TechPrecision Corporation Reports FY 2024 Fourth Quarter and Year End Financial Results
TechPrecision (NASDAQ:TPCS) reported financial results for Q4 and FY 2024 ended March 31, 2024. Key highlights include:
- Q4 net sales increased 15% to $8.6 million
- FY 2024 net sales rose 1% to $31.6 million
- Backlog grew to $50 million
- Q4 gross profit up 45% due to improved Stadco throughput
- FY 2024 gross profit down 16% to $4.1 million
- Q4 operating loss of $2.5 million, FY 2024 operating loss of $4.6 million
- One-time expenses of $3 million related to terminated Votaw acquisition
- Working capital negative $2.9 million due to debt covenant violation
The company expects to deliver its backlog over the next 1-3 fiscal years with gross margin expansion. TechPrecision is working to resolve financial staffing issues and file Q1 FY25 results as soon as possible.
TechPrecision (NASDAQ:TPCS) ha riportato i risultati finanziari per il Q4 e l'anno fiscale 2024 conclusosi il 31 marzo 2024. I punti salienti includono:
- Le vendite nette del Q4 sono aumentate del 15% a 8,6 milioni di dollari
- Le vendite nette per l'anno fiscale 2024 sono salite dell'1% a 31,6 milioni di dollari
- L'ordine arretrato è cresciuto a 50 milioni di dollari
- Il profitto lordo del Q4 è aumentato del 45% grazie al miglioramento del throughput di Stadco
- Il profitto lordo per l'anno fiscale 2024 è diminuito del 16% a 4,1 milioni di dollari
- Perdita operativa nel Q4 di 2,5 milioni di dollari, perdita operativa dell'anno fiscale 2024 di 4,6 milioni di dollari
- Spese una tantum di 3 milioni di dollari relative all'acquisizione di Votaw terminata
- Capitale circolante negativo di 2,9 milioni di dollari a causa della violazione di un accordo sul debito
L'azienda prevede di consegnare il proprio ordine arretrato nei prossimi 1-3 anni fiscali con un'espansione del margine lordo. TechPrecision sta lavorando per risolvere i problemi di personale finanziario e per presentare i risultati del Q1 FY25 il prima possibile.
TechPrecision (NASDAQ:TPCS) reportó los resultados financieros para el Q4 y el año fiscal 2024 que finalizó el 31 de marzo de 2024. Los puntos destacados incluyen:
- Las ventas netas del Q4 aumentaron un 15% a 8.6 millones de dólares
- Las ventas netas para el año fiscal 2024 crecieron un 1% a 31.6 millones de dólares
- La cartera de pedidos creció a 50 millones de dólares
- La ganancia bruta del Q4 subió un 45% gracias a la mejora en el rendimiento de Stadco
- La ganancia bruta para el año fiscal 2024 disminuyó un 16% a 4.1 millones de dólares
- Pérdida operativa de 2.5 millones de dólares en el Q4, pérdida operativa de 4.6 millones de dólares en el año fiscal 2024
- Gastos únicos de 3 millones de dólares relacionados con la adquisición de Votaw cancelada
- Capital de trabajo negativo de 2.9 millones de dólares por violación de convenios de deuda
La empresa espera entregar su cartera de pedidos en los próximos 1-3 años fiscales con una expansión del margen bruto. TechPrecision está trabajando para resolver problemas de personal financiero y presentar los resultados del Q1 FY25 lo antes posible.
TechPrecision (NASDAQ:TPCS)는 2024년도 4분기 및 회계연도 결산 결과를 2024년 3월 31일 기준으로 보고했습니다. 주요 내용은 다음과 같습니다:
- 4분기 순매출 15% 증가, 860만 달러
- 2024 회계연도 순매출 1% 증가, 3160만 달러
- 미수금 5000만 달러로 증가
- 4분기 총 이익 45% 증가, Stadco 처리량 개선 덕분
- 2024 회계연도 총 이익 16% 감소, 410만 달러
- 4분기 운영 손실 250만 달러, 2024 회계연도 운영 손실 460만 달러
- Votaw 인수 종료와 관련된 일회성 비용 300만 달러
- 부채 계약 위반으로 인해 운영 자본 마이너스 290만 달러
회사는 향후 1-3 회계연도 내에 미수금을 납품할 것으로 예상하며, 총 이익률을 확대할 계획입니다. TechPrecision은 재무 인력 문제를 해결하고 가능한 한 빨리 2025 회계연도 1분기 결과를 제출하기 위해 노력하고 있습니다.
