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CVD Equipment swings to loss in Q1

CVD Equipment Corp. said its normalized net income for the first quarter came to a loss of 5 cents per share, compared with 12 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $338,410, compared with income of $743,220 in the year-earlier period.

The normalized profit margin declined to negative 6.8% from 7.7% in the year-earlier period.

Total revenue decreased 48.4% on an annual basis to $5.0 million from $9.7 million, and total operating expenses decreased 34.8% from the prior-year period to $5.5 million from $8.5 million.

Reported net income totaled a loss of $310,660, or a loss of 5 cents per share, compared to income of $692,910, or 11 cents per share, in the prior-year period.