Core Viewpoint - Canadian Premium Sand Inc. announces the departure of CFO Cameron Deller and the appointment of Isha Kular as the new CFO, effective October 3, 2024, which is seen as a strategic move to support the company's upcoming construction and operational phases of its solar glass manufacturing facility [1][4]. Group 1: Management Changes - Cameron Deller has served as CFO since August 2021 and has significantly contributed to the company's strategies and financing efforts [2]. - Isha Kular, with over 17 years of experience in finance, returns to CPS after previously serving as Corporate Controller from 2019 to 2020 [3]. Group 2: Strategic Importance - The return of Isha Kular is crucial as the company prepares for the construction and operations phase of its solar glass manufacturing facility, especially following the announcement of up to $272 million in government financial support [4]. - Glenn Leroux, President & CEO, emphasized the value of Kular's expertise in navigating the stages of financing, construction, and operations [5]. Group 3: Company Overview - Canadian Premium Sand Inc. is developing manufacturing capacity for ultra high-clarity, low carbon patterned solar glass at a facility in Selkirk, Manitoba, utilizing high-purity silica sand and renewable energy sources [5].

LAS VEGAS, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS" or the "Company") announced the closing of its fourth term securitization in 2024 on Tuesday, September 17, 2024. The transaction is CPS's 53rd senior subordinate securitization since the beginning of 2011 and the 36th consecutive securitization to receive a triple "A" rating from at least two rating agencies on the senior class of notes. In the transaction, qualified institutional buyers purchased $416.82 ...

NORTON, Mass., Sept. 17, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) ("CPS" or the "Company") today announced that it has been awarded its second Phase II SBIR contract this year. This award, from the U.S. Department of Energy, will provide funding of $1.1 million over 24 months for CPS to continue its development effort for "Modular Radiation Shielding for Transportation and Use of Microreactors." The Company's Phase II effort will again be led by materials scientist Matthew Karnick ...

CALGARY, Alberta, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. ("CPS" or the "Company") (TSXV: CPS) is pleased to announce its third quarter 2024 financial results. The Company's interim financial statements and notes thereto and Management's Discussion and Analysis for the three and nine months ended June 30, 2024, are available under CPS's SEDAR+ profile. Highlights The Company devoted its time and resources during the three-month period ended June 30, 2024, to advancing its integrated pat ...

Financial Data and Key Metrics Changes - The company's revenue for Q2 2024 was $5.0 million, a decline from $7.4 million in the same quarter last year, primarily due to the fulfillment of the U.S. Navy Armor contract and shipment delays [3][4] - The operating loss for the quarter was approximately $1.3 million, compared to an operating income of approximately $0.7 million in Q2 2023 [7] - The net loss was reported at $1.0 million or $0.07 per share, compared to a net income of $0.6 million or $0.04 per diluted share in the prior year [7][8] - Gross loss was $0.2 million, approximately negative 4.6% of sales, compared to a gross profit of $2.2 million or approximately 29.6% of sales last year [6] Business Line Data and Key Metrics Changes - The fulfillment of Armor orders negatively impacted results by approximately $2 million per quarter [4][5] - The trailing 12-month book-to-bill ratio, excluding Armor, was 1.10 at the end of Q2 and has continued to improve early in Q3 [5] - The company faced challenges in fulfilling open orders for non-Armor products due to labor shortages and manufacturing personnel out of work [5][9] Market Data and Key Metrics Changes - The local labor market was tight in Q2, impacting the ability to convert orders to shipments, although it appears to be loosening [5][9] - The company ended the quarter with $6.3 million in cash, down from $8.8 million at the start of 2024, and had $0.75 million invested in T-bills [8] Company Strategy and Development Direction - The company remains optimistic about growth drivers for 2025 and beyond, despite near-term performance challenges [4] - CPS Technologies is pursuing additional work for naval ship classes and has received a new SBIR Phase 2 award valued at over $1 million to develop novel metal matrix composite solutions [11][12] - The company is focused on expanding its manufacturing capabilities and product development to accelerate top-line growth [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that while near-term headwinds remain, they are optimistic about improvements in product completion and delivery in the coming quarters [10][17] - The company has resolved issues related to manufacturing and supply chain constraints that impacted production in Q2 [22][23] - Management expects significant improvement in Q3 as they ramp up production capabilities [24] Other Important Information - The company successfully completed its first manufacturing trials of Fiber Reinforced Aluminum (FRA) and is expanding production trials [15] - A new 5-axis CNC machine was commissioned, enhancing the company's offerings in response to customer demand [14] Q&A Session Summary Question: Could you provide more detail on the gross profit and manufacturing issues? - The gross profit drop was significantly impacted by manufacturing issues, particularly with a new hermetic packaging item that required more production than anticipated, leading to increased costs [18][19] Question: What is the outlook for the current quarter? - The current quarter is expected to be slow due to previous issues, but improvements have been made, and fulfillment of orders is anticipated to increase in Q4 [22][23] Question: Can you provide details on the SBIR award? - The $1 million SBIR award will be invoiced monthly over 30 months, approximately $100,000 per quarter, and revenue is expected to start in Q3 [25][26]