TechPrecision (NASDAQ:TPCS) a annoncé ses résultats financiers pour le 4ème trimestre et l'exercice 2024 clos le 31 mars 2024. Les principaux points forts incluent:
- Les ventes nettes du 4ème trimestre ont augmenté de 15 % pour atteindre 8,6 millions de dollars
- Les ventes nettes pour l'année fiscale 2024 ont augmenté de 1 % pour atteindre 31,6 millions de dollars
- Le carnet de commandes a augmenté pour atteindre 50 millions de dollars
- Le bénéfice brut du 4ème trimestre a augmenté de 45 % grâce à l'amélioration du débit de Stadco
- Le bénéfice brut pour l'année fiscale 2024 a baissé de 16 % pour atteindre 4,1 millions de dollars
- Perte d'exploitation de 2,5 millions de dollars au 4ème trimestre, perte d'exploitation de 4,6 millions de dollars pour l'année fiscale 2024
- Dépenses exceptionnelles de 3 millions de dollars liées à l'acquisition de Votaw abandonnée
- Fonds de roulement négatif de 2,9 millions de dollars en raison d'une violation d'accord de dette
L'entreprise s'attend à livrer son carnet de commandes au cours des 1 à 3 prochaines années fiscales avec une expansion de la marge brute. TechPrecision travaille à résoudre des problèmes de personnel financier et à déposer les résultats du S1 FY25 dès que possible.
TechPrecision (NASDAQ:TPCS) hat die finanziellen Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht, das am 31. März 2024 endete. Die wichtigsten Highlights sind:
- Die Nettoumsätze im 4. Quartal stiegen um 15% auf 8,6 Millionen Dollar
- Die Nettoumsätze für das Geschäftsjahr 2024 erhöhten sich um 1% auf 31,6 Millionen Dollar
- Der Auftragsbestand wuchs auf 50 Millionen Dollar
- Der Bruttogewinn im 4. Quartal stieg um 45% aufgrund von Verbesserungen beim Stadco Durchsatz
- Der Bruttogewinn für das Geschäftsjahr 2024 sank um 16% auf 4,1 Millionen Dollar
- Betriebsverlust im 4. Quartal von 2,5 Millionen Dollar, Betriebsverlust für das Geschäftsjahr 2024 von 4,6 Millionen Dollar
- Einmalige Kosten von 3 Millionen Dollar im Zusammenhang mit der gescheiterten Übernahme von Votaw
- Negatives working capital von 2,9 Millionen Dollar aufgrund einer Verletzung der Schuldenvereinbarung
Das Unternehmen erwartet, seinen Auftragsbestand in den nächsten 1-3 Geschäftsjahren mit einer Ausweitung der Bruttomarge abzuarbeiten. TechPrecision arbeitet daran, finanzielle Personalprobleme zu lösen und die Ergebnisse des 1. Quartals FY25 so schnell wie möglich einzureichen.
- Q4 net sales increased 15% year-over-year to $8.6 million
- Backlog grew to $50 million, indicating strong customer confidence
- Q4 gross profit increased 45% due to improved throughput at Stadco
- Stadco Q4 net sales increased 70% year-over-year to $4.6 million
- Company expects gross margin expansion in future backlog delivery
- FY 2024 operating loss increased to $4.6 million from $1.1 million in FY 2023
- One-time expenses of $3 million related to terminated Votaw acquisition
- Working capital turned negative $2.9 million due to debt covenant violation
- FY 2024 gross profit decreased 16% to $4.1 million
- All long-term debt ($7.6 million) reclassified as current liabilities
- Cash and cash equivalents decreased to $0.1 million from $0.5 million year-over-year
Insights
TechPrecision's Q4 and FY2024 results reveal a mixed financial picture. The 15% increase in Q4 net sales to
The defense and precision industrial sectors remain resilient, as evidenced by TechPrecision's growing backlog. However, the company's operational challenges, particularly at Ranor, indicate potential market share vulnerabilities. The 70% increase in Stadco's net sales suggests a shift in product mix and customer demand. The company's financial staffing issues and delayed Q1FY25 filings may impact investor confidence in the short term. The terminated Votaw acquisition could hinder TechPrecision's market expansion plans, potentially allowing competitors to gain ground in key segments.
