Techprecision Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2018; Provides Earnings Guidance for the Next Two Quarters of Fiscal Year 2019
November 13, 2018 at 04:16 pm EST
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TechPrecision Corporation reported unaudited consolidated earnings results for the second quarter and six months ended September 30, 2018. For the quarter, the company reported net sales of $3,621,185 against $4,588,894 a year ago. Income from operations was $344,063 against $712,660 a year ago. Income before income taxes was $258,089 against $613,702 a year ago. Net income was $180,715 against $368,186 a year ago. Net income per share basic was $0.01 against $0.01 a year ago. Net income per share diluted was $0.01 against $0.01 a year ago. EBITDA was $534,000 against $894,000 a year ago.
For the six months, net sales were $7,720,008 against $10,419,280 a year ago. Income from operations was $666,122 against $1,533,488 a year ago. Income before income taxes was $487,503 against $1,325,839 a year ago. Net income was $345,100 against $792,688 a year ago. Net income per share basic was $0.01 against $0.03 a year ago. Net income per share diluted was $0.01 against $0.03 a year ago. Net cash used in operating activities was $683,379 against net cash provided by operating activities of $541,963 a year ago. Purchases of property, plant and equipment was $228,148 against $808,386 a year ago. EBITDA was $1,045,000 against $1,886,000 a year ago.
Company expect to remain profitable over the next two quarters of fiscal year 2019 as company make progress to complete an increased number of projects.
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 Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2018; Provides Earnings Guidance for the Next Two Quarters of Fiscal Year 2019