Current Report Filing (8-k)
2014年8月7日 - 6:14AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 5, 2014
CPS TECHNOLOGIES
CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware |
0-16088 |
04-2832509 |
(State or other jurisdiction of incorporation)
|
(Commission File Number) |
(IRS Employer Identification No.) |
111 South Worcester Street, Norton, Massachusetts |
02766 |
(Address of principal executive offices) |
(Zip Code) |
|
|
Registrant’s telephone number, including area code |
508-222-0614 |
|
|
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to rule 14d-2(b)
under the
Exchange Act (17CFR 240.14d-2(b))
[ ] Pre-commencement communications
pursuant to Rule 13e-4( c)) under the
Exchange Act (17 CFR 240.13e-4( c)).
Item 2.02 Results of Operations and Financial Condition
On August 5, 2014, the Company issued a press release
announcing its financial results for the fiscal quarter ended June 28, 2014. A copy of the press release is
attached hereto as Exhibit 99 and is incorporated herein in its entirety by reference.
Cautionary Note Regarding Forward-Looking Statements.
Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking
statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed
or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.
Item 9.01 Financial Statements and Exhibits
(d)
EXHIBIT NUMBER
|
DESCRIPTION |
99 |
Press release dated August 5, 2014 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended June 28, 2014. |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CPS Technologies Corporation
(Registrant) |
Date: August 6, 2014 |
/s/ Ralph M. Norwood Ralph M.
Norwood Chief Financial Officer
|
EXHIBIT INDEX
EXHIBIT NUMBER
|
DESCRIPTION |
99 |
Press release dated August 5, 2014 of CPS Technologies Corporation
announcing its financial results for the fiscal quarter ended June 28, 2014. |
CPS Technologies Corporation
Ralph Norwood, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com
CPS TECHNOLOGIES CORPORATION ANNOUNCES SECOND
QUARTER 2014 RESULTS
Norton, Massachusetts,
August 5, 2014. CPS Technologies Corporation (OTCQB:CPSH) today announced revenues of $5.1 million and a net loss of $58 thousand
for the quarter ended June 28, 2014. This compares with revenues of $5.3 million and net income of $236 thousand for the quarter
ended June 29, 2013.
Revenues for
the six months ended June 28, 2014 increased 8% to $11.1 million from $10.3 million for the corresponding period in 2013. Net
Income for the six month period in 2014 totaled $190 thousand compared net income of $239 thousand for the first half of 2013.
Commenting
on the results, Grant Bennett, President and CEO, said: “Last year at this time we announced that we had paid off bank borrowings
which had been used during the downturn of our business in 2012 and confirmed that our base business had returned to previous
levels. This year, with a cash balance in excess of $1 million and strong orders from customers in our base business, we have
increased our investment in sales and marketing to more aggressively identify and pursue growth opportunities. This investment
has taken the form of adding sales representation in a few regions in the U.S. as well as Israel, attending sales conferences
in the U.S. and overseas and increasing the number of visits to existing and potential customers. We expect this investment to
bear fruit down the road; however, since our sales cycle is relatively long, it will take a while for this initiative to show
up in our financial results.”
Mr. Bennett
continued, “This quarter is a good example of why short-term results can mask progress in achieving our longer term growth
objectives. Revenues, for example, are influenced in the short run by the demand of our customers’ customers and are seldom
consistent throughout the year. Our manufacturing process is a complex one and there are periods, including the second quarter,
when our yields and productivity are below our planned levels. That, coupled with higher repair, maintenance and operating supplies
in the factory and previously mentioned increase in sales and marketing spending, resulted in a loss in the quarter. As we look
forward, our base business remains strong and growing, we are encouraged by the advances we are making with products, particularly
in the oil and gas and defense industries, and remain confident in our capabilities to meet thermal management needs in a wide
variety of applications.”
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 2014
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 | |
| |
| |
| |
|
STATEMENT OF OPERATIONS (Unaudited) | |
| |
| |
| |
|
| |
--- Quarter Ended --- |
| |
-- Six Months Ended -- |
|
| |
|
June 28, |
| |
|
June 29, |
| |
|
June 28, |
| |
|
June 29, |
|
| |
|
2014 |
| |
|
2013 |
| |
|
2014 |
| |
|
2013 |
|
| |
| |
| |
| |
|
Total Revenues | |
$ | 5,134,662 | | |
$ | 5,300,542 | | |
$ | 11,120,713 | | |
$ | 10,331,620 | |
Cost of Sales | |
| 4,076,326 | | |
| 3,937,244 | | |
| 8,524,008 | | |
| 8,053,886 | |
| | | |
Gross Margin | |
| 1,058,336 | | |
| 1,363,298 | | |
| 2,596,705 | | |
| 2,277,734 | |
Operating Expenses | |
| 1,153,214 | | |
| 1,008,118 | | |
| 2,279,002 | | |
| 1,908,032 | |
| | | |
Operating income (loss) | |
| (94,878) | | |
| 355,180 | | |
| 317,703 | | |
| 369,702 | |
Interest expense, net | |
| (539) | | |
| (12,678) | | |
| (1,501) | | |
| (22,870) | |
| | | |
Income (loss) before income taxes | |
| (95,417) | | |
| 342,502 | | |
| 316,202 | | |
| 346,832 | |
Income tax expense (benefit) | |
| (38,000) | | |
| 106,000 | | |
| 126,000 | | |
| 107,720 | |
| | | |
Net income (loss) | |
| (57,417) | | |
| 236,502 | | |
| 190,202 | | |
| 239,112 | |
| | | |
Net income (loss) per diluted share | |
$ | 0.00 | | |
$ | 0.02 | | |
$ | 0.01 | | |
$ | 0.02 | |
Shares outstanding, diluted | |
| 13,084,968 | | |
| 13,091,084 | | |
| 13,705,570 | | |
| 13,101,855 | |
CPS TECHNOLOGIES CORPORATION | |
| |
|
BALANCE SHEET (Unaudited) | |
| |
|
| |
|
June 28, |
| |
|
Dec. 28, |
|
| |
|
2014 |
| |
|
2013 |
|
| |
Assets | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 1,144,594 | | |
$ | 1,571,054 | |
Accounts
receivable, net | |
| 3,448,955 | | |
| 2,900,457 | |
Inventories | |
| 2,781,592 | | |
| 2,183,699 | |
Prepaid
expenses | |
| 107,971 | | |
| 175,726 | |
Deferred
taxes, current | |
| 531,377 | | |
| 649,420 | |
| |
Total
current assets | |
| 8,014,489 | | |
| 7,480,356 | |
Property
and equipment, net | |
| 1,795,471 | | |
| 1,832,787 | |
Deferred
taxes, non-current | |
| 1,838,481 | | |
| 1,826,482 | |
| |
Total
assets | |
$ | 11,648,441 | | |
$ | 11,139,625 | |
| |
Liabilities
and Stockholders' Equity | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 1,442,526 | | |
$ | 1,091,909 | |
Accrued
expenses | |
| 935,578 | | |
| 1,106,813 | |
Capital
leases, current | |
| 35,098 | | |
| 76,372 | |
| |
Total
current liabilities | |
| 2,413,202 | | |
| 2,275,094 | |
Capital
leases, non-current | |
| — | | |
| — | |
| |
Total
liabilities | |
| 2,413,202 | | |
| 2,275,094 | |
Stockholders'
equity | |
| 9,235,239 | | |
| 8,864,531 | |
| |
Total
liabilities and stockholders' equity | |
$ | 11,648,441 | | |
$ | 11,139,625 | |
| |
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