CPS Technologies Corporation Announces Second Quarter 2017 Results
August 02 2017 - 4:00PM
CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues
of $3.7 million and a net loss of $333 thousand for the quarter
ended July 1, 2017. This compares with revenues of $3.9
million and a net loss of $259 thousand for the quarter ended July
2, 2016.
Revenues for the six months ended July 1, 2017 were $6.6 million
compared with revenues of $9.2 million for the corresponding period
a year ago, a decline of 28%. The net loss for the six- month
period in 2017 totaled $938 thousand compared with a net loss of
$62 thousand for the corresponding period a year ago.
Grant Bennett, President and CEO, commented, “Although our
revenues continue to be below our breakeven point, we are
encouraged by the fact that they were 30% higher than each of the
previous two quarters. This improvement was fueled by an
increase in baseplate sales, particularly in Europe, after several
quarters of weak demand. The discussions we have had
with our major customers during the quarter and our pipeline of
orders gives us confidence that the second half of this year will
be stronger than our first half and that this improved trajectory
will continue into 2018.”
Mr. Bennett continued, “Longer term we expect to make meaningful
sales to customers in both China and Japan. We have
been working with potential customers in these countries for a
number of years and expect to see tangible results by year-end or
early next year. In addition, multiple customers continue
with evaluation and qualification of our armor solutions;
this product line offers another significant potential
revenue stream in the future.”
The Company will be hosting its second quarter conference call
with investors at 4:30 pm on Wednesday, August 2. Those
interested in participating in the conference call should dial:
Call in Number: 855-863-0441
Conference ID: 61817339
About CPS CPS Technologies Corporation is a global leader in
producing metal-matrix composite components used to improve the
reliability and performance of various electrical systems.
CPS products are used in motor controllers for hybrid and electric
vehicles, high-speed trains, subway cars and wind turbines.
They are also used as heatspreaders in internet switches, routers
and high-performance microprocessors. CPS also develops and
produces metal-matrix composite armor.
Safe Harbor Statements made in this document that are not
historical facts or which apply prospectively, including those
relating to 2017 financial results, are forward-looking
statements that involve risks and uncertainties. These
forward-looking statements are identified by the use of terms and
phrases such as "will," "intends," "believes," "expects," "plans,"
"anticipates" and similar expressions. Investors should not rely on
forward looking statements because they are subject to a variety of
risks and uncertainties and other factors that could cause actual
results to differ materially from the company's expectation.
Additional information concerning risk factors is contained from
time to time in the company's SEC filings, including its Annual
Report on Form 10-K and other periodic reports filed with the SEC.
Forward-looking statements contained in this press release speak
only as of the date of this release. Subsequent events or
circumstances occurring after such date may render these statements
incomplete or out of date. The company expressly disclaims any
obligation to update the information contained in this release.
CPS
TECHNOLOGIES CORPORATION |
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STATEMENT
OF OPERATIONS (Unaudited) |
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--- Quarter Ended--- |
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-- Six Months Ended-- |
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July 1, |
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July 2, |
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July 1, |
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July 2, |
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2017 |
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2016 |
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2017 |
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2016 |
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Total
Revenues |
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$3,723,914 |
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$3,934,995 |
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$6,569,213 |
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$9,150,612 |
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Cost of
Sales |
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3,309,498 |
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3,374,078 |
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6,235,189 |
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7,458,138 |
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Gross
Margin |
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414,416 |
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560,917 |
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334,024 |
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1,692,474 |
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Operating
Expenses |
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933,462 |
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892,477 |
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1,906,892 |
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1,800,646 |
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Operating (loss) |
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(519,046 |
) |
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(331,560 |
) |
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(1,572,868 |
) |
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(108,172 |
) |
Interest
income |
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2,622 |
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2,722 |
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5,250 |
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6,462 |
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(Loss)
before income taxes |
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(516,424 |
) |
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(328,838 |
) |
|
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(1,567,618 |
) |
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(101,710 |
) |
Income
tax (benefit) |
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(183,208 |
) |
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(70,100 |
) |
|
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(630,000 |
) |
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(40,100 |
) |
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Net
(loss) |
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(333,216 |
) |
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(258,738 |
) |
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(937,618 |
) |
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(61,610 |
) |
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Net (loss)
per diluted share |
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($0.03 |
) |
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($0.02 |
) |
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($0.07 |
) |
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$0.00 |
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Shares
outstanding, diluted |
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13,203,436 |
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13,200,269 |
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13,203,436 |
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13,199,210 |
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CPS
TECHNOLOGIES CORPORATION |
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BALANCE
SHEET (Unaudited) |
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July 1, |
Dec. 31, |
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2017 |
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2016 |
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Assets |
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Current
assets: |
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Cash and cash equivalents |
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$1,941,819 |
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$3,407,760 |
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Accounts receivable, net |
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2,705,653 |
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1,959,606 |
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Inventories, net |
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1,945,808 |
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1,970,961 |
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Prepaid expenses and other current assets |
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92,775 |
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88,443 |
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Total current assets |
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6,686,055 |
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7,426,770 |
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Property
and equipment, net |
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1,556,296 |
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1,783,627 |
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Deferred
taxes |
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3,457,349 |
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2,827,349 |
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Total
assets |
|
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$11,699,700 |
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$12,037,746 |
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Liabilities
and Stockholders' Equity |
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Current
liabilities: |
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Accounts payable |
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934,416 |
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662,482 |
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Accrued expenses |
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839,610 |
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623,959 |
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Total current liabilities |
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1,774,026 |
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1,286,441 |
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Stockholders' equity |
|
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9,925,674 |
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10,751,305 |
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Total
liabilities and stockholders' equity |
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$11,699,700 |
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$12,037,746 |
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CPS Technologies Corporation
Ralph Norwood, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com
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