UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 15, 2008
CVD EQUIPMENT CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
New York
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(State or Other Jurisdiction of Incorporation or Organization)
1-16525 11-2621692
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(Commission File Number) (IRS Employer Identification No.)
1860 Smithtown Ave., Ronkonkoma, New York 11779
(Address of Principal Executive Offices, Including Zip Code)
(631) 981-7081
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On May 15, 2008, CVD Equipment Corporation (the "Registrant") reported its
financial results for the quarter ended March 31, 2008. A copy of the press
release issued by the Registrant concerning the foregoing information is
furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained herein and in the accompanying exhibit shall not be
incorporated by reference into any filing of the Registrant, whether made before
or after the date hereof, regardless of any general incorporation language in
such filing, unless expressly incorporated by specific reference to such filing.
The information in this report, including the exhibit hereto, shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release dated May 15, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CVD EQUIPMENT CORPORATION
Date: May 16, 2008 /s/ Leonard A. Rosenbaum
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Name: Leonard A. Rosenbaum
Title: Chairman, President,
Chief Executive Officer and
Director (Principal Executive
Officer)
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Exhibit 99.1
CVD Equipment Corporation Announces Record First Quarter Revenues
RONKONKOMA, N.Y., (PR Newswire) - May 15, 2008 - (Nasdaq: CVV - News) CVD
Equipment Corporation today announced record first quarter revenues and its
fourteenth consecutive profitable quarter.
Revenue for the first quarter ending March 31, 2008 was approximately
$4,043,000, compared to $3,811,000 for the quarter ending March 31, 2007, an
increase of 6.1% as we continue to experience an increasing demand for our
products. The overall gross profit percentage decreased to 30.1% for the current
quarter compared to 33.0% for the same period one year ago. The decrease is a
result of adding engineering and production personnel necessitated by the
increase in orders, the expansion plans with our First Nano Laboratory and our
new product development in the Nanomaterials, Solar, Energy and Semiconductor
fields. General and administrative expenses for the three months ending March
31, 2008 increased by approximately $259,000 or 33.5% primarily as a result of
having to expense $160,000 of additional workers' compensation contributions for
the years 2000 through the first quarter of 2006. As a member of a self insured
trust which was found to be underfunded we are liable for our share of the
fund's shortfalls. Due to our expansion, we also incurred increased payroll and
benefit costs, stock-based compensation and other professional fees during the
three months ended March 31, 2008.
As a result of the aforementioned increases in costs our net income for the
current quarter was approximately $19,000 or $0.00 per share basic and diluted
compared to $96,000 or $0.03 per share basic and diluted for the quarter ending
March 31, 2007
As of March 31, 2008 the Company's backlog was approximately $3,364,000, a
decrease of $1,723,000 or 33.9% compared to $5,087,000 at December 31, 2007.
Timing for completion of the backlog varies depending on the product mix,
however, there is generally a one to six month lag in the completion and
shipping of backlogged product. Backlog from quarter to quarter can vary based
on the timing of order placements and shipments.
Leonard Rosenbaum, President and Chief Executive Officer stated, "Our record
first quarter revenues and quotation activity show a strong acceptance of our
equipment platforms. The additional sales, engineering and manufacturing
expenditures we are currently incurring will further broaden the First Nano and
CVD product lines. The First Nano Laboratory expansion will enable us to further
demonstrate our new and existing equipment platforms, processes and IP. In
addition, the programs we are developing with universities and industry for next
generation products in the Nano Technology, Solar, Energy and Semiconductor
fields will provide for our long term continuous growth. These factors will keep
us on track with continued revenue growth in 2008 and provide a steady increase
in revenue and profitability for future years."
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CVD Equipment Corporation, is a global designer, manufacturer and supplier of
equipment for use in manufacturing semiconductors, solar cells, carbon
nanotubes, nanowires and equipment for surface mounting of components onto
printed circuit boards.
Statements in this press release may be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar expressions,
as they relate to the company or its management, identify forward-looking
statements. These statements are based on current expectations, estimates and
projections about the company's business based, in part, on assumptions made by
management. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may, and probably will, differ materially
from what is expressed or forecasted in such forward-looking statements due to
numerous factors, including those described above and those risks discussed from
time to time in CVD Equipment Corporation's filings with the Securities and
Exchange Commission. In addition, such statements could be affected by risks and
uncertainties related to product demand, market and customer acceptance,
competition, pricing and development difficulties, as well as general industry
and market conditions and growth rates and general economic conditions. Any
forward-looking statements speak only as of the date on which they are made, and
the company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this release.
Information on CVD Equipment Corporation's website does not constitute a part of
this release.
CVD Equipment Corporation
Comparative Operating Results for the Three Months ended March 31,
2008 2007
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Revenue $4,043,000 $3,811,000
Cost of revenue 2,826,000 2,555,000
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Gross profit 1,217,000 1,256,000
Operating expenses 1,214,000 1,052,000
Net income 19,000 96,000
Net income
Per share basic $0.00 $0.03
Per share diluted 0.00 0.03
Weighted average shares of
common stock outstanding
Basic 4,732,016 3,284,589
Diluted 4,766,245 3,413,792
For further information Contact: CVD Equipment Corporation, Karen Hamberg,
Phone: 631-981-7081, Fax: 631-981-7095 or email: info@cvdequipment.com
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