Business
CPS Technologies Corporation Announces Fourth Quarter and Year End 2022 Results
NORTON, Mass., March 07, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues of $6.1 million and an operating profit
About this update from Cps Technologies Corp.
[{"type":"text","content":"NORTON, Mass., March 07, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues of $6.1 million and an operating profit of $309 thousand for the quarter ended December 31, 2022. This compares with revenues of $6.2 million and an operating profit of $312 thousand for the quarter ended December 25, 2021. For the year ended December 31, 2022 revenues were $26.6 million with an operating profit of $2.2 million. This compares to revenue of $22.4 million and operating profit of $513 thousand for the year ended December 25, 2021. Michael McCormack, President and CEO, said: “2022 marks another record year for CPS. Our team has exceeded all goals for 2022 and accomplished the highest revenue year in the company’s 39-year history, with a 19% increase over 2021 revenues. More importantly, this marks the highest operating income in company history and an over 300% increase from 2021 operating income. Additionally, we achieved record gross margins at more than 27%, a 6% increase over our 2021 gross margin. We are continuing to implement our strategic initiatives to drive efficient growth with an emphasis on top and bottom-line growth. I expect this positive momentum to continue through 2023 with more record results in line with the organization’s revenue objectives.” Over the past two years, CPS has continued to invest in people, processes, and tools in line with the company’s strategic plans and growth objectives. The record performance this year is a direct result of the team’s ability to effectively operationalize the strategic plan with an emphasis on tactical actions for progress. CPS has implemented a new integrated MRP/ERP system, reorganized the business development team with new leadership, and reenergized the contract R&D services business driving new product, and most importantly, new IP development. McCormack continued, “We are pleased with our recent FY22 performance and the continued financial support of our ever-growing shareholder base. We expect that we will continually and incrementally improve as we move forward, quarter to quarter and year to year. We are aware of the unpredictability of the global marketplace, but have positioned the business so that we have more diversification in our product offerings and customer base. We believe that this diversification will lead to consistent a...