Press Release

CVD Reports First Quarter 2016 Results

CVD Equipment Corporation, a leading provider of chemical vapor deposition systems, today announced its first quarter 2016 financial results. Total revenue for the three months ended March 31, 2016 was $5.0 million compared to $9.7 million in the first quarter of 2015, a decrease of 48.5%. One customer represented 58.8% and 54.6% of our revenue for the three months ended March 31, 2016 and 2015, respectively. With the near completion of outstanding contracts, we are focused on booking significant follow-on business with that customer as well as opportunities with new and other customers. Operating loss was $0.5 million compared to operating income of $1.2 million in the same period in 2015. Net loss of $338,000, or $0.05 per diluted share, was lower than net income of $668,000, or $0.11 per diluted share in the first quarter of 2015.
“We have made significant progress in our negotiations for a sizable order with our large aerospace customer,” said Leonard Rosenbaum, President and Chief Executive Officer. “While this does not immediately translate into a formal purchase order, we are continuing to move closer to a positive outcome which we expect in the near term. In the meantime, we have our resources and attention focused on pursuing other opportunities that should extend our market reach and improve our backlog for the second half of the year.” New orders for the first quarter were $2.3 million compared to $5.2 million in orders in 2015, resulting in a backlog of $3.4 million as of March 31, 2016 compared to $16.6 million as of March 31, 2015. Approximately $0.4 million or 11.8% of the first quarter 2016 backlog is from our largest customer as compared to $9.7 million or 58.4% from that same customer in 2015.
The Company will hold a conference call to discuss its results today at 4:30 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-0784 or International (201) 689-8560. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 870-5176 or (858) 384-5517. The replay passcode is 13636584.
CVD Equipment Corporation
CVD Equipment Corporation, a leading provider of chemical vapor deposition systems, today announced its first quarter 2016 financial results.
Total revenue for the three months ended March 31, 2016 was $5.0 million compared to $9.7 million in the first quarter of 2015, a decrease of 48.5%. One customer represented 58.8% and 54.6% of our revenue for the three months ended March 31, 2016 and 2015, respectively. With the near completion of outstanding contracts, we are focused on booking significant follow-on business with that customer as well as opportunities with new and other customers. Operating loss was $0.5 million compared to operating income of $1.2 million in the same period in 2015. Net loss of $338,000, or $0.05 per diluted share, was lower than net income of $668,000, or $0.11 per diluted share in the first quarter of 2015.

“We have made significant progress in our negotiations for a sizable order with our large aerospace customer,” said Leonard Rosenbaum, President and Chief Executive Officer. “While this does not immediately translate into a formal purchase order, we are continuing to move closer to a positive outcome which we expect in the near term. In the meantime, we have our resources and attention focused on pursuing other opportunities that should extend our market reach and improve our backlog for the second half of the year.”
New orders for the first quarter were $2.3 million compared to $5.2 million in orders in 2015, resulting in a backlog of $3.4 million as of March 31, 2016 compared to $16.6 million as of March 31, 2015. Approximately $0.4 million or 11.8% of the first quarter 2016 backlog is from our largest customer as compared to $9.7 million or 58.4% from that same customer in 2015.
The Company will hold a conference call to discuss its results today at 4:30 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-0784 or International (201) 689-8560. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 870-5176 or (858) 384-5517. The replay passcode is 13636584.