May 16, 2008 — CVD Equipment Corporation — designer, manufacturer and supplier of equipment for use in manufacturing nanotechnology such as carbon nanotubes and nanowires, as well as semiconductors and solar cells, and for surface mounting of components onto printed circuit boards — has announced record first quarter revenues and its fourteenth consecutive profitable quarter.
Revenue for the first quarter ending March 31, 2008 was approximately $4,043,000, compared to $3,811,000 for the quarter ending March 31, 2007, an increase of 6.1% “as we continue to experience an increasing demand for our products,” the company said.
The overall gross profit percentage decreased to 30.1% for the current quarter compared to 33.0% for the same period one year ago. The firm says the decrease is a result of adding engineering and production personnel necessitated by the increase in orders, the expansion plans with its recently announced First Nano Laboratory, and new product development in the nanomaterials, solar, energy and semiconductor fields.
As of March 31, 2008 the company’s backlog was approximately $3,364,000, a decrease of $1,723,000 or 33.9% compared to $5,087,000 at December 31, 2007. Timing for completion of the backlog varies depending on the product mix, however, there is generally a one to six month lag in the completion and shipping of backlogged product. Backlog from quarter to quarter can vary based on the timing of order placements and shipments.
Leonard Rosenbaum, President and CEO stated, “Our record first quarter revenues and quotation activity show a strong acceptance of our equipment platforms. The additional sales, engineering and manufacturing expenditures we are currently incurring will further broaden the First Nano and CVD product lines. The First Nano Laboratory expansion will enable us to further demonstrate our new and existing equipment platforms, processes and IP. In addition, the programs we are developing with universities and industry for next generation products in the Nano Technology, Solar, Energy and Semiconductor fields will provide for our long term continuous growth. These factors will keep us on track with continued revenue growth in 2008 and provide a steady increase in revenue and profitability for future years.”