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23 May, 2017 16:16 IST
CVD Equipment Corp swings to first-quarter profit on a YOY basis
Source: IRIS | 19 May, 2017, 07.18PM

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CVD Equipment Corporation (CVV) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.02 million, or $ 0.16 a share in the quarter, against a net loss of $0.34 million, or $0.05 a share in the last year period.      

Revenue during the quarter surged 92.90 percent to $9.65 million from $5 million in the previous year period. Gross margin for the quarter expanded 1259 basis points over the previous year period to 43.23 percent. Operating margin for the quarter period stood at positive 17.79 percent as compared to a negative 10.65 percent for the previous year period.

Operating income for the quarter was $1.72 million, compared with an operating loss of $0.53 million in the previous year period.

"Solid execution coupled with ongoing customer momentum resulted in our strong first quarter performance," said Leonard Rosenbaum, president and chief executive officer. "During the quarter, we began to develop new equipment for our recently acquired Tantaline® technology and continued to find new applications for our growing product line. We expect 2017 to be a year of solid growth as we focus on expanding and diversifying our customer base to position the company for continued long-term growth and profitability."

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