CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced its most successful annual financial results in its 35 year history.
CVD completed its record breaking 2017 year with over $41.1 million in annual revenue compared to $21.0 million in annual revenue for 2016, an increase of over 96%. 2017 fourth quarter revenue reached $9.8 million, an increase of $2.5 million or 34% compared to the $7.3 million recorded in the fourth quarter 2016.
Net income for the year totaled $5.3 million or $0.82 per diluted share, compared to a net loss of ($149,000) or ($0.02) per diluted share in the prior year.
“2017 was an eventful year for CVD, as it successfully converted much of its record breaking order levels from 2016 into revenue as well as acquiring the assets of MesoScribe Technologies, Inc. and purchasing an additional facility to significantly expand our materials operations. The expanded materials operations this year will enhance our capabilities in providing i) corrosion resistant coatings through our Tantaline subsidiary for medical, pharma, oil and gas applications, ii) sensors through our MesoScribe subsidiary for aerospace and turbine applications, and iii) through our CVD Materials subsidiary for carbon composite materials for medical applications, substrate materials for the electronics industry and further expansion into other coatings for aerospace, medical, and industrial applications,” said Leonard Rosenbaum, President and Chief Executive Officer. “While our 2017 year-end backlog is down from year end 2016, we have made great strides during 2017 in rebuilding our core business and expect that trend to continue in 2018.”
The Company will hold a conference call to discuss its results today at 4:30 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-0784 or International (201) 689-8560. A telephone replay will be available for 7 days following the call. To access the replay, dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13657230. A live and archived webcast of the call is also available on the company’s website at https://www.cvdequipment.com/event/fourth-quarter-and-full-year-2017-earnings-conference-call/
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, conditions, success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.
CVD Equipment Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
|Twelve Months Ended December 31||Three Months Ended December 31|
|Diluted earnings/(loss) per share||$0.82||$(0.02)||$ 0.24||
CVD Equipment Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
|December 31, 2017||December 31, 2016|
|Cash and cash equivalents||$14,211||$21,677|
|Accounts Receivable, net||2,059||608|
|Costs and estimated earnings in excess of|
|billings on contracts in progress||8,397||2,597|
|Other current assets||167||235|
|Total current assets||27,800||28,403|
|Property, plant and equipment, net||28,839||14,439|
|Liabilities and stockholders' equity|
|Accrued expenses and other current liabilities||2,739||1,944|
|Current portion of long-term debt||647||300|
|Current portion acquisition related contingent|
|Billings in excess of costs and estimated|
|earnings on contracts in progress||466||5,262|
|Total current liabilities||5,419||8,327|
|Long-term acquisition related contingent|
|Long-term debt, net of current portion||12,705|
|Total stockholders' equity||40,654||34,313|
|Total liabilities and stockholders' equity||$58,978||$45,605|
Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2017