Techprecision (OTC BB:TPCS)

CENTER VALLEY, Pa., May 13, 2013 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision" or the "Company"), an industry leading global manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, reported today that James Molinaro , the Company's Chief Executive Officer, informed the Company's board of directors that he has decided to resign from all positions he holds with the Company, including the positions of Chief Executive Officer and director, to pursue other opportunities.  Such resignation shall be effective as of the close of business on May 13, 2013.

The Company's board of directors has given Leonard Anthony , the current chairman of the board of directors, the responsibilities of the Company's principal executive officer, making him the Company's Executive Chairman while the Company undertakes a search to find a permanent Chief Executive Officer.  The Company is also discussing with Mr. Molinaro ways in which he and the Company can work together during this transition.

"I want to thank the teams at TechPrecision, Ranor and WCMC for all their support as we undertook a focused transition to multiple strategic products and customers; I wish the entire team much success," said Mr. Molinaro. Leonard Anthony expressed his gratitude to Jim for his years of service and looks forward to his new role as Executive Chairman until a permanent Chief Executive Officer is hired. 

CENTER VALLEY, P.a., Feb. 26, 2013 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision" or "the Company"), an industry leading manufacturer providing engineering, precision large-scale machined, fabricated metal and electrical components or complete tested systems with customers in the alternative energy, cleantech, medical, nuclear, defense,aerospace and other commercial industries, today announced that it has received an order, valued at approximately $860,000, to produce nuclear components for a customer in South Korea.

TechPrecision's Ranor division is one of the few N-Stamp precision manufacturing companies certified to machine, fabricate and test large scale nuclear assemblies. The order is scheduled to be delivered to the customer in South Korea in Q3 FY2014 (December of 2013).

"This order demonstrates our accelerating traction in the global nuclear industry and the success of our diversification strategy," said Mr. James Molinaro , CEO of TechPrecision Corporation. "Ranor is well recognized in the industry for understanding the extreme environments and demands placed on high-precision nuclear products as we have been fabricating critical, large-scale components that cover the complete life cycle of nuclear power for well over 50 years. Ranor is one of the  few N-Stamp certified precision manufacturing companies in North America, creating a significant competitive advantage."

CENTER VALLEY, Pa., Jan. 7, 2013 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision" or "the Company"), an industry leading manufacturer providingengineering, precision large-scale machined, fabricated metal and electrical components for complete tested systems with customers in the alternative energy, cleantech, medical, nuclear,defense, aerospace and other commercial industries, today announced that it has signed a five-year agreement valued at more than $115 million to exclusively produce complete product assemblies for Proton Beam cancer treatment equipment in the U.S. and Asia.

"This agreement reflects the culmination of years of work with our customer to develop, perfect, and certify an efficient manufacturing process to produce a revolutionary system that provides a significant reduction in the size, cost and complexity of operating a proton therapy center," said Mr. James Molinaro , CEO of TechPrecision Corporation. "This collaboration continues to be strategically beneficial to both organizations and now that the system has FDA clearance, pent-up demand indicates strong potential for this technology."

The Proton Beam technology was recently cleared by the FDA (Food and Drug Administration). This agreement covers exclusive production for units that will be used in the U.S. and Asia and supplied from the Company's Ranor and WCMC divisions. Under the terms of the agreement, the Company expects to begin shipping initial assemblies during Q1 FY2014 and continuing through Q4 FY2018. Individual purchase orders will be issued to TechPrecision for specific unit shipments within the terms of this agreement. These purchase orders will determine timing of shipments and revenue to TechPrecision, as well as minimum quantities for delivery. The Company has already successfully shipped five of these assemblies under a prior agreement.

"This agreement will benefit both our Ranor and WCMC divisions, as we will produce units to meet the market demand in the United States and Asia," continued Mr. Molinaro. "As this agreement goes forward, cancer patients are the big winners as it signals a new, more cost-effective and less-invasive procedure that is now an available option to the medical community. An additional benefit of this agreement is the further diversification of TechPrecision's revenue. Clearly, we are no longer reliant on the alternative energy sector, and medical shipments will become an increasingly important contributor to our top- and bottom-line results as this agreement transitions to purchase orders."

