CPS Technologies Corporation Announces 2007 Results.NORTON Nor·ton , Charles Eliot 1827-1908. American educator, writer, and editor who founded the Nation (1865). , Mass. -- CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. Technologies Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CPSH CPSH Center for Psychological and Spiritual Health ), a provider of advanced material solutions, today announced revenue of $12.5 million and net income of $949 thousand or $0.08 per basic share, $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the fiscal year ended December December: see month. 29, 2007. This compares with revenue of $11.9 million and net income of $1.8 million or $0.14 per basic and diluted common share for the fiscal year ended December 30, 2006. Revenue for the quarter ended December 29, 2007 was $3.2 million and net income was $252 thousand or $0.02 per basic and diluted share. This compares with revenue of $3.8 million and net income of $1.1 million or $0.09 per basic and $0.08 per diluted share for the quarter ended December 30, 2006. As described previously, revenues in Q4 2006 spiked spike 1 n. 1. a. A long, thick, sharp-pointed piece of wood or metal. b. A heavy nail. 2. A spikelike part or projection, as: a. due to increased shipments of baseplates for cellular telephone basestations resulting from specific contractual deadlines of customers rather than representing an increase in underlying demand, and, as expected, reduced 2007 demand for this product. Net income in 2007 was lower than 2006 due to product mix changes, higher employment levels maintained in anticipation of growth, and differences in income tax benefits resulting from a reduction in the valuation allowance of the Company's deferred tax assets. Net income in 2007 included income tax benefits of $58 thousand compared to income tax benefits of $288 thousand in 2006. Grant Bennett, President, said, "We enter 2008 with significantly strengthened fundamentals compared to a year ago. These fundamentals include a broader customer base and forecasts from key customers showing increased demand in 2008 particularly for baseplates for motor controllers and flip chip A chip packaging technique in which the active area of the chip is "flipped over" facing downward. Instead of facing up and bonded to the package leads with wires from the outside edges of the chip, any surface area of the flip chip can be used for interconnection, which is typically done heat spreaders. In 2008 we believe we will begin to see meaningful revenues from baseplates used in hybrid hybrid (hī`brĭd), term applied by plant and animal breeders to the offspring of a cross between two different subspecies or species, and by geneticists to the offspring of parents differing in any genetic characteristic (see genetics). and electric vehicles. In 2008 we are continuing to provide prototypes of our HybridTech metal matrix composite Metal matrix composite A material in which a continuous metallic phase (the matrix) is combined with another phase (the reinforcement) that constitutes a few percent to around 50% of the material's total volume. armor tiles to armor integrators as we seek production orders. Last year we achieved both our market and technical objectives in our newest product line, hermetic hermetic /her·met·ic/ (her-met´ik) impervious to air. her·met·ic or her·met·i·cal adj. Completely sealed, especially against the escape or entry of air. metal packages, including introducing hermetic metal packages incorporating AlSiC components. We expect significant growth in this product line in 2008. In terms of profitability, we believe we will benefit from the investments in equipment and facilities made in 2007 as our unit shipments grow in 2008." This release does contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to, a general economic or business downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in 2008 or a downturn in the electronics industry.
CPS TECHNOLOGIES CORPORATION < <
(OTCBB: CPSH) < <
< <
Year Ended < < Dec 29, 2007
Dec 30, 2006
< <
Revenues < < $ 12,466,569
$ 11,907,701
< <
Net income < < $ 948,598
$ 1,778,055
< <
Basic income per share < < $ 0.08
$ 0.14
< <
Weighted average basic shares < < 12,542,962
12,472,778
< <
Diluted income per share < < $ 0.07
$ 0.14
< <
Weighted average diluted shares < < 13,298,687
13,066,641
< <
< <
Quarter Ended: < < Dec 29, 2007
Dec 30, 2006
< <
Revenues < < $ 3,156,845
$ 3,847,163
< <
Net income < < $ 251,831
1,092,318
< <
Basic income per share < < $0.02
$ 0.09
< <
Weighted average basic shares < < 12,551,849
12,521,959
< <
Diluted income per share < < $0.02
$0.08
< <
Weighted average diluted shares < < 13,303,006
13,104,063
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