SOURCE: CPS Technologies Corporation

CPS Technologies Corporation

March 05, 2014 16:00 ET

CPS Technologies Corporation Announces 2013 Results

NORTON, MA--(Marketwired - Mar 5, 2014) -  CPS Technologies Corporation (OTCQB: CPSH) today announced revenues of $5.1 million and a net profit of $276 thousand for the Fourth Quarter ended December 28, 2013. This compares with revenues of $4.1 million and a net loss of $84 thousand for the Fourth Quarter ended December 29, 2012. 

Revenues for the year ended December 28, 2013 totaled $21.4 million compared with $14.1 million for the year ended December 29, 2012. Net income for the year totaled $1.0 million versus a net loss of $1.5 million for the year ended December 29, 2012.

Grant Bennett, President and CEO, said, "After a very challenging 2012 when we were adversely affected by a slowdown in demand, primarily in Europe, we rebounded to establish a record level of annual sales, profits and cash generation. Looking forward we see our base business as healthy and growing. Market research studies project our major markets of traction, especially high speed trains, and hybrid and electric vehicles growing at annual rates in the mid-teens for the next several years.

"We are reinvesting funds generated from this base business in an expansion of sales and marketing and on breakout opportunities, including armor and oil and gas."

About CPS 
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.

Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2013 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---   -----Year Ended-----  
    Dec. 28,     Dec. 29,   Dec. 28,   Dec. 29,  
    2013     2012   2013   2012  
                     
Total Revenues   $ 5,099,890     $ 4,124,488   $ 21,405,999   $ 14,051,710  
Cost of Sales     3,738,700       3,791,583     16,048,922     13,795,773  
                             
Gross Margin     1,361,190       332,905     5,357,077     255,937  
Operating Expenses     930,522       760,299     3,897,588     3,055,077  
                             
Operating income (loss)     430,668       (427,394 )   1,459,489     (2,799,140 )
Interest expense, net     (3,854 )     (12,330 )   (30,327 )   (28,588 )
                             
Income (loss) before income taxes     426,814       (439,724 )   1,429,162     (2,827,728 )
Income tax expense (benefit)     150,987       (355,700 )   462,707     (1,305,700 )
                             
Net income (loss)     275,827       (84,024 )   966,455     (1,522,028 )
                             
Net income (loss) per diluted share   $ 0.02     $ (0.01 ) $ 0.07   $ (0.12 )
Shares outstanding, diluted     13,489,954       12,871,671     13,265,486     12,869,618  
                             
                             
 
CPS TECHNOLOGIES
CORPORATION
BALANCE SHEET (Unaudited)
    Dec. 28,   Dec. 29,
    2013   2012
         
Assets            
             
Current assets:            
  Cash and cash equivalents   $ 1,571,054   $ 306,854
  Accounts receivable-trade, net     2,900,457     2,876,149
  Inventories, net     2,183,699     2,457,315
  Prepaid expenses     175,726     140,723
  Deferred taxes, current     649,420     354,825
    Total current assets     7,480,356     6,135,866
             
Property and equipment, net     1,832,787     1,781,220
Deferred taxes, non-current     1,826,482     2,432,148
Total assets   $ 11,139,625   $ 10,349,234
             
Liabilities and Equity            
             
Current liabilities:            
  Line of Credit Borrowings   $ ---   $ 500,000
  Accounts payable     1,091,909     1,179,313
  Accrued expenses     1,106,813     938,043
  Capital leases, current     76,372     123,366
    Total current liabilities     2,275,094     2,740,722
             
Capital leases, non-current     ---     76,372
Total liabilities     2,275,094     2,817,094
             
Stockholders' equity     8,864,531     7,532,140
             
Total liabilities and stockholders' equity   $ 11,139,625   $ 10,349,234
             

Contact Information

  • CPS Technologies Corporation
    Ralph Norwood
    Chief Financial Officer
    111 South Worcester Street
    Norton, MA 02766
    Telephone: (508) 222-0614
    Web Site: www.alsic.com