First Quarter 2013 Results

• Net sales were $7.1 million compared to $9.2 million in the year-ago quarter, a 28% decrease and compared sequentially to $6.1 million in the fourth quarter of fiscal 2012, an 18% increase
• TechPrecision's backlog at the end of the fiscal first quarter of 2012 was $27.2 million. Backlog as of July 31, 2012 was approximately $32.4 million, which is the highest level in the last five quarters
• Cash increased by $1.56 million or 55%, to $4.3 million from $2.8 million as of March 31, 2012. The increase in cash was due to receipt of an accelerated tax refund and higher advanced payments from customers within the quarter.
• Revenues in China were $0.42 million and were primarily limited to field service upgrades and repairs during the first quarter of 2013, as WCMC prepared to transition from solar to sapphire furnace production during the quarter. WCMC initiated volume production of the sapphire product late in the first quarter, and shipments will begin to be reflected in the Company's financial results during the second quarter
• Net loss for the quarter ended June 30, 2012 was ($0.7) million or ($0.04) per basic and diluted share as compared to net income of $0.4 million or $0.02 per share basic and $0.01 per share diluted in the year ago first quarter and compared sequentially with a net loss of ($1.3) million or ($0.07) per basic and fully diluted share in the fourth quarter of fiscal 2012

Subsequent to the end of the quarter, we achieved a positive book-to-bill dynamic involving $4.3 million in additional orders bolstering our backlog and driving it to the highest level in the past five quarters," commented James S. Molinaro, CEO of TechPrecision." As we continue through fiscal 2013, we expect to significantly grow revenues and return to profitability, as we have completed the Ranor transition and are focused on profitable growth. In addition, our WCMC subsidiary is ramping volume production with its subcontractors starting in Q2 of fiscal 2013. The end result of these parallel initiatives will yield a profitable company with two growth platforms and a more diverse customer base that encompasses a wide range of industries. Already, WCMC has commenced production volume shipments of the sapphire product, which should benefit consolidated results, beginning in the second quarter."

On July 6, 2012, TechPrecision Corporation (the “Company”), through its wholly owned subsidiary, Ranor, Inc. (“Ranor”) executed an Eleventh Amendment (the “Amendment”) to the Loan and Security Agreement, dated February 24, 2006, between Sovereign Bank (the “Bank”) and Ranor (as so amended, the “Loan Agreement”).

Under the Amendment, the Company’s failure to comply with financial covenants related to the fixed charge coverage ratio and the interest coverage ratio (collectively referred to herein as the “Coverage Ratio Covenants”) for the fiscal quarter ended March 31, 2012 was waived by the Bank and the Bank waived the need to comply with the Coverage Ratio Covenants for the fiscal quarters ending June 30, 2012 and September 30, 2012. The Company will now be expected to be in compliance with all financial covenants starting with the fiscal quarter ending December 31, 2012. The requirements and testing periods of the Coverage Ratio Covenants will be modified upon resumption of the Company’s need to comply with such covenants at December 31, 2012.

Center Valley, PA – June 29, 2012 – TechPrecision Corporation (OTC Bulletin Board: TPCS) (“TechPrecision” or “the Company”), an industry leading manufacturer of precision, large-scale fabricated and machined metal components and systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced that it has agreed to terms effectively amending debt covenants for the period March 31, 2012 through June 30, 2013 and also extending its $2 million credit line through January 31, 2013. The latter was due to expire on July 31, 2012. Management believes the new terms are improved and favorable to the Company, when compared to previous terms. The Company expects to execute the amendment in the next few days and following such execution, the terms of the amendment will be described in a report filed with the Securities and Exchange Commission, within the time frame allowed for such a report.

On June 19, 2012, Techprecision Corporation (the “Company”) hosted a meeting with investors regarding its business.

Third Quarter 2011 Results

• For the three months ended December 31, 2011, sales increased 12%, or $1.2 million to $10.9 from $9.7 million in the year-ago period and increased $3.8 million or 52% sequentially from $7.1 million in the second quarter of fiscal 2012
• Net loss was $1.1 million, or ($0.07) per share basic and fully diluted compared to net income of $829,126, or $0.06 per share basic and $0.04 per share diluted for the quarter ended December 31, 2010.

