WESTMINSTER, MA - TechPrecision Corporation (NASDAQ:TPCS), a manufacturer of large-scale, metal fabricated and machined precision components, today announced its unaudited preliminary financial results for the fourth quarter ended March 31, 2024, and filed for an extension to submit its annual report.
Ranor, Inc., a subsidiary of TechPrecision, reported net sales of $4.5 million and net income of approximately $247,000 for the quarter. STADCO, another subsidiary, recorded net sales of $5 million with a net income of $379,000.
TechPrecision itself did not generate revenue during the quarter but incurred about $400,000 in recurring expenses and an additional $1 million in one-time cash expenses due to the failed acquisition of Votaw Precision Technologies, Inc.
The company has filed Form 12b-25 with the Securities and Exchange Commission, requesting a 15-day extension to file its Form 10-K for the fiscal year ended March 31, 2024. The delay is attributed to ongoing difficulties integrating STADCO's financial reporting processes into TechPrecision's broader financial reporting framework.
While the preliminary financial data provides insight into the company's performance, it has not been reviewed or audited and is subject to change during the finalization of the annual report. Investors are cautioned not to place undue reliance on these preliminary results.
TechPrecision, through Ranor and STADCO, serves the defense, aerospace, and precision industrial markets, aiming to provide end-to-end solutions for products requiring custom fabrication, machining, assembly, inspection, and testing.
The final results for the fiscal year may differ materially from the preliminary data due to the ongoing financial statement preparation process. The company intends to file the complete annual report on or before the extended deadline.
This announcement is based on a press release statement, and the information herein is subject to change upon the release of TechPrecision's finalized financial statements.
InvestingPro Insights
TechPrecision Corporation's recent financial performance indicates a challenging period for the company, with its subsidiaries Ranor, Inc. and STADCO contributing to net sales and net income, while TechPrecision itself reported no revenue and significant expenses.
InvestingPro data reveals a market capitalization of $30.11 million, reflecting the company's size in the competitive metal fabrication market. The data also shows a negative P/E ratio of -10.5, suggesting that the company is not currently profitable.
Two critical InvestingPro Tips for TechPrecision highlight the company's situation: the stock has experienced high price volatility, and it has not been profitable over the last twelve months. These factors are particularly relevant for investors considering the company's performance and the recent decline in its stock price. Moreover, TechPrecision does not pay a dividend, which may influence investment decisions for those seeking regular income from their holdings.
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