CVD Equipment Corporation (NASDAQ: CVV - News) announced today that it has achieved profitable results for the fifth consecutive year with record breaking revenues.
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CVV 4.40 +0.91
Revenue - for fiscal year ending December 31, 2008 is $18,147,000 compared to $13,578,000 for fiscal year 2007, an increase of 33.7%.
Gross Profit Margin - for fiscal year ending December 31, 2008 is 29.6% compared to 34.4% for fiscal year 2007. The decrease is attributable to an increase in engineering and production personnel necessary to support increased order levels, the expansion of our Application Laboratory and new product development costs in the Nanomaterials, Smart Glass, Solar and Semiconductor fields.
Net Earnings - for fiscal year ending December 31, 2008 is approximately $632,000 or $0.13 per basic and diluted share compared to $777,000 or $0.21 per basic and $0.20 per diluted share for fiscal year 2007.
Our decision to focus on the CVD/First Nano product lines for our long-term revenue growth and profitability is proving to be successful. Annual revenue posted by the CVD/First Nano division for our custom Chemical Vapor Deposition and EasyTube products increased over fiscal 2007 by approximately 33.5% and we ended 2008 with our highest backlog ever due to the CVD/First Nano products.
At December 31, 2008, our order backlog, which is comprised of customer orders that are expected to ship within the next two years, increased by 200% to $15,271,000 compared to $5,087,000 at December 31, 2007 which was a 42.7% increase over our December 31, 2006 backlog of $3,565,000. This is a result of record breaking sales orders for the current year of $28,944,000 compared to last year’s orders of $14,418,000, an increase of 101%. We have continued to experience in 2008, a strong demand for both, our custom Chemical Vapor Deposition and EasyTube products. We have also introduced and received our initial order for a high volume manufacturing system incorporating our patent pending proprietary solutions. |
