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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000814676-03-000003.txt : 20030506
<SEC-HEADER>0000814676-03-000003.hdr.sgml : 20030506
<ACCEPTANCE-DATETIME>20030506144742
ACCESSION NUMBER:		0000814676-03-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030506
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CERAMICS PROCESS SYSTEMS CORP/DE/
		CENTRAL INDEX KEY:			0000814676
		STANDARD INDUSTRIAL CLASSIFICATION:	POTTERY & RELATED PRODUCTS [3260]
		IRS NUMBER:				042832509
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16088
		FILM NUMBER:		03684055

	BUSINESS ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		STREET 2:		PO BOX 338
		CITY:			CHARTLEY
		STATE:			MA
		ZIP:			02712
		BUSINESS PHONE:		508-222-0614

	MAIL ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		STREET 2:		PO BOX 338
		CITY:			CHARTLEY
		STATE:			MA
		ZIP:			02712
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8050601.htm
<DESCRIPTION>CPS FORM 8-K MAY 6, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
</HEAD>
<BODY>
<FONT FACE="Arial" SIZE=2>
<B><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
 </P>
<P ALIGN="CENTER">FORM 8-K<BR>
</P>
</B><P> </P>
<P ALIGN="CENTER">Current Report<BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934<BR>
Date of Report (Date of earliest event reported): May 6, 2003<BR>
Commission file number   0-16088<BR>
</P>
</FONT><B><FONT FACE="Arial"><P ALIGN="CENTER">CERAMICS PROCESS SYSTEMS CORPORATION<BR>
</B></FONT><FONT FACE="Arial" SIZE=2>(Exact Name of Registrant as Specified in its Charter)</P>
</FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Delaware<BR>
</U>(State or Other Jurisdiction<BR>
of Incorporation or Organization</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">04-2832409<BR>
</U>(I.R.S Employer<BR>
Identification No.)</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2>
<P ALIGN="CENTER">111 South Worcester Street<BR>
P.O. Box 338<BR>
<U>Chartley MA<BR>
</U>(Address of principal executive offices)</P>
</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>&nbsp;</P>
<U><P ALIGN="CENTER">02712-0338<BR>
</U>(Zip Code)</P>
</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">(508) 222-0614<BR>
</U>Registrants Telephone Number, including Area Code:</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Item 7.    Financial Statements and Exhibits.</P>
<P>(c)    Exhibits. </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>EXHIBIT NUMBER</P>
</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>DESCRIPTION</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>99.1</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Press released dated May 6, 2003 of Ceramics Process Systems Corporation announcing its financial results for the first fiscal quarter ended March 29, 2003.</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><P>Item 9.    Regulation FD Disclosure </P>
<P>On May 6, 2003, the Company issued a press release announcing its financial results for the first quarter ended March 29, 2003. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference. </P>
<P> </P>
<P>Limitation on Incorporation by Reference.<BR>
The information furnished in this Item 9 (which is being furnished under Item 12) shall not be deemed &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. </P>
<P> </P>
<P>Cautionary Note Regarding Forward-Looking Statements.<BR>
Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements. </P>

<P>&nbsp;</P>
<B><P ALIGN="CENTER">SIGNATURE</P>
<P ALIGN="CENTER"></P>
</B><P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD VALIGN="TOP" COLSPAN=2>
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Ceramics Process Systems Corporation</B><BR>
</U>(Registrant)</FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Date:  May 6, 2003</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">/s/ Grant C. Bennett<BR>
Grant C. Bennett<BR>
President and Treasurer<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2>
<P>EXHIBIT INDEX </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>EXHIBIT NUMBER</P>
</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>DESCRIPTION</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>99.1</FONT></TD>
<TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Press released dated May 6, 2003 of Ceramics Process Systems Corporation announcing its financial results for the first fiscal quarter ended March 29, 2003.</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Courier New" SIZE=2></FONT></BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>pr0304q1.htm
<DESCRIPTION>CPS PRESS RELEASE DATED MAY 6, 2003
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE> </TITLE>
<META NAME="Template" CONTENT="C:\Program Files\Microsoft Office\Templates\CPS Letter.dot">
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<BODY LINK="#0000ff">

<U><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">FOR IMMEDIATE RELEASE </P>
</U><P ALIGN="CENTER"></P>
<P>Ceramics Process Systems Corporation<BR>
Grant Bennett<BR>
President<BR>
111 South Worcester Street<BR>
Chartley, MA 02712<BR>
Telephone: (508) 222-0614 ext 18&#9;Fax: (508) 222-0220<BR>
Web Site:  www.alsic.com</P>

<B><P ALIGN="CENTER">CERAMICS PROCESS SYSTEMS ANNOUNCES FIRST QUARTER 2003 RESULTS</P>
</B><P ALIGN="CENTER"></P>
<P>Chartley, Massachusetts,  May 6, 2003.  Ceramics Process Systems Corporation (CPS) (OTC Bulletin Board: CPSX) today announced a net loss of $206 thousand or $(0.02) per basic and diluted common share, on revenue of $595 thousand for the fiscal quarter ended March 29, 2003.  This compares with a net income of $97 thousand, or $0.01 per basic and diluted common share on revenue of $1.7 million for the fiscal quarter ended March 30, 2002.</P>

<P>Grant Bennett, President, said:  &quot;We continue to see very significant quarter-to-quarter volatility in demand.   The volatility is a result both of continuing uncertainly in the electronics market, and of changes in customers` sourcing practices.  Customers are placing orders which cover very short periods of time, often one month`s demand or less, as they seek to better match output with demand.  We have and are continuing to take actions to adapt to these new purchasing practices.&quot;   </P>

<P>&quot;We believe the costs in the Company are appropriate for the current underlying demand for our products.   We have seen month-to-month growth in revenues in Q1 2003 and based on backlog and customer forecasts as of today,  we believe that month-to-month growth will continue in Q2 2003.  We continue to manage cash carefully&quot;, said Bennett.</P>

<P>CPS develops, manufactures and markets advanced metal-matrix composites for housing and providing thermal management of high-density electronics.  The Company`s products are primarily used in high-density microprocessor assemblies, wireless basestations, motor controllers, and satellite communications.</P>

<P>This release may contain forward-looking statements as that term is defined in the Private Securities Reform Act of 1995.   Various factors could cause actual results to differ materially from those projected in such statements.  These factors include, but are not limited to, fluctuations in customer demand and changing general economic or business conditions in 2003, or a further downturn in the electronics industry.</P>

<P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=512>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=3><P>CERAMICS PROCESS SYSTEMS CORPORATION</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3 HEIGHT=19>
<B><FONT FACE="Arial" SIZE=3><P>(CPS) (OTC Bulletin Board: CPSX)</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="42%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="CENTER">Quarters Ended</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">March 29,</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">March 30,</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">2003</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<U><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">2002</U></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=20><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P>Revenues</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$595,465</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$1,749,277</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P>Net Income (loss)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$ (206,236)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$97,386</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P>Basic earnings (loss) per basic share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$ (0.02)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.01</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P>Weighted average basic shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,293,207</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,292,338</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P>Diluted earnings (loss) per diluted share</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$ (0.02)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">$0.01</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P>Weighted average diluted shares</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,293,209</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">12,575,289</FONT></TD>
</TR>
</TABLE>

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</DOCUMENT>
</SEC-DOCUMENT>
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