TechPrecision Corporation Reports FY 2024 Fourth Quarter and Year End Financial Results
TechPrecision Corporation Reports FY 2024 Fourth Quarter and Year End Financial Results
"Customer confidence remains high as our backlog was $50.0 million at March 31, 2024," Mr. Shen continued. "We expect to deliver our backlog over the course of the next one to three fiscal years with gross margin expansion."Backlog increased to $50 million, Customer confidence remains high
積壓訂單增至5000萬美元，客戶信心依然高漲
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.
WESTMINSTER, MA / ACCESSWIRE / 2024年9月16日 / TechPrecision Corporation (NASDAQ:TPCS)（"TechPrecision"或"公司"），一家行業領先的精密大型金屬元件和測試系統製造商，客戶涵蓋國防和精密工業領域，今日公佈了2024年3月31日結束的第四季度和全年財務業績。
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.
由於在Q1FY25財務業績未公佈之前對發言內容有限制，我們暫不舉行新聞發佈會。我們尚未確定日期，但自FY24一萬已提交，我們正在全力以赴儘快完成Q1FY25。我們正在努力盡快提交文件。我們也期待很快就會有關於我們填補財務人員方面工作的更新，以防止出現類似問題。
"Customer confidence remains high as our backlog was $50.0 million at March 31, 2024," Mr. Shen continued. "We expect to deliver our backlog over the course of the next one to three fiscal years with gross margin expansion."
"沈先生繼續說道："客戶信心依然高漲，截至2024年3月31日，我們的積壓訂單達到5000萬美元。我們預計未來一至三個財政年度內將交付積壓訂單，並實現毛利率的擴張。
"Fourth quarter consolidated net sales were $8.6 million or 15% higher when compared to $7.5 million in the fiscal 2023 fourth quarter," stated Alexander Shen, TechPrecision's Chief Executive Officer. "The fourth quarter net sales were bolstered by better throughput with Stadco customer projects, as Stadco posted net sales of $4.6 million, or a 70% increase over the same period a year ago. Gross margin also expanded at Stadco in the fourth quarter. For the full fiscal year 2024, consolidated net sales and gross profit were $31.6 million and $4.1 million, respectively."
"第四季度綜合淨銷售額爲860萬美元，比2023財年第四季度的750萬美元增長15%，"TechPrecision首席執行官亞歷山大·沈稱。"第四季度的淨銷售額得益於斯塔德科(Stadco)客戶項目產能提升，斯塔德科第四季度的淨銷售額爲460萬美元，同比去年同期增長70%。斯塔德科的毛利率在第四季度也有所擴張。截至2024財年全年，綜合淨銷售額和毛利潤分別爲3160萬美元和410萬美元。"
"In the Fourth Quarter, due to our inability to close the Votaw Precision Manufacturing transaction, we recognized substantial one-time cash expenses totaling approximately $1.9 million. We also recognized in the quarter one-time non-cash expenses of $1.1 arising from the termination payment we made to Votaw. These sums fell directly to our bottom line for the fourth quarter and year end."
