• CPS Technologies Corporation Announces Second Quarter 2023 Financial Results

    Источник: Nasdaq GlobeNewswire / 02 авг 2023 16:01:01   America/New_York

    NORTON, Mass., Aug. 02, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced financial results for the fiscal second quarter ended July 1, 2023.

    Second Quarter Highlights

    • Revenue of $7.4 million for the second quarter of 2023 versus $7.1 million in the prior-year period
    • Gross margin of 29.6 percent, up 370 basis points from the second quarter of 2022
    • Operating profit of $0.7 million for the quarter ended July 1, 2023, slightly higher than the prior-year period

    “Fiscal 2023 continues to play out as expected, with solid top line growth and improved bottom line results,” said Chuck Griffith, CFO and acting President. “Revenue rose 5% year-over-year, to a record $7.4 million, and our gross margin increased 370 basis points versus the second quarter of 2022. In addition, our trailing twelve month book-to-bill ratio remains strong at 108%, as we execute a strategy of penetrating new customers and markets to accelerate growth going forward.

    “At the same time, and as recently announced, the Company selected seasoned industry veteran – and retired officer of the US Army Corps of Engineers – Brian Mackey as the Company’s new president and chief executive officer. His leadership and business acumen are anticipated to bolster our expansion plans in the quarters and years to come, unlocking the value of our innovative technology and unique applications. With Brian at the helm, and a strong book of business in hand, we look forward to driving the Company to higher growth and improved financial returns.”

    Results of Operations
    CPS reported revenue of $7.4 million for the second quarter of fiscal 2023 versus $7.1 million in the prior-year period, reflecting higher product shipments. Gross profit rose to $2.2 million, or 29.6 percent of revenue, from $1.8 million, or 25.9 percent of revenue, in the fiscal 2022 second quarter. The higher gross margin year-over-year reflects increased operating leverage and improved product mix.

    Operating profit was $0.7 million in the fiscal 2023 second quarter, slightly higher than the prior-year period. Reported net income was $0.6 million, or $0.04 per diluted share, versus $0.5 million, or $0.03 per diluted share, in the quarter ended July 2, 2022.

    Conference Call
    The Company will be hosting its second quarter 2023 earnings call at 9:00 am on Thursday, August 3. Those interested in participating in the conference call should dial the following:

    Call in Number: 1-844-943-2942
    Participant Passcode: 281331
    The Company encourages those who wish to participate to call in 10 minutes before the scheduled start time to ensure the operator can connect all participants.

    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' armor products provide exceptional ballistic protection and environmental durability at a very lightweight. 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 2023 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                                  
    111 South Worcester Street
    Norton, MA 02766
    www.cpstechnologysolutions.com

    Investor Relations:
    Chris Witty
    646-438-9385
    cwitty@darrowir.com

    CPS TECHNOLOGIES CORPORATION
    Statements of Operations (Unaudited)
      Three Months Ended Six Months Ended
      July 1, July 2, July 1, July 2,
      2023 2022 2023 2022
             
    Revenues:       
     Product sales$7,418,138 $7,070,743 $14,518,405 $13,723,457
             
     Total revenues$7,418,138 $7,070,743 $14,518,405 $13,723,457
             
    Cost of product sales5,221,880 5,242,106 10,077,444 9,931,330
             
     Gross Margin2,196,259 1,828,637 4,440,961 3,792,127
             
    Selling, general, and       
     administrative expense1,465,349 1,159,157 3,015,871 2,575,550
             
     Income from operations730,910 669,480 1,425,090 1,216,577
            
    Interest/Other income (expense)79,652 1,594 95,242 (319) 
             
    Net income before       
     income tax810,562 671,074 1,520,332 1,216,258
    Income tax provision (benefit)210,058 215,966 460,628 341,714
             
     Net income$600,503 $455,108 $1,059,704 $874,544
             
            
    Wtd. Avg. basic common shares outstanding - diluted14,621,929 14,708,646 14,630,765 14,682,516
            
    Net income per       
     basic common share$ 0.04 $ 0.03 $ 0.07 $ 0.06
             


    CPS TECHNOLOGIES CORPORATION
    BALANCE SHEET (UNAUDITED)
     
       July 1, December 31,
        2023  2022
    ASSETS   
          
    Current assets:   
     Cash and cash equivalents  $   8,681,225 $8,266,753
     Accounts receivable-trade, net 5,074,559  3,777,975
     Accounts Receivable - other 74,639  685,668
     Inventories, net 4,813,753  4,875,901
     Prepaid expenses and other current assets      288,315  211,242
          
      Total current assets      18,932,491  17,817,539
          
    Net property and equipment1,507,578 1,326,968
        
    Right-of-use lease asset 400,000  466,000
    Deferred taxes, net      1,664,032  2,069,436
          
    Total Assets  $   22,504,101 $21,679,943
          
          
    LIABILITIES AND STOCKHOLDERS’   
     EQUITY   
          
    Current liabilities:   
     Note payable, current portion 56,681  43,711
     Accounts payable 2,359,532  1,836,865
     Accrued expenses 861,514  820,856
     Deferred revenue 1,828,068  2,521,128
     Lease liability, current portion 158,000  157,000
          
    Total current liabilities 5,263,795  5,379,560
          
    Note payable less current portion 20,437  54,847
    Deferred revenue – long term 31,277  231,020
    Long term lease liability 242,000  309,000
          
    Total liabilities 5,557,509  5,974,427
        
    Total stockholders’ equity 16,946,592  15,705,516
        
    Total liabilities and stockholders’   
    equity$22,504,101 $21,679,943
        

     

     

     


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