$TPCS
TECHPRECISION CORP

2023 Q3 Form 10-Q Financial Statement

#000141057823002021 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $7.970M $7.371M
YoY Change -6.48% 4.17%
Cost Of Revenue $6.935M $6.677M
YoY Change 2.25% 6.68%
Gross Profit $1.035M $694.1K
YoY Change -40.52% -15.06%
Gross Profit Margin 12.98% 9.42%
Selling, General & Admin $1.632M $1.274M
YoY Change -10.67% -7.36%
% of Gross Profit 157.73% 183.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $570.0K $559.7K
YoY Change 7.3% -4.38%
% of Gross Profit 55.08% 80.64%
Operating Expenses $1.632M $1.274M
YoY Change -10.67% -7.36%
Operating Profit -$597.4K -$579.8K
YoY Change 583.29% 3.91%
Interest Expense $148.6K $94.09K
YoY Change 77.42% 12.48%
% of Operating Profit
Other Income/Expense, Net -$107.7K -$94.09K
YoY Change -117.54% -19.5%
Pretax Income -$705.0K -$673.9K
YoY Change -233.92% -0.15%
Income Tax -$176.7K -$146.4K
% Of Pretax Income
Net Earnings -$528.3K -$527.5K
YoY Change -235.14% 5.25%
Net Earnings / Revenue -6.63% -7.16%
Basic Earnings Per Share -$0.06 -$0.06
Diluted Earnings Per Share -$0.06 -$0.06
COMMON SHARES
Basic Shares Outstanding 8.737M 8.613M
Diluted Shares Outstanding 8.721M 8.613M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $140.0K $271.9K
YoY Change -40.52% -52.6%
Cash & Equivalents $100.0K $271.9K
Short-Term Investments
Other Short-Term Assets $466.2K $324.5K
YoY Change -53.82% -55.44%
Inventory $2.790M $2.452M
Prepaid Expenses
Receivables $3.021M $2.966M
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.51M $14.67M
YoY Change -3.38% -5.45%
LONG-TERM ASSETS
Property, Plant & Equipment $15.76M $15.38M
YoY Change 22.54% 18.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $121.3K $121.3K
YoY Change -82.56% -82.17%
Total Long-Term Assets $23.46M $23.07M
YoY Change 7.72% 4.21%
TOTAL ASSETS
Total Short-Term Assets $14.51M $14.67M
Total Long-Term Assets $23.46M $23.07M
Total Assets $37.98M $37.73M
YoY Change 3.19% 0.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.607M $743.9K
YoY Change -56.56% -80.96%
Accrued Expenses $2.786M $2.552M
YoY Change 12.48% -26.19%
Deferred Revenue $3.181M $2.854M
YoY Change 76.08% 59.75%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.960M $2.865M
YoY Change 129.68% -7.09%
Total Short-Term Liabilities $15.25M $9.731M
YoY Change 30.53% -24.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $4.603M
YoY Change -100.0% 53.95%
Other Long-Term Liabilities $4.429M $4.370M
YoY Change 240.68% 236.14%
Total Long-Term Liabilities $4.429M $8.973M
YoY Change 6.36% 109.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.25M $9.731M
Total Long-Term Liabilities $4.429M $8.973M
Total Liabilities $24.46M $23.67M
YoY Change 14.58% 3.65%
SHAREHOLDERS EQUITY
Retained Earnings -$1.412M -$883.9K
YoY Change -375.64% -828.07%
Common Stock $874.00 $861.00
YoY Change -74.62% -74.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.51M $14.07M
YoY Change
Total Liabilities & Shareholders Equity $37.98M $37.73M
YoY Change 3.19% 0.23%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$528.3K -$527.5K
YoY Change -235.14% 5.25%
Depreciation, Depletion And Amortization $570.0K $559.7K
YoY Change 7.3% -4.38%
Cash From Operating Activities $1.140M $115.1K
YoY Change 553.18% -92.06%
INVESTING ACTIVITIES
Capital Expenditures $810.0K $1.854M
YoY Change -360.87% 808.91%
Acquisitions
YoY Change
Other Investing Activities $60.00K
YoY Change
Cash From Investing Activities -$750.0K -$1.854M
YoY Change 141.55% 142.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $147.4K
YoY Change -4.35%
Cash From Financing Activities -540.0K 1.476M
YoY Change 166.96% -226.81%
NET CHANGE
Cash From Operating Activities 1.140M 115.1K
Cash From Investing Activities -750.0K -1.854M
Cash From Financing Activities -540.0K 1.476M
Net Change In Cash -150.0K -262.6K
YoY Change -55.65% -45.13%
FREE CASH FLOW
Cash From Operating Activities $1.140M $115.1K
Capital Expenditures $810.0K $1.854M
Free Cash Flow $330.0K -$1.739M
YoY Change -31.96% -239.7%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1 - DESCRIPTION OF BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">TechPrecision Corporation, or “TechPrecision”, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. On February 24, 2006, we acquired all of the issued and outstanding capital stock of our wholly owned subsidiary Ranor, Inc., or “Ranor.” Ranor, together with its predecessors, has been in continuous operation since 1956. The company’s name was changed to TechPrecision Corporation on March 6, 2006.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On August 25, 2021, the Company completed its previously announced acquisition of Stadco, pursuant to that certain stock purchase agreement with Stadco New Acquisition, LLC, or “Acquisition Sub”, Stadco Acquisition, LLC, Stadco and each equity holder of Stadco Acquisition, LLC. On the closing date, the Company, through Acquisition Sub, acquired all the issued and outstanding capital stock of Stadco from Stadco Acquisition, LLC in exchange for the issuance of shares of the Company’s common stock to Stadco Acquisition, LLC. As a result of the acquisition, Stadco is now our wholly owned indirect subsidiary. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">TechPrecision is the parent company of Ranor, Westminster Credit Holdings, LLC, or “WCH”, Acquisition Sub, and Stadco. TechPrecision, Ranor, WCH, Acquisition Sub and Stadco are collectively referred to as the “Company”, “we”, “us” or “our”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We manufacture large-scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including defense and aerospace, nuclear, medical, and precision industrial. All our operations and customers are in the United States, or “U.S.”.</p>