在第四季度，由於我們無法完成Votaw Precision Manufacturing交易，我們確認了大約190萬美元的一次性現金費用。同時，我們在該季度確認了一次性的110萬美元非現金費用，這是我們向Votaw支付的終止費用。這些金額直接影響了我們的第四季度和年度收益。
The following summary compares the three and twelve months ended March 31, 2024 to the same prior year period:
以下摘要將2024年3月31日結束的三個月與上一年同期進行了比較:
Consolidated Financial Results - Fiscal 2024 Three Months Ended March 31, 2024
合併財務結果-2024財年三月31日結束的三個月
· |
Net sales were $8.6 million, a or 15% higher compared to the same period in fiscal 2023, primarily on better throughput and increased revenue at Stadco. |
· |
Cost of sales were $7.4 million, or 11% higher, due primarily to higher volume at Stadco |
· |
Gross profit was $1.2 million, or 45% higher, primarily a result of improved throughput at Stadco. |
· |
SG&A totaled $3.7 million, due primarily to a $1.1 million breakup fee accrued in connection with the terminated Votaw acquisition and other related outside advisory costs. |
· |
Operating loss was $2.5 million compared to operating loss of $0.7 million in the same period a year ago. |
· |
Interest expense increased by $41,000 due to increased borrowing and higher interest rates under the revolver loan. Amortization of debt issue costs increased by $33,000. |
· |
淨銷售額爲860萬美元，比2023財年同期增加了15％，主要是由於Stadco的生產能力提高和收入增加。 |
· |
銷售成本爲740萬美元，增長11％，主要是由於Stadco的銷售量增加。 |
· |
毛利潤爲120萬美元，或比上年同期提高45%，主要是由於Stadco的吞吐量改善所致。 |
· |
銷售和一般管理費用總計爲370萬美元，主要是因爲與終止的Votaw收購交易相關的110萬美元違約金和其他相關的外部諮詢成本。 |
· |
營業虧損爲250萬美元，而去年同期的營業虧損爲70萬美元。 |
· |
利息費用增加了41,000美元，主要是由於借款增加和循環貸款利率提高。債務發行成本攤銷增加了33,000美元。 |
Consolidated Financial Results - Fiscal 2024 Twelve Months Ended March 31, 2024
2024年3月31日截止的2024財年十二個月的合併財務結果
· |
Net sales were $31.6 million, or 1% higher when compared to the same period in fiscal 2023, on a different proportionate product mix. Stadco revenue increased $2.3 million or 19% versus the same period a year ago. |
· |
Cost of sales were $27.5 million, or 4% higher, primarily due to underapplied overhead at Ranor. |
· |
Gross profit was $4.1 million, or 16% lower, primarily due to lower revenue and volume at Ranor. |
· |
SG&A increased by $2.7 million or 46% compared to the same period last year, primarily for due diligence costs of $1.9 million and a breakup fee of $1.1 million in connection with the terminated Votaw acquisition. Compensation and other office costs decreased by $0.3 million. |
· |
Operating loss was $4.6 million compared to operating loss of $1.1 million in the same period a year ago. |
· |
Interest expense increased by $119,000 due to increased borrowing and higher interest rates under the revolver loan. Amortization of debt issue costs increased by $47,000. |
· |
淨銷售額爲3160萬美元，與2023財年同期相比增長1％，因產品比例不同。 Stadco收入同比去年同期增加230萬美元，增長19％。 |
· |
銷售成本爲2750萬美元，增長4％，主要是由於Ranor的間接費用未分配。 |
· |
毛利潤爲410萬美元，降低16％，主要是由於Ranor的收入和成交量較低。 |
· |
銷售管理費用同比去年同期增加270萬美元，主要是由於終止Votaw收購交易而產生的盡職調查費用190萬美元和違約費用110萬美元。補償和其他辦公成本減少30萬美元。 |
· |
與一年前的110萬元相比，運營虧損爲460萬元。 |
· |
由於借款增加和利率期貨上升，利息支出增加了119,000美元。債務發行成本的攤銷增加了47,000美元。 |
Financial Position
財務狀況
On March 31, 2024, the Company had $0.1 million in cash and cash equivalents, a $0.4 million decrease since March 31, 2023. Working capital was negative $2.9 million at March 31, 2024 as the Company reclassified $7.6 million, or all of its long-term debt, to current liabilities because of a debt covenant violation. Working capital was positive $5.6 million and total debt was $6.1 million at March 31, 2023.
截至2024年3月31日，公司持有10萬元的現金及現金等價物，較2023年3月31日減少了40萬元。2024年3月31日，運營資本爲負290萬元，因爲公司將760萬元的長期債務全部轉爲流動負債，原因是違約債務契約。2023年3月31日，運營資本爲正560萬元，總債務爲610萬元。
About TechPrecision Corporation
關於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 . Information on the Company's website or any other website does not constitute a part of this press release.
