CVD Equipment Corporation announced record-breaking revenues for the three months ended March 31, 2015.
CVD’s record $9.7m revenue for the quarter ending March 31, 2015 was 120% higher than the $4.4m of revenue recognized for the comparable quarter ending March 31, 2014.Net earnings for the current quarter were $668,000, compared to a net loss of ($268,000) for the quarter ending March 31, 2014. As a result, the company reported earnings of $0.11 per share basic and diluted compared to a net loss of ($0.04) per share basic and diluted. The company continued to maintain a strong backlog of $16.6m, an increase of 9% over the backlog total as of March 31, 2014. The timing of the receipt of an order is subject to various factors, some of which are not in our control. As a result, our order levels from period to period, tend to be uneven. Order levels attained in one three month period are not necessarily indicative of order levels that will be attained in future periods. Although timing for completion of backlog varies depending on the product mix and can be as long as two years, the company believes a significant portion of its current backlog will be completed within the next twelve months. The company continues to maintain a strong cash position and a healthy working capital ratio.
Leonard Rosenbaum, President and Chief Executive Officer stated, “I am pleased to report the record revenue achieved in the last quarter. The increase in revenue is a reflection of the company’s execution of the backlog and improved operations at the facility we relocated to approximately two years ago.”
“I am also happy to say that we are in the front end of a multi-unit production phase with one of our customers in the medical field and the initial production phase for a customer in aerospace that they anticipate will be a multi-year, multi-unit program. The equipment we have delivered to each customer is in operation or in the installation phase. Over the long term we expect the business from these customers to be significant however, due to our customers’ build out plans, order levels for the multi-unit production equipment can vary greatly from quarter-to-quarter.” “Based on the interest in our products our pipeline is strong and we expect continued growth in orders going forward. The advances we have also made in i) deposition equipment for the medical and aerospace applications, ii) custom chemical vapor deposition systems iii) graphene production, and iv) equipment for research will continue to fuel our growth.”