CVD Equipment Corporation, provider of chemical vapour deposition systems, has released its Q2 2017 financial results.
Revenue for the Q2 was $1010.8m, an increase of 12.2% over the prior quarter and 189.3% from the same period last year. During the quarter, the company received approximately $6.0m in new orders. Backlog as of 30th June 2017, was $24.8m.
Leonard Rosenbaum, President and CEO, said, “Solid execution of our growth strategy led to record revenue and strong profitability in the quarter.” He continued, “As we deliver and execute on our large aviation project and rebuild our core business pipeline, we are achieving exceptional results. The strong performance of our systems in the field and our ongoing development of additional coating products will generate future demand in a variety of new and adjacent markets.”
Net income For the Q2 was $1.3m compared to $1.0m in the prior quarter and a loss of $496,000 a year ago. Net earnings per diluted share increased to $0.20 from $0.16 in the first quarter and a net loss of $0.08 in the second quarter of 2016.