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CVD Equipment Corporation (CVV 3.55, +0.19, +5.66%) today announced its financial results for the three and six months ended June 30, 2010.
We achieved net income of approximately $104,000 or $0.02 per share basic and diluted and $13,000 or $0.00 per share basic and diluted for the three and six months ended June 30, 2010 compared to net income of approximately $11,000, or $0.00 per share basic and diluted for the three months ended June 30, 2009 and a net loss of approximately $76,000 or ($0.02) per share basic and diluted for the six months ended June 30, 2009. We achieved profitability by our efforts in cost containment and the mix of product sales in the 1st half of 2010. This enabled us to increase gross profit levels by 18.7% and 13.2% respectively to approximately $1,223,000 and $2,329,000 on decreased revenue of 1.8% and 4.4% respectively for approximately $3,381,000 and $7,103,000 for the three and six months ended June 30, 2010 compared to gross profit levels of $1,030,000 and $2,057,000 on revenue of approximately $3,442,000 and $7,427,000 respectively for the three and six months ended June 30, 2009.
During the first and second quarter of 2010, the markets in which we sell our equipment improved and we received approximately $9.3 million in new orders, the highest level of orders ever received during a January to June six month period. This is a strong indication that we are positioned with the right products and capabilities to meet our customer requirements. Based on the markets we serve in Nanotechnology and Energy, we expect this trend to continue both in the short and long term.
We continue to utilize and expand our Application Laboratory capabilities for new product developments and increasing customer material requirements in the Alternative Energy, Solar, Nanomaterial and Semiconductor fields.
As of June 30, 2010 our backlog was approximately $4,664,000, an increase of 83.0% over the backlog of $2,549,000 at December 31, 2009. 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 and project delays are possible. Quarter to quarter backlog can vary based on the timing of order placements and shipments.
Leonard Rosenbaum, President and Chief Executive Officer stated, "The current increase in order levels is due to the steady growing acceptance of our products over many years. Our First Nano product line is being accepted world-wide as the leading platform for R&D at industrial, government and university research laboratories. The accelerating sales of FirstNano products insure we continue to be at the forefront of next generation products and process developments. Our custom CVD Equipment product line is providing state-of-the-art industrial products for a wide range of applications to customers throughout the world in the fields of Solar, Superconductivity, Electronics, Energy and Nanotechnology. The customer relationships we have developed and the acceptance of our designs, technology and manufacturing capability over 28 years provides us with an ever increasing loyal customer base and opportunities to constantly grow our business. The current trend is not an aberration, it is a trend that started 28 years ago with the hard work of our dedicated employees and has been continually gaining mass like a snowball going down a hill."
CVD Equipment Corporation is a global designer and manufacturer of equipment for use in research and manufacturing of semiconductors, solar cells, nanotubes, nanowires, products requiring chemical vapor deposition and equipment for gas handling and 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 CVD assumes no obligation to update this press release.
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CVD Equipment Corporation
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