CPSH.. $1.55 Earnings..
CPS Technologies Corporation Announces Third Quarter 2010 Results
Market Wire - Nov 08 at 18:30
Company Symbols: NASDAQ-OTCBB:CPSH
NORTON, MA -- (MARKET WIRE) -- 11/08/10 -- CPS Technologies Corporation (OTCBB: CPSH), a provider of advanced material solutions, today announced revenue of $6.0 million and net income of $421 thousand or $0.03 per basic and diluted share for the fiscal quarter ended September 25, 2010. This compares with revenue of $2.9 million and a net loss of ($137) thousand or ($0.01) per basic and diluted share for the fiscal quarter ended September 26, 2009.
Q3 2010 represents a record quarter for CPS. We are very pleased that the revenue growth of 109% compared to the same period a year ago is broad-based; revenues increased for nearly all product families. The growth came from market share gains and increases in underlying demand for existing products, as well as new product introductions. Revenue under our Cooperative Agreement with the Army for development of metal matrix composite armor, which accounted for approximately 7% of revenue in Q3 2010, was flat year-to-year; technical progress under this Agreement continues to be very positive.
Our greatest growth was in baseplates for motor controllers used in electric trains and subway cars, hybrid automobiles and electricity-generating wind turbines. Our proprietary process technology gives us a competitive advantage in these markets and we are strengthening that advantage by continued investment in our process technology and manufacturing capabilities. We have several new products for these markets in our pipeline which will begin serial production throughout next year, including several products for hybrid automobiles.
Demand for heatspreaders for internet routers and switches and other microelectronic applications was also up compared to the same period a year ago. Our experience is that demand in this segment has been and will remain volatile from quarter to quarter for the foreseeable future. However, in spite of the volatility, AlSiC continues to transition from being a specialty material to a mainstream thermal management solution for use with high reliability integrated circuits. We are accelerating that transition as we work to reduce manufacturing costs.
Our metal-matrix composite products are used in high-power, high-reliability applications, providing both higher performance and improved efficiency in the use or generation of energy. These applications are in the mainstream of the growing movement towards green and alternative energy lifestyles. Management believes underlying demand for these applications is growing, and that CPS is well positioned to capture that growth.
This release does contain forward-looking statements. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to, a continued or deepening general economic or business downturn in 2010 or a downturn in the electronics industry.
CPS TECHNOLOGIES CORPORATION
(OTC Bulletin Board: CPSH)
Quarters Ended
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September 25, September 26,
2010 2009
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Revenues $ 6,007,723 $ 2,864,219
Net Income $ 420,784 $ (136,532)
Basic earnings per basic share $ 0.03 $ (0.01)
Weighted average basic shares 12,648,640 12,624,959
Diluted earnings per diluted share $ 0.03 $ (0.01)
Weighted average diluted shares 12,716,756 12,624,959
Nine-month Periods Ended
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September 25, September 26
2010 2009
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Revenues $ 16,603,592 $ 9,519,295
Net Income $ 1,035,230 $ 24,632
Basic earnings per basic share $ 0.08 $ 0.00
Weighted average basic shares 12,659,519 12,624,959
Diluted earnings per diluted share $ 0.08 $ 0.00
Weighted average diluted shares 12,881,469 12,889,175
CPS Technologies Corporation
Grant Bennett
President
111 South Worcester Street
Norton, MA 02766
AI
