CVD Equipment Corp (CVV, Financial) filed Quarterly Report for the period ended 2010-06-30.
Cvd Equipment Corp has a market cap of $16.25 million; its shares were traded at around $3.4 with a P/E ratio of 34 and P/S ratio of 1.54.
As a result of the foregoing factors, operating income was approximately $126,000 for the three months ended June 30, 2010, which represents an increase of 384.6% compared to operating income of $26,000 for the three month period ended June 30, 2009. We achieved operating income of approximately $73,000 for the six months ended June 30, 2010 compared to an operating loss of approximately $84,000 for the six months ended June 30, 2009.
Interest income for the three and six months ended June 30, 2010 was approximately $2,000 and $4,000, respectively, compared to approximately $11,000 and $23,000 for the three and six months ended June 30, 2009. This decrease is a result of investing cash in more conservative investments such as short-term treasury bonds and certificates of deposit, with lower returns than we previously received on money market funds. Interest expense for the three and six months ended June 30, 2010 was $58,000 and $116,000 respectively, compared to approximately $62,000 and $127,000 for the three and six months ended June 30, 2009. The primary source of this interest expense is from the mortgages on the three buildings that we own.
Other income during the three and six months ended June 30, 2010 was approximately $3,000 and $9,000 respectively, compared to approximately $13,000 and $12,000, respectively, for the three and six months ended June 30, 2009. Other income is primarily comprised of the cash received by the Company when it sells excess scrap metal periodically throughout the year.
For the six months ended June 30, 2010, we recorded a current income tax expense of approximately $26,000 that was reduced by the recognition of deferred tax benefits of approximately $70,000 which provided a net tax benefit for that period, compared to a current income tax expense of approximately $16,000 that was reduced by the recognition of the deferred tax benefits of approximately $117,000, which provided a net tax benefit for the six months ended June 30, 2009.
As of June 30, 2010, we had aggregate working capital of approximately $10,483,000 compared to $10,563,000 of working capital at December 31, 2009. We had cash and cash equivalents of $4,742,000 compared to $3,120,000 at December 31, 2009, an increase of approximately $1,622,000. This increase in cash and cash equivalents was primarily the result of the timing of both shipments and customer payments on outstanding balances.
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Cvd Equipment Corp has a market cap of $16.25 million; its shares were traded at around $3.4 with a P/E ratio of 34 and P/S ratio of 1.54.
Highlight of Business Operations:
We incurred approximately $882,000 and $1,830,000 of general and administrative expenses respectively, during the three and six months ended June 30, 2010, compared to approximately $810,000 and $1,780,000, respectively, incurred during the three and six months ended June 30, 2009. This represents increases of $72,000 or 8.9% and $50,000 or 2.8%, respectively, for the current periods compared to the same respective periods a year earlier. The increase can be primarily attributed to additional legal fees in connection with pending litigation and allocations of certain costs.As a result of the foregoing factors, operating income was approximately $126,000 for the three months ended June 30, 2010, which represents an increase of 384.6% compared to operating income of $26,000 for the three month period ended June 30, 2009. We achieved operating income of approximately $73,000 for the six months ended June 30, 2010 compared to an operating loss of approximately $84,000 for the six months ended June 30, 2009.
Interest income for the three and six months ended June 30, 2010 was approximately $2,000 and $4,000, respectively, compared to approximately $11,000 and $23,000 for the three and six months ended June 30, 2009. This decrease is a result of investing cash in more conservative investments such as short-term treasury bonds and certificates of deposit, with lower returns than we previously received on money market funds. Interest expense for the three and six months ended June 30, 2010 was $58,000 and $116,000 respectively, compared to approximately $62,000 and $127,000 for the three and six months ended June 30, 2009. The primary source of this interest expense is from the mortgages on the three buildings that we own.
Other income during the three and six months ended June 30, 2010 was approximately $3,000 and $9,000 respectively, compared to approximately $13,000 and $12,000, respectively, for the three and six months ended June 30, 2009. Other income is primarily comprised of the cash received by the Company when it sells excess scrap metal periodically throughout the year.
For the six months ended June 30, 2010, we recorded a current income tax expense of approximately $26,000 that was reduced by the recognition of deferred tax benefits of approximately $70,000 which provided a net tax benefit for that period, compared to a current income tax expense of approximately $16,000 that was reduced by the recognition of the deferred tax benefits of approximately $117,000, which provided a net tax benefit for the six months ended June 30, 2009.
As of June 30, 2010, we had aggregate working capital of approximately $10,483,000 compared to $10,563,000 of working capital at December 31, 2009. We had cash and cash equivalents of $4,742,000 compared to $3,120,000 at December 31, 2009, an increase of approximately $1,622,000. This increase in cash and cash equivalents was primarily the result of the timing of both shipments and customer payments on outstanding balances.
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