Small-cap equipment supplier, CVD Equipment Corporation posted its seventh consecutive profitable year with revenue of US$16.2 million and net earnings of US$375,000. Equipment order backlog stood at US$9.9 million at year-end but had received new orders worth US$9.3 million in January, 2011 that highlights early in its financial year that it will continue to grow revenue this year.
Fourth quarter revenue reached US$5.1 million. Gross profit margin for the quarter was 41.6%, raising the overall gross profit margin for fiscal year ended December 31, 2010 to 36.2%.
“2010 started slow but finished with a significant increase in order levels and revenue,” noted Leonard Rosenbaum, President and Chief Executive Officer. “Our quotation level continues to remain very high and with our backlog on December 31, 2010 of approximately US$9.9 million and our previous announcement of US$9.3 million in new orders in January, 2011, we expect 2011 to easily exceed all previous years in new orders, revenue and profit. Additionally, we believe this trend will continue in subsequent years.”
CVD Equipment Corp noted that R&D activities from customers in such fields as carbon and boron nitride nanotubes as well as in graphene and nanowires for solar cells, MEM’s, energy, semiconductors and Light Emitting Diodes would fuel growth of equipment sales over the next few years.