(NASDAQ: CVV – News) CVD Equipment Corporation, a leading provider of custom chemical vapor deposition systems, today announced revenue for the quarter ended March 31, 2012 was $7,155,000, a 15.3% increase over the revenue of $6,206,000 earned for the quarter ended March 31, 2011, and its highest revenue and net income for a quarter ending March 31 in the Company’s history.
Income from operations for the three months ended March 31, 2012 was $1,073,000 as compared to income from operations of $877,000 for the three months ended March 31, 2011, a 22% increase. Net income of $728,000 for the quarter ended March 31, 2012 resulted in a 6% increase over the net income of $687,000 for the quarter ended March 31, 2011, resulting in earnings of $0.12 per share, basic and diluted, for the current three months compared to earnings of $0.14 per share, basic and diluted, for the quarter ended March 31, 2011.
Backlog, at March 31, 2012, was $12,506,000, decreased 23% compared to the backlog of $16,198,000 at December 31, 2011.
The timing for completion of CVD’s backlog varies depending on the product mix and can be as long as two years. Order backlog usually is a reasonable management tool to indicate future revenues and profits, however it does not provide an assurance of future achievement of revenues or profits as order cancellations or delays are possible. Backlog from quarter to quarter can vary based on the timing of order placements and shipments.Leonard Rosenbaum, President and Chief Executive Officer stated, “Due to (i) production constraints because of space limitations in our current facility, (ii) manpower to bring the new facility on-line and (iii) the expected move in the middle of this year, we have redirected some of our sales efforts away from immediate short term order growth and instead focused on longer term growth opportunities for new product platforms and material applications. Quotation levels remain high and we are confident that, once we move into our new facility, we will be able to continue our growth trend for both short and long term objectives.”
CVD Equipment Corporation
Comparative Operating Results for the Three Months ended March 31,
|Cost of revenue||$ 4,420,000||$ 3,921,000|
|Net income per common share|
|basic and diluted||$0.12||$0.14|
|Weighted average shares of|
|common stock outstanding|