$TPCS
TECHPRECISION CORP

2024 Q1 Form 10-Q Financial Statement

#000141057824000110 Filed on March 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $8.600M $7.650M
YoY Change 14.59% -8.14%
Cost Of Revenue $7.372M $6.489M
YoY Change 10.73% -4.97%
Gross Profit $1.228M $1.161M
YoY Change 44.88% -22.56%
Gross Profit Margin 14.28% 15.17%
Selling, General & Admin $3.687M $2.157M
YoY Change 133.09% 76.13%
% of Gross Profit 300.18% 185.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $670.5K $628.9K
YoY Change 21.74% 14.32%
% of Gross Profit 54.58% 54.18%
Operating Expenses $3.687M $2.157M
YoY Change 133.09% 76.13%
Operating Profit -$2.459M -$996.1K
YoY Change 234.97% -463.11%
Interest Expense -$169.0K $109.5K
YoY Change 78.56% 16.99%
% of Operating Profit
Other Income/Expense, Net $2.490K -$109.5K
YoY Change -80.5% 17.3%
Pretax Income -$2.625M -$1.106M
YoY Change 221.76% -710.92%
Income Tax $2.496M -$240.2K
% Of Pretax Income
Net Earnings -$5.121M -$865.3K
YoY Change 410.7% -745.89%
Net Earnings / Revenue -59.55% -11.31%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.58 -$0.10
COMMON SHARES
Basic Shares Outstanding 8.777M 8.762M
Diluted Shares Outstanding 8.759M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.4K $391.3K
YoY Change -74.11% 23.74%
Cash & Equivalents $100.0K $400.0K
Short-Term Investments
Other Short-Term Assets $563.7K $653.6K
YoY Change 61.52% -33.71%
Inventory $3.250M $3.641M
Prepaid Expenses
Receivables $2.371M $2.192M
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.85M $15.25M
YoY Change 1.85% -3.96%
LONG-TERM ASSETS
Property, Plant & Equipment $14.80M $15.43M
YoY Change 6.35% 22.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $121.3K $121.3K
YoY Change 0.0% -83.31%
Total Long-Term Assets $19.90M $23.20M
YoY Change -8.0% 7.75%
TOTAL ASSETS
Total Short-Term Assets $14.85M $15.25M
Total Long-Term Assets $19.90M $23.20M
Total Assets $34.75M $38.44M
YoY Change -4.04% 2.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.408M $1.727M
YoY Change -36.68% 15.92%
Accrued Expenses $4.262M $2.716M
YoY Change 68.27% 11.17%
Deferred Revenue $3.788M $4.035M
YoY Change 62.32% 111.8%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.559M $7.435M
YoY Change 520.5% 259.18%
Total Short-Term Liabilities $17.75M $16.64M
YoY Change 96.8% 92.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $4.782M $4.373M
YoY Change 77.16% 54.61%
Total Long-Term Liabilities $4.782M $4.373M
YoY Change -35.8% -43.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.75M $16.64M
Total Long-Term Liabilities $4.782M $4.373M
Total Liabilities $26.94M $25.61M
YoY Change 24.66% 17.42%
SHAREHOLDERS EQUITY
Retained Earnings -$7.399M -$2.278M
YoY Change 1975.7% -452.39%
Common Stock $878.00 $876.00
YoY Change 1.97% -74.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.803M $12.84M
YoY Change
Total Liabilities & Shareholders Equity $34.75M $38.44M
YoY Change -4.04% 2.78%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$5.121M -$865.3K
YoY Change 410.7% -745.89%
Depreciation, Depletion And Amortization $670.5K $628.9K
YoY Change 21.74% 14.32%
Cash From Operating Activities $125.3K -$80.45K
YoY Change -94.47% -89.31%
INVESTING ACTIVITIES
Capital Expenditures $447.9K $122.3K
YoY Change -57.63% -37.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.940K
YoY Change -72.29%
Cash From Investing Activities -$447.9K -$120.4K
YoY Change -57.63% -35.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 69.73K 457.6K
YoY Change -107.03% -55.18%
NET CHANGE
Cash From Operating Activities 125.3K -80.45K
Cash From Investing Activities -447.9K -120.4K
Cash From Financing Activities 69.73K 457.6K
Net Change In Cash -252.8K 256.8K
YoY Change -215.83% 217.8%
FREE CASH FLOW
Cash From Operating Activities $125.3K -$80.45K
Capital Expenditures $447.9K $122.3K
Free Cash Flow -$322.6K -$202.8K
YoY Change -126.66% -78.59%

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 of 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 0pt 12pt 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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CY2023Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1105564
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
180966
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2484480
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32540
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1758925
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1666741
tpcs Capital Expenditures From Purchase Of Fixed Assets
CapitalExpendituresFromPurchaseOfFixedAssets
2782346
tpcs Capital Expenditures From Purchase Of Fixed Assets
CapitalExpendituresFromPurchaseOfFixedAssets
663033
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001410578-24-000110-index-headers.html Edgar Link pending
0001410578-24-000110-index.html Edgar Link pending
0001410578-24-000110.txt Edgar Link pending
0001410578-24-000110-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
tpcs-20231231.xsd Edgar Link pending
tpcs-20231231x10q.htm Edgar Link pending
tpcs-20231231xex31d1.htm Edgar Link pending
tpcs-20231231xex31d2.htm Edgar Link pending
tpcs-20231231xex32d1.htm Edgar Link pending
tpcs-20231231_def.xml Edgar Link unprocessable
tpcs-20231231_lab.xml Edgar Link unprocessable
tpcs-20231231x10q_htm.xml Edgar Link completed
tpcs-20231231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
tpcs-20231231_cal.xml Edgar Link unprocessable