TechPrecision Corp. reported net income of $700,000, or $0.03 per diluted share, in fiscal year 2010, which ended on 3/31/2010. The company earned net income of $900,000, or $0.04 per diluted share, in fiscal 2009.
TechPrecision Corporation reported a large decrease in revenues in fiscal 2010. The company had sales of $28.3 million in fiscal 2010, compared to $38.1 million in fiscal 2009. The management of TechPrecision Corporation attributed the large decrease in revenues to lower orders from GT Solar, the company’s largest customer, and the effects of the recession on business.
TechPrecision Corporation saw a large increase in its backlog of orders. The company reported a backlog of $21.5 million at 3/31/2010, up from $15.7 million at the end of 2009. This strength has continued in the new fiscal year, with a reported backlog of $25.7 million at the end of May 2010.
Louis Winoski, the CEO of TechPrecision Corporation, said, “We began to see the positive impact of the emergence of our core market sectors from the economic downturn, as evidenced by the increase in revenues compared to the fourth quarter last year, and the $5.8 million net expansion of our backlog during the fourth quarter ended March 31, 2010.”
The company cited orders from GT Solar, as well as new orders from several other companies. TechPrecision Corporation would not give exact guidance for fiscal 2011, but said that operating income and gross margin would be higher due to the increased order flow.
For more information on the company, go to www.techprecision.com