Mar. 27 at 10:22 AM
$CVV Based on CVD’s accounting practices, only about
$2.5 million in carrying value will be deducted from the
$15 million net cash proceeds of the SDC sale (after taxes, fees, and the
$900K escrow).
Add to that the recent auction proceeds from manufacturing equipment plus accounts receivable collections as backlog winds down, and cash balances should reach roughly
$25 million once escrow clears.
Even with conservative mark-to-market values of
$26 million for Central Islip and
$3 million for the retained Saugerties building, there is still about
$21 million of unrealized upside versus the low book carrying value on the PP&E line.
After removing the low net book value of the SDC assets, this produces an adjusted tangible book value of approximately
$57 million—or about
$8.20 per share (on 6.94 million shares outstanding).
Note that this assigns zero value to the core CVD equipment business and the entire patent portfolio, including the DHTC technology that improves SiC wafer yields.,+
