TechPrecision Corporation

Good afternoon, ladies and gentlemen, and welcome to the Tech Precision Corporate Fiscal 2021 Fourth Quarter and Year-End Financial Results. At this time, all participants are on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Brett Moss of Hayden IR. Sir, the floor is yours.

Thank you. On the call today is Alex Shen, Chief Executive Officer, and Tom Sammons, Chief Financial Officer. Before we begin, I'd like to remind our listeners that management's remarks may contain forward-looking statements which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements is contained in the Private Securities and Litigation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of risks and uncertainties in the company's financial filings with the SEC. In addition, projections as to the company's future performance represents management estimates as to today, June 10th, 2021. Tech Precision assumes no obligation to revise or update these forward-looking statements. With that out of the way, I'd like to turn the call over to Alex Chen, Chief Executive Officer, to provide opening remarks. Alex?

Brett, thank you. Good day to everyone, and thank you for joining us. Our fourth quarter was highlighted by an increase in operating income of 79% to $298,000 when compared to the same quarter a year ago. Our operating margin improved to 7.4% for the fourth quarter and net income was $214,000 or 5.3% as a percentage of sales. For the full year, we realized improved manufacturing throughput on the remaining components from 2020 that negatively impacted our prior year results with learning curve-related costs. This resulted in an improvement in gross margin to 22.2% for fiscal year 2021. Net income was $321,000 for fiscal year 2021 compared to a net loss of $342,000 in fiscal 2020. We expect to carry these improvements into fiscal 2022. After a strong third quarter of bookings, we booked an additional $4.2 million of orders in the fourth quarter as our sales order backlog increased to $18.6 million as of March 31, 2021, up from $16.8 million at the end of fiscal year 2020. Now I would like to turn the call over to our CFO, Tom Sammons, for a brief review of our fiscal 2021 fourth quarter and 2021 full year results. Tom?