Ceramics Process Systems Announces 1999 Results
Friday March 17, 8:30 am Eastern Time
CHARTLEY, Mass.--(BUSINESS WIRE)--March 17, 2000--Ceramics Process Systems Corporation (CPS) (OTC Bulletin Board: CPSX - news) today announced net income of $238 thousand, or $0.02 per basic share, $0.02 per diluted share, on revenue of $4.8 million for the year ended January 1, 2000. This compares with a net income of $1.7 million, or $0.16 per basic share, $0.14 per diluted share, on revenue of $5.5 million for the year ended December 26, 1998.
Grant Bennett, President said: ``CPS ended 1999 a much stronger company than we were a year ago: our customer base is broader and our manufacturing capabilities have improved significantly as a result of investments in people and equipment. In 1999 revenues from our largest customer declined 19% due primarily to their facility relocation in the fourth quarter, but this decline was offset by a 94% increase in revenues from other customers, resulting in a slight increase in total product revenue compared to 1998. We believe revenue from both existing and new customers will grow in 2000. No licensing revenue was received in 1999 compared to $737 thousand received in 1998.
Costs were higher as a result of product mix and investments in people and equipment to strengthen our sales, marketing and manufacturing capabilities. In 1999 we began marketing and selling in Europe and we upgraded our manufacturing and quality systems with the objective of increasing capacity and achieving certification to the ISO 9001 standard in the first quarter of 2000. We believe the market for metal-matrix composites is continuing to grow rapidly and that we are well positioned to capture that growth.``
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 wireless communications basestations, high-density microprocessor packaging, satellite communications and motor controllers.
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 2000, or a downturn in the electronics industry.
CERAMICS PROCESS SYSTEMS
CORPORATION
(CPS) (OTC BULLETIN BOARD: CPSX - news)
1-Jan-00 26-Dec-98
Year Ended:
Revenues $ 4,805,865 $ 5,525,293
Net income $ 238,056 $ 1,672,435
Basic Earnings per share $ 0.02 $ 0.16
Weighted avg. basic shares 12,285,969 10,565,961
Diluted Earnings per share $ 0.02 $ 0.14
Weighted avg. diluted shares 12,483,279 12,547,427
Quarter Ended:
Revenues $ 942,128 $ 1,104,627
Net income -$120,422 $ 137,104
Basic Earnings per share -$0.01 $ 0.01
Weighted avg. basic shares 12,285,969 12,308,669
Diluted Earnings per share -0.01 0.01
Weighted avg. diluted shares 12,285,969 12,495,551
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Contact:
Ceramics Process Systems Corporation
Grant Bennett, President
(508) 222-0614 ext 18
gbennett@alsic.com
www.alsic.com |
