CVD Equipment Corporation (CVD) announced its financial results for the three and nine months ended September 30, 2013. CVD achieved revenue of approximately $4.7 million0 and $13.0 million, respectively.
The company was profitable except for having to adjust for a doubtful account of $622,000 due to the decline in the credit quality of a major customer in the solar industry. The results after this adjustment were net losses of approximately $438,000, or $0.07 per share, and $5,000, or $0.00, both basic and diluted.
CVD continues to maintain a strong cash position and a healthy working capital. As a result of management’s decision during the transition period to reduce order acceptance levels to a more manageable backlog level and to delete from its backlog the remaining $2,598,000 orders from the solar customer, its backlog as of September 30, 2013 was approximately $3,990,000. Order levels have begun to rise as evidenced by the $4,219,000 of orders that CVD has already received during the period from October 1 through November 13, 2013.
“With building issues now behind us we have turned our attention toward increasing backlog, revenue, and profitability,” said Leonard Rosenbaum, President and CEO of CVD. “Except for the write down with the solar customer…I am pleased with the company’s performance in the third quarter.”