"We continue to make progress in our efforts to expand TechPrecision's operations, and this progress is demonstrated by the favorable financial contribution from our WCMC facility," said Mr. James Molinaro, CEO of TechPrecision Corporation. "WCMC exceeded our expectations by qualifying five product lines for four customers, while also contributing 29% of the consolidated third quarter revenue and delivering positive net margin.  We are disappointed with the revenue and profitability contribution from our Ranor subsidiary. However, as we have stated before, Ranor is re-purposing its capacity after its largest customer moved production to Asia. This impacted over 50% of Ranor's historical revenue base and resulted in Ranor now having to develop new products which to date, have suffered from first article and prototype development costs and associated lower gross margins.  In addition, a decision was made to prioritize an important project that was critical to one of our key customers. While there were short-term adverse impacts to our bottom-line, we believe the long-term benefit of supporting this customer is key to Ranor's future."

Business Outlook

"We expect to grow revenues on a sequential basis during the fourth quarter and return to profitability on a consolidated basis," concluded Mr. Molinaro. "I would reiterate that, as occurred in the third quarter, the shift of a large single-order could impact our actual results. As we continue to increase revenues, a single-order event will be less impactful to a quarter and our financial results."

"I am excited to have added Bob Francis, a proven executive with multi-site operational experience, as Ranor's new president and general manager, and I am confident Bob will quickly implement improvements to Ranor's business model," added Mr. Molinaro. "Bob is focused on increasing Ranor's manufacturing efficiency, enabling us to fully utilize our capacity and unique capabilities so we can deliver growth and profitability. Coupled with WCMC, which is now qualified to manufacture five different product lines, we are positioned to quickly return to profitability and growth in Q4."

TechPrecision's backlog at the end of the third quarter of fiscal 2012 totaled $19.3 million compared with a backlog of $29.9 million at September 30, 2011 and $27.2 million at December 31, 2010.  On January 14, 2012, the Company received an additional purchase order for $4.8 million to produce poly silicon chambers in the U.S..  On February 11, 2012 the Company entered into a purchase agreement with a key alternative energy customer that contemplates $9.5 million in purchase orders to produce sapphire LED furnaces, in China, beginning in March 1, 2012 and continuing through February 28, 2013.

CENTER VALLEY, Pa., Jan. 12, 2012 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), an industry leading manufacturer of precision, large-scale fabricated and machined metal components and systems with customers in the alternative energy, cleantech, medicall, nuclear, defense, aerospace and other commercial industries, today announced that its Ranor subsidiary has received initial orders for first articles of Poly Silicon chambers from an existing customer for $4.8 million, supporting an advanced PolySi technology for the solar market. The initial order is for prototype chambers to be shipped by September 2012 to qualify production. Based upon successful qualification, additional production orders are expected to be received and shipments expected in calendar 2012 and 2013.

"We are very pleased to receive this order, which provides an opportunity to expand with this Tier-1 customer in the PolySi market," said Mr. James Molinaro, CEO of TechPrecision Corporation. "This win further diversifies our presence in the solar industry, and reinforces our expertise with emerging solar technologies. This also utilizes capacity at our Ranor division, demonstrating our ability to backfill Ranor's backlog with additional leading-edge technology."

“The progress we made in 2011, adding several tier-1 customers in a variety of industries we believe can position us for accelerated revenue growth in fiscal 2013 (the period beginning April 1, 2012),” continued Mr. Molinaro. “Work for solar customers has the potential to deliver $15-20 million in revenue in our next fiscal year while sapphire production, which is incremental to our current business, has the potential to generate and addition $12 to $18 million in revenue. In addition, we have the opportunity for $12 to $15 million in defense and aerospace business, $8 to $12 million in revenue for nuclear projects, $4 to $8 million from commercial/industrial business and $5 to $6 million in medical-related revenue. These ranges are based on estimates from customers and are subject to change, both in terms of size and timing, as we complete the prototyping and qualification process, with the expectation of volume orders during fiscal 2013. In aggregate, we believe we have positioned the Company for accelerated growth with increased diversification, giving our business more sustainability.”

