CPS Technologies Corp.

Good day and thank you for standing by. Welcome to the CPS Technologies Corporation second quarter investor call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Mr. Chuck Griffith, Chief Financial Officer. Sir, please go ahead.

Thank you, Operator. Good afternoon. I'm joined today by Michael McCormick, our new President and Chief Executive Officer. Before we begin the business portion of the call, I would like to point out to all of you that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exist in CPS's operations and environment. These uncertainties include the impact of COVID-19, economic conditions, market demands, and competitive factors. Such factors could cause actual results to differ materially from those in any forward-looking statement. Now I will turn the call over to Michael to offer his perspectives on the annual and second quarter results.

Thank you, Chuck. Good afternoon, everyone. Today we announced revenues of $5.9 million in operating income of $253,000 for the quarter entering June 26, 2021. This compares with revenues of $5.8 million and operating income of $331,000 for the quarter ended June 27th in 2020. The financial results in the second quarter were profitable and growing as compared to the first quarter of fiscal year 21. Shipments are increasing to customers, as indicated by the increased revenues, and more importantly, our book-to-bill ratio is increasing. Over the first half of fiscal year 21, our book-to-bill was approximately 2 to 1, confirming our strategy for growth is beginning to indicate success with a larger sample of data. A key to our growth plan is to have all of our business lines performing well. This internal diversification of revenue sources reduces our customer concentration while utilizing more efficiently all of the existing resources to satisfy the requirements of a wide array of customers. These customers have shown significant growth in 2021. To put this in some perspective, revenue for the second quarter was 2% higher than the second quarter of 2020. In 2020, our top three customers and Q2 made up 80% of our revenue. In the past quarter of 2021, our top six customers equated to 80% of our sales for the quarter. We believe this broadening of our customer base will increase the likelihood of planned sustained growth to both revenues and earnings moving forward. We are continuing to see a slow recovery from the pandemic to the base plate business and is expected to remain steady throughout 2021. as spending on high-speed rail and mass transit systems continues to lag. We are confident that demand in the sector will return in fiscal year 22. I'll speak more later about our growth plans moving forward later on the call, but for now, Chuck will discuss the financial results in more detail.