CPS Technologies Corporation Announces First Quarter 2022 Results
CPS Technologies Corporation (NASDAQ:CPSH) reported record revenues of $6.7 million for Q1 2022, up 37% from $4.9 million in Q1 2021. The company achieved an operating profit of $547 thousand, surpassing the total operating profit for all of 2021. President and CEO Michael McCormack highlighted the company's successful growth initiatives and minimal impact from COVID-19 and the Ukraine conflict. CPS is optimistic about future growth, especially in new product development and has engaged with SBIR and STTR programs, securing two projects for the Army and Navy.
- Record revenues of $6.7 million for Q1 2022, a 37% increase year-over-year.
- Operating profit of $547 thousand, exceeding total profit for FY 2021.
- Successful growth programs yielding positive financial results.
- Minimal impact from COVID-19 on operations and outlook.
- Engagement in SBIR and STTR programs with two projects awarded for Army and Navy.
- None.
NORTON, Mass., May 04, 2022 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues of
Michael McCormack, President and CEO, said: “We are delighted to report that revenues in the first quarter 2022 were the highest in the company’s history and showed
After over two years of disruption to some degree or another, we are relieved to share that the COVID-19 pandemic today has little to no impact on CPS operations or outlook. CPS has not been directly affected by the war in Ukraine having had minimal sales to that part of the world, the loss of which would not have a noticeable impact on our financial results.
As the global economy progresses out of pandemic recovery and into new conflicts, there are lasting impacts such as inflation, material availability, logistics delays, and limited labor force that we are actively working to mitigate. In an uncertain overall economic environment, we remain very pleased with our first quarter performance and are confident in our outlook.
Beyond Fiscal Year 2022, we are cautiously optimistic that our collective growth initiatives, specifically in longer-term new product development investments, will expand the current product lines both in terms of revenues and earnings. We have re-engaged with the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs having made several submissions and will continue to do so. We have been awarded 2 projects under these programs for the Army and now the Navy, but are still in the pre-contract phase. Lastly, we continue to make measured investments to increase the capacity of our current high-volume manufacturing.”
The Company will be hosting its first quarter conference call with investors at 4:45pm on Wednesday, May 4. Those interested in participating in the conference call should dial:
Call in Number: 1-833-953-1394
Conference ID: 3323509
We encourage those who wish to participate, to call in 10 minutes before the scheduled start time to ensure the operator can connect you prior to the start of the call.
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 hermetic packages can be found in many Aerospace and Satellite applications including the GPS III satellite and the Mars rover. 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 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 2022 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 CORP.
Statements of Operations (Unaudited)
| Fiscal Quarters Ended | ||||||||||
| April 2, | March 27, | |||||||||
| 2022 | 2021 | |||||||||
| Revenues: | ||||||||||
| Product sales | $ | 6,652,714 | $ | 4,865,708 | ||||||
| Total revenues | 6,652,714 | 4,865,708 | ||||||||
| Cost of product sales | 4,689,224 | 3,921,568 | ||||||||
| Gross Margin | 1,963,490 | 944,140 | ||||||||
| Selling, general, and | ||||||||||
| administrative expense | 1,416,393 | 908,471 | ||||||||
| Income from operations | 547,097 | 35,669 | ||||||||
| Other income (expense), net | (1,913 | ) | (4,310 | ) | ||||||
| Income before taxes | 545,184 | 31,359 | ||||||||
| Income tax provision | 125,748 | 456 | ||||||||
| Net income | $ | 419,436 | $ | 30,903 | ||||||
| Net income per | ||||||||||
| basic common share | $ | 0.03 | $ | 0.00 | ||||||
| CPS TECHNOLOGIES CORP. | ||||||||||||||||||
| Balance Sheet (Unaudited) | ||||||||||||||||||
| April 2, | December 25, | |||||||||||||||||
| 2022 | 2021 | |||||||||||||||||
| ASSETS | ||||||||||||||||||
| Current assets: | ||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||
| Accounts receivable-trade, net | 4,902,518 | 4,870,021 | ||||||||||||||||
| Inventories, net | 4,705,526 | 3,911,602 | ||||||||||||||||
| Prepaid expenses and other current assets | 334,963 | 225,873 | ||||||||||||||||
| Total current assets | 14,642,701 | 14,057,808 | ||||||||||||||||
| Net property and equipment | 1,322,494 | 1,322,494 | ||||||||||||||||
| Right-of-use lease asset | 558,000 | 586,000 | ||||||||||||||||
| Deferred taxes, net | 2,698,686 | 2,823,978 | ||||||||||||||||
| Total Assets | ||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ | ||||||||||||||||||
| EQUITY | ||||||||||||||||||
| Current liabilities: | ||||||||||||||||||
| Note payable, current portion | 51,620 | 55,906 | ||||||||||||||||
| Accounts payable | 2,251,122 | 2,100,251 | ||||||||||||||||
| Accrued expenses | 717,482 | 1,086,429 | ||||||||||||||||
| Deferred revenue | 1,707,138 | 1,707,138 | ||||||||||||||||
| Lease liability, current portion | 157,000 | 155,000 | ||||||||||||||||
| Total current liabilities | 4,879,361 | 5,104,724 | ||||||||||||||||
| Note payable less current portion | 87,988 | 98,684 | ||||||||||||||||
| Long term lease liability | 401,000 | 431,000 | ||||||||||||||||
| Total liabilities | 5,373,350 | 5,634,408 | ||||||||||||||||
| Total stockholders’ equity | 13,848,531 | 13,166,311 | ||||||||||||||||
| Total liabilities and stockholders’ equity | ||||||||||||||||||
CPS Technologies Corporation
Chuck Griffith, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.cpstechnologysolutions.com
FAQ
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