Business
TechPrecision Corporation Provides Preliminary First Quarter Fiscal 2023 Results
WESTMINSTER, MA / ACCESSWIRE / August 15, 2022 / TechPrecision Corporation (OTCQB:TPCS) ("TechPrecision" or the "Company"), an industry-leading manufacturer
About this update from Techprecision Corporation
[{"type":"text","content":"WESTMINSTER, MA / ACCESSWIRE / August 15, 2022 / TechPrecision Corporation (OTCQB:TPCS) (\"TechPrecision\" or the \"Company\"), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today announced it will release financial results for its 2023 fiscal first quarter on Monday, August 22, 2022.We are in the process of finalizing our results for our first quarter of fiscal year 2023 ended June 30, 2022. Based on currently available information, we estimate that our Ranor subsidiary is expected to report realized pre-tax income of $1.0 million on net sales of $4.7 million. Our work-in-progress turnaround subsidiary Stadco is expected to report a pre-tax loss of $1.5 million on net sales of $2.4 million. Stadco's expected pre-tax loss was a result of our continuing to work through legacy pre-acquisition problems and continuing issues involved in a turnaround while we rebuild the underlying business. Total pre-tax loss for the Company is expected to be $675,000 on total net sales of $7.1 million. Our backlog remained strong, expected to be $45.9 million at the first quarter-end, June 30, 2022.Our consolidated financial statements for the three months ended June 30, 2022 are not yet available. These estimates are based on information currently available to management. Our actual results are not expected to vary materially from the estimated preliminary results included herein. The estimates included in this release have been prepared by, and are the responsibility of, management. Our independent registered public accounting firm has not completed its review, compilation or the performance of its procedures with respect to the estimates and does not express an opinion or any other form of assurance with respect thereto.The Company will hold a conference call at 4:30 p.m. Eastern (U.S.) time on Monday, August 22, 2022. To participate in the live conference call, please dial 1-877-545-0523 five to 10 minutes prior to the scheduled conference call time. International callers should dial 1-973-528-0016. When prompted, reference TechPrecision and entry code 904664.A replay will be available until Monday, September 5, 2022. To access the replay, dial 1-877-481-4010 or 1-919-882-2331. When prompted, enter Conference ...