CVD Equipment Corporation on March 17th announced its financial results for the quarter ended March 31, 2010. CVD Equipment Corporation is a designer and manufacturer of standard and custom state-of-the-art equipment used in the development, design and manufacture of advanced electronic components, materials and coatings for research and industrial applications.
CVD offers a broad range of chemical vapor deposition, gas control, and other equipment that is used by customers to research, design and manufacture semiconductors, solar cells, carbon nanotubes, nanowires, LEDs, MEMS, industrial coatings and equipment for surface mounting of components onto printed circuit boards
Gross profits increased by $80,000 to approximately $1,107,000 and our gross profit percentage increased by 3.9% to 29.7% on revenue of $3,722,000 for the first quarter ending March 31, 2010 compared to gross profits of approximately $1,027,000 and a gross profit percentage of 25.8% on $3,985,000 of revenue for the quarter ending March 31, 2009. The increase in gross profits and gross profit percentage is primarily attributable to our efforts to streamline engineering and production personnel to achieve greater efficiencies as we continue to develop new products in the Nanomaterials, Solar, Energy, and Semiconductor fields, and continue the expansion of our Application Laboratory's capabilities.
Loss from operations for the three months ended March 31, 2010 was reduced by 51.8% to approximately $53,000 compared to a loss from operations of approximately $110,000 for the three months ended March 31, 2009. Overall our net loss for the current quarter was approximately $90,000 or ($0.02) per share basic and diluted compared to a net loss of $86,000 or ($0.02) per share basic and diluted for the quarter ending March 31, 2009.
There was an increase of 17.4% in orders received during the current period (January 1, 2010 thru March 31, 2010) compared to orders received during the same period one year ago. This was an increase of 50% over the period from October 1, 2009 to December 31, 2009. However, our backlog at March 31, 2010 was $2,101,000, a decrease of $448,000 compared to $2,549,000 at December 31, 2009. Timing for completion of the backlog varies depending on the product mix and can be as long as two years. Order backlog usually is a reasonable management tool to indicate expected revenues and projected profits, however it does not provide an assurance of future achievement or profits as order cancellations or delays are possible. Backlog from quarter to quarter can vary based on the timing of order placements and shipments.
Leonard Rosenbaum, President and Chief Executive Officer stated, "We have seen an increase in order and quotation demand in the first quarter and we expect this trend to continue at least in the near term. During the second quarter we will be introducing new products and services and expanding our marketing reach. We will be introducing a new First Nano EasyTube product -- "ET101" - that will provide researchers with a sophisticated, high performance, entry level CVD System for basic research in the nano, solar, semiconductor and Mems markets. With the increase in current order and quotation levels we are also finding additional new endeavors for the use and application of our chemical vapor deposition tools in the manufacturing of Graphene films and Silicon Nanowires.
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