TechPrecision Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016
February 14, 2017 at 04:16 pm EST
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TechPrecision Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, net sales were $5,318,610 against $3,506,560 a year ago. Income from operations was $1,219,083 against $303,440 a year ago. Income before income taxes was $1,012,692 against $12,003 a year ago. Net income was $992,094 against $12,003 a year ago. Net income per basic and diluted share was $0.03.
For the nine months, net sales were $13,619,578 against $11,985,422 a year ago. Income from operations was $2,600,329 against $1,279,608 a year ago. Income before income taxes was $2,025,035 against $472,960 a year ago. Net income was $1,983,479 against $472,960 a year ago. Net income per basic and diluted share was $0.07 against $0.02 a year ago. Net cash provided by operating activities was $1,983,479 against $373,278 a year ago. Purchases of property, plant and equipment was $452,820 against $192,215 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.
TECHPRECISION CORPORATION 
