Business
TechPrecision Corporation Reports First Quarter Fiscal 2023 Financial Results
Net Sales double year-over-year to $7.1 millionWESTMINSTER, MA / ACCESSWIRE / August 22, 2022 / TechPrecision Corporation (OTCQB:TPCS) ("TechPrecision" or
About this update from Techprecision Corporation
[{"type":"text","content":"Net Sales double year-over-year to $7.1 millionWESTMINSTER, MA / ACCESSWIRE / August 22, 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 reported financial results for the first quarter of fiscal year 2023 or the three months ended June 30, 2022.\"First quarter consolidated net sales were $7.1 million or 107% higher when compared to $3.4 million in same quarter a year ago,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"Our Ranor segment reported a strong first quarter with net sales of $4.7 million and gross profit of $1.8 million. Our first quarter net sales also included $2.4 million from our Stadco subsidiary, which was acquired on August 25, 2021.\"\"Our Stadco segment is a turnaround,\" stated Mr. Shen. \"We recorded an operating loss at Stadco for the first quarter of fiscal 2023. We continue to focus on shepherding cash, rebuilding customer and supplier relationships, establishing operational discipline, improving gross margins, and growing the backlog. We aggressively grew our total backlog to a strong $45.9 million on June 30, 2022, an increase of $19.5 million since September 30, 2021, our first quarter that included Stadco. We expect to deliver that backlog over the course of the next one to three fiscal years with improved gross margins in future quarters.\"The following summary compares first quarter fiscal 2023 to fiscal 2022 first quarter:Fiscal 2023 First Quarter Consolidated Financial Results ·Net sales were $7.1 million, an increase of $3.7 million, due to $2.4 million of added revenue from Stadco and $1.3 million of higher revenue at Ranor. ·Cost of sales were $6.3 million, or $3.7 million higher, due primarily to additional cost of sales at Stadco. ·Gross profit was $0.8 million, or slightly lower when compared to the same quarter last year. Gross margin percentage was lower because of an unfavorable production mix and unabsorbed factory overhead at Stadco. ·SG&A was $1.4 million, an increase of $0.6 million, primarily due to the added Stadco SG&A, and increased spending for outside advisory services and the resumption of business travel to pre-pandemic levels. ·Ope...