CENTER VALLEY, Pa., Nov. 14, 2011 /PRNewswire/

To our Shareholders:

As most of you know, the solar and sapphire industries have been in a state of flux in recent weeks, as some of the larger manufacturers have adjusted their outlook. The assumption was that this has negatively impacted TechPrecision's business, and I have received several questions to that effect from concerned shareholders.

As I explained to those shareholders, it is my belief that TechPrecision's opportunities, both medium and long-term, have never been better, especially for our China operations for the solar and sapphire markets.

I remain optimistic that the efforts we undertook in the last eight months will position TechPrecision to capture a larger share of the market, and that, even as the markets contract, we will experience an increase in alternative energy volumes. This is due in part to the speed with which we brought our Wuxi Critical Mechanical Components Co., Ltd., or WCMC, subsidiary online. Our customers have stated that they intend to move manufacturing closer to their end customers, and that their subcontractors will need to provide services in Asia as well. As prices paid for end products in the solar and sapphire markets continue to drop worldwide, producers must identify and source lower cost production alternatives, and WCMC is uniquely positioned to serve this need as one of the few entities that can provide both superior quality and competitive pricing. More than 90% of poly silicon solar panels and many new nuclear reactors are scheduled to be built in China. This presents a significant opportunity for us, and production at the WCMC facility is progressing according to plan as we finalize our production supply chain in China.

Currently, we are producing multi-crystalline, mono-crystalline and sapphire chambers at our WCMC facility. New and current customers have provided us forecasts for both solar and sapphire production in the coming quarters. We have already added four customers at WCMC, and multiple other customers have indicated an interest in expanding business with TechPrecision and our WCMC division in Asia for the nuclear and medical markets.

The transition of solar manufacturing from TechPrecision's Ranor facility in Massachusetts to WCMC in China has given us the chance to add non-solar business to our domestic operations. We are working very hard to backfill the business at Ranor, initially with defense-related and commercial industrial work, and longer-term with large-scale nuclear-related projects. Essentially, 60% of Ranor's revenues have shifted to China, and a key goal for management is to replace this revenue as quickly as possible with predictable and profitable business. This will take some time, but we are excited about the possible opportunities.

The recent tragedies in Japan have bolstered demand for advanced-passive reactors. Over the next 10 years, 16 plants are scheduled to be built in China, six in the United States and five in Europe (including three in the United Kingdom). Because Ranor is one of the few facilities left in the United States that can produce the required components for these plants, this pipeline of new nuclear projects creates a significant opportunity for us. This established pipeline of new nuclear projects creates a significant opportunity for us, including $6-10 million in potential revenue to TechPrecision for each reactor prime component.

TechPrecision should not be viewed as a company reliant on one large customer as we have taken significant steps to diversify our business in three important ways:

• We have diversified our exposure to the solar industry, adding new customers and broadening our participation into areas like mono-crystalline, HEM sapphire and MOCVD (metal oxide chemical vapor deposition);
• We have diversified our solar operations geographically, shifting production to China to strategically position us closer to our customers and their end-users; and
• We have diversified our overall operations beyond solar, increasing our participation in less-cyclical industries like defense, aerospace, industrial gas and nuclear primary components.

We believe TechPrecision has positioned itself to grow by solidifying our reputation for quality in a variety of expanding industries and verticals. I remain optimistic about our intermediate and long-term business opportunities, and the improving diversification of our business.

I look forward to elaborating on these opportunities during our next quarterly conference call.

