CPS Technologies Corporation (OTCQB: CPSH) today announced revenues
of $5.3 million and net income of $237 thousand for the quarter
ended June 29, 2013. This compares with revenues of $3.6 million
and a net loss of $373 thousand for the quarter ended June 30,
2012.
Revenues for the six months ended June 29, 2013 increased 44% to
$10.3 million from $7.2 million for the corresponding period in
2012. Net Income for the six month period in 2013 totaled $239
thousand compared with a net loss of $907 thousand for the first
half of 2012.
Grant Bennett, CEO, said, "I am very pleased with our results
for the quarter and first half of 2013. In the quarter we were able
to increase our revenues 46% versus the second quarter last year,
achieve a 26% gross margin, earn $237 thousand of net income and
generate enough cash to pay off our line of credit. Last year we
struggled as we felt the impact of the European economic crisis and
the residual effects of the high speed train crash in China. The
results announced today confirm that our business in these areas
has returned and provides a strong base for our on-going growth
initiatives."
Mr. Bennett went on to say, "Near-term customer forecasts and
recent quoting opportunities give us confidence that our base
business will remain strong for the foreseeable future. As a result
we plan to direct more resources on longer term growth
opportunities. These opportunities include geographic expansion,
especially in Japan, and wide variety of new applications,
including those in military/defense, oil and gas and consumer
markets."
The Company announced last week that it will hold its quarterly
investor conference call on Friday, August 9, 2013 at 10:00 A.M.
(Eastern). Grant Bennett, President and Chief Executive Officer,
and Ralph Norwood, Chief Financial Officer, will discuss the
Company's financial results for the three months ended June 29,
2013.
Those interested in participating in the conference call should
dial:
1-855-863-0441
Conference ID: 27346119
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 2012 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
STATEMENT OF OPERATIONS (Unaudited)
Quarter Ended First Half Ended
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
----------- ----------- ----------- -----------
Total Revenues $ 5,300,542 $ 3,628,265 $10,331,620 $ 7,183,041
Cost of Sales 3,937,244 3,435,286 8,053,886 7,023,902
----------- ----------- ----------- -----------
Gross Margin 1,363,298 192,979 2,277,734 159,139
Operating Expenses 1,008,118 845,009 1,908,032 1,653,732
----------- ----------- ----------- -----------
Operating income (loss) 355,180 (652,030) 369,702 (1,494,593)
Interest expense, net (12,678) (5,694) (22,870) (11,466)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 342,502 (657,724) 346,832 (1,506,059)
Income tax expense
(benefit) 106,000 (285,000) 107,720 (599,000)
----------- ----------- ----------- -----------
Net income (loss) 236,502 (372,724) 239,112 (907,059)
=========== =========== =========== ===========
Net income (loss) per
diluted share $ 0.02 $ (0.03) $ 0.02 $ (0.07)
Shares outstanding,
diluted 13,091,084 12,869,483 13,101,855 12,867,571
CPS TECHNOLOGIES
CORPORATION
BALANCE SHEET (Unaudited)
June 29, Dec. 29,
2013 2012
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 292,199 $ 306,854
Accounts receivable, net 3,661,732 2,876,149
Inventories, net 2,080,417 2,457,315
Prepaid expenses 120,380 140,723
Deferred taxes, current 364,378 354,825
------------ ------------
Total current assets 6,519,106 6,135,866
Property and equipment, net 1,742,330 1,781,220
Deferred taxes, non-current 2,432,148 2,432,148
------------ ------------
Total assets $ 10,693,584 $ 10,349,234
============ ============
Liabilities and Equity
Current liabilities:
Line of Credit $ --- $ 500,000
Equipment lease line of credit 163,155 ---
Accounts payable 1,564,421 1,179,313
Accrued expenses 833,967 938,043
Capital leases, current 92,655 123,366
------------ ------------
Total current liabilities 2,654,198 2,740,722
Capital leases, non-current 35,097 76,372
------------ ------------
Total liabilities 2,689,295 2,817,094
Stockholders' equity 8,004,289 7,532,140
------------ ------------
Total liabilities and stockholders' equity $ 10,693,584 $ 10,349,234
============ ============
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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