TechPrecision Corporation是一家通過其全資子公司Ranor, Inc.和Stadco製造大規模金屬製造和加工精密元件和設備的公司。這些產品廣泛應用於國防、航空航天、核能、醫療和精密工業等多個市場。TechPrecision的目標是成爲客戶的端到端服務提供商，爲需要定製製造和加工、裝配、檢驗和測試的成品提供定製解決方案。要了解更多關於該公司的信息，請訪問公司網站。 公司網站或其他網站上的信息並不構成本新聞稿的一部分。
Safe Harbor Statement
Safe Harbor聲明
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.
本版本包含了有關公司及其子公司業務的某些「前瞻性聲明」。在本新聞稿中列出的除當前事實或歷史事實之外的所有陳述，包括表達我們意圖、計劃、目標、信念、期望、策略、預測或關於我們未來活動或其他未來事件或狀況的任何其他陳述，均屬於前瞻性聲明。"預期"、"相信"、"繼續"、"可能"、"估計"、"期望"、"打算"、"可能"、"規劃"、"預測"、"展望"、"將"、"應該"和其他類似表達，均屬於我們的前瞻性聲明的標識。這些陳述基於管理層對我們業務、行業和其他影響我們財務狀況、運營結果或業務前景的狀況所做的當前預期、估計和預測。這些陳述並非對未來業績的保證，並涉及難以預測的風險、不確定性和假設。因此，由於衆多風險和不確定性，實際結果和業績可能會與前瞻性聲明中表達、預測的結果大不相同，甚至產生反向不同。可能導致此類結果和業績出現差異的因素包括但不限於：我們依賴單獨採購訂單而不是長期合同來產生收入；我們平衡收入構成和有效控制營業費用的能力；外部因素可能超出我們的控制範圍，包括流行病或大流行病等突發健康事件、東歐和中東地區的衝突、價格通貨膨脹、利率上漲和供應鏈低效；適當融資設施的可獲性影響我們的運營、財務狀況和/或流動性；我們通過競標流程獲得合同獎項的能力；我們保持標準以使我們能夠按嚴格規格製造產品的能力；我們進入服務的新市場的能力；我們依賴少數客戶佔據我們業務的重大比例；我們爲所服務市場的競爭壓力；原材料和生產設施能源的可獲性或成本變化；由於未償債務限制而無法操作業務；政府法規和要求；定價和業務發展困難；政府在國防支出上的變化；我們進行併成功整合收購的能力；未能維持有效財務報告的內部控制；一般行業和市場狀況和增長率；以及公司定期向證券交易委員會提交併在其網站上提供的其他風險。任何前瞻性聲明僅代表其發表日期，我們不承擔義務公開更新或修訂任何前瞻性聲明，以反映本新聞稿日期後可能發生的事件或狀況，除非適用法律要求。投資者應在考慮我們所作任何陳述時權衡這些重要因素。
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 |
公司聯繫人： |
投資者關係聯繫人： |
Barbara M. Lilley |
海登IR |
致富金融(臨時代碼)官 |
Brett Maas |
TechPrecision Corporation |
電話：646-536-7331 |
電話：978-883-5102 |
電子郵件: brett@haydenir.com |
電子郵件: lilleyb@ranor.com |
-- Tables Follow -
-- 表格如下 -
TECHPRECISION CORPORATION
CONSOLIDATED BALANCE SHEETS
TECHPRECISION公司
基本報表
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 |
||||
3月31日 |
3月31日 |
|||||||
2024 |
2023 |
|||||||
資產 |
||||||||
流動資產： |
||||||||
現金及現金等價物 |
$ |
|
$ |
534,474 |
||||
2,687,823 |
2,371,264 |
2,336,481 |
||||||
合同資產 |
8,526,726 |
8,947,811 |
||||||
原材料 |
1,826,765 |
1,692,852 |
||||||
在製品 |
1,422,938 |
719,736 |
||||||
其他資產 |
563,688 |
348,983 |
||||||
總流動資產 |
14,849,783 |
14,580,337 |
||||||
物業、廠房和設備，淨值 |
14,797,991 |
13,914,024 |
||||||
租賃權資產，淨額 |
4,977,665 |
5,660,938 |
||||||
延遲所得稅 |
-- |
1,931,186 |
||||||
其他非流動資產 |
121,256 |
121,256 |
||||||
總資產 |
$ |
34,746,695 |
$ |
36,207,741 |
||||
負債和股東權益： |
||||||||
流動負債: |
||||||||
應付賬款 |
$ |
1,408,356 |
$ |
2,224,320 |
||||
應計費用 |
4,262,486 |
2,533,185 |
||||||
合同負債 |
3,787,933 |
2,333,591 |
||||||
長期租賃負債的流動部分 |
735,871 |
