CPS Technologies Corp.

Good day. Thank you for standing by and welcome to CPS Technologies Corporation First 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 that session, you will need to press star 1 on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the call over to our speaker, Mr. Griffith. The floor is yours.

Thank you, operator. Good afternoon, everyone, and thank you for joining us. I'm joined by Michael McCormick, our President and Chief Executive Officer, who will offer his comments on our first quarter results. Before we begin the business portion of the call, I would like to point out 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, the Russian invasion of Ukraine, 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 first quarter.

Thank you, Chuck. Good afternoon, everyone. Today, we are pleased to announce first quarter revenues of $6.7 million and an operating profit of $547,000 for the quarter ending April 2, 2022. This compares with revenues of $4.9 million and an operating profit of $36,000 for the quarter ended March 27, 2021. We are delighted to report that revenues in the first quarter of 2022 were the highest in the company's history and showed 7% improvement over the revenues from the fourth quarter of 2021. Even more significantly, we show a revenue increase of 37% over the first quarter of 2021. Further, we are beginning to see the benefits of the growth in cost control programs we have put in place as our first quarter operating profit was greater than the operating profit the entire 2021 fiscal year. We are encouraged to realize returns on the growth initiatives and operational changes we are executing. The team is continuing to drive growth and efficiencies to sustain this momentum. As the global economy progresses out of pandemic recovery and into new challenges, there are lasting impacts such as inflation, material availability, logistical delays, contracting labor force that we are actively working to mitigate. In an uncertain overall economic environment, we remain incredibly pleased with our first quarter performance not confident in our outlook. I'll speak more later about the overall business progress moving forward in the call, but for now, I'd like Chuck to discuss the financial results in a little bit more detail.