Sincerely,

James Molinaro, CEO

First Quarter 2012 Highlights

• Net sales were up 49% to $9.2 million compared to $6.2 million in the year-ago quarter and were up 14% sequentially compared to $8.1 million in the fourth fiscal quarter of 2011.
• TechPrecision's backlog at the end of the fiscal first quarter of 2012 was $26.3 million, including $4.3 million in backlog contributed from its China subsidiary, compared with a $25.2 million backlog at June 30, 2010; during July 2011, the Company received an additional $5.2 million in orders from existing customers.
• Gross profit was $2.4 million, or 26.4% gross profit margin compared to gross profit of $2.3 million or 37.6% gross profit margin in the year-ago quarter and compared sequentially to gross profit of $2.2 million or 26.7% gross profit margin for the quarter ended March 31, 2011.
• Operating expenses increased by 70% to $1.7 million compared with $1.0 million in the prior year quarter, reflecting increased staffing levels in the U.S. and China, and operating costs associated with the Company's China expansion, including increased travel costs.
• The Company incurred higher operating costs during the first quarter of 2012 to establish and support operations at its WCMC subsidiary in China. However, WCMC did not contribute additional revenue during the quarter ended June 30, 2011.
• Operating income was $0.7 million for the first quarter compared to operating income of $1.3 million in the prior year quarter.
• Net income in the first quarter was $0.4 million or $0.02 per basic and $0.01 per fully diluted share compared to net income of $0.8 million or $0.06 per share basic and $0.04 per share fully diluted share in the prior year quarter.

"We are currently ramping production capacity to achieve targeted volumes for our solar and sapphire customers from our WCMC subsidiary in China," added Mr. Molinaro. "Late in our prior fiscal year and during our fiscal first quarter of 2012, we invested significantly to prepare our WCMC subsidiary for expected growth. As a result, from an operating expense perspective, we incurred operating costs for WCMC in the fiscal first quarter of 2012 with little revenue contribution. We expect this investment to yield meaningful near-term returns as we ramp to targeted production volumes at WCMC and expect this subsidiary will provide the foundation from which we will support our customers' growth needs in Asia. This has been a transition quarter as we shift from our historic single site configuration to a two-site international platform. With that shift, we are incurring most of the expenses associated with added capacity and capability one quarter ahead of the revenue benefits WCMC will generate. We expect to achieve significant top and bottom line benefit from this ramp up beginning in the fiscal second quarter of 2012."

CENTER VALLEY, Pa., Aug. 2, 2011 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), an industry leading manufacturer of precision, large-scale fabricated and machined metal components and systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced that it has received orders for more than $4 million in new contracts from existing defense industry customers. These orders will ship during the next 12 months.

"We continue to benefit from a more strategic approach, partnering with new and existing customers to support their roadmaps and requirements, and these orders reflect our continuing success," commented James Molinaro, CEO of TechPrecision Corporation. "In addition, we recently qualified our manufacturing facility in Massachusetts to perform a broader spectrum of work for key defense customers. These qualifications serve to expand and diversify our opportunities for new and follow-on business in the defense sector. Our focus, corporate-wide, is on diversifying and growing our revenues, and these orders further prove that we are achieving those goals."

Mr. Molinaro continued, "We also look forward to bringing our new gantry mill on-line later this year, which will enable us to provide solutions for the defense sector on an even larger scale than our current tool set."

CENTER VALLEY, Pa., July 7, 2011 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), an industry leading global manufacturer of precision large-scale, fabricated and machined metal components and systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced that it has received an order for Advanced Generation III (passive safety) components from the nuclear division of a current customer valued at approximately $1.2 million. This order is expected to ship over the next nine months.

"As a direct result of our focused business development activity with key customers in new nuclear builds of advanced passive reactor components, this order reflects our continued successful expansion of opportunities in this key vertical," commentedJames Molinaro, CEO of TechPrecision Corporation. "Demand for the next generation of nuclear components is growing, and by expanding our sales pipeline and building on our ASME N-stamp quality performance with key customers, we are seeing a direct benefit – one we expect to position us well for expanded opportunities during the coming nuclear renaissance.

