CVD Announces Record 3 And 9 Months 2011 Results
CVD Equipment Corporation (NASDAQ: CVV), a leading provider of custom chemical vapor deposition systems, today announced record revenue and income for the three and nine months ended September 30, 2011.
Revenue of $8,844,000 for the three months ended September 30, 2011 surpassed by 18% CVD’s record revenue achieved in the previous quarter and exceeded by 119% revenue for the quarter ended September 30, 2010. CVD’s revenue of $22,558,000 for the nine months ended September 30, 2011 exceeded its revenue of $11,135,000 for the nine months ended September 30, 2010 by 103%.
Record net income of $1,239,000 and $2,704,000 respectively, for the three and nine months ended September 30, 2011, resulted in earnings of $0.21 per share, basic and $0.20 per share diluted for the three month period and $0.51 per share basic and $0.49 per share diluted for the nine month period. This compares to net income of $143,000 and $156,000, respectively, or $0.03 per share basic and diluted for the three and nine months ended September 30, 2010.
Backlog was $18,410,000 as of September 30, 2011, an increase of 141% over the backlog at September 30, 2010 and an increase of 73% over the December 31, 2010 backlog. Approximately $31,024,000 in new orders was received during the nine months ended September 30, 2011. Timing for completion of order backlog varies depending on the product mix and can be as long as two years. Order backlog usually is a reasonable management tool to indicate future revenues and profits, however it does not provide an assurance of future achievement of revenues or profits as order cancellations or delays are possible. Backlog from quarter to quarter can vary based on the timing of order placements and shipments.
Leonard Rosenbaum, President and Chief Executive Officer stated, “During Q2 and Q3 2011 we concentrated our efforts to convert into increased revenue and income the backlog that began to significantly increase in the second half of 2010. Quotation and order levels for the First Nano/CVD Division remain high. Our move into new headquarters in Q1 2012 will further expand capacity and we anticipate continued order and revenue growth in 2012. We see significant growth opportunities in Energy Generation, Energy Storage, Aerospace, Medical, LED’s, Graphene, Nanowires and Nanotubes. Our custom chemical vapor deposition solutions as well as manufacturing novel materials for high volume markets will be further developed in our new building through our expanded Application Laboratory.”| CVD Equipment Corporation | |||||||||||||
| Comparative Operating Results | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||
| 9/30/2011 | 9/30/2010 | 9/30/2011 | 9/30/2010 | ||||||||||
| Revenue | $ | 8,844,000 | $ | 4,032,000 | $ | 22,558,000 | $ | 11,135,000 | |||||
| Cost of revenue | 5,670,000 | 2,612,000 | 14,226,000 | 7,386,000 | |||||||||
| Gross profit | $ | 3,174,000 | $ | 1,420,000 | $ | 8,332,000 | $ | 3,749,000 | |||||
| Operating expenses | 1,786,000 | 1,270,000 | 4,865,000 | 3,527,000 | |||||||||
| Operating income | $ | 1,388,000 | $ | 150,000 | $ | 3,467,000 | $ | 222,000 | |||||
| Net income | $ | 1,239,000 | $ | 143,000 | $ | 2,704,000 | $ | 156,000 | |||||
| Net income per common share | |||||||||||||
| Basic | $ | 0.21 | $ | 0.03 | $ | 0.51 | $ | 0.03 | |||||
| Diluted | $ | 0.20 | $ | 0.03 | $ | 0.49 | $ | 0.03 | |||||
| Weighted average shares of common | |||||||||||||
| stock outstanding | |||||||||||||
| Basic | 5,839,220 | 4,784,142 | 5,295,784 | 4,779,347 | |||||||||
| Diluted | 6,113,448 | 4,799,590 | 5,543,677 | 4,796,323 | |||||||||
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