CVD Equipment Corporation, a leading provider of chemical vapour deposition (CVD) systems, has announced plummeting revenues in its second quarter 2016 financial results.
Total revenue for the second quarter ended 30th June 2016 was $3.7m compared to $10.4m in the second quarter of 2015, a decrease of 64.1%.
The company recorded an operating loss of $1m, compared to operating income of $1.5m for the same period in 2015. Its net loss was $0.5m, or $0.08 per diluted share, compared to net income of $1.3m, or $0.21 per diluted share in the second quarter of 2015.
CVD did, however, report new orders of $31.9m for the second quarter, compared to $13.1m in orders in the same period of 2015, resulting in backlog of $31m as of 30th June 2016. This compared with an order backlog of $19.3m as of 30th June 2015.
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