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CPS Technologies Corporation Announces First Quarter 2020 Results

NORTON, Mass., May 05, 2020 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues of $6.5 million and an operating profit of $622 thousand for the quarter ended March 28, 2020. This compares with revenues of $5.3 million and an operating loss of $744 thousand for the quarter ended March 30, 2019.

Grant Bennett, President and CEO, said: “Revenues in the first quarter were up significantly compared to the first quarter of 2019.  We have previously commented on new contracts with our three largest customers.  As new prices and higher volumes from these contracts continue to be phased in, we see the positive impact they are having on our results.  This phase-in period began in the fourth quarter last year should be completed during the second quarter this year.  Our sales team is focused on both profitability and volume and is doing an excellent job of balancing appropriate pricing with increasing our volumes in the market segments we serve.  These developments suggest continued strong performance throughout 2020 – subject of course to possible unforeseen coronavirus impacts.

We continue to generate new customers and new products.  We have taken and continue to take actions to strengthen our sales and marketing efforts in the US aerospace and defense electronics industries; these actions are showing positive results.  These actions should continue to result in new design wins, new bookings, new customers, and new products in our two main product families, AlSiC components and hermetic packages.   

Regarding the coronavirus, as part of the Defense Industrial Base, CPS has been open and operating throughout the pandemic.  To date all of our major customers remain open and operational.  Some smaller customers have closed some manufacturing facilities temporarily.  Demand remains strong, although we are beginning to see some demand being stretched out over a longer period of time.  Similarly, most of our vendors remain open and we have not experienced any meaningful supply chain disruptions.  

These observations do not mean that CPS has been or will be unaffected by the pandemic.  We have seen increased freight costs on our overseas shipments and increased expenses related to higher absenteeism, higher facility cleaning costs, increased purchases and use of PPE, etc.   School closures, and the need to quarantine or care for family members, continue to cause increased absenteeism.

We have implemented CDC and OSHA guidance in our workplace.  Employees’ temperatures are taken at the beginning of each shift, shifts have been staggered to reduce employee overlap, workstations have been rearranged to ensure social distancing, all employees are using facemasks, etc.

It is difficult to predict the overall impact this pandemic will have on CPS’ business going forward.  Nevertheless, we remain optimistic about our 2020 performance.”

The Company will be hosting its first quarter conference call with investors at 4:30pm on Tuesday, May 5. Those interested in participating in the conference call should dial:

Call in Number: 1-833-953-1394

Conference ID: 6096452

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 2020 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
Chuck Griffith, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site:   

        Fiscal Quarters Ended
        March 28,     March 30,  
          2020       2019  
    Product sales   $ 6,511,571     $ 5,269,538  
    Total revenues     6,511,571       5,269,538  
  Cost of product sales     4,961,360       5,110,114  
    Gross Margin     1,550,211       159,424  
  Selling, general, and      
    administrative expense     928,590       903,686  
    Income (loss) from operations     621,621       (744,262 )
  Other income (expense), net     (19,966 )     48  
  Income (loss) before taxes     601,654       (744,214 )
  Income tax provision (benefit)     --       --  
    Net income (loss)   $ 601,654     $ (744,214 )
  Net income (loss) per      
    basic common share   $    0.05     $   (0.06 )

      March 28,   December 28,
      2020     2019
Current assets:      
  Cash and cash equivalents $  122,255   $   133,965
  Accounts receivable-trade, net 5,959,224     4,086,945
  Inventories, net 3,595,338     3,099,824
  Prepaid expenses and other current assets 227,459     147,786
    Total current assets 9,904,276     7,468,520
Net property and equipment 1,424,302   1,236,878
Right-of-use lease asset   136,000     171,000
Deferred taxes, net   147,873     147,873
Total Assets $ 11,612,451   $ 9,024,271
  Current liabilities:      
  Borrowings against line of credit   1,577,506     1,249,588
  Note payable, current portion   45,980     --
  Accounts payable   2,621,862     1,436,417
  Accrued expenses   691,921     815,166
  Deferred revenue   381,216     21,110
  Lease liability, current portion   136,000     148,000
  Total current liabilities   5,454,485     3,670,281
  Note payable less current portion   159,649     --
  Long term lease liability   --     23,000
  Total liabilities   5,614,134     3,693,281
  Total stockholders’ equity   5,998,317     5,330,990
  Total liabilities and stockholders’      
   equity $   11,612,451   $   9,024,271


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