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Proc-Type: 2001,MIC-CLEAR
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UNITED STATES FORM 8-K Current Report CERAMICS PROCESS SYSTEMS CORPORATION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 16, 2004
Commission file number 0-16088
Delaware of Incorporation or Organization |
04-2832409 Identification No.) |
111 South Worcester Street |
02712-0338 |
(508) 222-0614
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
EXHIBIT NUMBER |
DESCRIPTION |
99.1 |
Press released dated March 16, 2004 of Ceramics Process Systems Corporation announcing its financial results for the fiscal year ended December 27, 2003. |
Item 9. Regulation FD Disclosure
On March 16, 2004, the Company issued a press release announcing its financial results for the fiscal year ended December 27, 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: March 17, 2004 |
/s/ Grant C. Bennett |
EXHIBIT INDEX
EXHIBIT NUMBER |
DESCRIPTION |
99.1 |
Press released dated March 16, 2004 of Ceramics Process Systems Corporation announcing its financial results for the fiscal year ended December 27, 2003. |
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
E-mail: gbennett@alsic.com
Web Site: www.alsic.com
CERAMICS PROCESS SYSTEMS ANNOUNCES 2003 RESULTS
Chartley, Massachusetts, March 16, 2004. Ceramics Process Systems Corporation (CPS) (OTC Bulletin Board: CPSX) today announced a net loss of $19 thousand, or ($0.00) per basic and diluted share, on revenue of $4 million for the fiscal year ended December 27, 2003. This compares with a net loss of $734 thousand, or ($0.06) per basic and diluted share, on revenue of $4.5 million for the year ended December 28, 2002.
Grant Bennett, President, said: "Financial performance significantly improved in 2003 compared to 2002. In 2003, CPS carefully and aggressively managed costs, and we engaged our customers to work with us in smoothing short-term demand fluctuations. Most importantly, beginning in Q2 and continuing throughout the year, demand from existing customers increased, and several new products for new customers moved from the prototype to the production stage, particularly in the flip-chip heat spreader segment. In Q1 2003 we incurred a net loss of $206 thousand on revenues of $595 thousand; in Q4 2003 net income was $151 thousand on revenues of $1.4 million.
We ended 2003 at a revenue run rate which, based on customer input as of today, we believe most likely will be sustained throughout 2004 although there is no guarantee this will be the case. We anticipate continued firmness in demand from existing customers, and that additional new products will transition from the prototype to the production stage in 2004."
CPS develops, manufactures and markets advanced metal-matrix composites for housing and providing thermal management of high-density electronics. The Companys products are primarily used in wireless communications basestations, high-density microprocessor packaging, motor controllers and satellite communications.
This release does contain forward-looking statements. 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 in 2004, or a downturn in the electronics industry.
CERAMICS PROCESS SYSTEMS |
|||
CORPORATION |
|||
(CPS) (OTC BULLETIN BOARD: CPSX) |
|||
Year Ended |
27-Dec-03 |
28-Dec-02 |
|
Revenues |
$3,993,690 |
$4,493,900 |
|
Net loss |
($19,029) |
($734,308) |
|
Basic and diluted loss per share |
($0.00) |
($0.06) |
|
Weighted average basic and diluted shares |
12,293,209 |
12,292,716 |
|
Quarter Ended : |
|||
Revenues |
$1,423,628 |
$791,813 |
|
Net income |
$151,305 |
($406,117) |
|
Basic and diluted income per share |
$0.01 |
($0.03) |
|
Weighted average basic shares |
12,293,209 |
12,293,209 |
|
Weighted average diluted shares |
12,410,236 |
12,293,209 |