Business
CVD Reports First Quarter 2022 Results
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)-- CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today
About this update from Cvd Equipment Corporation
[{"type":"text","content":" CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--\nCVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced its first quarter 2022 financial results.\n\nCVD first quarter 2022 revenue was $4.7 million as compared to $3.4 million in the first quarter of 2021, an increase of $1.3 million or 38.3%. Net loss for the first quarter of 2022 was $1.0 million, or $.15 per diluted share, as compared to a net loss of $1.5 million, or $.23 per diluted share in the first quarter of 2021.\n\nCVD’s operating loss improved by $.6 million, to $1.0 million for the first quarter 2022 as compared to an operating loss of $1.6 million for the first quarter of 2021. This improvement was the result of leveraging fixed costs on higher sales levels, which resulted from improved orders towards the end of 2021, as well as product mix, which more than offset certain component costs increases and compensation costs. In addition, general and administrative costs decreased $.4 million, which was primarily related to reduced legal costs and lower building costs as the result of the sale of the Company’s 555 facility in July 2021, and the consolidation of operations into the Company’s 355 facility.\n\nBeginning in Q3 2021 and continuing to date, CVD has been impacted by increased costs on certain manufacturing material components as well as delays in supply chain deliveries. This may also impact CVD’s ability to recognize revenue and result in reduced gross profit margins in future quarters, extended manufacturing lead times and reduced manufacturing efficiencies. CVD has placed orders with increased lead times to attempt to mitigate the manufacturing delays, as well as assessing other material suppliers to mitigate the potential cost impacts. In addition, CVD is utilizing its in-house flexible manufacturing to further mitigate both potential delivery delays and material cost increases.\n\nThomas McNeill, Executive Vice President and Chief Financial Officer, said “On March 1, 2022, we satisfied our remaining mortgage of $1.7 million on our 355 South Technology Drive facility and as such have no debt outstanding. The Company’s backlog at March 31, 2022 was $9.9 million as compared to $10.4 million at December 31, 2021, a decrease of $.5 million or 4.8%. This decrease is due to the timing of the receipt ...