Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > CVD Equipment Corporation Announces Record 3 and 6 Month Revenues

Abstract:
CVD Equipment Corporation (Nasdaq: CVV) today announced that it has achieved record 3 and 6 month revenues and its fifteenth consecutive profitable quarter. Revenue for the three and six months ending June 30, 2008 was approximately $4,269,000 and $8,312,000 compared to $3,071,000 and $6,883,000 for the three and six months ending June 30, 2007, an increase of 39.0% and 20.8% as we continue to experience an increasing demand for our products. We attribute the increase in revenue from the increased marketing and selling effort for all of our products that was started in 2007. Our overall gross profit percentage decreased to 27.0% and 28.5% for the current three and six month period compared to 38.1% and 35.3% for the same periods one year ago. The decrease is a result of implementing our previously stated expansion plans of adding engineering and production personnel necessitated by the increase in quotation activity, orders, expansion of our First Nano Laboratory and new product development in the Nanomaterials, Solar, Energy and Semiconductor fields. Selling, general and administrative expenses for the three and six months ending June 30, 2008 increased by approximately $134,000 and $296,000 or 14.1% to support our continued sales growth and expanded product development.

CVD Equipment Corporation Announces Record 3 and 6 Month Revenues

RONKONKOMA, NY | Posted on August 14th, 2008

As a result of the aforementioned increases in costs our net income for the current three and six months was approximately $7,000 and $26,000 respectively, or $0.00 and $0.01 per share basic and diluted compared to $165,000 and $261,000 or $0.05 and $0.08 per share basic and diluted for the three and six months ending June 30, 2007.

As of June 30, 2008 the Company's backlog was approximately $4,017,000, a decrease of $1,070,000 or 21.0% compared to $5,087,000 at December 31, 2007 and a 19% increase from March 31, 2008. 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 backlog 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 half revenues, order levels and significant 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. Our First Nano Laboratory expansion will enable us to further demonstrate our new and existing equipment platforms, processes and proprietary intellectual property. The additional personnel we hired earlier this year have enabled our key personnel to focus their efforts on selling into our traditional targeted market segments and to begin opening up new ones. 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.

I am pleased to add that based on new orders to date for third quarter 2008, and our strong quotation activity, we anticipate that in the second half of 2008, we will easily exceed the record order levels for the first half of 2008. In anticipation of this we expect to continue adding engineering and management personnel in the future."

####

About CVD Equipment Corporation
CVD Equipment Corporation is a global designer, manufacturer and supplier of equipment for use in manufacturing semiconductors, Leds, solar cells, carbon nanotubes, nanowires and equipment for gas handling and 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 company’s 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 Corporation’s 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 Corporation’s website does not constitute a part of this release.

CVD Equipment Corporation

Comparative Operating Results for the Three and Six Months ended June 30

 
 

 

Three months Ended

 

 

Six Months Ended

 

6/30/08

    6/30/07     6/30/08     6/30/07
Revenue $ 4,269,000   $ 3,071,000 $ 8,312,000   $ 6,883,000
Cost of revenue 3,117,000 1,900,000 5,944,000 4,455,000
 
Gross profit 1,152,000 1,172,000 2,369,000 2,427,000
Operating expenses 1,087,000 953,000 2,301,000 2,005,000
 
Operating income 65,000 218,000 68,000 423,000
Net income 7,000 165,000 26,000 261,000
Net income
Per share basic $ 0.00 $ 0.05 $ 0.01 $ 0.08
Per share diluted 0.00 0.05 0.01 0.08

Weighted average shares of
common stock outstanding

Basic 4,733,500 3,286,732 4,732,758 3,292,660
Diluted 4,765,278 3,438,212 4,765,766 3,432,092

For more information, please click here

Contacts:


CVD Equipment Corporation
Karen Hamberg, 631-981-7081
Fax: 631-981-7095

Copyright © Business Wire 2008

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

Display technology/LEDs/SS Lighting/OLEDs

Miniscule amounts of impurities in vacuum greatly affecting OLED lifetime December 30th, 2016

Trace metal recombination centers kill LED efficiency: UCSB researchers warn that trace amounts of transition metal impurities act as recombination centers in gallium nitride semiconductors November 3rd, 2016

Diamond nanothread: Versatile new material could prove priceless for manufacturing: Would you dress in diamond nanothreads? It's not as far-fetched as you might think November 3rd, 2016

Researchers surprised at the unexpected hardness of gallium nitride: A Lehigh University team discovers that the widely used semiconducting material is almost as wear-resistant as diamonds October 31st, 2016

Chip Technology

Seeing the quantum future... literally: What if big data could help you see the future and prevent your mobile phone from breaking before it happened? January 16th, 2017

NUS researchers achieve major breakthrough in flexible electronics: New classes of printable electrically conducting polymer materials make better electrodes for plastic electronics and advanced semiconductor devices January 14th, 2017

Nanoscale Modifications can be used to Engineer Electrical Contacts for Nanodevices January 13th, 2017

New laser based on unusual physics phenomenon could improve telecommunications, computing January 12th, 2017

Announcements

Nanoscale view of energy storage January 16th, 2017

Seeing the quantum future... literally: What if big data could help you see the future and prevent your mobile phone from breaking before it happened? January 16th, 2017

NUS researchers achieve major breakthrough in flexible electronics: New classes of printable electrically conducting polymer materials make better electrodes for plastic electronics and advanced semiconductor devices January 14th, 2017

Nanoscale Modifications can be used to Engineer Electrical Contacts for Nanodevices January 13th, 2017

Tools

Distinguishing truth under the surface: electrostatic or mechanic December 31st, 2016

Nanomechanics Inc. Continues Growth in Revenue and Market Penetration: Leading nanoindentation company reports continued growth in revenues and distribution channels on national and international scales December 27th, 2016

Nanometrics to Present at the 19th Annual Needham Growth Conference December 22nd, 2016

Safe and inexpensive hydrogen production as a future energy source: Osaka University researchers develop efficient 'green' hydrogen production system that operates at room temperature in air December 21st, 2016

Financial Reports

Arrowhead Pharmaceuticals to Webcast Fiscal 2016 Year End Results December 7th, 2016

Harris & Harris Group Issues Business Update and Reports Financial Statements as of September 30, 2016 November 9th, 2016

Nanometrics Reports Second Quarter 2016 Financial Results July 26th, 2016

Nanobiotix revenue for Q2 2016 July 14th, 2016

Solar/Photovoltaic

Stability challenge in perovskite solar cell technology: New research reveals intrinsic instability issues of iodine-containing perovskite solar cells December 26th, 2016

Going green with nanotechnology December 21st, 2016

Research Study: MetaSOLTM Shatters Solar Panel Efficiency Forecasts with Innovative New Coating: Coating Provides 1.2 Percent Absolute Enhancement to Triple Junction Solar Cells December 2nd, 2016

Throwing new light on printed organic solar cells December 1st, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project