CPS Technologies Corporation Announces Record 2021 Sales Bookings

Rhea-AI Summary

CPS Technologies Corporation (NASDAQ:CPSH) announced over $37 million in orders for Fiscal Year 2021, surpassing the total bookings of the previous two years. The company’s Book to Bill ratio stands at a healthy 1.7, indicating strong growth momentum. President Michael McCormack attributes this success to CPS solutions that meet customer demands, particularly in Aerospace and Defense markets. The company is optimistic about converting these orders into increased revenue and earnings, supported by recent investments in facilities and personnel.

Positive

• Orders for Fiscal Year 2021 exceed $37 million, surpassing prior two years' bookings.
• Book to Bill ratio is healthy at 1.7, indicating strong demand.
• Growth in Aerospace and Defense markets shows significant customer value realization.
• Recent investments in facilities and personnel are starting to yield positive returns.

Negative

• None.

NORTON, Mass., Dec. 14, 2021 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) announced today that several recent contract awards have resulted in Fiscal Year 2021 orders to date of more than $37 million.

“We are pleased to share that the entire business continues to expand at a growth rate in excess of our plans”, said President and CEO Michael McCormack. He added, “The $37M in orders exceeds the combined bookings of the two previous fiscal years, and our Book to Bill ratio remains healthy at 1.7. We are quite thrilled with the realization by multiple customers of the value of CPS’ solutions. These enable customer products to achieve and exceed their expectations, especially in the Aerospace and Defense markets.”

“We are continuing to grow the business organically and look forward to the near-term future, when we will realize the continued conversion of these record orders to growth in revenues and earnings for our investors,” added McCormack.

“These record levels of orders are consistent with our strategic plan for growth across all product lines at CPS”, said VP of Sales Cheryl Oliveira. “Besides these recent contract awards, CPS also has a number of opportunities in both the consumer electronics, and Aerospace and Defense markets. We are cautiously optimistic that we will continue on a pace of growth consistent with our long-term strategy,” added Oliveira.

“We are just beginning to see the positive returns from our earlier investments this year in both facilities and personnel. The New Product Development Lab coupled with the increased technical expertise, specifically Dr. Steve Kachur and William Holmes, has accelerated our growth plans enabling us to enter into new markets and applications,” said Chuck Griffith CFO.

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. 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 2021 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                  
Chuck Griffith, Chief Financial Officer                                
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com