CPS Technologies Corporation Announces Second Quarter 2007 Results
07 August 2007 - 8:13PM
Business Wire
CPS Technologies Corporation (CPS) (OTC Bulletin Board: CPSH) today
announced revenue of $3.1 million and net income of $132 thousand,
or $0.01 per basic and diluted common share for the fiscal quarter
ended June 30, 2007. This compares with revenue of $2.6 million and
net income of $64 thousand, or $0.01 per basic and $0.00 per
diluted common share for the same period a year ago. Compared to
the same quarter a year ago, Q2 2007 revenues grew by 17% and net
income grew by 106%. Revenue growth was strongest in lids and heat
spreaders, revenue from baseplates used in motor controllers also
increased while revenue from cellular telephone basestations
declined. On a year-to-date basis, revenues in the first half of
2007 were up 21% and net income was up 22% compared to the first
half of 2006. CPS continued to achieve design wins in Q2,
particularly for baseplates used in motor controllers. We are very
pleased that in the market for motor controllers AlSiC continues to
displace copper in many new applications because of the very
significant increase in reliability that AlSiC provides. An example
of a new application where AlSiC is displacing copper is motor
controllers and inverters used in electricity-generating wind
turbines. Customer-provided forecasts show growth in all main
product lines of the Company over the next year. However, two
specific events will have a negative impact on Q3 2007 revenue and
income. A major customer is transferring production offshore to a
contract assembler in Q3; this customer has both pulled some demand
forward and indicated a delay in further demand until the offshore
assembler is up and running. A second major customer launched a new
system which incorporates our product in Q4 2006; this new product
launch generated significant demand for us in Q4 2006 and the first
half of 2007. This customer is rebalancing production schedules and
inventory throughout its worldwide supply chain in Q3. The result
of both of these actions is that shipments for these two products
will be reduced in Q3. CPS believes these two events are
non-recurring, are independent of underlying demand, and their
impact will be limited to Q3 and possibly the early part of Q4. CPS
continues to be very active in working with several first-tier
automotive suppliers in the development and production
qualification of motor controller baseplates for hybrid and
electric vehicle applications, both trucks and cars. CPS has also
been very active in developing hard plates for light-vehicle armor
based on our proprietary process technology. In Q2, ballistic
testing of CPS hard plates at both government and commercial test
facilities has been positive. Additional technical and market
development is needed, however management is very encouraged by the
results to date. CPS serves a portfolio of end markets with
advanced material solutions, the most significant solution being
metal matrix composites (MMCs). CPS has a proprietary, leading
position in MMCs today, primarily providing electronics OEMs with
thermal management components to increase performance and
reliability. Management believes that like plastics 80 years ago,
MMCs will penetrate many different end markets over many years.
This release may contain forward-looking statements as that term is
defined in the Private Securities Reform Act of 1995. Various
factors could cause actual results to differ materially from those
projected in such statements. CPS Technologies Corporation (CPS)
(OTC Bulletin Board: CPSH) � Quarters Ended June 30, July 01, 2007
2006 � Revenues $3,067,042 $2,628,020 � Net Income $131,864 $63,861
� Basic earnings per basic share $0.01 $0.01 � Weighted average
basic shares 12,546,959 12,518,003 � Diluted earnings per diluted
share $0.01 $0.00 � Weighted average diluted shares 13,376,040
13,131,799 Six-month Periods Ended June 30, July 01, 2007 2006 � �
Revenues $6,207,394 $5,134,844 � Net Income $471,829 $387,678 �
Basic earnings per basic share $0.04 $0.03 � Weighted average basic
shares 12,536,519 12,423,598 � Diluted earnings per diluted share
$0.04 $0.03 � Weighted average diluted shares 13,273,426 13,005,312
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