711,727 |
||||||
長期負債及償還計劃的流動部分，淨額 |
7,558,683 |
1,218,162 |
||||||
流動負債合計 |
17,753,329 |
9,020,985 |
||||||
長期借款，淨 |
-- |
4,749,139 |
||||||
長期租賃負債 |
4,408,103 |
5,143,974 |
||||||
其他非流動負債 |
4,782,372 |
2,699,492 |
||||||
負債合計 |
26,943,804 |
21,613,590 |
||||||
股東權益： |
||||||||
普通股-每股面值爲$.0001美元，授權股數：2024年3月31日- 50,000,000股；已發行並流通股份：2024年3月31日- 8,777,432股；2023年3月31日- 8,613,408股 |
878 |
861 |
||||||
股票認購應收款項。 |
15,200,624 |
14,949,729 |
||||||
1,102.0 |
(7,398,611) | (356,439) | ||||||
股東權益合計 |
7,802,891 |
14,594,151 |
||||||
負債和股東權益合計 |
$ |
34,746,695 |
$ |
36,207,741 |
||||
TECHPRECISION CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
TECHPRECISION公司
綜合損益表
|
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 |
||||||||||||
|
三個月之內結束
3月31日
|
12個月結束。
3月31日
|
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
淨銷售額 |
$ |
8,600,070 |
$ |
7,505,265 |
$ |
31,591,059 |
$ |
31,431,614 |
||||||||
銷售成本 |
7,371,662 |
6,657,381 |
27,472,883 |
26,527,953 |
||||||||||||
毛利潤 |
1,228,408 |
847,883 |
4,118,176 |
4,903,661 |
||||||||||||
銷售、一般及行政費用 |
3,687,393 |
1,581,986 |
8,750,376 |
6,008,881 |
||||||||||||
經營虧損 |
(2,458,985) | (734,103) | (4,632,200) | (1,105,220) | ||||||||||||
其他收入 |
2,486 |
177 |
43,363 |
40,842 |
||||||||||||
利息費用 |
(168,966) | (94,631) | (521,108) | (355,608) | ||||||||||||
可退還的員工留任稅收抵免 |
-- |
12,518 |
-- |
53,535 |
||||||||||||
其他收支總額 |
(166,480) | （81,859） | （477,745） | 321,798 |
||||||||||||
稅前虧損 |
（2,625,465） | （815,962） | (5,109,945) | (783,422) | ||||||||||||
所得稅費用 |
2,495,585 |
186,798 |
1,932,227 |
195,584 |
||||||||||||
淨虧損 |
$ |
(5,121,050) | $ |
(1,002,761) | $ |
(7,042,172) | $ |
(979,006) | ||||||||
基本每股淨虧損 |
$ |
（0.59） | $ |
(0.12) | $ |
（0.81） | $ |
(0.11) | ||||||||
每股稀釋後淨虧損 |
$ |
（0.59） | $ |
(0.12) | $ |
（0.81） | $ |
(0.11) | ||||||||
基本加權平均股本 |
8,720,603 |
8,611,742 |
8,717,160 |
8,595,992 |
||||||||||||
期末按普通股股份加權平均計算的股本 |
8,720,603 |
8,611,742 |
8,717,160 |
8,595,992 |
||||||||||||
TECHPRECISION CORPORATION
NET SALES, COST OF SALES, GROSS PROFIT BY SEGMENT
TECHPRECISION公司
各板塊的淨銷售額、銷售成本和毛利潤
|
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% | |||||||||||||||
|
三個月之內結束
酒精飲料銷售
$ 32,907
45.5％
$ 30,136
42.1％
$ 66,223
|
三個月之內結束
2023年3月31日
|
變動 |
||||||||||||||||||||||
（以千美元爲單位）
|
數量 |
百分之
淨銷售額
|
數量 |
百分之
