CVD Equipment Corporation, a leading provider of chemical vapor deposition systems, today announced its second quarter 2017 financial results.
Revenue for the second quarter was $10.8 million, 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 $6.0 million in new orders. Backlog as of June 30, 2017 was $24.8 million.
“Solid execution of our growth strategy led to record revenue and strong profitability in the quarter,” said Leonard Rosenbaum, President and Chief Executive Officer. “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 second quarter was $1.3 million compared to $1.0 million 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.
