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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  TechPrecision Corporation    TPCS

TECHPRECISION CORPORATION

(TPCS)
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TECHPRECISION : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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02/13/2020 | 04:39pm EDT

Statement Regarding Forward Looking Disclosure




The following discussion of the results of our operations and financial
condition should be read in conjunction with our condensed consolidated
financial statements and the related notes, which appear elsewhere in this
Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q, including
this section titled "Management's Discussion and Analysis of Financial Condition
and Results of Operations," may contain predictive or "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of current or historical fact
contained in this quarterly report, including statements that express our
intentions, plans, objectives, beliefs, expectations, strategies, predictions or
any other statements relating to our future activities or other future events or
conditions are forward-looking statements. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan," "predict,"
"project," "will," "should," "would" and similar expressions, as they relate to
us, are intended to identify forward-looking statements.



                                      14





These statements are based on current expectations, estimates and projections
made by management about our business, our industry and other conditions
affecting our financial condition, results of operations or business prospects.
These statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or forecasted
in, or implied by, the forward-looking statements due to numerous risks and
uncertainties. Factors that could cause such outcomes and results to differ
include, but are not limited to, risks and uncertainties arising from:



· our reliance on individual purchase orders, rather than long-term contracts,

to generate revenue;

· our ability to balance the composition of our revenues and effectively control

operating expenses;

· the availability of appropriate financing facilities impacting our operations,

financial condition and/or liquidity;

· our ability to receive contract awards through competitive bidding processes;

· our ability to maintain standards to enable us to manufacture products to

exacting specifications;

· our ability to enter new markets for our services;

· our reliance on a small number of customers for a significant percentage of

our business;

· competitive pressures in the markets we serve;

· changes in the availability or cost of raw materials and energy for our

production facilities;

· operating in a single geographic location;

· restrictions in our ability to operate our business due to our outstanding

    indebtedness;
  · government regulations and requirements;
  · pricing and business development difficulties;
  · changes in government spending on national defense;

· our ability to make acquisitions and successfully integrate those acquisitions

with our business;

· general industry and market conditions and growth rates;

· general economic conditions; and

· those risks discussed in "Item 1A. Risk Factors" and elsewhere in our 2019

Annual Report on Form 10-K, as well as those described in any other filings

    which we make with the SEC.



Any forward-looking statements speak only as of the date on which they are made,
and we undertake no obligation to publicly update or revise any forward-looking
statements to reflect events or circumstances that may arise after the date of
this Quarterly Report on Form 10-Q, except as required by applicable law.
Investors should evaluate any statements made by us in light of these important
factors.



Overview


We offer a full range of services required to transform raw materials into
precision finished products. Our manufacturing capabilities include: fabrication
operations (cutting, press and roll forming, assembly, welding, heat treating,
blasting and painting) and machining operations including CNC (computer
numerical controlled) horizontal and vertical milling centers. We also provide
support services to our manufacturing capabilities: manufacturing engineering
(planning, fixture and tooling development, manufacturing), quality control
(inspection and testing), materials procurement, production control (scheduling,
project management and expediting) and final assembly.



All manufacturing is done in accordance with our written quality assurance
program, which meets specific national and international codes, standards, and
specifications. Ranor holds several certificates of authorization issued by the
American Society of Mechanical Engineers and the National Board of Boiler and
Pressure Vessel Inspectors. The standards used are specific to the customers'
needs, and our manufacturing operations are conducted in accordance with these
standards.



Because our revenues are derived from the sale of goods manufactured pursuant to
a contract, and we do not sell from inventory, it is necessary for us to
constantly seek new contracts. There may be a time lag between our completion of
one contract and commencement of work on another contract. During such periods,
we may continue to incur overhead expense but with lower revenue resulting in
lower operating margins. Furthermore, changes in either the scope of an existing
contract or related delivery schedules may impact the revenue we receive under
the contract and the allocation of manpower. Although we provide manufacturing
services for large governmental programs, we usually do not work directly for
the government or its agencies. Rather, we perform our services for large
governmental contractors. Our business is dependent in part on the continuation
of governmental programs which require our services and products.



