|By Business Wire||
|November 21, 2012 05:23 PM EST||
(NASDAQ: CVV – News) CVD Equipment Corporation, a leading provider of custom chemical vapor deposition systems, today announced its financial results for the three and nine months ended September 30, 2012.
Having determined that larger quarters were required to facilitate the growth of CVD, First Nano and the Application Laboratory, the Company is replacing its two Long Island buildings with a new building (also on Long Island) which will double the facility size to 130,000 square feet. As a result of management focusing its efforts to relocate to the new facility in Central Islip, New York, revenue, net income and backlog for the three and nine months ended September 30, 2012 have all decreased compared to the three and nine months ended September 30, 2011.
Revenue for the three and nine months ended September 30, 2012 was $4,696,000 and $18,945,000 respectively, compared to $8,844,000 and $22,558,000 for the three and nine months ended September 30, 2011. Net income for the three and nine months ended September 30, 2012 was $180,000 and $1,229,000, or $0.03 per share both basic and diluted for the three month period and $0.21 per share basic and $0.20 per share diluted for the nine month period respectively. This is compared to $1,239,000 and $2,704,000, $.21 per share basic and $0.20 diluted for the three month period ended September 30, 2011 and $0.51 per share basic and $0.49 per share diluted for the nine months ended September 30, 2011. Our backlog at September 30, 2012 was $8,692,000 compared to $16,198,000 at December 31, 2011.
The building that housed CVD’s Application Laboratory was sold in April, 2012, resulting in a capital loss of approximately $694,000 or $0.12 per share pre-tax for the current nine month period. Sale of the 2nd building currently housing CVD/First Nano is in contract, expected to generate a capital gain, and scheduled to close on or around December 31, 2012. The Company anticipates the net effect of these two real estate transactions, when completed, will result in an overall net capital gain.
In addition to the condensed statement of operations in accordance with GAAP, we have included a pro-forma statement of income from operations excluding the effect of the capital loss on the sale of the building which housed the Application Laboratory.
Leonard Rosenbaum, President and Chief Executive Officer stated, “Starting in Q2 we re-directed some of our manpower toward the new facility into which we will start moving shortly. In Q3 we expanded our sales effort with additional representatives, sales assistants, and direct sales personnel. Although we have allowed our backlog to decrease to a more manageable level to ease the transition into our new quarters, based on the continuing high level of interest in our products, we are confident that orders will increase in 2013. Space limitations in our current facility hindered our ability to take on larger size orders, expand overall production and add additional engineering and management personnel to support our growth. The new 2 times larger facility will enable our growth to continue both in equipment and materials with no significant increase in operating costs.”
|CVD Equipment Corporation|
|Comparative Operating Results for the Three Months Ended September 30,|
|(In thousands, except for per share amounts)|
|Three Months Ended|
|Cost of revenue||2,950||5,670|
|Selling, general & administrative||1,398||1,786|
|Other (expenses) income||(55)||46|
|Income before income taxes||293||1,434|
|Income tax expense||113||196|
|Weighted average shares:|
|Common stock - Basic||6,047||5,839|
|Common stock - Diluted||6,201||6,113|
|CVD Equipment Corporation|
|Comparative Operating Results for the Nine Months Ended September 30,|
|(In thousands, except for per share amounts)|
Includes Sale of Building
Excludes Sale of Building
|Nine Months Ended||Nine Months Ended|
|September 30, Pro Forma|
|Cost of revenue||11,554||14,226||11,554||14,226|
|Selling, general & administrative||4,765||4,865||4,765||4,865|
|Loss on sale of building||694||--||--||--|
|Other income (expenses)||(99)||42||(99)||42|
|Income before income taxes||1,833||3,509||2,527||3,509|
|Income tax expense||604||804|
|Weighted average shares:|
|Common stock – Basic||5,994||5,296|
|Common stock – Diluted||6,159||5,544|
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, batteries, ultra capacitors, medical coatings, industrial coatings and equipment for surface mounting of printed circuit components.
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, 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.
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 27, 2016 06:45 AM EDT Reads: 1,085
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 27, 2016 06:45 AM EDT Reads: 1,053
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 27, 2016 05:45 AM EDT Reads: 1,252
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Oct. 27, 2016 05:30 AM EDT Reads: 1,212
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 27, 2016 04:45 AM EDT Reads: 2,876
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 27, 2016 04:00 AM EDT Reads: 772
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
Oct. 27, 2016 03:45 AM EDT Reads: 741
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 27, 2016 03:45 AM EDT Reads: 1,113
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 27, 2016 03:45 AM EDT Reads: 1,509
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Oct. 27, 2016 03:30 AM EDT Reads: 3,850
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Oct. 27, 2016 03:00 AM EDT Reads: 2,697
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
Oct. 27, 2016 02:45 AM EDT Reads: 1,595
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 27, 2016 02:15 AM EDT Reads: 1,131
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Oct. 27, 2016 02:00 AM EDT Reads: 3,976
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Oct. 27, 2016 02:00 AM EDT Reads: 4,261
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 27, 2016 01:45 AM EDT Reads: 2,148
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 27, 2016 01:00 AM EDT Reads: 34,307
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 27, 2016 12:00 AM EDT Reads: 11,137
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 27, 2016 12:00 AM EDT Reads: 1,131
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 26, 2016 11:30 PM EDT Reads: 9,764