Fourth Quarter and Full Year 2011 Highlights

• For the year, net revenue increased 14% to $32.3 million, compared to $28.3 million last year
• TechPrecision's backlog at the end of the year was $32.5 million, including $4.5 million in backlog contributed from itsChina subsidiary compared with a $21.5 million backlog at March 31, 2010
• Full-year gross profit of $9.9 million, or 30.7% gross profit margin, compared to gross profit of $6.1 million, or 21.5% gross profit margin, for fiscal 2010
• Full-year operating income was $4.7 million compared to $2.8 million in the prior year
• Net income for the fiscal year was $2.7 million, or $0.19 per basic and $0.12 per fully diluted share, compared to net income of $2.0 million, or $0.15 per basic and $0.10 per fully diluted share, in the prior year
• Fourth quarter net revenue increased 73.6% to $8.1 million compared to $4.7 million in the year-ago quarter
• Gross profit in the fourth quarter was $2.2 million, or 26.7% gross profit margin compared to gross profit of $1.9 million or 40.3% gross profit margin in the year-ago quarter and compared sequentially to gross profit of $2.9 million or 29.5% gross profit margin for the quarter ended December 31, 2010
• Operating expenses increased by $0.8 million over the year ago quarter, including higher non-cash share based compensation, and incentive compensation and increased costs associated with the scale up of TechPrecision's Chinaoperations
• Operating income in the fourth quarter was $0.4 million compared to $0.95 million in the prior year
• Net income in the fourth quarter was $0.18 million, or $0.01 basic and $0.01 per diluted share, compared to net income of$0.64 million, or $0.05 basic and $0.03 per diluted share, in the prior year

"We are pleased with the overall results of Q4 and look forward to our investments in China providing top line and bottom line contribution in the coming quarters," added Mr. Molinaro. "During the fourth quarter, we accelerated investments to scale our operations and capabilities in China. We shipped units from our WCMC facility on March 30, 2011 that qualified WCMC to deliver higher volumes of production in fiscal 2012.  These initial units incurred substantial expediting fees on materials and the initial investment in process improvements required to meet rigorous customer acceptance testing.  The additional costs incurred to expedite materials and establish manufacturing processes served to lower our fourth quarter gross margin, by approximately 150 basis points, when compared to the quarter ended December 31, 2010.  We expect this investment to yield meaningful returns as we ramp to targeted production volumes at WCMC during the first half of fiscal 2012.  These investments to qualify our WCMC operations for production provide the foundation from which we will support our customers' growth needs in Asia."

 

CENTER VALLEY, Pa., April 12, 2011 /PRNewswire/ -- TechPrecision Corporation today announced that it has received an order with a value of approximately $1.5 million from an existing customer for advanced vacuum chambers used in the renewable energy market. These components will be manufactured by TechPrecision's U.S. based subsidiary, Ranor, Inc., and its China-based subsidiary, Wuxi Critical Mechanical Components Co., Ltd. The order is expected to ship by the end of second quarter of calendar 2011.

"One of the many consequences of the unfortunate and devastating events in Japan has been an increased global interest in the renewable energy industry," commented James Molinaro, CEO of TechPrecision Corporation. "The combined capabilities of our Wuxi Critical Mechanical Components Co., Ltd., and Ranor operations position us well to respond to the increasing short- and long-term production requirements of our customers. Recent analyst reports and global energy policy make it clear that the trend of increased renewable energy use will continue."

Third Quarter and Year-to-date Fiscal 2011 Highlights

• Revenue for the third quarter totaled $9.7 million an increase of 84% compared to $5.3 million during the Company's third quarter of fiscal 2010.
  
• Revenue is a sequential increase of 15.4% compared to revenue of $8.4 million in the second quarter of fiscal 2011.
  
• Gross profit during the third quarter was $2.9 million, or 29.5% compared to $1.0 million, or 19.3% gross profit in the third quarter last year.
  
• Operating income during the third quarter was $1.6 million vs. $24,383 in the prior year.

• Net income for the third quarter was $829,126 or $0.06 per share compared to $204,697 or $0.01 per share for the third quarter last year.
  
• TechPrecision's backlog at the end of the quarter was $27.2 million, reflecting a book to bill ratio of 1.1 to 1 during the third quarter of fiscal 2011.
  
• During December, the Company purchased Ranor, Inc.'s manufacturing facility in Westminster, MA that was formerly leased from WM Realty and completed a tax-exempt financing with the Massachusetts Development Authority to finance the real estate purchase and a planned expansion of the Westminster, MA manufacturing site.

