$TPCS
TECHPRECISION CORP

2011 Q3 Form 10-Q Financial Statement

#000095015911000746 Filed on November 14, 2011

View on sec.gov

Income Statement

Concept 2011 Q3 2010 Q3
Revenue $7.147M $8.381M
YoY Change -14.73% -44.57%
Cost Of Revenue $5.232M $5.796M
YoY Change -9.74% -53.52%
Gross Profit $1.915M $2.585M
YoY Change -25.93% -2.44%
Gross Profit Margin 26.79% 30.85%
Selling, General & Admin $1.954M $1.121M
YoY Change 74.24% 67.37%
% of Gross Profit 102.04% 43.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.0K $100.0K
YoY Change 27.01% 11.11%
% of Gross Profit 6.63% 3.87%
Operating Expenses $1.954M $1.121M
YoY Change 74.24% 67.37%
Operating Profit -$38.52K $1.464M
YoY Change -102.63% -26.06%
Interest Expense $78.53K $110.5K
YoY Change -28.9% -200.41%
% of Operating Profit 7.54%
Other Income/Expense, Net -$70.07K -$106.3K
YoY Change -34.08%
Pretax Income -$108.6K $1.358M
YoY Change -108.0% -27.4%
Income Tax -$20.49K $502.0K
% Of Pretax Income 36.98%
Net Earnings -$88.10K $855.6K
YoY Change -110.3% -35.18%
Net Earnings / Revenue -1.23% 10.21%
Basic Earnings Per Share -$0.01 $0.06
Diluted Earnings Per Share -$0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 16.55M shares 14.23M shares
Diluted Shares Outstanding 16.55M shares 20.57M shares

Balance Sheet

Concept 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.210M $9.240M
YoY Change -43.61% -3.14%
Cash & Equivalents $5.212M $9.237M
Short-Term Investments
Other Short-Term Assets $544.9K $490.0K
YoY Change 11.21% 36.11%
Inventory $8.540M $4.570M
Prepaid Expenses
Receivables $3.063M $2.760M
Other Receivables $710.0K $160.0K
Total Short-Term Assets $18.65M $17.21M
YoY Change 8.39% 2.08%
LONG-TERM ASSETS
Property, Plant & Equipment $5.128M $4.660M
YoY Change 10.05% 34.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $450.0K $80.00K
YoY Change 462.5% -20.0%
Total Long-Term Assets $7.872M $4.740M
YoY Change 66.07% 33.15%
TOTAL ASSETS
Total Short-Term Assets $18.65M $17.21M
Total Long-Term Assets $7.872M $4.740M
Total Assets $26.53M $21.95M
YoY Change 20.85% 7.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.643M $950.0K
YoY Change 72.96% 171.43%
Accrued Expenses $1.466M $560.0K
YoY Change 161.85% 3.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.370M $810.0K
YoY Change 69.14% 8.0%
Total Short-Term Liabilities $6.169M $2.600M
YoY Change 137.28% -33.67%
LONG-TERM LIABILITIES
Long-Term Debt $6.150M $5.560M
YoY Change 10.61% 4.91%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $6.150M $5.560M
YoY Change 10.61% 4.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.169M $2.600M
Total Long-Term Liabilities $6.150M $5.560M
Total Liabilities $12.32M $8.170M
YoY Change 50.8% -11.39%
SHAREHOLDERS EQUITY
Retained Earnings $8.759M
YoY Change
Common Stock $1.665K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.20M $13.78M
YoY Change
Total Liabilities & Shareholders Equity $26.53M $21.95M
YoY Change 20.85% 7.49%

Cashflow Statement

Concept 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income -$88.10K $855.6K
YoY Change -110.3% -35.18%
Depreciation, Depletion And Amortization $127.0K $100.0K
YoY Change 27.01% 11.11%
Cash From Operating Activities -$2.310M $40.00K
YoY Change -5875.0% -106.9%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K -$10.00K
YoY Change 8700.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$700.0K
YoY Change
Cash From Investing Activities -$880.0K -$710.0K
YoY Change 23.94% 7000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.070M 330.0K
YoY Change 224.24% -54.17%
NET CHANGE
Cash From Operating Activities -2.310M 40.00K
Cash From Investing Activities -880.0K -710.0K
Cash From Financing Activities 1.070M 330.0K
Net Change In Cash -2.120M -340.0K
YoY Change 523.53% -361.54%
FREE CASH FLOW
Cash From Operating Activities -$2.310M $40.00K
Capital Expenditures -$880.0K -$10.00K
Free Cash Flow -$1.430M $50.00K
YoY Change -2960.0% -108.77%

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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">NOTE 1 - DESCRIPTION OF BUSINESS</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">TechPrecision Corporation (&#147;TechPrecision&#148;) is a Delaware corporation originally organized in February 2005 under the name Lounsberry Holdings II, Inc.&nbsp; The name was changed to TechPrecision Corporation on March 6, 2006.&nbsp; TechPrecision is the parent company of Ranor, Inc. a Delaware corporation (&#147;Ranor&#148;).&nbsp; On November 4, 2010, TechPrecision announced that it completed the formation of a wholly foreign owned enterprise, Wuxi Critical Mechanical Components Co., Ltd. (&#147;WCMC&#148;), to meet growing demand for local manufacture and machining of components in China. TechPrecision, WCMC and Ranor are collectively referred to herein as the &#147;Company.&#148;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company manufactures large scale metal fabricated and machined precision components and equipment.&nbsp; These products are used in a variety of markets including the alternative energy, medical, nuclear, defense, industrial, and aerospace industries.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The formation of WCMC was in response to the significant growth in demand for solar and nuclear energy components in Asia, and especially in China.&nbsp; During the third quarter of fiscal 2011, WCMC commenced organizational and start-up activities and production began during the fourth quarter of fiscal 2011, with initial production units shipped to our largest solar customer on March 31, 2011.</font></p></td></tr></table>
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DeferredIncomeTaxExpenseBenefit
41355 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-10601 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2516457 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
46674 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-319823 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-67417 USD
tpcs Increase Decrease In Costs Incurred On Uncompleted Contracts
IncreaseDecreaseInCostsIncurredOnUncompletedContracts
5620879 USD
tpcs Increase Decrease In Costs Incurred On Uncompleted Contracts
IncreaseDecreaseInCostsIncurredOnUncompletedContracts
1583511 USD
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
579887 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
102803 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-63556 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
549512 USD

Files In Submission

Name View Source Status
0000950159-11-000746-index-headers.html Edgar Link pending
0000950159-11-000746-index.html Edgar Link pending
0000950159-11-000746.txt Edgar Link pending
0000950159-11-000746-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
tpcs-20110930.xml Edgar Link completed
tpcs-20110930.xsd Edgar Link pending
tpcs-20110930_cal.xml Edgar Link unprocessable
tpcs-20110930_def.xml Edgar Link unprocessable
tpcs-20110930_lab.xml Edgar Link unprocessable
tpcs-20110930_pre.xml Edgar Link unprocessable
tpcs10q9-30.htm Edgar Link pending