CENTRAL ISLIP, N.Y. - CVD Equipment Corporation (NASDAQ: CVV), a company specializing in the development and manufacturing of chemical vapor deposition and thermal process equipment, announced the appointment of Andrew Africk to its Board of Directors. Alongside Africk's induction, the Board has expanded its size from six to seven directors.
Andrew Africk, the founder of Searay Capital LLC and former Senior Partner at Apollo Global Management (NYSE:APO), brings over three decades of experience in finance, technology, and communications investments to the CVD Equipment Board. His tenure at Apollo Global Management spanned 21 years, where he was instrumental in leading private equity and capital markets investments.
Lawrence J. Waldman, Chairman of the Board at CVD Equipment, expressed his enthusiasm for Africk's appointment, citing his extensive experience as a significant asset to the Board and the executive management team. Africk's role as the company's largest shareholder was also highlighted as a factor in his selection.
Manny Lakios, President and CEO of CVD Equipment, also welcomed Africk, noting that his deep understanding of the technology sector will provide valuable insights, particularly as the company targets key markets such as high power electronics, battery materials, aerospace, and industrial applications.
CVD Equipment Corporation serves various industries by designing and producing equipment for material and coating development and manufacturing. The company's products are utilized in both production environments and research facilities. Their application laboratory further supports customers by optimizing process performance in collaboration with the company's scientists and engineers.
InvestingPro Insights
As CVD Equipment Corporation (NASDAQ: CVV) welcomes Andrew Africk to its Board of Directors, investors and stakeholders may be keen to understand the company's financial health and future prospects. Utilizing data from InvestingPro, we can glean insights into the company's current market position and operational performance.
With a market capitalization of 30.85 million USD, CVD Equipment Corporation is navigating a challenging financial landscape. The company's revenue for the last twelve months as of Q1 2024 stood at 20.34 million USD, yet it experienced a significant decline in revenue growth of -31.88% during the same period. This contraction in revenue indicates headwinds in the company's business operations or market demand.
One of the InvestingPro Tips highlights that CVD Equipment Corporation holds more cash than debt on its balance sheet, which is a positive indicator of the company's liquidity and its ability to meet short-term obligations. Additionally, the company's liquid assets exceed its short-term liabilities, further reinforcing its financial stability in the near term. However, the company is not profitable over the last twelve months, as evidenced by a negative P/E ratio of -6.02, and it does not pay a dividend to shareholders, which may be a consideration for income-focused investors.
For investors interested in a deeper dive into the company's financials and strategic positioning, there are additional InvestingPro Tips available on InvestingPro. There are a total of 5 tips listed, which can provide more comprehensive guidance on whether CVV aligns with your investment strategy. For those looking to access these insights, remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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