,284,589 Diluted 4,766,245 3,413,792
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