Ceramics Process Systems announces third quarter results, financing and merger status.CHARTLEY, Mass.--(BUSINESS WIRE)--Nov. 21, 1994--Ceramics Process Systems Corp. (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 OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CPSX) today announced a net loss of $391 thousand or $0.05 per share on revenue of $254 thousand for the quarter ended Oct. 1, 1994. This compares with net income of $156 thousand or $0.02 per share on revenue of $1,129 thousand for the same period in 1993. The company indicated that in the third quarter 1994 no revenues were received from development agreements or licenses, and that product revenue declined from the same period in 1993 primarily as a result of disruptions caused by the company's relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. to Chartley, Mass., as well as the completion of specific product orders. CPS announced completion of a $600 thousand convertible debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay subscribed to by certain shareholders and private investors. Proceeds from the financing will be used to complete payments for expenses and leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. resulting from the company's relocation from Milford, Mass. to Chartley, Mass. and to meet working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . This financing is in addition to $1.2 million received by the company from February 1994 through September 1994 from convertible debt agreements with certain shareholders and private investors. CPS and Kilburn Isotronics Inc. also announced they agreed not to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the previously announced merger agreement on its current terms at this time. The parties may reconsider re·con·sid·er v. re·con·sid·ered, re·con·sid·er·ing, re·con·sid·ers v.tr. 1. To consider again, especially with intent to alter or modify a previous decision. 2. a merger on modified terms at some future date. CPS develops, manufactures and markets advanced ceramic, and composite components for packaging and interconnecting high-density and high-performance microelectronics.
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Ceramics Process Systems Corp.
OTC Bulletin Board
Symbol: CPSX
Oct. 1, Oct. 2,
1994 1993
Quarters Ended:
Revenues $253,877 $1,128,665
Net income (loss) (390,999) 156,309
Earnings (loss) per share (0.05) 0.02
Weighted average shares 7,587,903 7,594,083
Nine Months Ended:
Revenues $789,983 $3,542,220
Net income (loss) (1,091,080) 278,638
Earnings (loss) per share (0.14) 0.04
Weighted average shares 7,577,548 7,903,425
CONTACT: Ceramics Process Systems Grant Bennett, 508/222-7282 |
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