Business
CVD Reports Fourth Quarter and Year end 2021 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 fourth quarter 2021 financial results.\n\nCVD fourth quarter 2021 revenue was $4.7 million as compared to $3.2 million in the fourth quarter of 2020, an increase of $1.5 million or 48.8%. CVD’s operating loss for each of the quarters ended December 31, 2021 and 2020 was $1.2 million and $5.4 million, respectively. Included in the operating loss for the quarter ended December 31, 2020 is an impairment charge of $3.6 million related to the Company’s Tantaline product line. Net loss for the fourth quarter of 2021 was $1.2 million, or $.18 per diluted share, as compared to a net loss of $5.3 million, or $.80 per diluted share in the fourth quarter of 2020.\n\nRevenue for the year ended December 31, 2021 was $16.5 million as compared to $16.9 million in the year ended December 31, 2020, a decrease of $.4 million or 2.8%. CVD’s operating loss for the year ended December 31, 2021 and 2020 was $4.8 million and $7.8 million, respectively. Included in other income for the year ended December 31, 2021 was a gain on the sale of building of the Company’s 555 North Research Place facility in the amount of $6.9 million and gain on debt extinguishment, in the amount of $2.4 million, which was related to the forgiveness of the Company’s PPP loan received due to the effects of the COVID-19 pandemic. Included in the operating loss for the year ended December 31, 2020 is an impairment charge of $3.6 million related to the Company’s Tantaline product line.\n\nNet income for the year ended December 31, 2021 was $4.7 million, or $.71 per diluted share, as compared to a net loss of $6.1 million, or $.91 per diluted share for the year ended December 31, 2020. During the first quarter of 2020, CVD was favorably impacted by the CARES Act which allowed for the carryback of net operating losses and resulted in CVD recognizing an income tax benefit of $1.5 million in the year ended December 31, 2020.\n\nSequentially, CVD’s revenue in the fourth quarter of 2021 was $4.7 million as compared to $4.3 million in the third quarter 2021, an increase of $.4 million, and the operating loss increased to $1.2 million in the fourth quarter of 2021, as compared to an operating loss of $.9 million in t...