Yesterday, CPS Technologies Corporation announced revenue of $5.2 million and net income of $450 thousand, or $0.04 per basic share and $0.03 per diluted share, for the fiscal quarter ended June 26, 2010. This compares with revenue of $3.6 million and net income of $66 thousand, or $0.01 per basic and diluted share, for the fiscal quarter ended June 27, 2009.
Revenue under the Company’s Cooperative Agreement with the Army for development of armor was down in Quarter 2, 2010 compared to Quarter 2, 2009. This was due to the timing of specific tasks. Technical progress in this area continues to be very positive for the Company.
Net income increased 581 percent in Quarter 2, 2010 compared to Quarter 2, 2009. This was because of increased demand and improving manufacturing efficiencies. Net income increased sequentially in Quarter 2, 2010 from Quarter 1, 2010 due to reduced reliance on overtime. CPS Technologies Corporation has hired personnel in their manufacturing facility throughout the first half of the year in order to reduce their reliance on overtime.
Grant Bennett, President of CPS Technologies Corporation, said, “We are indeed pleased with the 44% increase in revenues in Q2 2010 compared to the same period a year ago. Demand has been very volatile over the last two years because of the economic environment; we believe the Q2 2010 demand does represent real, underlying and sustainable demand rather than fluctuations relating to inventory adjustments or other economic factors.”
Headquartered in Norton, Massachusetts, CPS Technologies Corporation is a provider of advanced material solutions and products, particularly combinations of metals and ceramics. These are used in high-power, high-reliability applications. These applications are in the mainstream of the growing movement towards alternative energy and “green” lifestyles. The Company’s management believes underlying demand for these applications is growing and that CPS Technologies Corporation is well positioned to capture that growth.
The Company’s products provide both higher performance and improved efficiency in the use or generation of energy. Their primary advanced material solution is metal matrix composites (MMCs). These are a class of materials, which have several superior properties compared to conventional materials including improved thermal conductivity, thermal expansion matching, higher stiffness and lighter weight.
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