TechPrecision Corporation Announces Appointment of Interim Principal Financial Officer and Addresses Late Filing for FY25 Q3
TechPrecision (NASDAQ:TPCS) has announced significant changes in its financial leadership and reporting timeline. Alexander Shen, the company's CEO, has been appointed as interim principal financial officer and principal accounting officer, effective February 14, 2025, following the resignation of Richard Roomberg, the former CFO.
The company has disclosed its inability to file its Q3 FY25 Form 10-Q within the prescribed period, targeting March 7, 2025, which would be 21 days late. This continues a pattern of delayed filings over the past year, with previous delays ranging from 16 to 85 days. The company attributes these delays primarily to resource drain from acquisition activities and states it is taking steps to achieve consistent compliance with timely reporting requirements.
TechPrecision (NASDAQ:TPCS) ha annunciato significativi cambiamenti nella sua leadership finanziaria e nella tempistica dei report. Alexander Shen, CEO dell'azienda, è stato nominato come direttore finanziario principale e direttore contabile principale ad interim, con effetto dal 14 febbraio 2025, a seguito delle dimissioni di Richard Roomberg, il precedente CFO.
L'azienda ha comunicato la sua incapacità di presentare il modulo 10-Q per il terzo trimestre dell'anno fiscale 2025 entro il termine stabilito, puntando al 7 marzo 2025, il che comporterebbe un ritardo di 21 giorni. Questo continua un modello di presentazioni ritardate nell'ultimo anno, con ritardi precedenti che vanno da 16 a 85 giorni. L'azienda attribuisce questi ritardi principalmente a un esaurimento delle risorse dovuto ad attività di acquisizione e afferma che sta adottando misure per garantire una conformità costante ai requisiti di reporting tempestivo.
TechPrecision (NASDAQ:TPCS) ha anunciado cambios significativos en su liderazgo financiero y en el cronograma de informes. Alexander Shen, el CEO de la empresa, ha sido nombrado como director financiero principal y director contable principal interino, con efecto a partir del 14 de febrero de 2025, tras la renuncia de Richard Roomberg, el anterior CFO.
La empresa ha revelado su incapacidad para presentar su Formulario 10-Q del tercer trimestre del año fiscal 2025 dentro del período prescrito, apuntando al 7 de marzo de 2025, lo que significaría un retraso de 21 días. Esto continúa un patrón de presentaciones retrasadas durante el último año, con retrasos anteriores que oscilan entre 16 y 85 días. La empresa atribuye estos retrasos principalmente a la falta de recursos debido a actividades de adquisición y afirma que está tomando medidas para lograr un cumplimiento constante con los requisitos de informes oportunos.
TechPrecision (NASDAQ:TPCS)는 재무 리더십 및 보고 일정에 중요한 변화를 발표했습니다. Alexander Shen CEO가 2025년 2월 14일부터 전 CFO인 Richard Roomberg의 사직에 따라 임시 최고 재무 책임자 및 최고 회계 책임자로 임명되었습니다.
회사는 FY25 3분기 10-Q 양식을 정해진 기간 내에 제출할 수 없음을 밝혔으며, 2025년 3월 7일을 목표로 하고 있으며 이는 21일 지연되는 것입니다. 이는 지난 1년 동안의 지연된 제출 패턴을 지속하는 것으로, 이전의 지연은 16일에서 85일 사이였습니다. 회사는 이러한 지연을 주로 인수 활동으로 인한 자원 고갈 때문이라고 설명하며, 시기적절한 보고 요건을 지속적으로 준수하기 위한 조치를 취하고 있다고 밝혔습니다.
TechPrecision (NASDAQ:TPCS) a annoncé des changements significatifs dans sa direction financière et son calendrier de reporting. Alexander Shen, le PDG de l'entreprise, a été nommé directeur financier principal et directeur comptable principal par intérim, à compter du 14 février 2025, suite à la démission de Richard Roomberg, l'ancien CFO.
L'entreprise a révélé son incapacité à déposer son formulaire 10-Q du troisième trimestre de l'exercice 2025 dans le délai imparti, visant le 7 mars 2025, ce qui représenterait un retard de 21 jours. Cela s'inscrit dans un modèle de dépôts retardés au cours de l'année dernière, avec des retards précédents allant de 16 à 85 jours. L'entreprise attribue ces retards principalement à l'épuisement des ressources dû aux activités d'acquisition et déclare qu'elle prend des mesures pour garantir une conformité constante aux exigences de reporting en temps voulu.
TechPrecision (NASDAQ:TPCS) hat bedeutende Veränderungen in seiner finanziellen Führung und im Berichtszeitplan angekündigt. Alexander Shen, der CEO des Unternehmens, wurde mit Wirkung zum 14. Februar 2025 zum interimistischen Hauptfinanzbeauftragten und Hauptbuchhalter ernannt, nachdem Richard Roomberg, der ehemalige CFO, zurückgetreten ist.
Das Unternehmen hat bekannt gegeben, dass es nicht in der Lage ist, sein Q3-FY25-Formular 10-Q innerhalb des vorgeschriebenen Zeitrahmens einzureichen, und strebt den 7. März 2025 an, was 21 Tage verspätet wäre. Dies setzt ein Muster verspäteter Einreichungen im vergangenen Jahr fort, wobei frühere Verzögerungen zwischen 16 und 85 Tagen lagen. Das Unternehmen führt diese Verzögerungen hauptsächlich auf Ressourcenengpässe aufgrund von Akquisitionstätigkeiten zurück und erklärt, dass es Maßnahmen ergreift, um eine konsequente Einhaltung der fristgerechten Berichtspflichten zu gewährleisten.
