Business
TechPrecision Corporation Reports Second Quarter Fiscal 2023 Financial Results
Net Sales increase 78% year-over-year to $8.5 millionWESTMINISTER, MA / ACCESSWIRE / November 17, 2022 / TechPrecision Corporation (OTCQB:TPCS)
About this update from Techprecision Corporation
[{"type":"text","content":"Net Sales increase 78% year-over-year to $8.5 millionWESTMINISTER, MA / ACCESSWIRE / November 17, 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 second quarter of fiscal year 2023 ended September 30, 2022.\"Second quarter consolidated net sales were $8.5 million or 78% higher when compared to $4.8 million in same quarter a year ago,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"Our Ranor segment reported a strong second quarter with net sales of $4.9 million and gross profit of $2.0 million. Our second quarter net sales also included $3.6 million from our Stadco subsidiary, which was acquired on August 25, 2021.\"\"We continue to rebuild Stadco manufacturing and throughput,\" Mr. Shen continued. \"We recorded an operating loss at our Stadco segment for the second quarter of fiscal 2023. We will continue to focus on shepherding cash, rebuilding customer and supplier relationships, establishing operational discipline, improving gross margins, and growing the backlog. Total backlog remained strong at $49.4 million on September 30, 2022, an increase of $23.0 million since September 30, 2021, the end of the initial 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.\"Furthermore, Mr. Shen noted, \"The Company is working on an application to have its common stock listed on the Nasdaq Stock Market. As the stock exchange processes our application, the Board will determine whether we need to utilize the authority granted to us by the stockholders to effect a reverse split of our stock and the timing thereof.\"The following summary compares second quarter fiscal 2023 and the six months ended September 30, 2022, to the same prior-year periods:Fiscal 2023 Second Quarter Consolidated Financial Results ·Net sales were $8.5 million, an increase of $3.7 million, due to $2.3 million of added revenue from Stadco and $1.4 million of higher revenue at Ranor. ·Cost of sales were $6.8 million, or $2.9 million higher, due primarily to additional cost of sales ...