CPS Technologies Corp.

Good afternoon, ladies and gentlemen, and welcome to the CPS Technologies Third Quarter Earnings Call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Chuck Griffith. Sir, the floor is yours.

Thank you, Matthew, and good afternoon, everybody. I'm joined by Michael McCormick, our President and Chief Executive Officer, as well as Anthony Kosky, our Chief Development Officer. Michael will present his comments on our third quarter results. But 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 environments. 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'll turn the call over to Michael to offer his perspectives on the third quarter results.

Thank you, Chuck, and good afternoon, everyone. We are pleased to once again be reporting positive and growing results to our investors. Today, we are delighted to announce revenues of $6.7 million and an operating profit of $709,000 for the quarter ending October 1, 2022. This is a 22% increase compared with the revenues of $5.5 million and a dramatic increase compared to the loss of $88,000 in operating profit for the corresponding quarter a year ago. We are pleased to report that revenues in the third quarter of 2022 were the second highest in the company's history, with Q2 being the highest. And we have now consecutively delivered the top three quarters in revenue performance in the company's 38-year history. The optimistic news with the growth in revenue is also coupled with further good news with our book-to-bill ratio. For the past quarter, our book-to-bill ratio was over two. And on the trailing four quarters, the basis by which we measure ourselves is 1.36%. This is above our organic breakthrough and most importantly calculated upon a growing revenue base. On a fiscal year to date basis, our operating profit of 1.9 million compares to 201,000 for the first nine months of 2021. This is an increase of 858%. I'm very proud of the team's efforts to continue driving new business and operational efficiencies as we gain momentum in realizing the success of our strategic initiatives. We continue to perform and exceed against our operating plan, and we are on pace for a record year in 2022. We are continuing to remain vigilant on ensuring availability of raw goods throughout our supply base. The larger concerns today involve the impacts of inflation, logistics delays, and a limited labor force. We are not immune to these challenges, but we continue to diminish the possible impacts through proactive planning. To date, none of these issues has had a significant impact on our customers. While inflation affects both wages and material costs, we have been able to mitigate these in the form of permanent increased manufacturing efficiencies coupled with incremental price increases. In an uncertain overall economic environment, we remain very pleased with our third quarter performance and confident in our outlook. I'll speak more later about the overall business progress moving forward, but for now, Chuck will discuss the financial details in more detail. Thank you.