- None.
- Consistent pattern of late SEC filings over the past 12 months
- Q3 FY25 Form 10-Q filing expected to be 21 days late
- Resource constraints affecting timely reporting due to acquisition activities
- CFO resignation and temporary leadership arrangement
WESTMINSTER, MA / ACCESS Newswire / February 14, 2025 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or "the Company"), today announced that the Board of Directors of the Company, appointed Alexander Shen, the Company's Chief Executive Officer, to serve as the interim principal financial officer and principal accounting officer of the Company, effective at 5:30 p.m. February 14, 2025, after the previously disclosed resignation of Richard Roomberg, the Company's former Chief Financial Officer, took effect. Mr. Shen will serve in these capacities while the Company searches for a replacement for Mr. Roomberg.
The company has reported separately in Form 12b-25 that it is unable to file its Quarterly Report on Form 10-Q (the "Form 10-Q") for the period ended December 31, 2024 within the prescribed time period.
Alexander Shen stated, "For FY25 Q3, ending December 31, 2024, the company is targeting Friday, Mar 7, 2025 to file. Filing on March 7, 2025 will result in 21 days late. The table below shows the last 12 months filing trend and the days late."
Fiscal | Fiscal | Quarter | Filing | SEC | Actual | Days late |
FY24 | Q3 | 12/31/2023 | 10-Q | Wed, 02/14/2024 | Fri, 03/01/2024 | -16 |
FY24 | Year | 03/31/2024 | 10-K | Mon, 07/01/2024 | Fri, 09/13/2024 | -74 |
FY25 | Q1 | 06/30/2024 | 10-Q | Wed, 08/14/2024 | Thu, 11/07/2024 | -85 |
FY25 | Q2 | 09/30/2024 | 10-Q | Thu, 11/14/2024 | Tue, 01/21/2025 | -68 |
FY25 | Q3 | 12/31/2024 | 10-Q | Fri, 02/14/2025 | Fri, 03/07/2025 | -21 |
[TARGET] |
"Resource drain from acquisition activity is the single major contributor to TechPrecision's late SEC filings. Timely reporting is one of our fundamentals; we have been taking steps to achieve and consistently maintain compliance to this requirement."
About TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco. The manufacturing operations of our Ranor subsidiary are situated on approximately 65 acres in North Central Massachusetts. Leveraging our 145,000 square foot facilities, Ranor provides a full range of custom solutions to transform material into precision finished welded components and precision finished machined components up to 100 tons: manufacturing engineering, materials management and traceability, high-precision heavy fabrication (in-house fabrication operations include cutting, press and roll forming, welding, heat treating, assembly, blasting and painting), heavy high-precision machining (in-house machining operations include CNC programming, finishing, and assembly), QC inspection including portable CMM, NonDestructive Testing, and final packaging.
All manufacturing at Ranor is performed in accordance with customer requirements. Ranor is an ISO 9001:2015 certificate holder. Ranor is a US defense-centric company with over
The manufacturing operations of our Stadco subsidiary are situated in an industrial self-contained multi-building complex comprised of approximately 183,000 square feet under roof in Los Angeles, California. Stadco manufactures large mission-critical components on several high-profile military aircraft, military helicopter, and military space programs. Stadco has been a critical supplier to a blue-chip customer base that includes some of the largest OEMs and prime contractors in the defense and aerospace industries. Stadco also manufactures tooling, molds, fixtures, jigs and dies used in the production of defense-centric aircraft components.
Our Stadco subsidiary, similar to Ranor, provides a full range of custom solutions: manufacturing engineering, materials management and traceability, high-precision fabrication (in-house fabrication operations include waterjet cutting, press forming, welding, and assembly) and high-precision machining (in-house machining operations include CNC programming, finishing, and assembly), QC inspection including both fixed and portable CMM NonDestructive Testing, and final packaging. In addition, Stadco features a large electron beam welding cell, and two NonDestructive Testing work cells, a unique mission-critical technology set.
All manufacturing at Stadco is performed in accordance with customer requirements. Stadco is an AS 9100 D and ISO 9001:2015 certificate holder and a NADCAP NonDestructive Testing certificate holder. Stadco is a US defense-centric company with over
To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, including statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "prospects," "will," "should," "would" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections made by management about our business, our industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause such outcomes and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue; our ability to balance the composition of our revenues and effectively control operating expenses; external factors that may be outside our control, including health emergencies, like epidemics or pandemics, the conflicts in Eastern Europe and the Middle East, price inflation, interest rate increases and supply chain inefficiencies; the availability of appropriate financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; our ability to maintain standards to enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; restrictions in our ability to operate our business due to our outstanding indebtedness; government regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions with our business; our failure to maintain effective internal controls over financial reporting; our ability to regain compliance with the continued listing requirements of Nasdaq; general industry and market conditions and growth rates; and other risks discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.
Company Contact:
Alexander Shen
Chief Executive Officer
TechPrecision Corporation
Phone: 978-883-5108
Email: shena@ranor.com
Website: www.techprecision.com
Investor Relations Contact:
Hayden IR
Brett Maas
Phone: 646-536-7331
Email: brett@haydenir.com
Website: www.haydenir.com
SOURCE: TechPrecision Corporation
View the original press release on ACCESS Newswire
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