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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.
TechPrecision Corporation (OTCQB:TPCS) has successfully acquired Stadco, a manufacturer of large flight-critical components, for a total consideration involving $3.2 million raised through a private placement and $7.9 million in additional financing. The acquisition is aimed at revitalizing Stadco's operations, which have struggled since previous management. TechPrecision's strategy includes turning around Stadco's contracts and improving financial health. Key terms include issuing shares for debt and a favorable closing with Berkshire Bank for future financial flexibility.
TechPrecision Corporation (OTCQB:TPCS) reported its Fiscal 2022 Q1 results, highlighting a 4% increase in net sales to $3.4 million compared to the prior year. The gross profit rose by 20% to $0.8 million, attributed to a favorable project mix and reduced overhead costs. Operating income improved to $100,000 from a loss of $96,000 last year. The company also benefitted from a $1.3 million gain from PPP loan forgiveness. As of June 30, 2021, cash and cash equivalents stood at $2.2 million, and working capital increased to $5.5 million.
TechPrecision Corporation (OTCQB:TPCS) will release its financial results for the fiscal 2022 first quarter on August 12, 2021. A conference call is scheduled for 4:30 p.m. Eastern that day, with dial-in details for both domestic and international callers. The call will also be available online. TechPrecision, through its subsidiary Ranor, Inc., specializes in manufacturing precision, large-scale fabricated metal components for sectors such as defense, aerospace, and medical. For additional information, visit TechPrecision's website.
TechPrecision Corporation (OTCQB:TPCS) reported its fourth quarter and full year financial results for the period ended March 31, 2021. Net sales decreased to $15.6 million, a 3% decline compared to $16.0 million in the previous year. However, gross profit increased by 10% to $3.5 million, attributed to a favorable project mix. Operating income surged to $623,000 compared to an operating loss of $141,000 in the prior year. Net income reached $321,000, recovering from a net loss of $342,000. The company anticipates continued improvements into fiscal year 2022.
TechPrecision Corporation (OTCQB:TPCS) announced it will release its fiscal 2021 fourth quarter and year-end financial results on June 10, 2021. A conference call will be held at 4:30 p.m. Eastern to discuss the results, with access via phone or internet. The call will also feature a replay option until June 24, 2021. TechPrecision specializes in manufacturing precision, large-scale metal components for sectors including defense and industrial. This release comes as the company positions itself to provide customized solutions for its clients.
TechPrecision Corporation (OTCQB:TPCS) will announce its 2021 fiscal second quarter financial results on November 12, 2020. A live conference call is scheduled for the same day at 4:30 p.m. Eastern. Participants can join by calling 1-877-876-9174 or 1-785-424-1669 for international callers, referencing TechPrecision. The call will also be streamed online. A replay will be available until November 26, 2020.
The Company, through Ranor, Inc., specializes in manufacturing large-scale metal components for sectors including defense and aerospace.
TechPrecision Corporation (OTCQB:TPCS) reported its fiscal 2021 first quarter results, revealing sales of $3.3 million, a 24% decrease from $4.3 million in Q1 fiscal 2020. The company faced a net loss of $116,000, compared to net income of $221,000 in the same period last year. Contributing factors include learning-curve challenges and a mix of lower-margin projects. Despite a decline in backlog from $16.8 million to $14.4 million, the company booked over $4.0 million in new orders in July 2020.