Business
TechPrecision Corporation Reports Second Quarter Fiscal 2022 Financial Results
Second quarter focused on acquisition and integration of STADCOWESTMINSTER, MA / ACCESSWIRE / December 7, 2021 / TechPrecision Corporation (OTCQB:TPCS)
About this update from Techprecision Corporation
[{"type":"text","content":"Second quarter focused on acquisition and integration of STADCOWESTMINSTER, MA / ACCESSWIRE / December 7, 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 Fiscal 2022 second quarter ended September 30, 2021.Second quarter net sales were $4.8 million or 2% higher when compared to $4.7 million in the same quarter a year ago. Gross profit was 18% lower at $0.9 million when compared to gross profit of $1.1 million for the second quarter a year ago, but 12% higher than the first quarter of fiscal 2022.\"Our financials for the second quarter of fiscal 2022 include 36 days of activity from our newly acquired subsidiary, STADCO. As we began to integrate the STADCO operations, we recognized additional revenue, but absorbed additional costs that dampened our margins, and added to our selling, general and administrative, and interest expenses,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"Our backlog for sales orders was $26.4 at September 30, 2021, which included the addition of STADCO backlog.\"\"Key personnel and assets remain in place as we begin to integrate the STADCO business,\" added Mr. Shen. \"We believe business prospects are good as we expect higher revenues for the Company in future quarters.\"Second Quarter of Fiscal 2022 Financial ResultsNet sales, including STADCO revenue for the 36-day period, were $4.8 million, or 2% higher when compared to the same quarter a year ago.Cost of sales were $3.9 million, higher by 8% than the same quarter a year ago.Gross profit was $0.9, a decrease of 18% compared to $1.1 million in the same quarter last year.SG&A increased by $0.5 million, primarily on higher expenses due to the STADCO acquisition, including approximately $234,000 of acquisition related costs.Operating loss was $243,000, compared to operating income $433,000, in the same quarter a year ago.Interest expense increased by 34% as we added more debt to the balance sheet in August 2021.Net loss was $220,000 compared to net income of $271,000 for the same period a year ago.EBITDA* was $0.1 million, compared to $0.6 million in the same prior year period....