CPS Technologies Corp.

Good day, everyone, and welcome to the CPS Technologies 2022 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 today by Anthony Kosky, our Corporate Development Officer, and Michael McCormick, our President and Chief Executive Officer. Michael will offer his comments on our fourth quarter and annual 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 perspective on the year and the fourth quarter results.

Thank you, Chuck. Good afternoon, everybody. Today, we are pleased to announce the fourth quarter revenues of $6.1 million and an operating profit of $309,000 for the quarter ending December 31, 2022. This compares with revenues of $6.2 million and an operating profit of $312,000 for the fourth quarter ended December 25, 2021. For the fiscal year, we are delighted to report revenues of 26.6 million as compared to revenues of 22.4 million in fiscal year 21. The 19% annual organic growth rate over the previous fiscal year has been consistent with our strategy for growth since my arrival. Fiscal year 22 reflects the highest year ever in terms of revenue and operating profit in the company's 38-year history. For the fiscal year, we are reporting $2.2 million in operating profit compared to $513,000 in fiscal year 21. This is an over 300% improvement compared to last fiscal year. We are also delighted to report an impressive 6% improvement in gross margin over the entire fiscal year. This also marks our third consecutive year of profitability. Our book to bill of over 1.1 for the fiscal year 22 continues to reaffirm our growth strategy. is working over a larger sample of data coupled with growing base. We are cautiously optimistic that the increased sales orders of fiscal year 22 will directly translate into steadily increasing revenue and operating profits in fiscal 23. I'll speak more later about the overall business progress moving forward on the call, but for now, Chuck will discuss the financial matters in more detail.