Business
TechPrecision Corporation Reports Full Year Fiscal 2021 Financial Results
Significant improvement in gross profit, operating income and net incomeWESTMINSTER, MA / ACCESSWIRE / June 10, 2021 / TechPrecision Corporation (OTCQB:TPCS)
About this update from Techprecision Corporation
[{"type":"text","content":"Significant improvement in gross profit, operating income and net incomeWESTMINSTER, MA / ACCESSWIRE / June 10, 2021 / 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 fourth quarter and full year ended March 31, 2021.Full year net sales were $15.6 million or 3% lower when compared to $16.0 million last year. However, gross profit was 10% higher at $3.5 million when compared to gross profit of $3.1 million for fiscal year 2020, reflecting a more favorable project mix.\"Our results for fiscal year 2021 were highlighted by a more favorable project mix which drove improved gross margins when compared to last year,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"We have also implemented manufacturing improvements on the remaining components from fiscal 2020 that negatively impacted our prior year results with learning-curve related costs.\"\"This resulted in an overall improvement in reported financial results for fiscal year 2021 when compared to fiscal year 2020,\" added Mr. Shen. \"We expect to carry these improvements into the first quarter of fiscal 2022 and beyond.\"Sales order backlog was $18.6 million at March 31, 2021, up from $16.8 million at March 31, 2020.Fourth Quarter of Fiscal 2021 Financial Results● Net sales were $4.0 million, or 18% lower when compared to the same quarter a year ago, largely due to lower revenue for precision industrial components.● Cost of sales were $3.1 million, or 15% lower than the same quarter a year ago, due primarily to lower revenue.● Gross profit was $933,000, a decrease of 28% compared to $1.3 million in the same quarter last year.● SG&A decreased by $5,000, or 1%, primarily on lower travel expenses due to COVID-19 travel restrictions and lower professional fees.● Operating income was $298,000, compared to $166,000, in the same quarter a year ago, as fiscal 2020 included a non-recurring expense of $495,000 for the claims settlement of a civil action.● Net income was $214,000, compared to $48,000 for the same period a year ago.Fiscal 2021 Financial Results● Net sales were $15.6 million, or 3% lower when compared to the ...