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CVD Announces Record First-Half Revenue

Stocks in this article: CVV

CVD Equipment Corporation (NASDAQ: CVVNews), a leading provider of custom chemical vapor deposition systems, today announced that it had achieved record first-half revenue of $14,249,000 for the six months ended June 30, 2012, representing a 3.9% increase over the $13,713,000 of revenue for the six months ended June 30, 2011.

Revenue for the three months ended June 30, 2012 was $7,094,000 compared to $7,155,000 in the three months ended June 30, 2011, a 3.9% decrease despite the significant effort required for planning and preparing the Company’s relocation to new headquarters scheduled to occur by October 15, 2012.

Gross margins for the three and six months ended June 30, 2012 increased by 2.7% and 2.0% respectively compared to the same periods in 2011.

Pre-tax income (excluding the sale of a building) for the three and six months ended June 30, 2012 increased by 1.0% and 8.4% respectively compared to the same periods in 2011.

Having determined that larger quarters were required to facilitate the growth of CVD, First Nano and the Application Laboratory, the Company is replacing its two Long Island buildings with a new building (also on Long Island) which will double the facility size. The building that housed CVD’s Application Laboratory has been sold, resulting in a capital loss of approximately $694,000 or $0.12 per share pre-tax for this quarter. This loss reduced net earnings per share to $.05 per share basic and diluted for the three months ended June 30, 2012 and to $0.18 per share basic and $0.17 per share diluted for the six months ended June 30, 2012. Sale of the 2 nd building currently housing CVD/First Nano is in contract, expected to generate a capital gain, and scheduled to close no later than October 15, 2012. The Company anticipates the net effect of these two real estate transactions, when completed, will result in an overall net capital gain.

In addition to the condensed statement of operations in accordance with GAAP, we have included a pro-forma statement of income from operations excluding the effect of the capital loss on the sale of the building which housed the Application Laboratory.

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