Financial Performance - Revenue for Q2 2024 was $5.0 million, down 32.4% from $7.4 million in Q2 2023, primarily due to the completion of the HybridTech Armor® contract[1] - Gross margin was (4.6)%, a significant decline from 29.6% in the prior-year period, attributed to lower manufacturing efficiencies and fixed costs[3] - Operating loss for Q2 2024 was $1.3 million, compared to an operating profit of $0.7 million in Q2 2023[4] - Net loss was $1.0 million, or $(0.07) per diluted share, compared to net income of $0.6 million, or $0.04 per diluted share in the same quarter last year[4] Assets and Liabilities - Total current assets decreased to $15.8 million as of June 29, 2024, from $18.1 million at the end of December 2023[8] - Cash and cash equivalents were $6.3 million, down from $8.8 million at the end of December 2023[8] - The total assets decreased to $20.1 million as of June 29, 2024, from $21.6 million at the end of December 2023[8] - Total current liabilities decreased from $4,068,775 to $3,517,190, a reduction of approximately 13.5%[9] - Accrued expenses decreased from $1,075,137 to $671,853, representing a decline of about 37.5%[9] - Total liabilities decreased from $4,280,142 to $3,649,467, a decrease of approximately 14.7%[9] - Stockholders' equity decreased from $17,321,974 to $16,438,659, a decline of about 5.1%[9] - Total liabilities and stockholders' equity decreased from $21,602,116 to $20,088,126, a reduction of approximately 7.0%[9] - Deferred revenue decreased significantly from $251,755 to $65,578, a decline of approximately 73.9%[9] - Long-term lease liability decreased from $172,000 to $101,000, a reduction of about 41.2%[9] - Note payable, current portion decreased from $46,797 to $31,885, a decrease of approximately 31.8%[9] Strategic Initiatives - The company received a new SBIR Phase II contract from the U.S. Navy valued at over $1 million, aimed at developing novel metal matrix composites for thermal energy storage applications[2] - The company is focusing on expanding its product development pipeline to drive future growth despite current challenges[1] - The company is committed to innovation and addressing critical customer needs in various applications, including defense and clean energy[5]

NORTON, Mass., July 31, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) ("CPS" or the "Company") today announced financial results for the fiscal second quarter ended June 29, 2024. Second Quarter Summary Revenue of $5.0 million for the second quarter of 2024 versus $7.4 million in the prior-year period, reflecting lower overall shipments due to the end of the Company's HybridTech Armor® contract with Kinetic Protection for the US Navy Gross margin of (4.6) percent versus 29.6 percent in ...

NORTON, Mass., July 31, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) ("CPS" or the "Company") today announced financial results for the fiscal second quarter ended June 29, 2024. Second Quarter Summary Revenue of $5.0 million for the second quarter of 2024 versus $7.4 million in the prior-year period, reflecting lower overall shipments due to the end of the Company's HybridTech Armor® contract with Kinetic Protection for the US Navy Gross margin of (4.6) percent versus 29.6 percent in ...

Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives. Delinq ...

About Consumer Portfolio Services, Inc. Investor Relations Contact Las Vegas, Nevada, July 29, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS" or the "Company") today announced that it will hold a conference call on Wednesday, July 31, 2024 at 1:00 p.m. ET to discuss its second quarter 2024 operating results. Danny Bharwani, Chief Financial Officer Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to ind ...