Business
TechPrecision Corporation Reports Second Quarter Fiscal 2021 Financial Results
Fiscal Q2 Revenue up 53% and Company Returns to Profitability WESTMINSTER, MA / ACCESSWIRE / November 12, 2020 / TechPrecision Corporation (OTCQB:TPCS)
About this update from Techprecision Corporation
[{"type":"text","content":"Fiscal Q2 Revenue up 53% and Company Returns to Profitability WESTMINSTER, MA / ACCESSWIRE / November 12, 2020 / 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 second fiscal quarter ended September 30, 2020. Fiscal 2021 second quarter sales were $4.7 million compared to $3.1 million in the second quarter of fiscal 2020. The Company recorded net income of $271,000 in the second quarter of fiscal 2021, compared to net loss of $291,000 in the second quarter of fiscal 2020.\"Our results for the second quarter were highlighted by strong revenue and a favorable project mix which drove improved gross margins and higher net income,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"This outcome resulted in an overall improvement in reported financial results for the first six months of fiscal 2021 when compared to the same period in the prior year. We expect to carry these improvements in revenues and margins into the remainder of fiscal 2021.\"\"The Company's sales order backlog was $14.8 million on September 30, 2020,\" stated Mr. Shen. \"We continue to replenish backlog as we booked over $5.1 million of new orders in the second quarter and see significant opportunities with our customers.\"Second Quarter of Fiscal 2021 Financial ResultsNet sales were $4.7 million or 53% higher when compared to $3.1 million in the same quarter a year ago.Gross profit was $1.1 million, up by $0.7 million from the same quarter last year.Gross margin was 23.9%, up from 13.5% in the second quarter of fiscal 2020 due to favorable project mix.Operating income was $433,000, compared to operating loss of $327,000 in the same period a year ago.Net income was $271,000, compared to net loss of $291,000 for the same period a year ago.EBITDA, a non-GAAP financial measure, was $604,000 for the second quarter of fiscal 2021, an increase of $739,000 from the same period a year ago.Six Months of Fiscal 2021 Financial ResultsNet sales were $8.0 million or 8% higher when compared to $7.4 million in the same period a year ago.Gross profit was $1.8 million, up 20% when compared to the same period last ye...