                                      15




Our contracts are generated both through negotiation with the customer and from
bids made pursuant to a request for proposal. Our ability to receive contract
awards is dependent upon the contracting party's perception of such factors as
our ability to perform on time, our history of performance, including quality,
our financial condition and our ability to price our services
competitively. Although some of our contracts contemplate the manufacture of one
or a limited number of units, we continue to seek more long-term projects with
predictable cost structures.



All of our sales recorded for the nine months ended December 31, 2019 were
generated in the U.S. We have experienced, and continue to experience, customer
concentration. For the nine months ended December 31, 2019 and 2018, our largest
customer accounted for approximately 21% and 36% of reported net sales,
respectively. For the nine months ended December 31, 2019, we had five customers
which accounted for approximately 74% of our revenue, in the aggregate. Our
sales order backlog at December 31, 2019 and March 31, 2019 was approximately
$17.0 million and $12.6 million, respectively.



For the nine months ended December 31, 2019, our net sales were $11.1 million
compared with net sales of $12.0 million for the nine months ended December 31,
2018. Our gross margin for the nine months ended December 31, 2019 and 2018 was
16.6% and 26.0%, respectively. Our gross margin for the nine months ended
December 31, 2019 was impacted by higher cost of sales primarily due to cost
overruns on certain customer projects. We generated $0.6 million of cash from
operating activities in the nine months ended December 31, 2019 and had a cash
balance of $2.0 million at December 31, 2019.



Critical Accounting Policies


The preparation of the condensed consolidated financial statements requires that
we make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities. We base our estimates on historical experience and various
other assumptions that are believed to be reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other
sources. We continually evaluate our estimates, including those related to
revenue recognition, inventories, recovery of long-lived assets, income taxes
and the valuation of equity transactions. These estimates and assumptions
require management's most difficult, subjective or complex judgments. Actual
results may differ under different assumptions or conditions.



Our significant accounting policies are set forth in detail in Note 2 to the
consolidated financial statements included in the 2019 Annual Report on Form
10-K.We consider the policies relating to revenue recognition to be a critical
accounting policy. There have been no significant changes to our critical
accounting policies during the nine months ended December 31, 2019.



Accounting Pronouncements



New Accounting Standards


See Note 3, Accounting Standards Update, in the Notes to the condensed consolidated financial statements in "Item 1. Financial Statements" for a discussion of recently adopted new accounting guidance and new accounting guidance not yet adopted.



Results of Operations



Our results of operations are affected by a number of external factors including
the availability of raw materials, commodity prices (particularly steel),
macroeconomic factors, including the availability of capital that may be needed
by our customers, and political, regulatory and legal conditions in the United
States. Generally, our product mix is made up of short-term contracts with a
production timeline of less than twelve months. Units manufactured under the
majority of our customer contracts are delivered on time and with a positive
gross margin. Our results of operations are also affected by our success in
booking new contracts, the timing of revenue recognition, delays in customer
acceptances of our products, delays in deliveries of ordered products and our
rate of progress fulfilling obligations under our contracts. A delay in
deliveries or cancellations of orders could have an unfavorable impact on
liquidity, cause us to have inventories in excess of our short-term needs, and
delay our ability to recognize, or prevent us from recognizing, revenue on
contracts in our order backlog.



Key Performance Indicators


While we prepare our financial statements in accordance with U.S. generally
accepted accounting principles, or U.S. GAAP, we also utilize and present
certain financial measures that are not based on or included in U.S. GAAP. We
refer to these as Non-GAAP financial measures.  Please see the section "EBITDA
Non-GAAP financial measure" below for further discussion of these financial
measures, including the reasons why we use such financial measures and
reconciliations of such financial measures to the nearest U.S. GAAP financial
measures.



