CENTRAL ISLIP, N.Y., (Business Wire) – March 31, 2015 – CVD Equipment Corporation (NASDAQ: CVV), announced revenue and earnings for the year ending December 31, 2014. The Company achieved a new record for bookings as it received over $45 million in orders during 2014, surpassing total orders received in any prior year, while also achieving a near record revenue of ~ $28 million in 2014, an increase of ~ 57% compared to ~ $18 million in 2013.
The Company’s backlog grew substantially year over year exceeding $21 million, on December 31, 2014 compared to ~ $4 million at December 31, 2013. Although timing for completion of order backlog varies depending on the product mix and can be as long as two years, it is anticipated that our current backlog will be completed by the end of the current year. Order backlog usually is a reasonable management tool to indicate future revenues and profits, however it does not provide assurance of future achievement of revenues or profits as order cancellations or delays are possible. Backlog can vary based on the timing of order placements and shipments.
The demand for CVD’s equipment, which has been led by the aerospace and medical industries, has never been greater. Now that the Company is firmly ensconced in its new facility, management is confident in its ability to build equipment in a timely manner, satisfy increased order levels and achieve increased revenues.
In January 2015, following an adverse court ruling during December 2014 in the long outstanding Taiwan Glass (TG) litigation, the Company entered into an agreement to pay TG $4.925 million, inclusive of interest, in settlement of all claims. CVD also incurred an additional $1.8 million in legal fees attributable to this matter in 2014. Therefore, CVD incurred ~$6.7 million in charges attributable to this matter during fiscal 2014. Without this non-recurring charge, CVD would have achieved net income, ~$1.9 million or $0.32 per diluted share compared to our reported net loss for the year of ~$2.5 million or $0.40 per diluted share. The reconciliation of non-GAAP net income is illustrated in the table below.
Leonard Rosenbaum, President and Chief Executive Officer stated, “2014 was a very busy year. We increased our order level to a record high and our revenues increased substantially. We have entered 2015 with a significant backlog and expect to continue to add to the backlog throughout the year as we pursue additional opportunities in our key markets of aerospace, medical, research laboratories (university and industrial) and custom chemical vapor deposition systems.”
Mr. Rosenbaum added, “Our Application Laboratory continues to advance technology for Graphene, Nanowires and Nanotube materials and work with potential end users to apply this technology to advance these nano materials into large volume, value added products. Our custom CVD solutions and systems which we can provide help to enable our industrial customers to scale up their production requirements.
“Overall we anticipate 2015 to be a very strong year for our Company as the markets we have and will continue to pursue are increasing in demand. Thank you for your continued support.”
Source and more financial data: CVD Equipment website