Business
CPS Technologies Corporation Announces Second Quarter 2023 Financial Results
Record Revenue of $7.4 Million; Strong Outlook Continues; New CEO Poised to Take Helm NORTON, Mass., Aug. 02, 2023 (GLOBE NEWSWIRE) -- CPS Technologies
About this update from Cps Technologies Corp.
[{"type":"text","content":"Record Revenue of $7.4 Million; Strong Outlook Continues; New CEO Poised to Take Helm\nNORTON, Mass., Aug. 02, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced financial results for the fiscal second quarter ended July 1, 2023. Second Quarter Highlights Revenue of $7.4 million for the second quarter of 2023 versus $7.1 million in the prior-year periodGross margin of 29.6 percent, up 370 basis points from the second quarter of 2022Operating profit of $0.7 million for the quarter ended July 1, 2023, slightly higher than the prior-year period “Fiscal 2023 continues to play out as expected, with solid top line growth and improved bottom line results,” said Chuck Griffith, CFO and acting President. “Revenue rose 5% year-over-year, to a record $7.4 million, and our gross margin increased 370 basis points versus the second quarter of 2022. In addition, our trailing twelve month book-to-bill ratio remains strong at 108%, as we execute a strategy of penetrating new customers and markets to accelerate growth going forward. “At the same time, and as recently announced, the Company selected seasoned industry veteran – and retired officer of the US Army Corps of Engineers – Brian Mackey as the Company’s new president and chief executive officer. His leadership and business acumen are anticipated to bolster our expansion plans in the quarters and years to come, unlocking the value of our innovative technology and unique applications. With Brian at the helm, and a strong book of business in hand, we look forward to driving the Company to higher growth and improved financial returns.” Results of Operations CPS reported revenue of $7.4 million for the second quarter of fiscal 2023 versus $7.1 million in the prior-year period, reflecting higher product shipments. Gross profit rose to $2.2 million, or 29.6 percent of revenue, from $1.8 million, or 25.9 percent of revenue, in the fiscal 2022 second quarter. The higher gross margin year-over-year reflects increased operating leverage and improved product mix. Operating profit was $0.7 million in the fiscal 2023 second quarter, slightly higher than the prior-year period. Reported net income was $0.6 million, or $0.04 per diluted share, versus $0.5 million, or $0.03 per diluted share, in the quarter ended July 2, 2022. Conference Call The Com...