CVD net income falls 59%
Leonard Rosenbaum is president and chief executive of CVD Equipment Corp. in Ronkonkoma. Credit: Dan Goodrich, 2010
CVD Equipment Corp.'s second-quarter net income plunged 59 percent from a year earlier to $321,000, the Ronkonkoma-based company reported Tuesday.
Those results for the April-May-June period include a $694,000 capital loss on the sale of a building, as the company prepares to move into a new Central Islip facility with twice the space.
Revenue for the quarter declined 6 percent to $7.1 million, said the company, which makes high-tech tools used to manufacture equipment for the computer chip, solar-energy and nanotechnology industries.
Earnings per share fell 64 percent to 5 cents. Six-month revenue rose 4 percent to a record $14.2 million. But earnings for that period fell 29 percent to $1.05 million.
Chief executive Leonard Rosenbaum attributed the decline to cramped quarters. "Space limitations in our current facility hindered our ability to expand production and add engineering and management personnel," he said.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
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