                                       16




Three Months Ended December 31, 2019 and 2018

The following table sets forth information from our condensed consolidated statements of operations and comprehensive (loss) income, in dollars and as a percentage of revenue:


                                       2019                        2018                       Changes
(dollars in thousands)         Amount       Percent        Amount       Percent        Amount        Percent
Net sales                     $  3,667           100 %    $  4,270           100 %    $    (603 )         (14 )%
Cost of sales                    3,353            91 %       3,299            77 %           54             2 %
Gross profit                       314             9 %         971            23 %         (657 )         (68 )%
Selling, general and
administrative                     663            18 %         632            15 %           31             5 %
(Loss) income from
operations                        (349 )          (9 )%        339             8 %         (688 )        (203 )%
Other expense, net                 (69 )          (2 )%        (86 )          (2 )%          17            20 %
(Loss) income before taxes        (418 )         (11 )%        253         
   6 %         (671 )        (265 )%
Income tax (benefit)
expense                            (98 )          (3 )%         35             1 %         (133 )        (382 )%
Net (loss) income             $   (320 )          (8 )%   $    218             5 %    $    (538 )        (247 )%




Net Sales



Net sales were $3.7 million for the three months ended December 31, 2019, or 14%
lower when compared to net sales for the three months ended December 31, 2018 of
$4.3 million. Changes in net sales generally reflect a different product mix and
project volume when comparing the current and prior periods.



Net sales to defense customers decreased by $1.0 million when compared to the
three months ended December 31, 2018. Defense market revenue was lower due to a
product mix that includes certain low margin customer projects when compared
with a higher margin product mix in the same quarter a year ago. Increases in
estimated hours to complete these certain low margin projects continued to
dampen revenue recognition. Net sales in energy and industrial markets increased
by $0.3 million and $0.1 million, respectively.



Cost of Sales and Gross Margin




Cost of sales consists primarily of raw materials, parts, labor, overhead and
subcontracting costs. Our cost of sales were $3.4 million for the three months
ended December 31, 2019, compared to $3.3 million for the three months ended
December 31, 2018. Gross profit was $0.3 million or a $0.7 million decrease when
compared to the three months ended December 31, 2018. As a result, gross margin
was 8.6% for the three months ended December 31, 2019, compared to 22.7% for the
three months ended December 31, 2018.



An increase in the loss provision for certain customer projects had a negative
impact on gross profit and gross margin as more labor hours were used on less
profitable projects. We incurred an additional $0.3 million in cost overruns in
the third quarter of fiscal 2020.



Selling, General and Administrative Expenses




Total selling, general and administrative expenses for the three months ended
December 31, 2019 increased by $30,892 when compared to the three months ended
December 31, 2018, due primarily to an increase in professional fees for
accounting and legal services.



Other Expense, net


Interest expense and debt cost amortization was lower for the three months ended
December 31, 2019 when compared to the three months ended December 31, 2018,
and, absent any changes to outstanding indebtedness, will continue to decrease
as we amortize debt principal to maturity. The following table reflects other
income, interest expense and amortization of debt issue costs for the three
months ended:



                                         December 31,       December 31,
                                             2019               2018           $ Change        % Change
Other income, net                       $          185     $        1,590$    (1,405 )           (88 )%
Interest expense                        $      (58,817 )$      (74,523 )$    15,706              21 %
Amortization of debt issue costs        $      (10,511 )$      (13,791 )
  $     3,280              24 %




                                       17





Income Taxes



As a result of the foregoing, principally our lower net sales and cost of sales,
the Company reported a pretax loss and recorded a tax benefit of $97,734 for the
three months ended December 31, 2019. For the three months ended December 31,
2018 we recorded tax expense of $34,701.



Net (Loss) Income


As a result of the foregoing, for the three months ended December 31, 2019, we
recorded net loss of $0.3 million compared with net income of $0.2 million for
the three months ended December 31, 2018.



