TechPrecision Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2018
June 28, 2018 at 04:16 pm EDT
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TechPrecision Corporation announced consolidated earnings results for the fourth quarter and full year ended March 31, 2018. For the quarter, the company announced net sales of $4,668,420 compared to $4,931,096 for the same period a year ago. Loss from operations was $392,669 compared to income from operations of $281,103 for the same period a year ago. Loss before income taxes was $488,966 compared to Income before income taxes of $220,815 for the same period a year ago. Net loss was $367,205 or $0.01 per basic and diluted share compared to Net income of $3,096,690 or $0.11 per basic and diluted share for the same period a year ago.
For the full year, the company announced net sales of $18,729,994 compared to $18,550,674 for the same period a year ago. Income from operations was $967,299 compared to $2,881,432 for the same period a year ago. Income before income taxes was $558,578 compared to $2,245,850 for the same period a year ago. Net loss was $265,908 or $0.01 per basic and diluted share compared to net income of $5,080,169 or $0.18 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $1,256,179 compared to $1,729,773 for the same period a year ago. Purchases of property, plant and equipment was $994,530 compared to $787,808 for the same period a year ago. EBITDA was $1,675,850 compared to $3,579,164 for the same period a year ago.
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco, manufactures metal fabricated and machined precision components and equipment. The Company offers a full range of services required to transform raw materials into precision finished products. It sells these finished products to customers in two main industry groups: defense and precision industrial. The finished products are used in a variety of markets, including defense, aerospace, nuclear, medical and precision industrial. Its manufacturing capabilities include fabrication operations, such as cutting, press and roll forming, assembly, welding, heat treating, blasting and painting, and machining operations, including computer numerical controlled (CNC) horizontal and vertical milling centers. The Company also provides support services to its manufacturing capabilities: manufacturing engineering, quality control, materials procurement, production control, and final assembly.