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Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting

Note 14 – Segment Reporting

 

The Company operates through three segments: CVD Equipment, Stainless Design Concepts (“SDC”) and CVD Materials. The CVD Equipment segment manufactures and sells chemical vapor deposition, physical vapor transport and similar equipment. SDC manufactures ultra-high purity gas control systems. The CVD Materials segment provides material coatings for aerospace, medical, electronic and other applications. The Company evaluates performance based on several factors, of which the primary financial measure is income (loss) before taxes.

 

The Company’s corporate administration activities are reported in the “Corporate” column. These activities primarily include expenses related to certain corporate officers and support staff, expenses related to the Company’s Board of Directors, stock option expense for shares granted to corporate administration employees, certain consulting expenses, investor and shareholder relations activities, and all of the Company’s legal, auditing and professional fees, and interest expense.

 

Elimination entries included in the “Eliminations” column represent intersegment revenues and cost of revenues that are eliminated in consolidation. Intersegment sales for the year ended December 31, 2023 and 2022 by the SDC segment to the CVD Equipment segment were $439,000 and $573,000, respectively. Intersegment sales by the CVD Equipment segment to the SDC segment for the year ended December 31, 2023 were $109,000. There were no intersegment sales by the CVD Equipment segment to the SDC segment during the year ended December 31, 2022.

 

The following table presents certain information regarding the Company’s segments as of and for the years ended December 31, 2023 and December 31, 2022 (in thousands, including amount in notes):

 

2023

 

   CVD Equipment   SDC   CVD Materials   Corporate   Eliminations   Consolidated 
Assets  $31,401   $3,468   $211   $-   $(55)  $35,025 
                               
Revenue  $16,334   $7,139   $1,184   $-   $(548)  $24,109 
Operating (loss)
income(1)		   (2,129)   1,677    (193)   (4,118)   (118)   (4,881)
Pretax (loss) income (1)   (2,070)   1,677    (141)   (3,542)   (118)   (4,194)
Depreciation and amortization  $620   $49   $123   $-   $-   $792 
Purchases of property,
plant & equipment		  $404   $14   $-   $-   $-   $418 

 

2022

 

   CVD Equipment    SDC   CVD Materials   Corporate   Eliminations   Consolidated 
Assets  $31,622   $4,149   $2,099   $-   $42   $37,912 
                               
Revenue  $16,674   $6,541   $3,171   $-   $(573)  $25,813 
Operating (loss) income   (1,430)   1,546    1,050    (2,989)   -    (1,823)
Pretax (loss) income (2)   (156)   1,849    1,076    (2,989)   -    (220)
Depreciation and amortization  $652   $49   $166   $-   $-   $867 
Purchases of property, plant & equipment (3)  $653   $3   $3   $-   $-   $- 

 

  (1) CVD Materials segment includes loss on sale of Tantaline of $0.2 million and an impairment charge related to MesoScribe fixed assets of $0.1 million.
  (2) Includes other income related to ERCs of $1,103, $303 and $123 for the CVD, SDC and Materials segments, respectively.
  (3) Include $0.4 million of purchased equipment financed with a loan

 

 

CVD EQUIPMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2023 and 2022