Nine Months Ended December 31, 2019 and 2018




The following table sets forth information from our condensed consolidated
statements of operations and comprehensive (loss) income, in dollars and as a
percentage of revenue:

                                       2019                        2018                      Changes
(dollars in thousands)         Amount       Percent        Amount       Percent        Amount       Percent
Net sales                     $ 11,075           100 %    $ 11,990           100 %    $   (915 )          (8 )%
Cost of sales                    9,238            83 %       8,872            74 %         366             4 %
Gross profit                     1,837            17 %       3,118            26 %      (1,281 )         (41 )%
Selling, general and
administrative                   2,145            19 %       2,113            18 %          32             2 %
(Loss) income from
operations                        (308 )          (3 )%      1,005             8 %      (1,313 )        (131 )%
Other expense, net                (197 )          (2 )%       (265 )          (2 )%         68            26 %
(Loss) income before taxes        (505 )          (5 )%        740             6 %      (1,245 )        (168 )%
Income tax (benefit)
expense                           (115 )          (1 )%        177             1 %        (292 )        (165 )%
Net (loss) income             $   (390 )          (4 )%   $    563             5 %    $   (953 )        (169 )%





Net Sales


Changes in net sales generally reflect a different product mix and project
volume when comparing the current and prior periods. Net sales were $11.1
million for the nine months ended December 31, 2019, or 8% lower when compared
to net sales for the nine months ended December 31, 2018 of $12.0 million. Net
sales in defense markets decreased by $1.8 million when compared to the nine
months ended December 31, 2018.



The Company records most of its revenue over time as it completes performance
obligations. We measure progress for performance obligations satisfied over time
using input methods (e.g., labor hours expended and time elapsed). Our current
product mix includes certain customer projects with little or no margin which
has consumed a higher number of actual labor hours than originally estimated to
complete. The higher actual labor hours had the effect of consuming hours that
could have been allocated to higher margin projects. This set of conditions has
had a negative impact on revenue recognition and cost of sales primarily in our
defense markets during the nine months ended December 31, 2019. Our defense
backlog, however, remains strong as new orders for components continue to flow
from prime defense contractors.



For the nine months ended December 31, 2019, revenue in energy and precision industrial markets increased by $0.2 million and $0.7 million, respectively.




Remaining performance obligations reflect future revenue that will be recorded
in subsequent periods as projects in progress are completed. At December 31,
2019, the Company had $17.0 million of remaining performance obligations, an
increase of $2.9 million when compared with December 31, 2018.



Cost of Sales and Gross Margin




Cost of sales consists primarily of raw materials, parts, labor, overhead and
subcontracting costs. Our cost of sales for the nine months ended December 31,
2019 were $9.2 million compared to $8.9 million for the nine months ended
December 31, 2018. Gross profit decreased by $1.3 million to $1.8 million. Gross
margin was lower at 16.6% for the nine months ended December 31, 2019 compared
to 26.0% for the nine months ended December 31, 2018.



                                       18





In the nine months ended December 31, 2019, gross profit and gross margin were
impacted by an increase of $0.7 million in cost of sales for potential losses on
certain customer projects. The fiscal 2020 nine month period was also marked by
a higher number of new project startup activities, and a higher number of labor
allocated to less profitable projects.



Selling, General and Administrative Expenses




Total selling, general and administrative expenses for the nine months ended
December 31, 2019 were up slightly due primarily to an increase in professional
fees, almost entirely offset by a decrease in salary expense when compared to
the nine months ended December 31, 2018.



Other Expense, net



Interest expense and debt cost amortization was lower for the nine months ended
December 31, 2019 when compared to the nine months ended December 31, 2018, and,
absent any changes to our outstanding indebtedness, will continue to decrease as
we amortize debt principal to maturity. Other income, net for the nine months
ended December 31, 2019 includes proceeds from the sale of machinery and
equipment for $16,000. The following table reflects other income, interest
expense and amortization of debt issue costs for the nine months ended:



                                         December 31,       December 31,
                                             2019               2018           $ Change        % Change
Other income, net                       $       21,063$        8,605$    12,458             145 %
Interest expense                        $     (187,167 )$     (230,310 )$    43,143              19 %
Amortization of debt issue costs        $      (31,280 )$      (43,638 )
  $    12,358              28 %




Income Taxes



For the nine months ended December 31, 2019 we recorded a tax benefit of $0.1
million compared to tax expense of $0.2 million for the nine months ended
December 31, 2018. The tax benefit for the nine months ended December 31, 2019
was primarily the result of a pretax loss recorded for the period in all tax
jurisdictions. Our effective tax rate for the first nine months of fiscal 2020
was 22.8%.


Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.




The valuation allowance on deferred tax assets at December 31, 2019 was
approximately $1.7 million. We believe that it is more likely than not that the
benefit from certain state and foreign NOL carryforwards and other deferred tax
assets will not be realized. In recognition of this risk, we continue to provide
a valuation allowance on these items. In the event future taxable income is
below management's estimates or is generated in tax jurisdictions different than
projected, the Company could be required to increase the valuation allowance for
deferred tax assets. This would result in an increase in the Company's effective
tax rate.



Net (Loss) Income


As a result of the foregoing, for the nine months ended December 31, 2019, we
recorded net loss of $0.4 million compared with net income of $0.6 million for
the nine months ended December 31, 2018.



Liquidity and Capital Resources




On December 23, 2019 we entered into a Third Modification to Loan Agreement, or
the Third Modification, and an Amended and Restated Promissory Note with
Berkshire Bank. The Third Modification amends and modifies the Loan Agreement
between Ranor and Berkshire Bank dated December 20, 2016, as amended by the
First Modification to Loan Agreement dated June 6, 2018 and the Second
Modification to Loan Agreement and First Modification and Allonge to Promissory
Note dated December 19, 2018.



Under the Third Modification, Ranor and Berkshire Bank agreed to increase the
maximum principal amount available under the Revolver Loan from $1,000,000 to
$3,000,000, which is available for refinancing existing indebtedness and for
working capital and general corporate purposes. Additionally, the parties agreed
to lower the interest rate on advances made under the Revolver Loan based on
LIBOR. Prior to the Third Modification, interest accrued on advances made under
the Revolver Loan at a variable rate equal to the one-month LIBOR plus 275 basis
points.  Under the Third Modification, interest accrues on such advances at a
variable rate equal to the one-month LIBOR plus 225 basis points.  The Third
Modification contains customary LIBOR replacement provisions.



                                       19




The maturity date of the Revolver Loan remains December 20, 2020, and all other material terms of the Loan Agreement and Line of Credit Note were unchanged.

At December 31, 2019, we had cash and cash equivalents of $2.0 million and
working capital of $5.4 million. In January 2020, the Company used $1.1 million
from available cash and repaid in full its capital equipment obligation with
Peoples Capital. This payment reduced our total debt obligations to $2.6 million
at January 17, 2020 from $3.7 million at December 31, 2019.



We believe our available cash plus cash provided from operations will be
sufficient to fund our operations, capital expenditures and principal and
interest payments under our debt obligations through the 12 months from the
issuance date of our financial statements. We also have a Revolver Loan with
Berkshire Bank available as a resource, if necessary. The table below presents
selected liquidity and capital measures for the periods ended:



                             December 31,       March 31,      Change
(dollars in thousands)           2019             2019         Amount
Cash and cash equivalents    $       1,968$     2,037$   (69 )
Working capital              $       5,381$     6,250$  (869 )
Total debt                   $       3,687$     4,297$  (610 )
Total stockholders' equity   $       9,410$     9,711$  (301 )




The following table summarizes the primary components of cash flows for the nine
months ended:



                                     December 31,       December 31,       Change
(dollars in thousands)                   2019               2018           Amount
Cash flows provided by (used in):
Operating activities                $          609     $          121     $    488
Investing activities                           (35 )             (403 )        368
Financing activities                          (642 )             (570 )        (72 )
Net decrease in cash                $          (68 )   $         (852 )   $    784




Operating activities



Our primary sources of cash are from accounts receivable collections, customer
advance payments and project progress payments. Our customers make advance
payments and progress payments under the terms of each manufacturing contract.
Our cash flows can fluctuate significantly from period to period as the
composition of our receivables collections mix changes between advance payments
and customer payments made after shipment of finished goods. We use cash to pay
suppliers, employee wages and benefits, and interest and taxes.