The debt covenant violation and reclassification of
Backlog increased to
WESTMINSTER, MA / ACCESSWIRE / September 16, 2024 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or "the Company"), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today reported financial results for the fourth quarter and fiscal year ended March 31, 2024.
Due to restrictions as to what we can speak about while the Q1FY25 financials are pending, we will not hold a press conference until those are filed. We do not have a set date, but now that FY24 10K has been filed, we are focusing all resources on finishing that as quickly as possible. We are working hard to have that filed as soon as practicable. We also expect shortly to have an update pertaining to our efforts to fill in the financial staffing areas that have caused these problems so they do not reoccur.
"Customer confidence remains high as our backlog was
"Fourth quarter consolidated net sales were
"In the Fourth Quarter, due to our inability to close the Votaw Precision Manufacturing transaction, we recognized substantial one-time cash expenses totaling approximately
The following summary compares the three and twelve months ended March 31, 2024 to the same prior year period:
Consolidated Financial Results - Fiscal 2024 Three Months Ended March 31, 2024
· | Net sales were |
· | Cost of sales were |
· | Gross profit was |
· | SG&A totaled |
· | Operating loss was |
· | Interest expense increased by |
Consolidated Financial Results - Fiscal 2024 Twelve Months Ended March 31, 2024
· | Net sales were |
· | Cost of sales were |
· | Gross profit was |
· | SG&A increased by |
· | Operating loss was |
· | Interest expense increased by |
Financial Position
On March 31, 2024, the Company had
About TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco, manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: defense, aerospace, nuclear, medical, and precision industrial. TechPrecision's goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, 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," "prospects," "will," "should," "would" and similar expressions, as they relate to us, are intended to identify forward-looking statements. 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; external factors that may be outside our control, including health emergencies, like epidemics or pandemics, the conflicts in Eastern Europe and the Middle East, price inflation, interest rate increases and supply chain inefficiencies; 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; 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; our failure to maintain effective internal controls over financial reporting; general industry and market conditions and growth rates; and other risks discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). 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 press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.
Company Contact: | Investor Relations Contact: |
Barbara M. Lilley | Hayden IR |
Chief Financial Officer | Brett Maas |
TechPrecision Corporation | Phone: 646-536-7331 |
Phone: 978-883-5102 | Email: brett@haydenir.com |
Email: lilleyb@ranor.com | Website: www.haydenir.com |
Website: www.techprecision.com |
|
-- Tables Follow -
TECHPRECISION CORPORATION
CONSOLIDATED BALANCE SHEETS
|
| March 31, |
|
| March 31, |
| ||
|
| 2024 |
|
| 2023 |
| ||
ASSETS |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 138,402 |
