8-K

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): May 6, 2003
Commission file number 0-16088

CERAMICS PROCESS SYSTEMS CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Delaware (State or Other Jurisdiction of Incorporation or Organization	04-2832409 (I.R.S Employer Identification No.)
111 South Worcester Street P.O. Box 338 Chartley MA (Address of principal executive offices)	02712-0338 (Zip Code)

(508) 222-0614
Registrants Telephone Number, including Area Code:

Item 7. Financial Statements and Exhibits.

(c) Exhibits.

EXHIBIT NUMBER	DESCRIPTION
99.1	Press released dated May 6, 2003 of Ceramics Process Systems Corporation announcing its financial results for the first fiscal quarter ended March 29, 2003.

Item 9. Regulation FD Disclosure

On May 6, 2003, the Company issued a press release announcing its financial results for the first quarter ended March 29, 2003. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.

Limitation on Incorporation by Reference.
The information furnished in this Item 9 (which is being furnished under Item 12) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

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.

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.

Ceramics Process Systems Corporation (Registrant)
Date: May 6, 2003	/s/ Grant C. Bennett Grant C. Bennett President and Treasurer (Principal Executive Officer)

EXHIBIT INDEX

EXHIBIT NUMBER	DESCRIPTION
99.1	Press released dated May 6, 2003 of Ceramics Process Systems Corporation announcing its financial results for the first fiscal quarter ended March 29, 2003.

EX-99

FOR IMMEDIATE RELEASE

Ceramics Process Systems Corporation
Grant Bennett
President
111 South Worcester Street
Chartley, MA 02712
Telephone: (508) 222-0614 ext 18 Fax: (508) 222-0220
Web Site: www.alsic.com

CERAMICS PROCESS SYSTEMS ANNOUNCES FIRST QUARTER 2003 RESULTS

Chartley, Massachusetts, May 6, 2003. Ceramics Process Systems Corporation (CPS) (OTC Bulletin Board: CPSX) today announced a net loss of $206 thousand or $(0.02) per basic and diluted common share, on revenue of $595 thousand for the fiscal quarter ended March 29, 2003. This compares with a net income of $97 thousand, or $0.01 per basic and diluted common share on revenue of $1.7 million for the fiscal quarter ended March 30, 2002.

Grant Bennett, President, said: "We continue to see very significant quarter-to-quarter volatility in demand. The volatility is a result both of continuing uncertainly in the electronics market, and of changes in customers` sourcing practices. Customers are placing orders which cover very short periods of time, often one month`s demand or less, as they seek to better match output with demand. We have and are continuing to take actions to adapt to these new purchasing practices."

"We believe the costs in the Company are appropriate for the current underlying demand for our products. We have seen month-to-month growth in revenues in Q1 2003 and based on backlog and customer forecasts as of today, we believe that month-to-month growth will continue in Q2 2003. We continue to manage cash carefully", 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 assemblies, wireless basestations, motor controllers, and satellite communications.

This release may contain forward-looking statements 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 2003, or a further downturn in the electronics industry.

CERAMICS PROCESS SYSTEMS CORPORATION
(CPS) (OTC Bulletin Board: CPSX)
	Quarters Ended
	March 29,	March 30,
	2003	2002
Revenues	$595,465	$1,749,277
Net Income (loss)	$ (206,236)	$97,386
Basic earnings (loss) per basic share	$ (0.02)	$0.01
Weighted average basic shares	12,293,207	12,292,338
Diluted earnings (loss) per diluted share	$ (0.02)	$0.01
Weighted average diluted shares	12,293,209	12,575,289