Cash provided by operations for the nine months ended December 31, 2019 and 2018
was $0.6 million and $0.1 million, reflecting a change of $0.5 million.
Favorable timing with customer advance payments and progress payments resulted
in higher amounts of cash generated for the nine months ended December 31, 2019.
The nine months ended December 31, 2019 was marked by an increase in project
startup activity which resulted in more cash collected from customer advances
and progress payments. At December 31, 2018, the Company had fewer sales orders
in production, which led to a slower cash build at the end of the first nine
months of fiscal 2019.



Investing activities



We anticipate that we will continue to make small investments in new factory
machinery and equipment over the next calendar year. Net cash used in investing
activities totaled $35,225 for the nine months ended December 31, 2019. We
expended $0.4 million for new factory machinery and equipment for the nine
months ended December 31, 2018.



Financing activities



We used $0.6 million of cash in financing activities for the nine months ended
December 31, 2019 and 2018 for monthly principal payments in connection with our
debt obligations.



All of the above activity resulted in a net decrease in cash of $0.1 million for
the nine months ended December 31, 2019 compared with a decrease in cash of $0.9
million for the nine months ended December 31, 2018.



                                       20




Off-Balance Sheet Arrangements

We do not currently have, and have not had any off-balance sheet assets, liabilities or arrangements at December 31, 2019.

EBITDA Non-GAAP Financial Measure




To complement our condensed consolidated statements of operations and
comprehensive (loss) income and condensed consolidated statements of cash flows,
we use EBITDA, a non-GAAP financial measure. Net income is the financial measure
calculated and presented in accordance with U.S. GAAP that is most directly
comparable to EBITDA. We believe EBITDA provides our board of directors,
management and investors with a helpful measure for comparing our operating
performance with the performance of other companies that have different
financing and capital structures or tax rates. We also believe that EBITDA is a
measure frequently used by securities analysts, investors and other interested
parties in the evaluation of companies in our industry, and is a measure
contained in our debt covenants. However, while we consider EBITDA to be an
important measure of operating performance, EBITDA and other non-GAAP financial
measures have limitations, and investors should not consider them in isolation
or as a substitute for analysis of our results as reported under GAAP.



We define EBITDA as net (loss) income plus interest, income taxes, depreciation
and amortization. The following table provides a reconciliation of EBITDA to net
income, the most directly comparable GAAP measure reported in our condensed
consolidated financial statements for the three and nine months ended:



                       Three Months ended December 31,                    Nine Months ended December 31,
(dollars in
thousands)        2019              2018             change           2019              2018           Change
Net (loss)
income         $      (320 )$       218$      (538 )$      (390 )$       563$     (953 )
Income tax
(benefit)
expense                (98 )              35              (133 )          (115 )             177           (292 )
Interest
expense (1)             69                88               (19 )           218               274            (56 )
Depreciation           168               187               (19 )           548               559            (11 )
EBITDA         $      (181 )$       528$      (709 )$       261$     1,573$   (1,312 )

(1) Includes amortization of debt issue costs.

© Edgar Online, source Glimpses


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Financials (USD)
Sales 2020 16,0 M - -
Net income 2020 -0,34 M - -
Net Debt 2020 1,64 M - -
P/E ratio 2020 -109x
Yield 2020 -
Capitalization 35,0 M 35,0 M -
EV / Sales 2019 1,91x
EV / Sales 2020 2,42x
Nbr of Employees 94
Free-Float 87,4%
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Managers
NameTitle
Alexander Shen Chief Executive Officer
Richard S. McGowan Non-Executive Chairman
Thomas C. Sammons Chief Financial Officer
Andrew A. Levy Independent Director
Robert A. Crisafulli Independent Director
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