TechPrecision Announces Preliminary Fourth Quarter 2024 Financial Results and Form 12b-25 Filing to Extend Fiscal Year 2024 Annual Report Filing Deadline

WESTMINSTER, MA / ACCESSWIRE / July 1, 2024 / TechPrecision Corporation (Nasdaq: TPCS) (“TechPrecision” or the “Company,” “we,” “our”) today announced preliminary unaudited financial information for the fourth quarter of 2024 and disclosed that it has filed Form 12b-25 for a 15-day extension to timely file its Form 10K for the year ended March 31, 2024.

Preliminary unaudited financial information for the fourth quarter of fiscal 2024

Preliminary unaudited financial information for the three months ended March 31, 2024 is as follows. Ranor, Inc. had net sales of $4,529,227 with net income of $246,822. STADCO had net sales of $5,015,478 with net income of $379,446. TechPrecision had no revenue and approximately $400,000 of recurring expenses and approximately $1,000,000 of one-time cash expenses resulting from the terminated acquisition of Votaw Precision Technologies, Inc. (“Votaw”).¹

¹ The expenses do not include the one-time non-cash expense from the issuance of shares previously reported to Doerfer Corporation in connection with the termination fee payable on the Company’s common stock for the failure of the Votaw acquisition.

All financial results for the three months ended March 31, 2024, inclusive, above are preliminary, have not been reviewed or audited, are based on the Company’s estimates and were prepared prior to the completion of the Company’s financial statement closing process. The preliminary financial results should not be considered a substitute for the Company’s complete fourth quarter results, do not present all of the information necessary to understand the Company’s financial performance as of and for the three months ended March 31, 2024 and should not be considered final until the Company files its Annual Report on Form 10-K for the year ended March 31, 2024. In the course of preparing the Company’s financial statements as of and for the year ended March 31, 2024, the Company may identify items that could cause final results to differ materially from the preliminary financial information presented above. Therefore, undue reliance should not be placed on these preliminary data.

Extension of the filing of the annual report for the 2024 financial year.

The Company filed Form 12b-25 informing the Securities and Exchange Commission that it was unable to file its Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (“FY 2024 10 -K”) within the prescribed time frame as the Company had not received the necessary information from Stadco to complete the financial statement closing process in a timely manner, due to ongoing issues with the integration of Stadco’s financial reporting processes and procedures. Stadco within the broader financial reporting structure of the Company.

The Company intends to file the 10-K for Fiscal Year 2024 on or before the fifteenth calendar day following the due date of the 10-K for Fiscal Year 2024, as prescribed by Form 12b-25. Although the Company is working diligently to resolve issues related to the integration of Stadco’s financial reporting processes and procedures, there can be no assurance that these issues will not affect future financial reporting periods.

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 primarily used in the defense, aerospace and precision industrial markets. TechPrecision’s goal is to be an end-to-end service provider for its customers by providing customized solutions for finished products requiring custom manufacturing and machining, assembly, inspection and testing. To learn more about the Company, please visit the Company’s website at www.techprecision.com. Information on the Company’s website or any other website does not constitute part of this press release.

Safe Harbor Statement

This press release contains certain “forward-looking statements” relating to the business of the Company and its subsidiaries. All statements other than statements of current or historical facts contained in this press release, including statements about our preliminary financial results for the quarter ended March 31, 2024, the filing of Form 10-K for fiscal 2024 and the Company’s efforts to address issues with the integration of Stadco’s financial reporting procedures and processes and other statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions or any other statements relating to our future operations 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. These statements are based on management’s current expectations, estimates and projections about our business, 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. Consequently, actual results may differ materially from what is expressed, forecasted or implied in the forward-looking statements due to numerous risks and uncertainties. Factors that could cause these 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 our revenue mix and effectively control our operating expenses; external factors that may be beyond our control, including health emergencies, such as epidemics or pandemics, the Russia-Ukraine and Israel-Hamas conflicts, price inflation, interest rate increases and supply chain inefficiencies; the availability of suitable 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 dependence 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 on 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 complete acquisitions and successfully integrate those acquisitions into our business; our failure to maintain effective internal controls over financial reporting; general industry and market conditions and growth rates; general economic conditions; and other risks discussed in the Company’s periodic reports filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All 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 all statements we make in light of these important factors.

Company contact:
Mrs. Barbara Lilley
Financial director
Company TechPrecision
Tel.: 978-883-5102
Email: [email protected]
www.techprecision.com

Investor Relations Contact:
Hayden IR
Brett Maas
Phone: 646-536-7331
Email: [email protected]

SOURCE: TechPrecision Company

View the original press release on accesswire.com