NORTON, Mass., Nov. 01, 2017 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues of $4.2 million and net income of $13 thousand for the quarter ended September 30, 2017. This compares with revenues of $3.3 million and a net loss of $139 thousand for the quarter ended October 1, 2016.
Revenues for the nine months ended September 30, 2017 were $10.8 million compared with revenues of $12.5 million for the corresponding period a year ago, a decline of 14%. The net loss for the nine-month period in 2017 totaled $925 thousand compared with a net loss of $200 thousand for the first nine months of 2016.
Commenting on the results, Grant Bennett, CEO, said, “A year ago we reported that we expected the weakness in demand would persist for a few more quarters. This belief turned out to be accurate as it was not until the second quarter this year that we achieved a sequential increase in quarterly revenues. The upward trend continued this quarter which is 48% higher than our low point of Q1, 2017. As a result of the increase in revenues, we were able to generate above breakeven results for the first time in over a year.”
Mr. Bennett continued, “Three months ago we stated that we were confident that the second half of 2017 would be stronger than the first half and that this improved trajectory would continue into 2018. I can confirm that we continue to see the remainder of this year and 2018 in the same way. Our European customers are enjoying growth in their businesses and we expect to benefit from this growth in addition to capturing a greater share of their business. We believe that the movement over the past year to be more customer and market focused is beginning to pay dividends. Our activity with large potential customers in Japan and China is increasing and we see potentially significant growth in both countries in the years ahead. In addition, we recently completed a rigorous in-depth review and updating of our five-year strategic plan which has helped us focus on these and other growth areas, including armor and new applications for our technologies. We will use this framework as we develop specific objectives and strategies to support our 2018 Operating Plan.”
The Company will be hosting its third quarter conference call with investors at 4:30 PM today. Those interested in participating in the conference call should dial:
|Call in Number:||855-863-0441|
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.
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2017 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. 30,||Oct. 1,||Sept. 30,||Oct. 1,|
|Cost of Sales||3,450,915||2,941,098||9,686,103||10,399,236|
|Operating income (loss)||18,221||(377,428||)||(1,555,454||)||(485,599||)|
|Net income (loss) before income taxes||20,228||(335,686||)||(1,547,389||)||(437,395||)|
|Income tax (benefit) expense||7,000||(196,900||)||(623,000||)||(237,000||)|
|Net income (loss)||13,228||(138,786||)||(924,389||)||(200,395||)|
|Net income (loss) per diluted share||$0.00||($0.01||)||($0.07||)||($0.02||)|
|Wtd ave. shares outstanding, diluted||13,229,868||13,203,436||13,203,436||13,200,584|
|CPS TECHNOLOGIES CORPORATION|
|BALANCE SHEET (Unaudited)|
|Sept. 30,||Dec. 31,|
|Cash and cash equivalents||$1,689,610||$3,407,760|
|Accounts receivable, net||3,034,175||1,959,606|
|Prepaid expenses and other current assets||79,579||88,443|
|Total current assets||6,478,702||7,426,770|
|Property and equipment, net||1,500,033||1,783,627|
|Deferred taxes, non-current||3,450,349||2,827,349|
|Liabilities and Stockholders' Equity|
|Total current liabilities||1,453,100||1,286,441|
|Total liabilities and stockholders' equity||$11,429,084||$12,037,746|
CPS Technologies Corporation
Ralph Norwood, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com
Source:CPS Technologies Corp.