"We are very pleased with our third quarter results and especially the year-on-year improvement in revenue, backlog, cash generation and overall profitability," said Mr. James Molinaro, CEO of TechPrecision Corporation. "The 84% year-over-year revenue increase and the continued growth in our backlog demonstrate the progress we have made. Keys to continuing these positive trends are to achieve our goal of adding four new strategic Tier-1 customers and beginning solar equipment shipments from our China operations. In addition, we improved our capital structure and reduced operating expenses with the purchase of Ranor's manufacturing location in Westminster, Massachusetts and the receipt of $6.2 million in tax exempt bond financing through the Massachusetts Development Finance Authority to purchase the property and complete an 18,000 sq. ft. facility expansion in calendar year 2011."

"During and subsequent to the end of the quarter, our new subsidiary, Wuxi Critical Mechanical Components Co., Ltd., secured all necessary business licenses and shipped its first solar equipment," Mr. Molinaro continued. "This new subsidiary, which was formed, permitted and launched in record time, provides us with the ability to meet increasing demand for solar components in Asia, and China in particular. As a result, we now have a second growth platform for TechPrecision. This is the culmination of our strategy to perform sophisticated prototyping and initial manufacturing in the U.S., but to also provide manufacturing in lower-cost regions when our customers require it.

Business Outlook

"We continue to target year-over-year increases in our quarterly revenue, and we believe we can sustain profitability as we scale," Mr. Molinaro added. "We have made great progress in solidifying and expanding our relationship with our largest customer, and our new subsidiary will help us further penetrate the solar energy vertical. In addition, this operation prepares us to actively participate in the LED market, a rapidly growing opportunity with a large addressable market. We also maintain a goal of an approximate one-to-one book to bill ratio, creating additional longer-term revenue momentum to help us fully utilize our manufacturing capacity and ultimately creating value for shareholders."

GeoTeam® Note: We are looking into the potential dilution from outstanding convertible preferred stock. We have been tracking this stock since $1.14 and may take a position in TPCS once we receive clarification on the details of the preferred stock. Stay tuned.

WESTMINSTER, Mass., Feb. 2, 2011 /PRNewswire/ -- TechPrecision Corporation today announced that on February 1, 2011, after completing inspection, the Company's new Wuxi Critical Mechanical Components Co., Ltd. subsidiary shipped its first solar equipment.

Wuxi Critical Mechanical Components (WCMC) is meeting the immediate demand for local manufacture and machining of components for a large customer in the Solar Energy industry and growing demand from current and potential customers in the region. TechPrecision formed WCMC in October 2010 as a wholly foreign owned enterprise (WFOE) in consultation with a current TechPrecision customer based on the significant growth in demand for Solar Energy components in Asia and especiallyChina. Currently, 90% of the world's poly and mono silicon panels are scheduled to be built in China and similar demand for local manufacture of nuclear plants exists in China. WCMC enables TechPrecision to position its supply chain management closer to its customers, reducing trans-ocean shipment costs and accelerating lead times.

							Three months ended	Six months ended
		September 30,								September 30,
		2010				2009				2010				2009
Net sales		$	8,381,319			$	15,117,114			$	14,534,821			$	18,436,025
Cost of sales			5,795,971				12,471,343				9,633,682				15,225,452
Gross profit			2,585,348				2,645,771				4,901,139				3,210,573
Operating expenses:
Salaries and related expenses			506,582				331,302				906,593				724,669
Professional fees			167,094				110,411				344,744				186,623
Selling, general and administrative			447,735				226,573				888,018				524,994
Total operating expenses			1,121,411				668,286				2,139,355				1,436,286
Income from operations			1,463,937				1,977,485				2,761,784				1,774,287
Other income (expenses):
Other income			2,875				--				62,875				--
Interest expense			(110,450	)			(107,390	)			(218,016	)			(211,552	)
Interest income			3,869				5,184				6,602				8,370
Finance costs			(2,589	)			(4,257	)			(5,179	)			(8,513	)
Total other income (expense)			(106,295	)			(106,463	)			(153,718	)			(211,695	)
Income before income taxes			1,357,642				1,871,022				2,608,066				1,562,592
Provision for income taxes			502,014				550,388				933,116				366,703
Net income		$	855,628			$	1,320,634			$	1,674,950			$	1,195,889
Net income per share of common stock (basic)		$	0.06			$	0.09			$	0.12			$	0.09
Net income per share (fully diluted)		$	0.04			$	0.06			$	0.08			$	0.06
Weighted average number of shares outstanding (basic)			14,231,417				13,916,462				14,231,133				13,912,012
Weighted average number of shares outstanding (fully diluted)			20,568,037				21,300,150				20,757,412				19,930,238

