Welcome!

Microsoft Cloud Authors: Dana Gardner, Yung Chou, David Bermingham, Jayaram Krishnaswamy, Pat Romanski

News Feed Item

CVD Announces 3 and 9 Month Results

(NASDAQ: CVVNews) 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
         

September 30

         

2012

       

2011

Revenue       $ 4,696       $ 8,844
Cost of revenue         2,950         5,670
Gross profit         1,746         3,174
                     
Selling, general & administrative         1,398         1,786
Operating income         348         1,388
                     
Other (expenses) income         (55)         46
Income before income taxes         293         1,434
Income tax expense         113         196
Net income         180         1,238
EPS Basic       $ 0.03       $ 0.21
EPS Diluted         0.03         0.20
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

        September 30, Pro Forma
         

2012

       

2011

       

2012

       

2011

Revenue       $ 18,945       $ 22,558       $ 18,945       $ 22,558
Cost of revenue         11,554         14,226         11,554         14,226
Gross profit         7,391         8,332         7,391         8,331
                                         
Selling, general & administrative         4,765         4,865         4,765         4,865
Loss on sale of building         694         --         --         --
Operating income         1,932         3,467         2,626         3,467
                                         
Other income (expenses)         (99)         42         (99)         42
Income before income taxes         1,833         3,509         2,527         3,509
Income tax expense         604         804                    
Net income         1,229         2,705                    
EPS Basic       $ 0.21       $ 0.51                    
EPS Diluted         0.20         0.49                    
Weighted average shares:                                        
Common stock – Basic         5,994         5,296                    
Common stock – Diluted         6,159         5,544                    
           

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, 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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...