Business
TechPrecision Corporation Reports Fiscal 2022 Financial Results
Backlog grows to $47.3 MillionWESTMINSTER, MA / ACCESSWIRE / July 13, 2022 / TechPrecision Corporation (OTCQB:TPCS) ("TechPrecision" or "the Company"), an
About this update from Techprecision Corporation
[{"type":"text","content":"Backlog grows to $47.3 MillionWESTMINSTER, MA / ACCESSWIRE / July 13, 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 fiscal year 2022 ended March 31, 2022.\"Fiscal 2022 net sales were $22.3 million or 43% higher when compared to $15.6 million in fiscal 2021,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"Our financials for fiscal 2022 included seven months of business activity from our Stadco subsidiary, which was acquired on August 25, 2021. With our successful acquisition of Stadco, a prime turnaround acquisition, our sharp focus is on shepherding cash, rebuilding customer and supplier relationships, establishing operational discipline and growing the backlog. We successfully grew the backlog to $47.3 million at March 31, 2022, significantly enabled by successes in rebuilding customer and supplier relationships. We expect to deliver the backlog over the course of the next two to three fiscal years. We expect one-time costs related to the acquisition of Stadco to decrease materially, and we expect margins to gradually improve in future quarters.\"\"We are pleased and encouraged by the results of our focus, and our path forward is clear: rebuild Stadco back to profitability with disciplined and sustainable actions, including specific initiatives to right-size costs and ‘do it right the first time,' improving operational accountability and reducing unplanned overtime,\" added Mr. Shen. \"We believe these improvements coupled with the material increase in our backlog provide a solid base to grow the Company.\"The following summary compares fiscal 2022 to fiscal 2021 for the fourth quarter and full year results:Fiscal 2022 Fourth Quarter Consolidated Financial Results ·Net sales were $7.6 million, or 88% higher, due primarily to $2.7 million of added revenue from Stadco. ·Cost of sales were $6.4 million, or $3.3 million higher, due primarily to additional cost of sales at Stadco. ·Gross profit was $1.1 million, or $0.2 million higher when compared to the same quarter last year; however, gross margin percentage was lower because of an unfavorable product...