CVD Equipment Corporation (NASDAQ:CVV) Q3 2023 Earnings Call Transcript

Emmanuel Lakios: Yes, that is – that was – there are some applications that we have, whether it’s tants or whether it’s actual implant devices, which are more bone related. It’s not a large portion of our business, but yes, of course, we continue to sell the equipment related to those applications.

Brett Reiss: Okay. And one last thing. I didn’t see any employment openings at CVD. Does that mean your headcount right now for the existing level of business is kind of where you want to be? And what is the head count these days?

Emmanuel Lakios: We’re north of 130 employees in our facility here in Central Islip and in Upstate New York, in our Saugerties site. And we think we’re properly sized. We continue to find ways to improve our efficiencies, and we always continue to look at talent as it may come along as we need the talent. So we monitor our both near-term and long-term order rate, and we adjust our headcount accordingly.

Brett Reiss: Right, right. If interest rates are topping out and start to come down and therefore, cap rates in real estate come down, do you still have an appetite to sell and lease back your existing facility for added working capital?

Emmanuel Lakios: Yes. We have ample – we never have enough, but we have ample working capital to fund our 2024 objectives and business plan. So it’s good, but you never want to raise money when you need it. So we would continue to look at options as they avail themselves. But we’re not actively looking though.

Brett Reiss: Great. Great. Thank you for answering my questions and have a good Thanksgiving to both of you.

Emmanuel Lakios: You bet. Thank you. Appreciate it.

Operator: [Operator Instructions] There are no more questions at this time. I would like to turn the conference back over to management for closing comments.

Emmanuel Lakios: Thank you, Sherry, and thank you to everyone for dialing in today. We appreciate your attendance on the call. As well, we appreciate your loyalty and also the loyalty of our employees and suppliers. If you have any further questions, feel free to reach out to myself or Rich. Happy Thanksgiving to all. And this concludes our third quarter call. Thank you.

Operator: Thank you for your participation. You may now disconnect.