Business
TechPrecision Corporation Reports Third Quarter Fiscal 2023 Financial Results
Improving operating performance drives revenue growth and gross profitWESTMINSTER, MA / ACCESSWIRE / February 14, 2023 / TechPrecision Corporation
About this update from Techprecision Corporation
[{"type":"text","content":"Improving operating performance drives revenue growth and gross profitWESTMINSTER, MA / ACCESSWIRE / February 14, 2023 / 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 third quarter of fiscal year 2023 ended December 31, 2022.\"Third quarter consolidated net sales were $8.3 million or 28% higher when compared to $6.5 million in same quarter a year ago,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"Our Ranor segment reported a strong third quarter with net sales of $4.7 million and gross profit of $1.7 million. Our third quarter net sales included $3.6 million from our Stadco subsidiary. Gross profit and gross margin also significantly improved year-over-year for both the quarter and year-to-date periods.\"\"We continue to make progress rebuilding Stadco manufacturing and throughput,\" Mr. Shen continued. \"We will continue at Stadco 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 $43.9 million as of December 31, 2022. We expect to deliver that backlog over the course of the next one to three fiscal years with revenue growth and gross margin expansion.\"As to our applications to uplist to NASDAQ and for the reverse split, both have been filed and are pending with the appropriate entities, although there can be no assurance that our listing application with NASDAQ and our authorization to effect the reverse stock split will be approved by the appropriate entities in a timely manner or at all.The following summary compares the three and nine months ended December 31, 2022 to the same prior year periods:Fiscal 2023 Third Quarter Consolidated Financial ResultsNet sales were $8.3 million, an increase of 28%, due to strong revenue growth at Ranor.Cost of sales were $6.8 million, or 13% higher, due primarily to increased net sales at Ranor and higher unabsorbed overhead at Stadco.Gross profit was $1.5 million, or $1.0 million higher when compared to the same quarter last year. Gross margin percentage was higher prima...