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TechPrecision Corporation reports developments tied to its custom manufacturing of precision, large-scale fabrication components and machined metal structural components. The company sells customer-designed components to defense and precision industrial customers through two wholly owned reportable segments, Ranor and Stadco.
Recurring updates focus on quarterly and annual results, backlog, gross margin, productivity, project mix, and segment performance. Ranor is described around heavy fabrication, machining, welding, materials traceability, inspection, and packaging for large precision components. Stadco updates center on mission-critical components for military aircraft, helicopters, space programs, and related tooling, molds, fixtures, jigs, and dies. Company news also includes earnings-call scheduling and public-company reporting matters such as Nasdaq compliance notices.
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TechPrecision Corporation (OTCQB:TPCS), a manufacturer of precision, large-scale metal components, announced a 1-for-4 reverse stock split effective February 24, 2023. This decision was approved by stockholders on September 14, 2022, allowing the Board to determine the final ratio. Post-split, outstanding shares will decrease from approximately 34.4 million to 8.6 million. The aim of the reverse split is to facilitate the potential listing on the Nasdaq Capital Market. The company's ticker will temporarily change to TPCSD for 20 business days before reverting to TPCS. A reduction in authorized shares from 90 million to 50 million is also being enacted.
TechPrecision Corporation (OTCQB:TPCS) reported a robust financial performance for Q3 FY2023, with consolidated net sales of $8.3 million, a 28% increase compared to the previous year. The Ranor segment led this growth with net sales of $4.7 million and gross profit of $1.7 million. The overall gross profit rose to $1.5 million, while operating income improved to $0.3 million from a loss of $1.1 million in Q3 FY2022. TechPrecision's strong backlog stood at $43.9 million as of December 31, 2022. The company is also pursuing a NASDAQ uplist, pending approval on its applications.
TechPrecision Corporation (OTCQB:TPCS) announced it will release its financial results for the fiscal 2023 third quarter on February 14, 2023. A conference call will follow at 4:30 PM EST, where participants can dial 1-888-506-0062 (or 1-973-528-0011 for international callers) to join. The call can also be accessed via the Internet. A replay will be available until February 28, 2023. TechPrecision is recognized for manufacturing large-scale, precision metal components for sectors including defense, aerospace, and medical, aiming to provide customized end-to-end solutions.
TechPrecision Corporation (OTCQB:TPCS) will release its financial results for the 2023 fiscal second quarter on November 17, 2022. The Company manufactures precision, large-scale fabricated and machined metal components for sectors including defense and precision industrial.
A conference call is scheduled for 4:30 p.m. Eastern on the same day, with access available via phone or the Internet. A replay of the call will be accessible until December 1, 2022.