CPS Technologies Corp.

Good day, everyone, and welcome to the CPS Technologies Corp. Second Quarter Investors Call. Today's call is being recorded. At this time, I would like to turn the conference over to Chuck Griffith. Please go ahead.

Thank you, Operator, and good morning, everyone. Thank you for joining us. I am joined today by Michael McCormick, our President and Chief Executive Officer, who will offer his comments on our second 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 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 second quarter results.

Thank you, Chuck. Today we are delighted to announce revenues of $7 million and an operating profit of $669,000 for the quarter ending July 2, 2022. This is a 21% increase compared with revenues of $5.8 million and 164% increase compared with the operating profit of $253,000 for the corresponding quarter a year ago, ending June 26, 2021. We are pleased to report that revenues in the second quarter of 2022 were the highest in the company's history and showed a 6.3% improvement over revenues of the first quarter of 2022, our previous record high for a quarter. Aspects of our growth initiatives are beginning to show results from the challenging work and effort that we have undertaken at CPS. We are cautiously optimistic that our growth initiatives and profitability changes we are executing will continue through fiscal year 22 and beyond. The team is continuing to drive growth and efficiency to sustain this momentum. As the economy continues to progress and deal with the challenges of seamlessly endless new variants of the virus continuously emerging, there are also emerging new normal threats such as inflation, material availability, and transportation and shipping delays that we are actively working to mitigate. Despite these uncertain times, we remain incredibly pleased with our second quarter performance and are confident in our outlook. I'll speak more later about the overall business progress moving forward later on the call, but for now, Chuck will discuss the financial results in a little bit more detail.