CPS Technologies Corporation Announces First Quarter 2022 Results
May 04 2022 - 04:01PM
CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues
of $6.7 million and an operating profit of $547 thousand for the
quarter ended April 2, 2022. This compares with revenues of $4.9
million and an operating profit of $36 thousand for the quarter
ended March 27, 2021.
Michael McCormack, President and CEO, said: “We
are delighted to report that revenues in the first quarter 2022
were the highest in the company’s history and showed 7% improvement
over revenues in the fourth quarter of 2021. Even more
significantly we show a revenue increase of 37% over the first
quarter of 2021. Further, we are beginning to see the benefits of
the growth programs we have put in place as our first quarter
operating profit was greater than the operating profit for the
entire 2021 fiscal year. We are pleased to realize returns on the
growth initiatives and operational changes we are executing. The
team is continuing to drive growth and efficiency to sustain this
momentum.
After over two years of disruption to some degree
or another, we are relieved to share that the COVID-19 pandemic
today has little to no impact on CPS operations or outlook. CPS has
not been directly affected by the war in Ukraine having had minimal
sales to that part of the world, the loss of which would not have a
noticeable impact on our financial results.
As the global economy progresses out of pandemic
recovery and into new conflicts, there are lasting impacts such as
inflation, material availability, logistics delays, and limited
labor force that we are actively working to mitigate. In an
uncertain overall economic environment, we remain very pleased with
our first quarter performance and are confident in our outlook.
Beyond Fiscal Year 2022, we are cautiously
optimistic that our collective growth initiatives, specifically in
longer-term new product development investments, will expand the
current product lines both in terms of revenues and earnings. We
have re-engaged with the Small Business Innovation Research (SBIR)
and Small Business Technology Transfer (STTR) programs having made
several submissions and will continue to do so. We have been
awarded 2 projects under these programs for the Army and now the
Navy, but are still in the pre-contract phase. Lastly, we continue
to make measured investments to increase the capacity of our
current high-volume manufacturing.”
The Company will be hosting its first quarter
conference call with investors at 4:45pm on Wednesday, May 4. Those
interested in participating in the conference call should dial:
Call in Number: 1-833-953-1394
Conference ID: 3323509
We encourage those who wish to participate, to
call in 10 minutes before the scheduled start time to ensure the
operator can connect you prior to the start of the call.
About CPS CPS is a technology and manufacturing
leader in producing high-performance energy management components
that facilitate the electrification of the economy. Our products
and intellectual property include critical pieces of the technology
puzzle for electric trains and subway cars, wind turbines, hybrid
vehicles, electric vehicles, the smart electric grid, 5G
infrastructure and others. CPS hermetic packages can be found in
many Aerospace and Satellite applications including the GPS III
satellite and the Mars rover. CPS armor products provide
exceptional ballistic protection and environmental durability at
very light weight. CPS is committed to innovation and to supporting
our customers in building solutions to this planet's problems.
Safe Harbor Statements made in this document that
are not historical facts or which apply prospectively, including
those relating to 2022 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 CORP.
Statements of Operations (Unaudited)
|
|
|
Fiscal Quarters Ended |
|
|
|
|
April 2, |
|
|
|
March 27, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Product sales |
|
$ |
6,652,714 |
|
|
|
$ |
4,865,708 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
6,652,714 |
|
|
|
|
4,865,708 |
|
|
Cost of
product sales |
|
|
4,689,224 |
|
|
|
|
3,921,568 |
|
|
|
|
|
|
|
|
|
|
|
Gross Margin |
|
|
1,963,490 |
|
|
|
|
944,140 |
|
|
Selling,
general, and |
|
|
|
|
|
|
|
|
administrative expense |
|
|
1,416,393 |
|
|
|
|
908,471 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
547,097 |
|
|
|
|
35,669 |
|
|
Other income
(expense), net |
|
|
(1,913 |
) |
|
|
|
(4,310 |
) |
|
|
|
|
|
|
|
|
|
|
Income
before taxes |
|
|
545,184 |
|
|
|
|
31,359 |
|
|
Income tax
provision |
|
|
125,748 |
|
|
|
|
456 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
419,436 |
|
|
|
$ |
30,903 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per |
|
|
|
|
|
|
|
|
basic common share |
|
$ |
0.03 |
|
|
|
$ |
0.00 |
|
|
CPS
TECHNOLOGIES CORP. |
Balance
Sheet (Unaudited) |
|
|
|
April 2, |
|
December 25, |
|
|
|
2022 |
|
2021 |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$4,699,694 |
|
$5,050,312 |
|
Accounts receivable-trade, net |
4,902,518 |
|
4,870,021 |
|
Inventories, net |
4,705,526 |
|
3,911,602 |
|
Prepaid expenses and other current assets |
334,963 |
|
225,873 |
|
|
Total current assets |
14,642,701 |
|
14,057,808 |
Net property and
equipment |
1,322,494 |
|
1,322,494 |
|
|
|
|
Right-of-use lease asset |
558,000 |
|
586,000 |
Deferred taxes, net |
2,698,686 |
|
2,823,978 |
|
|
|
|
Total Assets |
$19,221,881 |
|
$ 18,800,719 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ |
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Note payable, current portion |
51,620 |
|
55,906 |
|
Accounts payable |
2,251,122 |
|
2,100,251 |
|
Accrued expenses |
717,482 |
|
1,086,429 |
|
Deferred revenue |
1,707,138 |
|
1,707,138 |
|
Lease liability, current portion |
157,000 |
|
155,000 |
|
|
|
|
|
|
Total current liabilities |
4,879,361 |
|
5,104,724 |
|
|
|
|
|
|
Note payable less current portion |
87,988 |
|
98,684 |
Long term lease liability |
401,000 |
|
431,000 |
|
|
|
|
|
|
Total liabilities |
5,373,350 |
|
5,634,408 |
|
|
|
|
Total stockholders’ equity |
13,848,531 |
|
13,166,311 |
|
|
|
|
Total liabilities and stockholders’ equity |
$ 19,221,881 |
|
$18,800,719 |
|
|
|
|
CPS Technologies Corporation
Chuck Griffith,
Chief Financial
Officer
111 South Worcester Street Norton, MA 02766 Telephone: (508)
222-0614 Web Site: www.cpstechnologysolutions.com
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