ONSS Onassis Holdings Corporation (PK)

 

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): October 28, 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 October 28, 2014, the Company issued a press release announcing its financial results for the fiscal quarter ended September 27, 2014. 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 October 28, 2014 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended September 27, 2014.

 

 

 

 

 

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:  October 29, 2014	/s/ Ralph M. Norwood Ralph M. Norwood Chief Financial Officer

 

 

EXHIBIT INDEX

 

EXHIBIT NUMBER	DESCRIPTION
99	Press release dated October 28, 2014 of CPS Technologies Corporation announcing its financial results for the fiscal quarter ended September 27, 2014.

 

 

 

 

 

 

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 THIRD QUARTER 2014 RESULTS

 

Norton, Massachusetts, October 28, 2014. CPS Technologies Corporation (OTCQB:CPSH) today announced revenues of $6.1 million and net income of $194 thousand for the quarter ended September 27, 2014. This compares with revenues of $6.0 million and net income of $452 thousand for the quarter ended September 28, 2013.

Revenues for the nine months ended September 27, 2014 increased 5% to $17.2 million from $16.3 million for the corresponding period in 2013. Net Income for the first nine months of 2014 totaled $384 thousand, compared with net income of $691 thousand for the corresponding period in 2013.

Grant Bennett, CEO, commented, “We are pleased and excited about developments during the quarter. We saw the emergence of components used in oil and gas applications into a significant product line as shipments exceeded $500 thousand during the quarter. Although this business will be volatile from quarter to quarter, we expect it to be significant for the next several years. Another positive development during the quarter was our $600 thousand order for baseplates from Raytheon Corporation related to the Navy’s Air Missile Defense Radar (AMDR) Program. The current contract covers the Engineering and Manufacturing Development (EMD) Phase of Raytheon’s contract with the U.S. Navy. If the Navy exercises all options with Raytheon, we expect production orders which will last 5-10 years. The components for oil and gas applications and the contract with Raytheon have the potential to add two additional significant revenue streams to our existing product business.”

Mr. Bennett continued, “Both of these contracts are good examples of the length of our sales cycle; we have been pursuing these opportunities for several years. We increased sales and marketing resources this year to begin the sales cycle for similar opportunities. During September and October we continued these initiatives by visiting with senior executives at major potential customers in both Europe and Asia.

“As announced yesterday, we are delighted to welcome Tom Culligan to our Board of Directors. His experience most recently as CEO of Raytheon International Inc. and Senior Vice-President of Raytheon Company and previously with Honeywell, Lockheed, McDonnell-Douglas and Allied Signal, will be valuable as we pursue our growth strategy on a global landscape”, said Bennett.

The Company announced last week that it will hold its quarterly investor conference call on October 28, 2014 at 4:30 P.M. (Eastern). Grant Bennett, Chief Executive Officer, and Ralph Norwood, Chief Financial Officer, will discuss the Company’s financial results for the quarter.

Those interested in participating in the conference call should dial:

1-855-863-0441

Conference ID: 25462501

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.

 

Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2014 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CPS  TECHNOLOGIES  CORPORATION
STATEMENT OF OPERATIONS (Unaudited)
		---Quarter Ended---								-- Nine Months Ended--
		Sept. 27,				Sept. 28,				Sept. 27,				Sept. 28,
		2014				2013				2014				2013
Total Revenues		$	6,070,230			$	5,974,489			$	17,190,943			$	16,306,109
Cost of Sales			4,731,055				4,256,337				13,255,063				12,310,222
Gross Margin			1,339,175				1,718,152				3,935,880				3,995,887
Operating Expenses			1,017,811				1,059,033				3,296,813				2,967,066
Operating income (loss)			321,364				659,119				639,067				1,028,821
Interest expense, net			(299	)			(3,603	)			(1,800	)			(26,473	)
Income (loss) before income taxes			321,065				655,516				637,267				1,002,348
Income tax expense (benefit)			127,000				204,000				253,000				311,720
Net income (loss)			194,065				451,516				384,267				690,628
Net income (loss) per diluted share		$	0.01			$	0.03			$	0.03			$	0.05
Wtd ave. shares outstanding, diluted			13,737,953				13,522,495				13,716,378				13,242,069

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CPS  TECHNOLOGIES  CORPORATION
BALANCE SHEET (Unaudited)
		Sept. 27,				Dec. 28,
		2014				2013
Assets
Current assets:
Cash and cash equivalents		$	1,055,947			$	1,571,054
Accounts receivable-trade, net			4,590,646				2,900,457
Inventories, net			2,639,636				2,183,699
Prepaid expenses			190,519				175,726
Deferred taxes, current			456,747				649,420
Total current assets			8,933,495				7,480,356
Property and equipment, net			1,778,030				1,832,787
Deferred taxes, non-current			1,797,811				1,826,482
Total assets		$	12,509,336			$	11,139,625
Liabilities and Equity
Current liabilities:
Accounts payable		$	1,767,884			$	1,091,909
Accrued expenses			1,201,824				1,106,813
Capital leases, current			14,116				76,372
Total current liabilities			2,983,824				2,275,094
Total liabilities			2,983,824				2,275,094
Stockholders' equity			9,525,512				8,864,531
Total liabilities and stockholders' equity		$	12,509,336			$	11,139,625