Ceramics Process Systems Announces First Quarter 2001 Results.Business Editors CHARTLEY, Mass.--(BUSINESS WIRE)--May 4, 2001 Ceramics ceramics (sərăm`ĭks), materials made of nonmetallic minerals that have been permanently hardened by firing at a high temperature, or objects made of such materials. Process Systems Corporation (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. ) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CPSX) today announced a net loss of ($335) thousand, or ($0.03) per basic and 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. common share, on revenue of $965 thousand for the fiscal quarter ended March 31, 2001. This compares with a net income of $109 thousand, or $0.01 per basic common share, $0.01 per fully diluted common share, on revenue of $1.35 million for the fiscal quarter ended April 1, 2000. Grant Bennett, President, said: "We entered Q1 2001 with staffing and expense levels appropriate to support customer forecasts which were slightly above Q4 2000 revenues, but as the quarter progressed customers reduced short-term demand. Few orders were cancelled but most customers delayed shipment releases. Demand in the first month of the quarter was near forecast, but as the quarter progressed demand fell increasingly below forecast. As a result, Q1 2001 revenues were 29% lower than the same period a year ago. We continued to receive and fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. prototype and evaluation orders for new products during Q1 which we believe demonstrates the increasing need for thermal management solutions in the microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. marketplace." "Towards the end of Q1 we concluded that demand would remain weak at least through Q2 and we reduced costs in the Company to a level appropriate for short-term demand. Cost reduction actions included reducing employment levels, particularly in manufacturing, and placing tighter controls on expenses. In addition, capital expenditures were eliminated to conserve cash. These actions were completed by the end of the Q1 so their effects will be seen in Q2 and beyond. The Q1 loss of ($335) thousand primarily results from lower demand than forecast, resulting in lower utilization levels in the factory than planned. Severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs also contributed to the loss." "Although market conditions are currently very uncertain, our customers are generally forecasting that demand will improve in the second half of the year as existing inventories are depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d and as they introduce new products. We continue to focus on achieving design wins for new products," said Bennett. CPS develops, manufactures and markets advanced metal-matrix composites for housing and providing thermal management of high-density electronics. The Company's products are primarily used in high-density microprocessor microprocessor, integrated circuit containing the arithmetic, logic, and control circuitry required to interpret and execute instructions from a computer program. assemblies, wireless basestations, motor controllers, and satellite communications. This release may 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. as that term is defined in the Private Securities Reform Act of 1995. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to, fluctuations in customer demand and changing general economic or business conditions in 2001, or a further downturn in the electronics industry.
CERAMICS PROCESS SYSTEMS CORPORATION
(CPS) (OTC Bulletin Board: CPSX)
Quarters Ended
March 31, April 1,
2001 2000
Revenues $964,579 $1,354,459
Net Income (loss) ($334,523) $108,901
Basic earnings (loss)
per basic share ($0.03) $0.01
Weighted average basic shares 12,289,653 12,286,178
Diluted earnings (loss)
per diluted share ($0.03) $0.01
Weighted average diluted shares 12,289,653 12,581,786
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