CPS Technologies Corporation Announces Second Quarter 2018 Results
August 01 2018 - 4:00PM
CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues
of $5.2 million and a net loss of $257 thousand for the quarter
ended June 30, 2018. This compares with revenues of $3.7
million and a net loss of $333 thousand for the quarter ended July
1, 2017.
Revenues for the six months ended June 30, 2018 were $9.4
million compared with revenues of $6.6 million for the
corresponding period a year ago. The net loss for the
six-month period in 2018 totaled $832 thousand compared with a net
loss of $938 thousand for the corresponding period a year ago.
Grant Bennett, President and CEO, commented, “Revenues for the
second quarter represent the highest quarterly level in over two
years and are 40% above the level achieved a year ago. This
continues the trend in the first quarter when revenues were up 46%
versus the first quarter of 2017.” Mr. Bennett continued,
“Over the past year we significantly increased market share at
existing customers. These market share gains involved a more
aggressive pricing strategy, a substantial investment in working
capital and the need to add both direct labor and support
personnel. While these actions required a significant cash
investment and have increased our breakeven point, we are confident
that this growth strategy will generate significant value over the
intermediate and long term.”
Mr. Bennett continued, “As we plan for the future, we expect key
customers in our base business to enjoy significant growth and the
Company to continue to capture the largest market
share. On top of this base business we are starting to
realize the substantial growth potential in three other broad
areas: increased business with U.S. electronics defense
contractors, penetration in both China and Japan, and opportunities
to extend our proprietary technologies in armor and other
industrial applications.”
The Company will be hosting its second quarter conference call
with investors at 4:30 pm on Wednesday, August 1. Those
interested in participating in the conference call should dial:
Call in Number: 855-863-0441
Conference ID: 2259846
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 2018 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--- |
|
-- Six Months Ended-- |
|
June 30, |
July 1, |
|
June 30, |
July 1, |
|
2018 |
2017 |
|
2018 |
2017 |
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----------- |
----------- |
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----------- |
----------- |
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Total
Revenues |
$5,228,721 |
$3,723,914 |
|
$9,383,725 |
$6,569,213 |
Cost of
Sales |
4,623,033 |
3,309,498 |
|
8,634,164 |
6,235,189 |
|
----------- |
----------- |
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----------- |
----------- |
Gross
Margin |
605,688 |
414,416 |
|
749,561 |
334,024 |
Operating
Expenses |
931,358 |
933,462 |
|
1,839,474 |
1,906,892 |
|
----------- |
----------- |
|
----------- |
----------- |
Operating
(loss) |
(325,669) |
(519,046) |
|
(1,089,913) |
(1,572,868) |
Interest
income/(expense), net |
(11,692) |
2,622 |
|
(11,634) |
5,250 |
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----------- |
----------- |
|
----------- |
----------- |
(Loss)
before income taxes |
(337,361) |
(516,424) |
|
(1,101,547) |
(1,567,618) |
Income tax
(benefit) |
(80,000) |
(183,208) |
|
(270,000) |
(630,000) |
|
----------- |
----------- |
|
----------- |
----------- |
Net
(loss) |
(257,361) |
(333,216) |
|
(831,547) |
(937,618) |
|
======== |
======== |
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========= |
========= |
Net (loss)
per diluted share |
($0.02) |
($0.03) |
|
($0.06) |
($0.07) |
Shares
outstanding, diluted |
13,203,436 |
13,203,436 |
|
13,203,436 |
13,203,436 |
CPS
TECHNOLOGIES CORPORATION |
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BALANCE
SHEET (Unaudited) |
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June 30, |
Dec. 30, |
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|
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2018 |
2017 |
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----------- |
----------- |
Assets |
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Current
assets: |
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Cash and cash equivalents |
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$418,067 |
$1,339,572 |
Accounts receivable, net |
|
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3,440,604 |
2,943,373 |
Inventories, net |
|
|
|
3,762,343 |
2,109,513 |
Prepaid expenses |
|
|
|
102,424 |
101,086 |
|
|
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------------- |
------------- |
Total current assets |
|
|
|
7,723,438 |
6,493,544 |
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Property
and equipment, net |
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|
1,458,539 |
1,490,498 |
Deferred
taxes |
|
|
|
3,308,666 |
3,038,666 |
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------------- |
------------- |
Total
assets |
|
|
|
$12,490,643 |
$11,022,708 |
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======== |
========= |
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Liabilities
and Stockholders' Equity |
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Current
liabilities: |
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Line of Credit |
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|
$900,000 |
$ ---- |
Accounts payable |
|
|
|
2,011,039 |
946,385 |
Accrued expenses |
|
|
|
987,288 |
655,489 |
Deferred Revenue |
|
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|
----- |
100,000 |
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------------- |
------------- |
Total current liabilities |
|
|
|
3,898,327 |
1,701,874 |
|
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|
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Stockholders' equity |
|
|
|
8,592,316 |
9,320,834 |
|
|
|
|
------------- |
------------- |
Total
liabilities and stockholders' equity |
|
|
|
$12,490,643 |
$11,022,708 |
|
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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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