Business
CVD Reports Third Quarter 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 third quarter 2021 financial results.\n\nCVD third quarter 2021 revenue was $4.3 million as compared to $4.0 million in the third quarter of 2020, an increase of $.3 million or 8.4%. CVD’s operating loss for the three months ended September 30, 2021 and 2020 was $.9 million and $1.4 million, respectively. Included in other income for the three months ended September 30, 2021 was a gain on the Sale of Building in the amount of $6.9 million. Net income for the third quarter was $6.0 million, or $.89 per diluted share, as compared to a net loss of $1.3 million, or $.19 per diluted share in the third quarter of 2020. As a result of the COVID-19 pandemic, CVD’s new order bookings substantially decreased commencing in the first quarter of 2020, which reduced revenues in subsequent quarters, resulting in revenue of $11.7 million for the first nine months of 2021 as compared to $13.7 million in the first nine months of 2020, a decrease of $2.0 million or 14.7%. CVD’s operating loss for the nine months ended September 30, 2021 and 2020 was $3.6 million and $2.4 million, respectively. Included in other income for the nine months ended September 30, 2021 was a gain on the Sale of Building in the amount of $6.9 million and gain on Debt Extinguishment, in the amount of $2.4 million, which was related to its PPP loan received due to the effects of the COVID-19 pandemic. Net income for the first nine months of 2021 was $5.9 million, or $.89 per diluted share, as compared to a net loss of $.8 million, or $.12 per diluted share for the first nine months of 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 nine months ended September 30, 2020.\n\nSequentially, CVD’s revenue in the third quarter of 2021 was $4.3 million as compared to $4.0 million in the second quarter 2021, an increase of $.3 million, and the operating loss decreased to $.9 million in the third quarter of 2021, as compared to an operating loss of $1.1 million in the second quarter of 2021, an improvement of $.2 million. During Q3 2021, CVD was im...