11/01 12:23 Ceramics Process Systems Announces Third Quarter 2000 Results
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Ceramics Process Systems Announces Third Quarter 2000 Results
CHARTLEY, Mass.--(BUSINESS WIRE)--Nov. 1, 2000--Ceramics Process Systems Corporation (CPS) (OTC BB:CPSX) today announced a net loss of $298 thousand, or ($0.02) per basic and diluted share, on revenue of $1.1 million for the fiscal quarter ended September 30, 2000. These results compare with net income of $56 thousand, or $0.00 per basic and diluted share, on revenue of $1.2 million for the fiscal quarter ended October 2, 1999.
Grant Bennett, President, said: "Our production and sales mix in Q3 changed significantly compared to the same quarter last year, and compared to Q2 2000. In Q3 unit shipments of flip-chip lids and heat spreaders reached a new high; both the number of customers for these products and revenues from them were higher than ever before, while demand for cellular basestation components was very erratic. Revenues from flip-chip lids, heat spreaders and other components increased 74% while revenues from cellular basestations components declined 61% compared to the same period a year ago. Lids and heat spreaders for flip-chip applications now account for a greater portion of our revenues than do cellular basestation components. Our customer base has broadened significantly with no single customer accounting for more than 30% of total revenues this quarter."
"Although start-up costs associated with this product mix change including labor and material inefficiencies affected our profitability, we expect manufacturing costs per unit will decline as lid and heat spreader volumes increase, and as the order mix shifts more towards production orders versus prototype orders. We expect to profitably serve this market segment which continues to grow as integrated circuits generate more and more heat. We do expect continued quarter-to-quarter volatility in the cellular basestation area," said Bennett.
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 flip-chip integrated circuit packaging, motor controllers, and equipment for wireless and satellite communications.
This release may 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. -0-
CERAMICS PROCESS SYSTEMS CORPORATION
(CPS) (OTC Bulletin Board: CPSX)
For the Fiscal Quarters Ended
Sept. 30 Oct. 2
2000 1999 Revenue $1,056,557 $1,197,188 Net Income (loss) $ (298,095) $ 56,262 Earnings (loss) per basic share $(0.02) $0.005 Weighted average basic shares 12,287,469 12,308,852 Earnings (loss) per diluted shares $(0.02) $0.004 Weighted average diluted shares 12,287,469 12,544,722
For the Nine-Month Periods Ended
Sept. 30 Oct. 2,
2000 1999 Revenue $3,757,091 $3,863,737 Net Income (loss) $ (119,402) $358,477 Earnings (loss) per basic share $(0.01) $0.029 Weighted average basic shares 12,286,907 12,308,852 Earnings (loss) per diluted shares $(0.01) $0.028 Weighted average diluted shares 12,286,907 12,564,163
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CONTACT: Ceramics Process Systems Corporation
Grant Bennett, President
(508) 222-0614 ext 18
gbennett@alsic.com |
