CVD Equipment Corporation, a chemical vapour deposition and gas control equipment manufacturing business, disclosed a record-breaking run of financial figures in its 2015 fiscal year results.
For the full year, revenue rose by 39.2% to the record-breaking figure of $39m, compared to $28m in its 2014 financial results. Additionally, operating income was $4.6m compared to an operating loss of $3.8m in the previous fiscal year.
Operating income was also up in 2015, settling at $6.2m compared to $3m in 2014. The net income for CVD also hit a new high at $3.2m compared to a net loss of $2.5m in the previous year.
However, new orders for 2015 dropped to $24m compared to $45m in 2014. CVD attributes this bookings level, along with the execution of its beginning backlog, to resulting in a backlog of $6.1m at 31st December 2015, down from $21.1m at the same time in 2014.
We plan to further diversify out business by leveraging our existing products and customer base and targeting new markets and key accounts as we position CVD for future growth and profitability
A press release stated, “The decline in bookings and backlog was primarily due to focusing a majority of the company’s resources on the successful completion of the significant projects in the aviation market and the timing of potential follow-on orders from that customer. “
Leonard Rosenbaum, President and CEO of the US company, said, “In 2015, revenues reached their highest levels in the company’s history with strong contributions from our two primary markets; aerospace and medical. We continued to execute on the largest projects in the company’s history with a leading US supplier of aircraft engines and are awaiting a final decision on follow-on business for their multi-unit programme.”
“In 2016, we plan to further diversify out business by leveraging our existing products and customer base and targeting new markets and key accounts as we position CVD for future growth and profitability.”