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):January 9, 2014
CPS TECHNOLOGIES
CORPORATION
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 0-16088 | 04-2832509 |
|
(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 January 9, 2014, the Company issued a press release announcing its preliminary revenue results for the fiscal quarter ended December 28, 2013. A copy of the press release is attached hereto as Exhibit 99 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 release dated January 9, 2014 of CPS Technologies Corporation announcing its preliminary revenue results for the fiscal quarter ended December 28, 2013. |
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: January 10, 2014 | /s/ Grant C. Bennett Grant C. Bennett President and Chief Executive Officer |
EXHIBIT INDEX
|
EXHIBIT NUMBER
|
DESCRIPTION |
| 99 | Press release dated January 9, 2014 of CPS Technologies Corporation announcing its preliminary revenue results for the fiscal quarter ended December 28, 2013. |
CPS Technologies Corporation
Ralph Norwood, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com
CPS TECHNOLOGIES CORPORATION ANNOUNCES PRELIMINARY REVENUES FOR THE FOURTH QUARTER OF 2013
Norton, Massachusetts, January 9, 2014. CPS Technologies Corporation (OTCQB:CPSH) today announced preliminary revenues of $5.0 million for the fourth quarter ended December 28, 2013. This compares with revenues of $4.2 million for the quarter ended December 29, 2012. The Company is making this pre-release in conjunction with a presentation it will be making at Sidoti’s Micro-Cap Investor Conference in New York City next week.
Commenting on these results, Grant Bennett, President and CEO, said, “The fourth quarter brings our revenues for 2013 to over $21 million, about a 50% increase over revenues of $14.1 million in 2012, when we encountered a perfect storm of adverse conditions. In addition to sales growth, I am pleased that we ended the year with a cash balance of over $1.5 million and with zero bank debt as we were able to pay off the $500 thousand of borrowings owed at the end of 2012.”
Mr. Bennett continued, “As we look forward to 2014 and beyond, we see a multitude of opportunities for continued growth. Some are in our major markets of traction and hybrid electric and electric vehicles, both markets of which are expect to grow significantly over the next 5 to 10 years. We also see substantial opportunities in the armor and military sectors where our technology of combining metals with ceramics creates particular advantages. Finally, we continue to see opportunities for geographic expansion, particularly in Japan, but also in other
regions of the world. Our strategy is to continue to earn profits and generate cash from our base business, while allocating additional resources to take advantage of the most attractive growth opportunities.”
Mr. Bennett will be presenting the CPS story at Sidoti’s Conference at the Grand Hyatt Hotel in New York on Monday, January 13th from 8:40am to 9:15am EST.
About CPS
CPS Technologies Corporation is a global leader in producing metal-matrix composite components used to improve the reliability
and performance of various electrical systems. CPS products are used in motor controllers for hybrid and electric vehicles, high-speed
trains, subway cars and wind turbines. They are also used as heatspreaders in internet switches, routers and high-performance microprocessors.
CPS also develops and produces metal-matrix composite armor.