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
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CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations
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CY2023Q2 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates in the Preparation of Financial Statements -</i> In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses during the reporting period. We continually evaluate our estimates, including those related to revenue recognition and income taxes. We base our estimates on historical and current experiences and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.</p>
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CY2023Q2 tpcs Maximum Spending Limit On Machinery And Equipment
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RevenueFromContractWithCustomerIncludingAssessedTax
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CY2023Q2 us-gaap Revenue Remaining Performance Obligation
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RevenueRemainingPerformanceObligationCompletedLessThan50
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CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
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EffectiveIncomeTaxRateContinuingOperations
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
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CY2023Q2 us-gaap Provision For Loss On Contracts
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CY2023Q2 us-gaap Debt Instrument Carrying Amount
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
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CY2023Q2 us-gaap Deferred Finance Costs Net
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CY2023Q1 us-gaap Deferred Finance Costs Net
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CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
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CY2023Q2 us-gaap Long Term Debt
LongTermDebt
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CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2023Q2 tpcs Aggregate Delinquent And Unpaid Outstanding Amounts For Water Water Service Electric Energy And Or Electric Service Current
AggregateDelinquentAndUnpaidOutstandingAmountsForWaterWaterServiceElectricEnergyAndOrElectricServiceCurrent
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CY2023Q1 tpcs Aggregate Delinquent And Unpaid Outstanding Amounts For Water Water Service Electric Energy And Or Electric Service Current
AggregateDelinquentAndUnpaidOutstandingAmountsForWaterWaterServiceElectricEnergyAndOrElectricServiceCurrent
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CY2023Q2 tpcs Aggregate Delinquent And Unpaid Outstanding Amounts For Water Water Service Electric Energy And Or Electric Service Noncurrent
AggregateDelinquentAndUnpaidOutstandingAmountsForWaterWaterServiceElectricEnergyAndOrElectricServiceNoncurrent
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CY2023Q1 tpcs Aggregate Delinquent And Unpaid Outstanding Amounts For Water Water Service Electric Energy And Or Electric Service Noncurrent
AggregateDelinquentAndUnpaidOutstandingAmountsForWaterWaterServiceElectricEnergyAndOrElectricServiceNoncurrent
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CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2022Q2 us-gaap Finance Lease Interest Expense
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CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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FinanceLeaseWeightedAverageDiscountRatePercent
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CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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CY2022Q2 us-gaap Operating Lease Payments
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CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q2 us-gaap Finance Lease Liability Payments Due
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CY2023Q2 tpcs Employee Agreement Annual Commitment For Future Salaries During Next Fiscal Year
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EmployeeAgreementAnnualCommitmentForVacationAndHoliday
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CY2023Q2 us-gaap Defined Contribution Plan Cost Recognized
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CY2022Q2 us-gaap Defined Contribution Plan Cost Recognized
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CY2023Q2 us-gaap Number Of Reportable Segments
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q2 us-gaap Depreciation And Amortization
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DepreciationAndAmortization
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CY2023Q2 tpcs Capital Expenditures From Purchase Of Fixed Assets
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CY2022Q2 tpcs Capital Expenditures From Purchase Of Fixed Assets
CapitalExpendituresFromPurchaseOfFixedAssets
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