淨銷售額
|
數量 |
百分比 |
||||||||||||||||||
淨銷售額 |
||||||||||||||||||||||||
Ranor |
$ |
4,529 |
56% | $ |
每股1份股票（根據轉換比率進行投票） |
64% | $ |
（257） | (5)% | |||||||||||||||
Stadco |
4,625 |
44% | 2,719 |
36% | 1,906 |
70% | ||||||||||||||||||
分部間的消除 |
(554) | --% | -- |
--% | (554) | nm% | ||||||||||||||||||
合併淨銷售額 |
$ |
8,600 |
100% | $ |
7,505 |
100% | $ |
1,095 |
15% | |||||||||||||||
銷售成本 |
||||||||||||||||||||||||
Ranor |
$ |
3,555 |
41% | $ |
3,356 |
$ |
199 |
6% | ||||||||||||||||
Stadco |
3,817 |
3,301 |
44% | 516 |
16% | |||||||||||||||||||
成本費用合併 |
$ |
7,372 |
86% | $ |
6,657 |
89% | $ |
715 |
11% | |||||||||||||||
毛利潤（虧損） |
||||||||||||||||||||||||
Ranor |
$ |
845 |
10% | $ |
1,430 |
19% | $ |
（585） | (18)% | |||||||||||||||
Stadco |
383 |
4% | (582) | (8)% | 965 |
166% | ||||||||||||||||||
母公司毛利潤 |
$ |
1,228 |
14% | $ |
848 |
11% | $ |
380 |
||||||||||||||||
|
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)% | |||||||||||||||
|
12個月結束。
酒精飲料銷售
$ 32,907
45.5％
$ 30,136
42.1％
$ 66,223
|
12個月結束。
2023年3月31日
|
變動 |
||||||||||||||||||||||
（以千美元爲單位）
|
數量 |
百分之
淨銷售額
|
數量 |
百分之
淨銷售額
|
數量 |
百分比 |
||||||||||||||||||
淨銷售額 |
||||||||||||||||||||||||
Ranor |
$ |
17,821 |
56% | $ |
19,182 |
61% | $ |
(1,361) | (7)% | |||||||||||||||
Stadco |
14,567 |
46% | 12,250 |
39% | 2,317 |
19% | ||||||||||||||||||
分部間的消除 |
(797) | (2)% | -- |
--% | (797) | nm% | ||||||||||||||||||
合併淨銷售額 |
$ |
31,591 |
100% | $ |
31,432 |
100% | $ |
159 |
1% | |||||||||||||||
銷售成本 |
||||||||||||||||||||||||
Ranor |
$ |
13,048 |
41% | $ |
12,205 |
39% | $ |
843 |
7% | |||||||||||||||
Stadco |
14,425 |
46% | 14,323 |
102 |
1% | |||||||||||||||||||
成本費用合併 |
$ |
27,473 |
87% | $ |
26,528 |
84% | $ |
945 |
4% | |||||||||||||||
毛利潤（虧損） |
||||||||||||||||||||||||
Ranor |
$ |
4,548 |
14% | $ |
6,977 |
22% | $ |
(2,429) | (35)% | |||||||||||||||
Stadco |
(430) | (1)% | (2,073) | (6)% | 1,643 |
79% | ||||||||||||||||||
母公司毛利潤 |
$ |
4,118 |
13% | $ |
4,904 |
16% | $ |
(786)633-2520 | （降低16%） | |||||||||||||||
nm - not meaningful
不重要
TECHPRECISION CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
TECHPRECISION公司
綜合現金流量表
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 |
||||
截至3月31日的年度 |
||||||||
2024 |
2023 |
|||||||
經營活動產生的現金流量 |
||||||||
淨虧損 |
$ |
7,042,172 | $ |
979,006 | ||||