"We have expanded our relationship with a large customer in the solar energy sector and established a relationship with a new tier 1 clean tech customer, and this progress is reflected in our improving financial results," said Mr. James Molinaro, CEO of TechPrecision Corporation. "Excluding the non-recurring inventory transfer, we increased revenue by more than 35% and maintained our backlog at approximately $25 million for the second consecutive quarter. We also signed an agreement with Powerline Inc., adding sales personnel to market our services in Eastern Pennsylvania, Delaware, Maryland, Eastern New York and New Jersey. We believe this initiative, coupled with our existing relationships with customers in expanding market verticals, will help us to more effectively utilize Ranor's capacity and leverage its high-precision fabrication and machining expertise."

"To meet increasing demand for solar components in Asia, and China in particular, and to create a second growth platform for TechPrecision, we launched a wholly owned subsidiary in Wuxi, China," Mr. Molinaro continued. "We are meeting the needs of our solar energy customer to source, fabricate and machine components in Asia, and this initiative resulted in a $2.9 million purchase order shortly after we launched the subsidiary. By adding this China-based capability to the TechPrecision organization, we will exploit synergies both in the U.S. and China to grow our revenue. This is the culmination of our strategy to perform the sophisticated prototyping and initial manufacturing in the U.S., but to also provide manufacturing in lower-cost regions when our customers require it."

Business Outlook

"We expect to continue to generate year-over-year increases in our quarterly revenue, excluding last year's one-time inventory transfer which impacted this quarter, and improve the overall fundamentals of our business," said Jim Molinaro, CEO of TechPrecision. "In the near-term, we are focused on scaling up our new venture in China, and assisting the sales representatives from Powerline in building out additional business. These two initiatives should help us to maintain an approximate one-to-one book to bill ratio, creating additional longer-term revenue momentum to help us fully utilize our manufacturing capacity and ultimately creating value for shareholders."

We believe that the $2.0 million revolving credit facility, which was renewed on July 30, 2010, and remained unused as of September 30, 2010; our capacity to access equipment-specific financing; our current cash balance of $9.2 million; and our cash flow from operations should be sufficient to enable us to satisfy our cash requirements at least through the end of fiscal 2011. Nevertheless, it is possible that we may require additional funds to the extent that we upgrade or expand our manufacturing facilities.

The securities purchase agreement pursuant to which we sold the Series A Convertible Preferred Stock to Barron Partners provides Barron Partners with a right of first refusal on future equity financings, which may affect our ability to raise funds from other sources if the need arises.

ChinaHybrid® Investors may want to track the TPCS ($1.04) story as the company enters China. Please note that TPCS's recent financial results have not been consistent.

Nov. 4, 2010

TechPrecision Corporation  announced that it is completing the formation of a wholly foreign owned enterprise (WFOE), Wuxi Critical Mechanical Components Co., Ltd., to meet the growing demand for local manufacture and machining of components for a large customer in the Solar Energy industry.

The formation of this WFOE was made in consultation with a current TechPrecision customer, and is based on the significant growth in demand for Solar and Nuclear Energy components in Asia, and especially China. This customer provided TechPrecision with a conditional $2.9 million in initial purchase orders for components, which will include materials transferred from Ranor to Wuxi Critical Mechanical Components Co., Ltd. to be machined in China and delivered to the customer. TechPrecision anticipates a significant increase in business with multiple customers as a result of this arrangement. The conditional order is based upon Wuxi Critical Mechanical Components Co., Ltd. producing an initial successful product by the end of the year