Revenue for the first quarter was $9.7 million, an increase of 31.8% over the prior quarter and 92.9% from the same period last year. During the quarter the company received approximately $12 million in new orders. Backlog as of March 31, 2017 was over $30 million, an increase of 8.9% over the fourth quarter and 787% over the previous year.
“Solid execution coupled with ongoing customer momentum resulted in our strong first quarter performance,” said Leonard Rosenbaum, President and Chief Executive Officer. “During the quarter, we began to develop new equipment for our recently acquired Tantaline® technology and continued to find new applications for our growing product line. We expect 2017 to be a year of solid growth as we focus on expanding and diversifying our customer base to position the company for continued long-term growth and profitability.”
Net income for the first quarter was $1.0 million compared to $770,000 in the prior quarter and a loss of ($338,000) a year ago. Net earnings per diluted share increased to $0.16 from $0.12 in the fourth quarter and a net loss of ($0.05) in the first quarter of 2016.
The Company will hold a conference call to discuss its results today at 4:30 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-0784 or International (201) 689-8560. A telephone replay will be available for 7 days following the call. To access the replay, dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13661483. A live and archived webcast of the call is also available on the company’s website at https://www.cvdequipment.com/events/category/investor-meetings/.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by our customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through our application laboratory, we provide process development support and process startup assistance with the focus on enabling tomorrow’s technologies™.
|CVD Equipment Corporation and Subsidiaries|
|Statement of Operations (Unaudited)|
|For the Three Months Ended March 31, 2017 and 2016|
|(in thousands except per share information)|
|Three Months Ended March 31|
|Cost of revenue||5,479||3,470|
|Income/(loss) before income tax (expense)/benefit||1,708||(541)|
|Diluted earnings per share, as reported||
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves many of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, conditions, success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.