調整使淨損失轉化爲經營活動產生的現金流量： |
||||||||
折舊和攤銷 |
2,429,377 |
2,217,472 |
||||||
債務發行成本的攤銷 |
106,840 |
59,916 |
||||||
處置設備收益 |
(39,129) | （468） | ||||||
股權補償和限制性股票獎勵 |
284,925 |
253,079 |
||||||
合同損失準備金變動 |
190,370 |
(237,318) | ||||||
延遲所得稅 |
1,931,186 |
195,584 |
||||||
股權併購終止費用 |
1,116,800 |
-- |
||||||
按股票基礎計算的歸因於附條件出售的股份支出 |
-- |
56,310 |
||||||
按附條件出售的股份公允價值變動 |
-- |
(63,436) | ||||||
經營性資產和負債變動: |
||||||||
應收賬款 |
(34,783) | 672,768 |
||||||
合同資產 |
421,085 |
(597,580) | ||||||
在製品和原材料 |
(837,115) | (177,914) | ||||||
其他資產 |
(214,705) | 1,072,476 |
||||||
應付賬款 |
(815,964) | (1,202,601) | ||||||
應計費用 |
388,116 |
(1,094,137) | ||||||
合同負債 |
1,454,342 |
568,273 |
||||||
其他非流動負債 |
1,965,691 |
2,394,420 |
||||||
經營活動產生的現金流量淨額 |
1,304,864 |
3,137,838 |
||||||
投資活動產生的現金流量 |
||||||||
購置固定資產 |
(3,230,237) | (2,325,301) | ||||||
固定資產保險理賠收入 |
61,944 |
-- |
||||||
固定資產出售收益 |
-- |
7,000 |
||||||
投資活動產生的淨現金流出 |
(3,168,293) | （2,318,301） | ||||||
籌資活動產生的現金流量 |
||||||||
可用額度貸款收入 |
7,160,000 |
10,885,150 |
||||||
可用額度貸款償還 |
（5,025,000） | （11,522,152） | ||||||
債務發行費用 |
（50,363） | （57,723） | ||||||
租賃的本金還款 |
(17,185) | (36,572) | ||||||
償還長期債務 |
（600,095） | (605,905) | ||||||
籌集資金的淨現金流量 |
1,467,357 |
(1,337,202) | ||||||
現金及現金等價物淨減少 |
(396,072) | (517,665) | ||||||
現金及現金等價物期初餘額 |
534,474 |
1,052,139 |
||||||
現金及現金等價物期末餘額 |
$ |
|
$ |
534,474 |
||||
TECHPRECISION CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of EBITDA to Net Loss
TECHPRECISION公司
補充信息
EBITDA與淨虧損的對賬
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:
下表提供了EBITDA與淨虧損的對賬，這是我們按照美國通用會計準則報告的最直接可比的財務數據。
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. |
||||||||||||||||||||||||
截至3月31日的三個月 |
|
|||||||||||||||||||||||
（以千美元爲單位）
|
2024 |
2023 |
變更 |
2024 |
2023 |
變更 |
||||||||||||||||||
淨虧損 |
$ |
（5,121） | $ |
(1,003) | $ |
(4,118) | $ |
(7,042) | $ |
（979） | $ |
(6,063) | ||||||||||||
所得稅費用 |
2,496 |
187 |
2,309 |
1,932 |
196 |
1,736 |
||||||||||||||||||
利息費用（1） |
169 |
95 |
74 |
521 |
356 |
165 |
||||||||||||||||||
折舊和攤銷 |
670 |
551 |
119 |
2,429 |
2,217 |
212 |
||||||||||||||||||
EBITDA |
$ |
(1,786) | $ |
(170) | $ |
（1,616） | $ |
(2,160) | $ |
1,790 |
$ |
(3,950) | ||||||||||||
(1) 包括債務發行成本的攤銷。 |
||||||||||||||||||||||||
SOURCE: TechPrecision Corporation
來源：TechPrecision Corporation
譯文內容由第三人軟體翻譯。
