$TPCS
TECHPRECISION CORP

2019 Q1 Form 10-Q Financial Statement

#000114420419007163 Filed on February 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q3
Revenue $4.712M $4.270M $3.621M
YoY Change 0.92% 17.24% -21.09%
Cost Of Revenue $3.247M $3.299M $2.526M
YoY Change -24.32% 2.47% -19.96%
Gross Profit $1.466M $971.2K $1.095M
YoY Change 285.66% 129.74% -23.58%
Gross Profit Margin 31.1% 22.74% 30.24%
Selling, General & Admin $633.3K $631.8K $751.0K
YoY Change -17.76% 5.96% 4.26%
% of Gross Profit 43.21% 65.05% 68.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $191.2K $186.5K $186.5K
YoY Change 6.22% 8.3% 3.71%
% of Gross Profit 13.05% 19.2% 17.03%
Operating Expenses $633.3K $631.8K $751.0K
YoY Change -17.76% 5.96% 4.26%
Operating Profit $832.3K $339.4K $344.1K
YoY Change -313.4% -295.62% -51.72%
Interest Expense -$80.88K $88.31K $90.25K
YoY Change -19.12% -15.78% -10.12%
% of Operating Profit -9.72% 26.02% 26.23%
Other Income/Expense, Net $32.43K -$86.72K -$85.97K
YoY Change -17.23% -13.12%
Pretax Income $783.8K $252.7K $258.1K
YoY Change -259.96% -190.81% -57.95%
Income Tax $246.3K $34.70K $77.37K
% Of Pretax Income 31.42% 13.73% 29.98%
Net Earnings $537.6K $218.0K $180.7K
YoY Change -245.28% -131.6% -51.16%
Net Earnings / Revenue 11.41% 5.11% 4.99%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $17.51K $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 28.95M 28.86M 28.82M shares
Diluted Shares Outstanding 30.43M 30.15M shares

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.037M $1.838M $1.400M
YoY Change -24.29% -38.12% -43.78%
Cash & Equivalents $2.037M $1.838M $1.401M
Short-Term Investments
Other Short-Term Assets $498.1K $464.7K $430.6K
YoY Change 10.55% -8.88% -21.71%
Inventory $1.240M $1.981M $2.119M
Prepaid Expenses
Receivables $1.010M $147.8K $817.7K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.176M $12.40M $10.33M
YoY Change 30.66% 59.38% 19.66%
LONG-TERM ASSETS
Property, Plant & Equipment $4.861M $5.047M $5.059M
YoY Change -6.57% -4.78% -5.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.233K $7.138K $2.116K
YoY Change -9.14% -99.64% -99.91%
Total Long-Term Assets $6.871M $7.365M $7.407M
YoY Change -5.3% 0.9% -5.04%
TOTAL ASSETS
Total Short-Term Assets $9.176M $12.40M $10.33M
Total Long-Term Assets $6.871M $7.365M $7.407M
Total Assets $16.05M $19.77M $17.73M
YoY Change 12.39% 31.07% 7.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $609.1K $625.6K $1.031M
YoY Change 76.19% 140.61% 171.43%
Accrued Expenses $753.5K $878.1K $787.7K
YoY Change -4.39% 7.09% -22.01%
Deferred Revenue $740.9K $4.694M $2.394M
YoY Change 310.03%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $822.1K $807.1K $790.0K
YoY Change 6.77% 7.61% 6.76%
Total Short-Term Liabilities $2.926M $7.005M $5.005M
YoY Change 40.6% 190.92% 69.08%
LONG-TERM LIABILITIES
Long-Term Debt $3.411M $3.611M $3.810M
YoY Change -18.6% -17.36% -16.26%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.411M $3.611M $3.810M
YoY Change -18.6% -17.36% -16.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.926M $7.005M $5.005M
Total Long-Term Liabilities $3.411M $3.611M $3.810M
Total Liabilities $6.336M $10.62M $8.810M
YoY Change 1.06% 56.58% 17.31%
SHAREHOLDERS EQUITY
Retained Earnings $993.3K $455.8K $237.8K
YoY Change -272.27% -317.65%
Common Stock $2.923K $2.895K $2.882K
YoY Change 1.42% 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.711M $9.149M $8.921M
YoY Change
Total Liabilities & Shareholders Equity $16.05M $19.77M $17.73M
YoY Change 12.39% 31.07% 7.93%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $537.6K $218.0K $180.7K
YoY Change -245.28% -131.6% -51.16%
Depreciation, Depletion And Amortization $191.2K $186.5K $186.5K
YoY Change 6.22% 8.3% 3.71%
Cash From Operating Activities $410.4K $800.9K -$390.0K
YoY Change -4204.3% 9.71% 1200.0%
INVESTING ACTIVITIES
Capital Expenditures -$43.77K -$172.9K -$130.0K
YoY Change -45.29% 188.13% -79.69%
Acquisitions
YoY Change
Other Investing Activities $35.31K $0.00 $0.00
YoY Change
Cash From Investing Activities -$8.460K -$172.9K -$130.0K
YoY Change -89.43% 188.13% -79.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -202.7K -189.8K -190.0K
YoY Change 6.71% 5.45% 5.56%
NET CHANGE
Cash From Operating Activities 410.4K 800.9K -390.0K
Cash From Investing Activities -8.460K -172.9K -130.0K
Cash From Financing Activities -202.7K -189.8K -190.0K
Net Change In Cash 199.2K 438.2K -710.0K
YoY Change -171.15% -10.57% -16.47%
FREE CASH FLOW
Cash From Operating Activities $410.4K $800.9K -$390.0K
Capital Expenditures -$43.77K -$172.9K -$130.0K
Free Cash Flow $454.2K $973.8K -$260.0K
YoY Change 548.86% 23.26% -142.62%

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<div style="color: rgb(0, 0, 0); font: 10pt 'times new roman', times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; text-align: justify;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 1 - DESCRIPTION OF BUSINESS</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;">&#160;</div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of Ranor, Inc., or Ranor, a Delaware corporation and Wuxi Critical Mechanical Components Co., Ltd., or WCMC, a wholly foreign owned enterprise.&#160;TechPrecision, WCMC and Ranor are collectively referred to as the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">We manufacture large scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including defense, aerospace, nuclear, medical, and precision industrial.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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dei Document Type
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10-Q
dei Amendment Flag
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dei Document Period End Date
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2018-12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
TECHPRECISION CORP
dei Entity Central Index Key
EntityCentralIndexKey
0001328792
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Trading Symbol
TradingSymbol
TPCS
CY2019Q1 dei Entity Common Stock Shares Outstanding
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dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
true
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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1.049
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0258
CY2018Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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1000000

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