|
| $ | 534,474 |
|
Accounts receivable, net |
|
| 2,371,264 |
|
|
| 2,336,481 |
|
Contract assets |
|
| 8,526,726 |
|
|
| 8,947,811 |
|
Raw materials |
|
| 1,826,765 |
|
|
| 1,692,852 |
|
Work-in-process |
|
| 1,422,938 |
|
|
| 719,736 |
|
Other current assets |
|
| 563,688 |
|
|
| 348,983 |
|
Total current assets |
|
| 14,849,783 |
|
|
| 14,580,337 |
|
Property, plant and equipment, net |
|
| 14,797,991 |
|
|
| 13,914,024 |
|
Right of use asset, net |
|
| 4,977,665 |
|
|
| 5,660,938 |
|
Deferred income taxes |
|
| -- |
|
|
| 1,931,186 |
|
Other noncurrent assets |
|
| 121,256 |
|
|
| 121,256 |
|
Total assets |
| $ | 34,746,695 |
|
| $ | 36,207,741 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 1,408,356 |
|
| $ | 2,224,320 |
|
Accrued expenses |
|
| 4,262,486 |
|
|
| 2,533,185 |
|
Contract liabilities |
|
| 3,787,933 |
|
|
| 2,333,591 |
|
Current portion of long-term lease liability |
|
| 735,871 |
|
|
| 711,727 |
|
Current portion of long-term debt, net |
|
| 7,558,683 |
|
|
| 1,218,162 |
|
Total current liabilities |
|
| 17,753,329 |
|
|
| 9,020,985 |
|
Long-term debt, net |
|
| -- |
|
|
| 4,749,139 |
|
Long-term lease liability |
|
| 4,408,103 |
|
|
| 5,143,974 |
|
Other noncurrent liability |
|
| 4,782,372 |
|
|
| 2,699,492 |
|
Total liabilities |
|
| 26,943,804 |
|
|
| 21,613,590 |
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Common stock - par value $.0001 per share, shares authorized: March 31, 2024 - 50,000,000; Shares issued and outstanding: March 31, 2024 - 8,777,432; March 31, 2023 - 8,613,408 |
|
| 878 |
|
|
| 861 |
|
Additional paid in capital |
|
| 15,200,624 |
|
|
| 14,949,729 |
|
Retained earnings (accumulated deficit) |
|
| (7,398,611 | ) |
|
| (356,439 | ) |
Total stockholders' equity |
|
| 7,802,891 |
|
|
| 14,594,151 |
|
Total liabilities and stockholders' equity |
| $ | 34,746,695 |
|
| $ | 36,207,741 |
|
TECHPRECISION CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended March 31, |
|
| Twelve Months Ended March 31, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Net sales |
| $ | 8,600,070 |
|
| $ | 7,505,265 |
|
| $ | 31,591,059 |
|
| $ | 31,431,614 |
|
Cost of sales |
|
| 7,371,662 |
|
|
| 6,657,381 |
|
|
| 27,472,883 |
|
|
| 26,527,953 |
|
Gross profit |
|
| 1,228,408 |
|
|
| 847,883 |
|
|
| 4,118,176 |
|
|
| 4,903,661 |
|
Selling, general and administrative |
|
| 3,687,393 |
|
|
| 1,581,986 |
|
|
| 8,750,376 |
|
|
| 6,008,881 |
|
Loss from operations |
|
| (2,458,985 | ) |
|
| (734,103 | ) |
|
| (4,632,200 | ) |
|
| (1,105,220 | ) |
Other income |
|
| 2,486 |
|
|
| 253 |
|
|
| 43,363 |
|
|
| 40,842 |
|
Interest expense |
|
| (168,966 | ) |
|
| (94,631 | ) |
|
| (521,108 | ) |
|
| (355,608 | ) |
Refundable employee retention tax credits |
|
| -- |
|
|
| 12,518 |
|
|
| -- |
|
|
| 636,564 |
|
Total other (expense) income |
|
| (166,480 | ) |
|
| (81,859 | ) |
|
| (477,745 | ) |
|
| 321,798 |
|
Loss before income taxes |
|
| (2,625,465 | ) |
|
| (815,962 | ) |
|
| (5,109,945 | ) |
|
| (783,422 | ) |
Income tax expense |
|
| 2,495,585 |
|
|
| 186,798 |
|
|
| 1,932,227 |
|
|
| 195,584 |
|
Net loss |
| $ | (5,121,050 | ) |
| $ | (1,002,761 | ) |
| $ | (7,042,172 | ) |
| $ | (979,006 | ) |
Net loss per share basic |
| $ | (0.59 | ) |
| $ | (0.12 | ) |
| $ | (0.81 | ) |
| $ | (0.11 | ) |
Net loss per share diluted |
| $ | (0.59 | ) |
| $ | (0.12 | ) |
| $ | (0.81 | ) |
| $ | (0.11 | ) |
