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CPS Technologies Corporation Announces Fourth Quarter 2023 Financial Results
Источник: Nasdaq GlobeNewswire / 06 мар 2024 17:12:57 America/New_York
NORTON, Mass., March 06, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced financial results for the fiscal fourth quarter ended December 30, 2023.
Fourth Quarter Highlights
- Revenue of $6.7 million for the fourth quarter of 2023 versus $6.1 million in the prior-year period, primarily due to growth in shipments
- Gross margin of 17.0 percent versus 26.6 percent in the fourth quarter of 2022, reflecting certain quality issues with a major customer
- Operating profit of $0.1 million for the quarter ended December 30, 2023 compared to $0.3 million in the prior-year period
“We finished the year with the highest annual revenue in the Company’s history – $27.6 million – driven by 10 percent growth in the fourth quarter versus the prior-year period,” said Brian Mackey, President and CEO. “We are cautiously optimistic that the quality issues previously disclosed have been largely mitigated and should not have a material impact on 2024 results. While the Continuing Resolution in Washington has hampered certain decision making, impacting some of our new business development initiatives, we believe our strong position across the Company’s diverse end markets provides plenty of opportunity for further top line expansion. That said, the U.S. Navy contract for HybridTech Armor® panels is, as previously discussed, expected to be completed during the second quarter of this year. We remain steadfast in our mission to pursue other fast-growing industrial and technological applications that can accelerate demand and drive CPS to new levels of performance. We continue to invest for the future, and I am confident that order flow will improve as the year plays out. Even as short-term headwinds exist, the future is bright for CPS.”
Results of Operations
CPS reported revenue of $6.7 million in the fourth quarter of fiscal 2023 versus $6.1 million in the prior-year period, reflecting overall growth in product shipments. Gross profit was $1.1 million, or 17.0 percent of revenue, versus $1.6 million, or 26.6 percent of revenue, in the fiscal 2022 fourth quarter, with the lower gross margin year-over-year largely due to quality issues with one of the Company’s major customers.Operating profit was $0.1 million in the fiscal 2023 fourth quarter compared with $0.3 million in the prior-year period. Reported net income was also $0.2 million, or $0.01 per diluted share, versus $0.3 million, or $0.02 per diluted share, in the quarter ended December 31, 2022.
Conference Call
The Company will be hosting its fourth quarter 2023 earnings call at 9:00 am on March 7, 2024. Those interested in participating in the conference call should dial the following:Call in Number: 1-844-943-2942
Participant Passcode: 531915The 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 materials solutions for its customers. The company’s products and intellectual property address critical needs in a variety of applications, including electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, Navy ships, the smart electric grid, 5G infrastructure and others. CPS hermetic packages can be found in many Aerospace and Satellite applications. 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 for the transition to clean energy.Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2024 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.comInvestor Relations:
Chris Witty
646-438-9385
cwitty@darrowir.comCPS TECHNOLOGIES CORPORATION Statements of Operations (Unaudited) Three Months Ended Year Ended December 30, December 31, December 30, December 31, 2023 2022 2023 2022 Revenues: Product sales $ 6,747,199 $ 6,115,352 $ 27,550,646 $ 26,586,926 Total revenues $ 6,747,199 $ 6,115,352 $ 27,550,646 $ 26,586,926 Cost of product sales 5,598,616 4,489,640 20,725,237 19,285,846 Gross Margin 1,148,583 1,625,712 6,825,409 7,301,080 Selling, general, and administrative expense 1,004,948 1,316,530 5,126,046 5,066,660 Income from operations 143,635 309,182 1,699,363 2,234,420 Interest/Other income (expense) 80,823 9,866 253,018 635,248 Net income before income tax 224,458 319,048 1,952,381 2,887,668 Income tax provision (benefit) 84,948 50,057 582,085 756,268 Net income $ 139,510 $ 268,991 $ 1,370,296 $ 2,131,400 Wtd. Avg. basic common shares outstanding - diluted 14,617,473 14,649,719 14,628,811 14,675,646 Net income per basic common share $ 0.01 $ 0.02 $ 0.09 $ 0.15 CPS TECHNOLOGIES CORP. Balance Sheets (Unaudited) December 31, December 31, 2022 2022 ASSETS Current assets: Cash and cash equivalents $ 8,813,626 $ 8,266,753 Accounts receivable-trade, net 4,389,155 3,777,975 Accounts Receivable - other 83,191 685,668 Inventories, net 4,581,930 4,875,901 Prepaid expenses and other current assets 276,349 211,242 Total current assets 18,144,251 17,817,539 Net property and equipment 1,556,139 1,326,968 Right-of-use lease asset 332,000 466,000 Deferred taxes, net 1,269,726 2,069,436 Total Assets $ 21,602,116 $ 21,679,943 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Note payable, current portion 46,797 43,711 Accounts payable 2,535,086 1,836,865 Accrued expenses 1,075,137 820,856 Deferred revenue 251,755 2,521,128 Lease liability, current portion 160,000 157,000 Total current liabilities 4,068,775 5,379,560 Note payable less current portion 8,090 54,847 Deferred revenue – long term 31,277 231,020 Long term lease liability 172,000 309,000 Total liabilities 4,280,142 5,974,427 Total stockholders’ equity 17,321,974 15,705,516 Total liabilities and stockholders’ equity $ 21,602,116 $ 21,679,943