CENTRAL ISLIP, N.Y.--CVD Equipment Corporation (NASDAQ:CVV), a leading provider of chemical vapor deposition systems, today announced its third quarter 2016 financial results.
Backlog as of September 30, 2016 was a record high of $31.8 million compared with $21.2 million as of September 30, 2015. For the three and nine months ended September 30, 2016, we received orders of $5.0 and $39.2 million compared to $2.9 and $21.2 million for the same periods in 2015.
Total revenue for the third quarter ended September 30, 2016 was $4.8 million compared to $10.7 million in the third quarter of 2015, a decrease of 54.1%. Net loss was $85,000, or ($0.01) per diluted share, compared to net income of $812,000, or $0.13 per diluted share in the third quarter of 2015.
“For the second quarter in a row backlog reached a record level, and we began to execute on the large order from a major aviation customer,” said Leonard Rosenbaum, President and Chief Executive Officer. “As we continue to diversify our customer base and invest in R&D, we are building our pipeline and looking at strategic opportunities to accelerate growth and to position CVD for a significantly stronger 2017.”
The Company will hold a conference call to discuss its results today at 4:30 p.m. (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 13648546. A live and archived webcast of the call is also available on the company’s website at https://www.cvdequipment.com/event/announce-q3-2016-results-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 our 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 our application laboratory, we provide process development support and process startup assistance with the focus on enabling tomorrow’s technologies™.
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
|Three Months Ended September 30||Nine Months Ended September 30|
|Diluted earnings per share||$(0.01)||$0.13||$(0.15)||$0.45|
CVD Equipment Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
|September 30, 2016||December 31, 2015|
|Cash and cash equivalents||$16,637||$13,073|
|Accounts Receivable, net||7,160||3,091|
|Costs and estimated earnings in excess of|
|billings on contracts in progress||3,160||4,635|
|Other current assets||1,083||765|
|Total current assets||31,091||24,551|
|Property, plant and equipment, net||14,275||14,828|
|Liabilities and stockholders' equity|
|Accrued expenses and other current liabilities||1,272||3,446|
|Current portion of long-term debt||300||580|
|Billings in excess of costs and estimated|
|earnings on contracts in progress||9,131||--|
|Total current liabilities||11,151||4,642|
|Total stockholders' equity||33,312||33,225|
|Total liabilities and stockholders' equity||$47,504||$41,132|
This earnings release should be read in conjunction with Company’s Quarterly Report on Form 10-Q for the three months and nine months ended September 30, 2016 and the Annual Report on Form 10-K for the fiscal year ended December 31, 2015.