Weighted average shares outstanding - basic |
|
| 8,720,603 |
|
|
| 8,611,742 |
|
|
| 8,717,160 |
|
|
| 8,595,992 |
|
Weighted average shares outstanding - diluted |
|
| 8,720,603 |
|
|
| 8,611,742 |
|
|
| 8,717,160 |
|
|
| 8,595,992 |
|
TECHPRECISION CORPORATION
NET SALES, COST OF SALES, GROSS PROFIT BY SEGMENT
|
| Three Months Ended March 31, 2024 |
|
| Three Months Ended March 31, 2023 |
|
| Changes |
| |||||||||||||||
(dollars in thousands) |
| Amount |
|
| Percent of Net sales |
|
| Amount |
|
| Percent of Net sales |
|
| Amount |
|
| Percent |
| ||||||
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ranor |
| $ | 4,529 |
|
|
| 56 | % |
| $ | 4,786 |
|
|
| 64 | % |
| $ | (257 | ) |
|
| (5 | )% |
Stadco |
|
| 4,625 |
|
|
| 44 | % |
|
| 2,719 |
|
|
| 36 | % |
|
| 1,906 |
|
|
| 70 | % |
Intersegment elimination |
|
| (554 | ) |
|
| -- | % |
|
| -- |
|
|
| -- | % |
|
| (554 | ) |
| nm | % | |
Consolidated Net sales |
| $ | 8,600 |
|
|
| 100 | % |
| $ | 7,505 |
|
|
| 100 | % |
| $ | 1,095 |
|
|
| 15 | % |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ranor |
| $ | 3,555 |
|
|
| 41 | % |
| $ | 3,356 |
|
|
| 45 | % |
| $ | 199 |
|
|
| 6 | % |
Stadco |
|
| 3,817 |
|
|
| 45 | % |
|
| 3,301 |
|
|
| 44 | % |
|
| 516 |
|
|
| 16 | % |
Consolidated Cost of sales |
| $ | 7,372 |
|
|
| 86 | % |
| $ | 6,657 |
|
|
| 89 | % |
| $ | 715 |
|
|
| 11 | % |
Gross profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ranor |
| $ | 845 |
|
|
| 10 | % |
| $ | 1,430 |
|
|
| 19 | % |
| $ | (585 | ) |
|
| (18) | % |
Stadco |
|
| 383 |
|
|
| 4 | % |
|
| (582 | ) |
|
| (8 | )% |
|
| 965 |
|
|
| 166 | % |
Consolidated Gross profit |
| $ | 1,228 |
|
|
| 14 | % |
| $ | 848 |
|
|
| 11 | % |
| $ | 380 |
|
|
| 45 | % |
| Twelve Months Ended March 31, 2024 |
|
| Twelve Months Ended March 31, 2023 |
|
| Changes | |||||||||||||||||
(dollars in thousands) |
| Amount |
|
| Percent of Net sales |
|
| Amount |
|
| Percent of Net sales |
|
| Amount |
|
| Percent | |||||||
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Ranor |
| $ | 17,821 |
|
|
| 56 | % |
| $ | 19,182 |
|
|
| 61 | % |
| $ | (1,361 | ) |
|
| (7) | % |
Stadco |
|
| 14,567 |
|
|
| 46 | % |
|
| 12,250 |
|
|
| 39 | % |
|
| 2,317 |
|
|
| 19 | % |
Intersegment elimination |
|
| (797 | ) |
|
| (2 | )% |
|
| -- |
|
|
| -- | % |
|
| (797 | ) |
| nm | % | |
Consolidated Net sales |
| $ | 31,591 |
|
|
| 100 | % |
| $ | 31,432 |
|
|
| 100 | % |
| $ | 159 |
|
|
| 1 | % |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ranor |
| $ | 13,048 |
|
|
| 41 | % |
| $ | 12,205 |
|
|
| 39 | % |
| $ | 843 |
|
|
| 7 | % |
Stadco |
|
| 14,425 |
|
|
| 46 | % |
|
| 14,323 |
|
|
| 45 | % |
|
| 102 |
|
|
| 1 | % |
Consolidated Cost of sales |
| $ | 27,473 |
|
|
| 87 | % |
| $ | 26,528 |
|
|
| 84 | % |
| $ | 945 |
|
|
| 4 | % |
Gross profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ranor |
| $ | 4,548 |
|
|
| 14 | % |
| $ | 6,977 |
|
|
| 22 | % |
| $ | (2,429 | ) |
|
| (35) | % |
Stadco |
|
| (430 | ) |
|
| (1 | )% |
|
| (2,073 | ) |
|
| (6 | )% |
|
| 1,643 |
|
|
| 79 | % |
Consolidated Gross profit |
| $ | 4,118 |
|
|
| 13 | % |
| $ | 4,904 |
|
|
| 16 | % |
| $ | (786 | ) |
|
| (16) | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm - not meaningful
TECHPRECISION CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
| Years Ended March 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
| ||
Net loss |
| $ | (7,042,172 | ) |
