CPS Technologies Corporation Announces First Quarter 2023 Financial Results
04 Maio 2023 - 5:01PM
CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”)
today announced financial results for the fiscal first quarter
ended April 1, 2023.
First Quarter Highlights
- Revenue of $7.1 million for the first quarter of 2023 versus
$6.7 million in the prior-year period
- Gross margin of 31.6 percent, up 210 basis points from the
first quarter of 2022
- Operating profit of $0.7 million for the quarter ended April 1,
2023 versus $0.5 million in the prior-year period
“I’m pleased to announce that this period marked
a new level of top line performance for the Company, with revenue
of $7.1 million surpassing the previous record set during the
second quarter of 2022,” said Chuck Griffith, CFO and acting
President. “While the 7% increase in sales year-over-year was
significant, the fact that the first quarter of 2022 was a longer,
14 week quarter – which only happens every five or six years –
makes this growth even more impressive. In addition, gross margins
expanded year-over-year, and our operating profit rose by 27%, to
$0.7 million. Fiscal 2023 is clearly off to a great start.
”Given a first quarter book-to-bill ratio of
112%, significant wins with a leading aerospace customer, a new
Small Business Innovative Research (SBIR) contract, and a strong
backlog, we expect to continue a pattern of robust and sustainable
growth over the coming quarters. In addition, to meet the
increasing demands of our operations, we have expanded our team by
adding key roles in business development and quality, with more to
come. Based on our current pipeline of opportunities and ongoing
demand, I anticipate the Company will set additional records for
revenue and profit as we move forward in 2023.”
Results of Operations CPS reported revenue of
$7.1 million for the first quarter of fiscal 2023 versus $6.7
million in the prior-year period, reflecting higher product
shipments. Gross profit rose to $2.2 million, or 31.6 percent of
revenue, from $2.0 million, or 29.5 percent of revenue, in the
fiscal 2022 first quarter. The higher gross margin year-over-year
reflects increased operating leverage and improved product mix.
Operating profit rose to $0.7 million in the
fiscal 2023 first quarter from $0.5 million in the prior-year
period. Reported net income was $0.5 million, or $0.03 per diluted
share, versus $0.4 million, or $0.03 per diluted share, in the
quarter ended April 2, 2022.
Conference Call The Company will be hosting its
first quarter 2023 earnings call at 4:30 pm on Thursday, May 4.
Those interested in participating in the conference call should
dial:
Call in Number: 1-844-943-2942 Conference ID:
503680
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 CORP. |
Statements
of Operations (Unaudited) |
|
|
|
|
Fiscal Quarters Ended |
|
|
|
April
1, |
|
|
|
April 2, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Product sales |
|
$ |
7,100,267 |
|
|
$ |
6,652,714 |
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
7,100,267 |
|
|
|
6,652,714 |
|
Cost of
product sales |
|
|
4,855,564 |
|
|
|
4,689,224 |
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
2,244,703 |
|
|
|
1,963,490 |
|
Selling,
general, and |
|
|
|
|
|
|
|
administrative expense |
|
|
1,550,522 |
|
|
|
1,416,393 |
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
694,181 |
|
|
|
547,097 |
|
Other income
(expense), net |
|
|
15,590 |
|
|
|
(1,913 |
) |
|
|
|
|
|
|
|
|
Income
before taxes |
|
|
709,771 |
|
|
|
545,184 |
|
Income tax
provision |
|
|
250,570 |
|
|
|
125,748 |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
459,201 |
|
|
$ |
419,436 |
|
|
|
|
|
|
|
|
|
Net income
per |
|
|
|
|
|
|
|
basic common share |
|
$ |
0.03 |
|
|
$ |
0.03 |
|
CPS
TECHNOLOGIES CORPORATION |
BALANCE
SHEET (UNAUDITED) |
|
|
December 31, |
|
|
December 31, |
ASSETS |
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,369,863 |
|
|
$ |
8,266,753 |
Accounts receivable-trade, net |
|
|
4,714,138 |
|
|
|
3,777,975 |
Accounts Receivable - other |
|
|
700,703 |
|
|
|
685,668 |
Inventories, net |
|
|
4,692,655 |
|
|
|
4,875,901 |
Prepaid expenses and other current assets |
|
|
299,601 |
|
|
|
211,242 |
Total current assets |
|
|
17,776,960 |
|
|
|
17,817,539 |
Net property
and equipment |
|
|
1,378,679 |
|
|
|
1,326,968 |
|
|
|
|
|
|
|
|
Right-of-use
lease asset |
|
|
433,000 |
|
|
|
466,000 |
Deferred
taxes, net |
|
|
1,842,992 |
|
|
|
2,069,436 |
Total
Assets |
|
$ |
21,431,931 |
|
|
$ |
21,679,943 |
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Note payable, current portion |
|
|
44,424 |
|
|
|
43,711 |
Accounts payable |
|
|
2,046,893 |
|
|
|
1,836,865 |
Accrued expenses |
|
|
731,454 |
|
|
|
820,856 |
Deferred revenue |
|
|
1,828,068 |
|
|
|
2,521,128 |
Lease liability, current portion |
|
|
157,000 |
|
|
|
157,000 |
Total
current liabilities |
|
|
4,807,839 |
|
|
|
5,379,560 |
Note payable
less current portion |
|
|
43,439 |
|
|
|
54,847 |
Deferred
revenue – long term |
|
|
-- |
|
|
|
231,020 |
Long term
lease liability |
|
|
276,000 |
|
|
|
309,000 |
Total
liabilities |
|
|
5,127,278 |
|
|
|
5,974,427 |
|
|
|
|
|
|
Total
stockholders’ equity |
|
|
16,304,653 |
|
|
|
15,705,516 |
Total
liabilities and stockholders’ |
|
|
|
|
|
equity |
|
$ |
21,431,931 |
|
|
$ |
21,679,943 |
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