CPSX...1.20 Big 4th qtr...strong year-
(BSNS WIRE) Ceramics Process Systems Announces 2004 Results
Ceramics Process Systems Announces 2004 Results
Business Editors / High-Tech Writers
CHARTLEY, Mass.--(BUSINESS WIRE)--March 24, 2005--
Ceramics Process Systems Corporation (CPS) (OTC Bulletin
Board: CPSX) today announced net income of $1 million or $0.08 per
basic and diluted share, on revenue of $6.8 million for the fiscal
year ended December 25, 2004. This compares with a net loss of $19
thousand, or ($0.00) per basic and diluted share, on revenue of $4.0
million for the year ended December 27, 2003.
Grant Bennett, President, said: "Revenue grew by 71% in 2004 as a
result of significantly increased demand in our three primary market
segments, flip-chip packaging, components for cellular basestations
and components for motor controllers. We are very pleased that AlSiC
is increasingly viewed by major OEMs as the thermal management
material of choice for high reliability applications, particularly in
the flip-chip packaging and motor controller segments. In 2004, in
addition to experiencing increased demand for existing products, we
achieved several new design wins in these segments at current and new
customers."
"In 2004 CPS carefully managed costs, engaging our customers to
work with us in determining underlying demand. By year-end 2004, we
had entered into consigned inventory agreements with our major
customers covering approximately 75% of our forecasted 2005 demand.
These agreements allow us to more efficiently smooth production, which
has a positive impact on our costs, but they also may result in
greater quarter-to-quarter revenue volatility because CPS does not
recognize revenue until customers pick our products from their
warehouses. For example, in Q4 2004 customers picked products at a
rate slightly higher than they forecast which may dampen Q1 2005
demand accordingly."
Looking forward, growth will come from new design wins in existing
segments, which are increasing, as well as penetration of new market
segments. We are aggressively pursuing both sources of growth. In 2004
we began marketing to and shipped prototype products ordered by
customers in several new market segments including high-brightness
LEDs, optoelectronics, semiconductor capital equipment, and certain
defense applications. We believe our products meet real needs in all
of these segments, we anticipate achieving design wins in these
segments in 2005 which will lead to recurring production in future
years, and we anticipate that these segments will generate significant
growth for us over time."
"We believe that the broad underlying market trends towards higher
speeds and higher densities are and will continue to create increased
demand our for thermal management products in many segments of the
microelectronics marketplace," said Bennett.
Employment at the Company grew in 2004, and at year-end 2004
employment was approximately 30% higher than year-end 2003. Management
believes this increase in employment is needed to meet increased
demand in 2005 although there is of course no guarantee that increased
demand will materialize.
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 integrated circuit packaging, cellular telephone
basestations, and motor controller modules.
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 2005, or a
downturn in the electronics industry.
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CERAMICS PROCESS SYSTEMS
CORPORATION
(CPS) (OTC BULLETIN BOARD: CPSX)
Year Ended 25-Dec-04 28-Dec-03
----------- ------------ ------------
Revenues $ 6,842,818 $ 3,993,690
Net income (loss) 1,040,432 ($19,029)
Basic and diluted loss per share $ 0.08 ($0.00)
Weighted average basic shares 12,293,209 12,293,209
Weighted average diluted shares 12,761,159 12,293,209
Quarter Ended:
--------------
Revenues $ 1,956,345 $ 1,423,628
Net income $ 549,439 151,305
Basic and diluted income per share $ 0.04 $ 0.01
Weighted average basic shares 12,293,209 12,293,209
Weighted average diluted shares 12,881,293 12,410,236
*T
KEYWORD: NORTH AMERICA MASSACHUSETTS UNITED STATES
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS GOVERNMENT DEFENSE HARDWARE TE
ECOMMUNICATIONS MANUFACTURING AEROSPACE EARNINGS
SOURCE: Ceramics Process Systems Corporation
CONTACT INFORMATION:
Ceramics Process Systems Corporation
Grant Bennett, 508-222-0614 ext 18
President
Fax: 508-222-0220
www.alsic.com
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