Welcome!

Microsoft Cloud Authors: David H Deans, Liz McMillan, Pat Romanski, Janakiram MSV, Jnan Dash

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
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
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 20th Cloud Expo, which will take place on June 6-8, 2017 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 add...
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...