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CVD Equipment Corporation (NASDAQ: CVV) announced record revenue and earnings for the year ending December 31, 2011.
Our record revenue for fiscal year 2011 reached approximately $30,994,000 exceeding our annual 2010 revenue of $16,258,000 by 91%. We also achieved record net earnings of $3,779,000 or $0.69 per basic share and $0.67 per diluted share for the year ended December 31, 2011 which exceeded our net earnings of $532,000 or $0.11 per basic and diluted share for year ended December 31, 2010 by 610%.
Revenue for the three months ended December 31, 2011 was approximately $8,436,000 an increase of $3,313,000 or 65% over the $5,123,000 reached during the three months ended December 31, 2010. For the three months ended December 31, 2011, we achieved net earnings of approximately $1,075,000 or $0.18 per share basic and diluted compared to approximately $375,000 or $0.08 per share basic and diluted for the three months ended December 31, 2010.
During 2011, with our strengthened balance sheet, we were able to acquire a larger bank line of credit at a reduced interest rate; pay off various equipment loans and replace certain existing mortgages with term loans at a significantly lower interest rate; and purchase a new facility, that is almost twice the size of our current two facilities in Ronkonkoma, with a mortgage at an attractive interest rate.
Our backlog on December 31, 2011 was $16,198,000 an increase of $6,264,000 or 63% compared to $9,944,000 as of December 31, 2010. 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.