CPS Technologies Corporation Announces Second Quarter 2023 Financial Results
- None.
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Record Revenue of
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
“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
Operating profit was
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 sales | 5,221,880 | 5,242,106 | 10,077,444 | 9,931,330 | |||||||||
| Gross Margin | 2,196,259 | 1,828,637 | 4,440,961 | 3,792,127 | |||||||||
| Selling, general, and | |||||||||||||
| administrative expense | 1,465,349 | 1,159,157 | 3,015,871 | 2,575,550 | |||||||||
| Income from operations | 730,910 | 669,480 | 1,425,090 | 1,216,577 | |||||||||
| Interest/Other income (expense) | 79,652 | 1,594 | 95,242 | (319) | |||||||||
| Net income before | |||||||||||||
| income tax | 810,562 | 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 - diluted | 14,621,929 | 14,708,646 | 14,630,765 | 14,682,516 | |||||||||
| Net income per | |||||||||||||
| basic common share | |||||||||||||
| 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 equipment | 1,507,578 | 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 | |||||||||||||||||
FAQ
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