CVD Equipment Corporation (NASDAQ: CVV), a leading provider of custom chemical vapor deposition systems, today announced its financial results for the three and six months ended June 30, 2013.
On revenue of approximately $4,848,000 for the three months ended June 30, 2013 which surpassed by 40.5% the revenue achieved in the previous quarter, the Company recorded pre-tax income of $1,005,000 and net income of approximately $874,000 or $0.14 per share both basic and diluted compared to a pre-tax loss of ($903,000) and a net loss of ($440,000) or a ($0.07) loss per basic and diluted share for the quarter ended March 31, 2013. For the six months ended June 30, 2013 the Company achieved revenue of $8,298,000 with net income of approximately $434,000 or $.07 per share basic and diluted. In April, the Company sold its former headquarters which resulted in a gain of approximately $887,000.
With the sale of its former headquarters having been completed early in the 2 nd quarter and the transition into its new and significantly larger facility substantially completed, CVD has returned to profitability in Q2. The Company continues to maintain a strong cash position and a healthy working capital. The backlog as of June 30, 2013 was approximately $5,516,000. However, as stated in the Company’s May 15, 2013 press release, “during this transition period order acceptance levels were reduced to maintain a more manageable backlog level and CVD is poised for growth in revenue and order backlog during the 2 nd half of 2013”. 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: