$TPCS
TECHPRECISION CORP

2023 Q4 Form 10-Q Financial Statement

#000141057823002556 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $7.650M $7.970M
YoY Change -8.14% -6.48%
Cost Of Revenue $6.489M $6.935M
YoY Change -4.97% 2.25%
Gross Profit $1.161M $1.035M
YoY Change -22.56% -40.52%
Gross Profit Margin 15.17% 12.98%
Selling, General & Admin $2.157M $1.632M
YoY Change 76.13% -10.67%
% of Gross Profit 185.81% 157.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $628.9K $570.0K
YoY Change 14.32% 7.3%
% of Gross Profit 54.18% 55.08%
Operating Expenses $2.157M $1.632M
YoY Change 76.13% -10.67%
Operating Profit -$996.1K -$597.4K
YoY Change -463.11% 583.29%
Interest Expense $109.5K $148.6K
YoY Change 16.99% 77.42%
% of Operating Profit
Other Income/Expense, Net -$109.5K -$107.7K
YoY Change 17.3% -117.54%
Pretax Income -$1.106M -$705.0K
YoY Change -710.92% -233.92%
Income Tax -$240.2K -$176.7K
% Of Pretax Income
Net Earnings -$865.3K -$528.3K
YoY Change -745.89% -235.14%
Net Earnings / Revenue -11.31% -6.63%
Basic Earnings Per Share -$0.10 -$0.06
Diluted Earnings Per Share -$0.10 -$0.06
COMMON SHARES
Basic Shares Outstanding 8.762M 8.737M
Diluted Shares Outstanding 8.759M 8.721M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $391.3K $140.0K
YoY Change 23.74% -40.52%
Cash & Equivalents $400.0K $100.0K
Short-Term Investments
Other Short-Term Assets $653.6K $466.2K
YoY Change -33.71% -53.82%
Inventory $3.641M $2.790M
Prepaid Expenses
Receivables $2.192M $3.021M
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.25M $14.51M
YoY Change -3.96% -3.38%
LONG-TERM ASSETS
Property, Plant & Equipment $15.43M $15.76M
YoY Change 22.07% 22.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $121.3K $121.3K
YoY Change -83.31% -82.56%
Total Long-Term Assets $23.20M $23.46M
YoY Change 7.75% 7.72%
TOTAL ASSETS
Total Short-Term Assets $15.25M $14.51M
Total Long-Term Assets $23.20M $23.46M
Total Assets $38.44M $37.98M
YoY Change 2.78% 3.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.727M $1.607M
YoY Change 15.92% -56.56%
Accrued Expenses $2.716M $2.786M
YoY Change 11.17% 12.48%
Deferred Revenue $4.035M $3.181M
YoY Change 111.8% 76.08%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.435M $6.960M
YoY Change 259.18% 129.68%
Total Short-Term Liabilities $16.64M $15.25M
YoY Change 92.69% 30.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $4.373M $4.429M
YoY Change 54.61% 240.68%
Total Long-Term Liabilities $4.373M $4.429M
YoY Change -43.14% 6.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.64M $15.25M
Total Long-Term Liabilities $4.373M $4.429M
Total Liabilities $25.61M $24.46M
YoY Change 17.42% 14.58%
SHAREHOLDERS EQUITY
Retained Earnings -$2.278M -$1.412M
YoY Change -452.39% -375.64%
Common Stock $876.00 $874.00
YoY Change -74.56% -74.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.84M $13.51M
YoY Change
Total Liabilities & Shareholders Equity $38.44M $37.98M
YoY Change 2.78% 3.19%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$865.3K -$528.3K
YoY Change -745.89% -235.14%
Depreciation, Depletion And Amortization $628.9K $570.0K
YoY Change 14.32% 7.3%
Cash From Operating Activities -$80.45K $1.140M
YoY Change -89.31% 553.18%
INVESTING ACTIVITIES
Capital Expenditures $122.3K $810.0K
YoY Change -37.18% -360.87%
Acquisitions
YoY Change
Other Investing Activities $1.940K $60.00K
YoY Change -72.29%
Cash From Investing Activities -$120.4K -$750.0K
YoY Change -35.87% 141.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 457.6K -540.0K
YoY Change -55.18% 166.96%
NET CHANGE
Cash From Operating Activities -80.45K 1.140M
Cash From Investing Activities -120.4K -750.0K
Cash From Financing Activities 457.6K -540.0K
Net Change In Cash 256.8K -150.0K
YoY Change 217.8% -55.65%
FREE CASH FLOW
Cash From Operating Activities -$80.45K $1.140M
Capital Expenditures $122.3K $810.0K
Free Cash Flow -$202.8K $330.0K
YoY Change -78.59% -31.96%

Facts In Submission

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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, primarily defense and aerospace, and secondarily precision industrial. All our operations and customers are in the United States, or “U.S.”.</p>
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<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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