Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > CVD Equipment Corporation, a leading provider of custom chemical vapor deposition systems, today announced record Revenue, Income and Backlog.

Abstract:
CVD Equipment Corporation, a leading provider of custom chemical vapor deposition systems, today announced record Revenue, Income and Backlog.

CVD Equipment Corporation, a leading provider of custom chemical vapor deposition systems, today announced record Revenue, Income and Backlog.

Ronkonkoma, NY | Posted on August 10th, 2011

Revenue for the three and six months ended June 30, 2011 was $7,508,000 and $13,713,000 respectively, an increase of 122.1% and 93.1% over the $3,381,000 and $7,103,000 revenue achieved during the three and six months ended June 30, 2010.

Income from operations for the three and six months ended June 30, 2011 was $1,202,000 and $2,079,000 as compared to income of $126,000 and $73,000 respectively for the three and six months ended June 30, 2010.

Net Income of $778,000 for the three months ended June 30, 2011 resulted in earnings of $0.15 per share, basic and $0.14 per share diluted as compared with net income of $104,000 or $0.02 per share, basic and diluted for the three months ended June 30, 2010. Net income of $1,466,000 for the six months ended June 30, 2011 resulted in earnings of $0.29 per share, basic and $0.28 per share diluted compared to a net loss of ($30,000) or ($0.00) per share basic and diluted for the six months ended June 30, 2010.

Backlog as of June 30, 2011 was $22,208,000. This record backlog is an increase of 376.2% from the backlog of $4,664,000, reported for June 30, 2010. In addition, the backlog has increased 123.3% from the backlog total of $9,944,000 that we reported for December 31, 2010. During the six months ended June 30, 2011, we received approximately $24,700,000 in new orders. Timing for completion of the backlog varies depending on the product mix and can be as long as two years. Order backlog usually is a reasonable management tool to indicate future revenues and profits, however it does not provide an assurance of future achievement of revenues 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.

During the three month period ended June 30, 2011 we raised approximately $10,000,000 from the successful public offering of common stock. This capital will be used to further expand our operations to support the increased order levels and to explore additional growth opportunities.

Additionally, on August 5, 2011, we entered into a $7.0 million revolving credit line with HSBC Bank, USA at better terms than our previous $5 million line of credit with Capital One, N.A. which expired on August 1, 2011.

Leonard Rosenbaum, President and Chief Executive Officer stated, "During the 1st and 2nd quarter we continued to convert into increased revenue and profits the higher backlog of orders we started receiving during the second half of 2010 and our backlog has continued to increase during both Q1 and Q2 in 2011 to record levels. In addition, a new order in Q2 included a new endeavor for a custom CVD production solution for a medical application. We continue seeing high quotation and order levels for the First Nano/CVD Division and thru our Application Laboratory, we are also continuing to find new opportunities for custom chemical vapor deposition solutions as well as their usage in manufacturing of Graphene films, Silicon Nanowires and a range of nano materials that address solar, energy generation and energy storage markets".

CVD Equipment Corporation
Comparative Operating Results for the

Three Months Ended

Six Months Ended

6/30/2011 6/30/2010

6/30/2011

6/30/2010
Revenue $ 7,508,000 $ 3,381,000 $ 13,713,000 $ 7,103,000
Cost of revenue $ 4,635,000 $ 2,158,000 8,557,000 4,774,000
Gross profit $ 2,873,000 $ 1,223,000 5,157,000 2,329,000

Operating expenses


$

1,671,000

$

1,097,000

$

3,078,000

$

2,257,000

Net income (loss) $ 778,000 ($126,000 ) 2,074,000 (30,000 )

Net income (loss) per
common share

Basic $ 0.15 $ 0.02 $ 0.29 ($0.00 )
Diluted $ 0.14 $ 0.02 $ 0.28 ($0.00 )

Weighted average
shares of

common stock
outstanding

Basic 5,211,190 4,778,325 5,019,562 4,776,950
Diluted 5,467,704 4,813,007 5,264,530 4,817,616

####

About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) is a designer and manufacturer of custom and standard 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, graphene, carbon nanotubes, nanowires, LEDs, MEMS, smart glass coatings, battery and/or ultra capacitor materials, medical coatings, 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 CVD assumes no obligation to update this press release.

For more information, please click here

Contacts:
CVD Equipment Corporation
Karen Hamberg, (631) 981-7081
Investor Relations
Fax: (631) 981-7095

Copyright © Business Wire

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

News and information

Zap! Graphene is bad news for bacteria: Rice, Ben-Gurion universities show laser-induced graphene kills bacteria, resists biofouling May 22nd, 2017

Leti Will Demo World’s-first WVGA 10-µm Pitch GaN Microdisplays for Augmented Reality Video at Display Week in Los Angles: Invited Paper also Will Present Leti’s Success with New Augmented Reality Technology That Reduces Pixel Pitch to Less than 5 Microns May 22nd, 2017

Sensors detect disease markers in breath May 19th, 2017

Graphene-nanotube hybrid boosts lithium metal batteries: Rice University prototypes store 3 times the energy of lithium-ion batteries May 19th, 2017

Chip Technology

Plasmon-powered upconversion nanocrystals for enhanced bioimaging and polarized emission: Plasmonic gold nanorods brighten lanthanide-doped upconversion superdots for improved multiphoton bioimaging contrast and enable polarization-selective nonlinear emissions for novel nanoscal May 19th, 2017

Oddball enzyme provides easy path to synthetic biomaterials May 17th, 2017

Racyics Launches ‘makeChip’ Design Service Platform for GLOBALFOUNDRIES’ 22FDX® Technology: Racyics will provide IP and design services as a part of the foundry’s FDXcelerator™ Partner Program May 11th, 2017

Researchers develop transistors that can switch between two stable energy states May 9th, 2017

Announcements

Zap! Graphene is bad news for bacteria: Rice, Ben-Gurion universities show laser-induced graphene kills bacteria, resists biofouling May 22nd, 2017

Leti Will Demo World’s-first WVGA 10-µm Pitch GaN Microdisplays for Augmented Reality Video at Display Week in Los Angles: Invited Paper also Will Present Leti’s Success with New Augmented Reality Technology That Reduces Pixel Pitch to Less than 5 Microns May 22nd, 2017

Sensors detect disease markers in breath May 19th, 2017

Graphene-nanotube hybrid boosts lithium metal batteries: Rice University prototypes store 3 times the energy of lithium-ion batteries May 19th, 2017

Tools

Plasmon-powered upconversion nanocrystals for enhanced bioimaging and polarized emission: Plasmonic gold nanorods brighten lanthanide-doped upconversion superdots for improved multiphoton bioimaging contrast and enable polarization-selective nonlinear emissions for novel nanoscal May 19th, 2017

The brighter side of twisted polymers: Conjugated polymers designed with a twist produce tiny, brightly fluorescent particles with broad applications May 16th, 2017

Racyics Launches ‘makeChip’ Design Service Platform for GLOBALFOUNDRIES’ 22FDX® Technology: Racyics will provide IP and design services as a part of the foundry’s FDXcelerator™ Partner Program May 11th, 2017

UnitySC Announces Wafer Thinning Inspection System; Win from Power Semiconductor IDM for Automotive: Leading IDM Selects New 4See Series Automated Defect Inspection Platform for Power Semiconductor Automotive Applications May 11th, 2017

Financial Reports

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

Nanometrics to Announce First Quarter Financial Results on May 2, 2017 April 11th, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 First Quarter Results January 31st, 2017

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