CVD Equipment Corporation, a leading provider of chemical vapour deposition (CVD) systems, has announced plummeting revenues in its second quarter 2016 financial results.
Total revenue for the second quarter ended 30th June 2016 was $3.7m compared to $10.4m in the second quarter of 2015, a decrease of 64.1%.
The company recorded an operating loss of $1m, compared to operating income of $1.5m for the same period in 2015. Its net loss was $0.5m, or $0.08 per diluted share, compared to net income of $1.3m, or $0.21 per diluted share in the second quarter of 2015.
CVD did, however, report new orders of $31.9m for the second quarter, compared to $13.1m in orders in the same period of 2015, resulting in backlog of $31m as of 30th June 2016. This compared with an order backlog of $19.3m as of 30th June 2015.
Almost all of this is understood to be from one aviation customer, accounting for $29.5m or 95% of the backlog.
Leonard Rosenbaum, President and CEO, reflected, “The $30m additional order received from an aviation component supplier was the highlight of this quarter. These fibre coating systems will be a cornerstone for their new high volume facility.”
“This milestone order is a clear confirmation of the demand for our advanced technology in the aerospace industry and potentially other applications. We believe that we are in a strong position to build and diversify our backlog across a variety of advanced technology markets.”