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CPS Technologies Corporation Announces First Quarter 2023 Financial Results
Record Revenue; Margin Expansion; Strong Book-to-Bill NORTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the
About this update from Cps Technologies Corp.
[{"type":"text","content":"Record Revenue; Margin Expansion; Strong Book-to-Bill\nNORTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- 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 periodGross margin of 31.6 percent, up 210 basis points from the first quarter of 2022Operating 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 ...