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CVD Reports Third Quarter 2022 Results and Announces Termination of the Sale and Leaseback Transaction
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 financial results for the third quarter of 2022.\n\nResults of Third Quarter 2022\n\nFinancial and Operational Highlights:\n\n\nCustomer orders of $7.3 million\n\n\nRevenue of $8.1 million\n\n\nOperating income of $122,275\n\n\nNet income of $63,538\n\n\nNet income per basic and diluted share of $0.01\n\n\nCash and cash equivalents of $11.9 million\n\n\nSeptember 30, 2022 backlog of $15.7 million\n\n\nRevenue for the third quarter of 2022 was $8.1 million as compared to $4.3 million for the third quarter of 2021, an increase of $3.8 million or 88.4%. Net income for the third quarter of 2022 was $63,538, or $0.01 per basic and diluted share, as compared to a net income of $6.0 million (which includes a $6.9 million gain on sale of building), or $0.89 per basic and diluted share for the third quarter of 2021.\n\nOperating income for the third quarter of 2022 of $122,275 represents an improvement of approximately $1.0 million from the operating losses of $0.9 million reported by the Company in both the second quarter of 2022 and the third quarter of 2021. This improvement in operating results from the prior year quarter was a result of increased revenue of $3.8 million and the resultant increase in gross profit of $1.5 million, offset by increased operating expenses of $0.5 million. The increase in gross profit was primarily the result of leveraging fixed costs on higher sales levels and an improved product mix, which offset increases in certain component and compensation costs. The increase in operating expenses is due to higher employee-related costs to support the growth of our business including additional marketing and engineering efforts. Operating expenses also included an employee severance charge of approximately $134,000.\n\nFor the nine months ended September 30, 2022, revenue was $18.6 million as compared to $11.7 million for the same period in 2021, an increase of $6.9 million or 58.4%. Net loss for the nine months ended September 30, 2022 was $1.8 million, or $0.26 per basic and diluted share, as compared to net income of $5.9 million (which includes total non-operating gains of $9.3 million consisting of a $6.9 million gain on sale of building and...