Exhibit 99.1

 

enabling tomorrow’s technologies™
355 South Technology Drive, Central Islip, New York 11722 | T 631.981.7081 | F 631.981.7095 | info@cvdequipment.com

 

CVD Reports 2018 Results

 

CENTRAL ISLIP, N.Y., (Business Wire) – April 01, 2019 - CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced financial results for the quarter and the year ended December 31, 2018.

 

CVD annual revenue was $24.3 million in 2018 as compared to $41.1 million in 2017, a decrease of $16.8 million or 40.8%. Fourth quarter revenue was $4.7 million in 2018 as compared to $9.8 million in 2017, a decrease of $5.1 million or 51.9%.

 

Net loss for the year totaled $5.2 million, or $0.80 per diluted share, compared to a net profit of $5.3 million or $.82 per diluted share in the prior year. Fourth quarter 2018 net loss was $1.9 million, or $.29 per diluted share, as compared to net income of $1.6 million, or $.24 diluted share in the prior year period.

 

While 2018 year-end backlog of approximately $3 million is down from year-end 2017, the Company has received new orders in excess of $6 million in the first quarter of 2019. As a result of the time required to complete these orders, we anticipate revenue in the first two quarters of 2019 may approximate the revenue in the last two quarters of 2018 and therefore the Company expects to report operating losses in the first two quarters of 2019. The Company’s return to profitability will be dependent upon, among other things, the receipt of new equipment orders and the ramp up of the materials business, as well as managing its planned expenditures and operating expenses, including its ability to sublet a portion of the new facility.

 

“2018 was a transitional year for CVD. After completing a large contract with a major customer, the Company has accelerated its focus on the materials business. During 2018, the Company invested $2.5 million in building improvements and machinery related to CVD Materials and incurred additional expenses in connection with our recently acquired facility in Central Islip, New York. We anticipate operations at the new facility will commence at the end of the second quarter or during the third quarter of 2019. During 2019, we will continue to invest in further building improvements and machinery to accelerate and diversify our business into the materials market. With the building and machinery components nearing completion, this will allow us to enhance our marketing efforts by showcasing our operations with new and existing customers. The expanded materials operations this year will enhance our capabilities in providing i) corrosion resistant coatings through our Tantaline® subsidiary for medical, pharma, oil and gas applications, ii) sensors through our MesoScribe™ subsidiary for aerospace and turbine applications, and iii) through our CVD Materials subsidiary for carbon composite materials for medical applications, substrate materials for the electronics industry and further expansion into other coatings for aerospace, medical, and industrial applications,” said Leonard Rosenbaum, President and Chief Executive Officer.

 

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) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13689251. A live and archived webcast of the call is also available on the company’s website at www.cvdequipment.com/events.

 

 

www.cvdequipment.com | www.cvdmaterialscorp.com | www.stainlessdesign.com
Page 1 of 3

 

 

 

 

enabling tomorrow’s technologies™

 

About CVD Equipment Corporation

CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.

 

 

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, conditions, success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.

 

For further information about this topic please contact:

Gina Franco

Phone: (631) 981-7081

Fax: (631) 981-7095

Email: investorrelations@cvdequipment.com

 

 

CVD EQUIPMENT CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the Three Months and Twelve Months Ended December 31, 2018 and 2017

(In thousands)

 

   

Three Months Ended

   

Twelve months

 
   

2018

   

2017

   

2018

   

2017

 

Revenue

  $ 4,717     $ 9,817     $ 24,334     $ 41,129  

Gross profit

    357       4,416       5,178       17,600  

Operating expenses

    2,289       2,634       10,433       10,381  

Operating (loss) income

    (1,932 )     1,782       (5,255 )     7,219  

Net (loss) income

    (1,926 )     1,585       (5,201 )     5,261  

Diluted (loss) earnings per share

  $ (0.29 )   $ 0.24     $ (0.80 )   $ 0.82  

 

 

www.cvdequipment.com | www.cvdmaterialscorp.com | www.stainlessdesign.com
Page 2 of 3

 

 

 

 

enabling tomorrow’s technologies™

 

Condensed Consolidated Balance Sheets

As of December 31, 2018 and 2017

(In thousands)

   

2018

   

2017

 

Assets

               

Current Assets

               

Cash and cash equivalents

  $ 11,439     $ 14,211  

Accounts receivable, net

    4,065       2,059  

Contract assets

    1,358       8,397  

Inventories, net

    1,862       2,966  

Other current assets

    723       167  

Total Current Assets

  $ 19,447     $ 27,800  

Property, plant and equipment, net

    30,403       28,839  

Other assets

    2,665       2,339  

Total Assets

  $ 52,515     $ 58,978  
                 

Liabilities and Stockholders' Equity

               

Current Liabilities

  $ 4,071     $ 5,419  

Total Long-Term Liabilities

    12,052       12,905  

Total Stockholders’ Equity

    36,392       40,654  

Total Liabilities and Stockholders’ Equity

  $ 52,515     $ 58,978  

 

CVD Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2018

 

 

www.cvdequipment.com | www.cvdmaterialscorp.com | www.stainlessdesign.com
Page 3 of 3

 

View differences made from one to another to evaluate Cvd Equipment Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cvd Equipment Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account