| $ | (979,006 | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 2,429,377 |
|
|
| 2,217,472 |
|
Amortization of debt issue costs |
|
| 106,840 |
|
|
| 59,916 |
|
Gain on disposal of equipment |
|
| (39,129 | ) |
|
| (468 | ) |
Stock based compensation and restricted stock awards |
|
| 284,925 |
|
|
| 253,079 |
|
Change in contract loss provision |
|
| 190,370 |
|
|
| (237,318 | ) |
Deferred income taxes |
|
| 1,931,186 |
|
|
| 195,584 |
|
Stock based acquisition termination fee |
|
| 1,116,800 |
|
|
| -- |
|
Stock based expense for contingent consideration |
|
| -- |
|
|
| 56,310 |
|
Change in fair value for contingent consideration |
|
| -- |
|
|
| (63,436 | ) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
| (34,783 | ) |
|
| 672,768 |
|
Contract assets |
|
| 421,085 |
|
|
| (597,580 | ) |
Work-in-process and raw materials |
|
| (837,115 | ) |
|
| (177,914 | ) |
Other current assets |
|
| (214,705 | ) |
|
| 1,072,476 |
|
Accounts payable |
|
| (815,964 | ) |
|
| (1,202,601 | ) |
Accrued expenses |
|
| 388,116 |
|
|
| (1,094,137 | ) |
Contract liabilities |
|
| 1,454,342 |
|
|
| 568,273 |
|
Other noncurrent liabilities |
|
| 1,965,691 |
|
|
| 2,394,420 |
|
Net cash provided by operating activities |
|
| 1,304,864 |
|
|
| 3,137,838 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
| (3,230,237 | ) |
|
| (2,325,301 | ) |
Proceeds from fixed assets insurance settlement |
|
| 61,944 |
|
|
| -- |
|
Proceeds from sale of fixed assets |
|
| -- |
|
|
| 7,000 |
|
Net cash used in investing activities |
|
| (3,168,293 | ) |
|
| (2,318,301 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from revolver loan |
|
| 7,160,000 |
|
|
| 10,885,150 |
|
Repayment of revolver loan |
|
| (5,025,000 | ) |
|
| (11,522,152 | ) |
Debt issuance costs |
|
| (50,363 | ) |
|
| (57,723 | ) |
Principal payments for leases |
|
| (17,185 | ) |
|
| (36,572 | ) |
Repayment of long-term debt |
|
| (600,095 | ) |
|
| (605,905 | ) |
Net cash provided by (used in) financing activities |
|
| 1,467,357 |
|
|
| (1,337,202 | ) |
Net decrease in cash and cash equivalents |
|
| (396,072 | ) |
|
| (517,665 | ) |
Cash and cash equivalents, beginning of period |
|
| 534,474 |
|
|
| 1,052,139 |
|
Cash and cash equivalents, end of period |
| $ | 138,402 |
|
| $ | 534,474 |
|
TECHPRECISION CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of EBITDA to Net Loss
The following table provides a reconciliation of EBITDA to net loss, the most directly comparable U.S. GAAP measure reported in our consolidated financial statements for the following periods:
| Three Months ended March 31, |
|
|
|
| |||||||||||||||||||
(dollars in thousands) |
| 2024 |
|
| 2023 |
|
| Change |
|
| 2024 |
|
| 2023 |
|
| Change |
| ||||||
Net loss |
| $ | (5,121 | ) |
| $ | (1,003 | ) |
| $ | (4,118 | ) |
| $ | (7,042 | ) |
| $ | (979 | ) |
| $ | (6,063 | ) |
Income tax expense |
|
| 2,496 |
|
|
| 187 |
|
|
| 2,309 |
|
|
| 1,932 |
|
|
| 196 |
|
|
| 1,736 |
|
Interest expense (1) |
|
| 169 |
|
|
| 95 |
|
|
| 74 |
|
|
| 521 |
|
|
| 356 |
|
|
| 165 |
|
Depreciation and amortization |
|
| 670 |
|
|
| 551 |
|
|
| 119 |
|
|
| 2,429 |
|
|
| 2,217 |
|
|
| 212 |
|
EBITDA |
| $ | (1,786 | ) |
| $ | (170 | ) |
| $ | (1,616 | ) |
| $ | (2,160 | ) |
| $ | 1,790 |
|
| $ | (3,950 | ) |
(1) Includes amortization of debt issue costs. |
|
SOURCE: TechPrecision Corporation
View the original press release on accesswire.com
FAQ
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