CPS Technologies Corporation Announces Third Quarter 2013 Results
05 Novembre 2013 - 10:00PM
Marketwired
CPS Technologies Corporation Announces Third Quarter 2013 Results
NORTON, MA--(Marketwired - Nov 5, 2013) - CPS Technologies
Corporation (OTCQB: CPSH) today announced revenues of $6.0 million
and net income of $452 thousand for the quarter ended September 28,
2013. This compares with revenues of $2.7 million and a net loss of
$531 thousand for the quarter ended September 29, 2012.
Revenues for the nine months ended September 28, 2013 increased
64% to $16.3 million from $9.9 million for the corresponding period
in 2012. Net Income for the nine month period in 2013 totaled $691
thousand, compared with a net loss of $1,438 thousand for the first
nine months of 2012.
Grant Bennett, President and CEO, commented, "This is the fourth
consecutive quarter that we have achieved increases in revenues,
gross margin, operating profit and net income while also generating
positive cash flow. The percentage increases in revenues were well
into the double digits for all major product lines for both the
quarter and nine months versus 2012. While our business is and will
continue to be volatile quarter to quarter, it is clear that demand
for our products has returned to levels prior to the Eurozone
crisis which significantly depressed our 2012 revenues. When demand
declined in 2012 we retained professional staff and continued
production line improvements; as a result our margins are higher
today than prior to the crisis."
Mr. Bennett continued, "Our strategy is rooted in the belief
that there are numerous opportunities for growth in metal matrix
composites, the class of materials in which we are the world-wide
market leader. While we continue to strengthen our strong
relationships with customers in the traction and automotive
sectors, we are also expanding our sales and marketing efforts in
Japan where we see substantial opportunities with large electronic
companies. In addition we are allocating increased resources to
address new opportunities where our technology offers a compelling
advantage such as the military and the oil and gas areas."
The Company announced last week that it will hold its quarterly
investor conference call on November 5, 2013 at 4:30 P.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 September
28, 2013.
Those interested in participating in the conference call should
dial:
1-855-863-0441
Conference ID: 95646946
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 |
|
|
Nine Months Ended |
|
|
|
|
Sept. 28, |
|
|
Sept. 29, |
|
|
Sept. 28, |
|
|
Sept. 29, |
|
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Revenues |
|
$ |
5,974,489 |
|
|
$ |
2,744,181 |
|
|
$ |
16,306,109 |
|
|
$ |
9,927,222 |
|
| Cost
of Sales |
|
|
4,256,337 |
|
|
|
2,980,288 |
|
|
|
12,310,222 |
|
|
|
10,004,190 |
|
| Gross
Margin |
|
|
1,718,152 |
|
|
|
(236,107 |
) |
|
|
3,995,887 |
|
|
|
(76,968 |
) |
|
Operating Expenses |
|
|
1,059,033 |
|
|
|
641,046 |
|
|
|
2,967,066 |
|
|
|
2,294,778 |
|
|
Operating income (loss) |
|
|
659,119 |
|
|
|
(877,153 |
) |
|
|
1,028,821 |
|
|
|
(2,371,746 |
) |
|
Interest expense, net |
|
|
(3,603 |
) |
|
|
(4,792 |
) |
|
|
(26,473 |
) |
|
|
(16,258 |
) |
|
Income (loss) before income taxes |
|
|
655,516 |
|
|
|
(881,945 |
) |
|
|
1,002,348 |
|
|
|
(2,388,004 |
) |
|
Income tax expense (benefit) |
|
|
204,000 |
|
|
|
(351,000 |
) |
|
|
311,720 |
|
|
|
(950,000 |
) |
| Net
income (loss) |
|
|
451,516 |
|
|
|
(530,945 |
) |
|
|
690,628 |
|
|
|
(1,438,004 |
) |
| Net
income (loss) per diluted share |
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.05 |
|
|
$ |
(0.11 |
) |
|
Shares outstanding, diluted |
|
|
13,522,495 |
|
|
|
12,871,659 |
|
|
|
13,242,069 |
|
|
|
12,868,934 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CPS TECHNOLOGIES CORPORATION |
| BALANCE SHEET (Unaudited) |
| |
|
|
|
|
| |
|
Sept. 28, |
|
Dec. 29, |
| |
|
2013 |
|
2012 |
| |
|
|
|
|
| Assets |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
$ |
595,753 |
|
$ |
306,854 |
| |
Accounts receivable-trade, net |
|
|
4,223,095 |
|
|
2,876,149 |
| |
Inventories, net |
|
|
2,048,860 |
|
|
2,457,315 |
| |
Prepaid expenses |
|
|
173,368 |
|
|
140,723 |
| |
Deferred taxes, current |
|
|
160,378 |
|
|
354,825 |
| |
|
Total
current assets |
|
|
7,201,454 |
|
|
6,135,866 |
| |
|
|
|
|
|
|
| Property and equipment, net |
|
|
1,846,705 |
|
|
1,781,220 |
| Deferred taxes, non-current |
|
|
2,432,148 |
|
|
2,432,148 |
| Total assets |
|
$ |
11,480,307 |
|
$ |
10,349,234 |
| |
|
|
|
|
|
|
| Liabilities and Equity |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
| |
Line of Credit |
|
$ |
--- |
|
$ |
500,000 |
| |
Equipment lease line of credit |
|
|
163,155 |
|
|
--- |
| |
Accounts payable |
|
|
1,537,597 |
|
|
1,179,313 |
| |
Accrued expenses |
|
|
1,160,693 |
|
|
938,043 |
| |
Capital leases, current |
|
|
82,555 |
|
|
123,366 |
| |
|
Total
current liabilities |
|
|
2,944,000 |
|
|
2,740,722 |
| |
|
|
|
|
|
|
| Capital leases, non-current |
|
|
14,117 |
|
|
76,372 |
| Total liabilities |
|
|
2,958,117 |
|
|
2,817,094 |
| |
|
|
|
|
|
|
| Stockholders' equity |
|
|
8,522,190 |
|
|
7,532,140 |
| Total liabilities and stockholders' equity |
|
$ |
11,480,307 |
|
$ |
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
Grafico Azioni Onassis (PK) (USOTC:ONSS)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Onassis (PK) (USOTC:ONSS)
Storico
Da Giu 2023 a Giu 2024
