-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WJzzv5OLnERxQ93X7phOzvsvL9idDVTI18oE3yc3lckdQV0JkDWTV50NAB27z2tF woqTVt4CI1S2DFo7Xeug1A== 0000814676-09-000011.txt : 20091110 0000814676-09-000011.hdr.sgml : 20091110 20091110140254 ACCESSION NUMBER: 0000814676-09-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090926 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20091110 DATE AS OF CHANGE: 20091110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPS TECHNOLOGIES CORP/DE/ CENTRAL INDEX KEY: 0000814676 STANDARD INDUSTRIAL CLASSIFICATION: POTTERY & RELATED PRODUCTS [3260] IRS NUMBER: 042832509 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16088 FILM NUMBER: 091171387 BUSINESS ADDRESS: STREET 1: 111 SOUTH WORCESTER STREET CITY: NORTON STATE: MA ZIP: 02766 BUSINESS PHONE: 508-222-0614 MAIL ADDRESS: STREET 1: 111 SOUTH WORCESTER STREET CITY: NORTON STATE: MA ZIP: 02766 FORMER COMPANY: FORMER CONFORMED NAME: CERAMICS PROCESS SYSTEMS CORP/DE/ DATE OF NAME CHANGE: 19920703 8-K 1 k8111009.htm FORM 8-K Q3 2009 FINANCIAL RESULTS UNITED STATES

 

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): November 9, 2009

 

CPS TECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Delaware

0-16088

04-2832409

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

111 South Worcester Street, Norton, Massachusetts

02766

(Address of principal executive offices)

(Zip Code)

   

Registrant`s telephone number, including area code

508-222-0614

 
 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to rule 14d-2(b) under the
Exchange Act (17CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4( c)) under the
Exchange Act (17 CFR 240.13e-4( c)).

 

Item 2.02 Results of Operations and Financial Condition

On November 9, 2009, the Company issued a press release announcing its financial results for the fiscal quarter ended September 26, 2009. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.

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.

Item 9.01 Financial Statements and Exhibits

(d)

EXHIBIT NUMBER

DESCRIPTION

99

Press released dated November 9, 2009 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended September 26, 2009.

 

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.

CPS Technologies Corporation
(Registrant)

Date: November 11, 2009

/s/ Grant C. Bennett
Grant C. Bennett
President and Treasurer
(Principal Executive Officer)

EXHIBIT INDEX

EXHIBIT NUMBER

DESCRIPTION

99

Press released dated November 10, 2009 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended September 26, 2009.

EX-99 2 pr110909.htm PRESS RELEASE DATED NOVEMBER 9, 2009

CPS Technologies Corporation
Grant Bennett, President
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614 Fax: (508) 222-0220
Web Site: www.alsic.com

CPS TECHNOLOGIES CORPORATION ANNOUNCES THIRD QUARTER 2009 RESULTS

Norton, Massachusetts, November 9, 2009. CPS Technologies Corporation (OTCBB: CPSH) today announced revenue of $2.9 million and a net loss of ($137) thousand or ($0.01) per basic and diluted share for the fiscal quarter ended September 26, 2009. This compares with revenue of $3.6 million and net income of $165 thousand or $0.01 per basic share and diluted share for the fiscal quarter ended September 27, 2008.

Grant Bennett, President, said, "Demand in Q3 was lower than we expected and lower than forecast by our customers. In several cases, orders were placed by customers, but during the quarter customers pushed deliveries further into the future. Our net loss results from maintaining payroll and expenses at a level sufficient to serve greater demand than actually materialized, and from the fact that our Cooperative Agreement with the Army Research Laboratory, wherein CPS is cost sharing 5%, was a larger percentage of total revenue. We believe that demand experienced in Q3 is below the underlying level of demand for current products that will be present as the economy emerges from recession and so we are managing our current costs in a manner that will enable us to respond quickly and cost effectively as demand increases."

"Customer orders in Q3 and in Q4 to date suggest that at least some segments of the economy are rebounding. The deliveries pushed out by customers in Q3 have generally been released for delivery in Q4, and in some cases the quantities increased in Q4. These orders and releases lead us to believe that demand will be higher in Q4 for all product families. We expect Q4, and 2009 as a whole, to be profitable," said Bennett.

In Q3 we achieved several important technical milestones in our Cooperative Agreement with the US Army for armor development. The focus of this Agreement is manufacturing technology for armor and we are making progress in both reducing manufacturing costs and learning how to make very large modules. The target applications are primarily armored vehicles.

After product development cycles of several years, hybrid vehicles using CPS baseplates are now in production. For example, both Mercedes Benz and BMW are selling and marketing hybrid vehicles in Europe which contain CPS baseplates. We have achieved several design wins in this product area and expect revenue growth to accelerate in this segment in Q4 and over the next several years.

Our products are used in high-power, high-reliability applications. These applications involve energy use or energy generation and our products allow higher performance and improved energy efficiency. We are indeed an important participant in the growing movement towards alternative energy and "green" lifestyles. For example, our baseplates are used in mass transit, hybrid and electric cars and wind-turbines for electricity generation; our flip chip heatspreaders are used in routers and switches for the internet, which in turn allows telecommuting. We believe these markets will continue to grow for some time.

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 continued or deepening general economic or business downturn in 2009 or a downturn in the electronics industry.

CPS TECHNOLOGIES CORPORATION

(OTC Bulletin Board: CPSH)

Quarters Ended

September 26,

September 27,

2009

2008

Revenues

$2,864,219

$3,580,350

Net Income (loss)

$(136,532)

$165,268

Basic earnings (loss) per basic share

$(0.01)

$0.01

Weighted average basic shares

12,624,959

12,621,003

Diluted earnings (loss) per diluted share

$(0.01)

$0.01

Weighted average diluted shares

12,624,959

13,265,264

 

Nine-month Periods Ended

September 26

September 27,

2009

2008

Revenues

$9,519,295

$11,468,175

Net Income

$24,632

$1,154,770

Basic earnings per basic share

$0.00

$0.09

Weighted average basic shares

12,624,959

12,578,490

Diluted earnings per diluted share

$0.00

$0.09

Weighted average diluted shares

12,889,175

13,252,628

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