TechPrecision Corporation

Good day, ladies and gentlemen, and welcome to the Tech Precision Corporation Fiscal 2022 First Quarter Financial Results. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Brett Moss with 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 a safe harbor for forward-looking statements as contained in the Private Securities 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 finance and SEC. In addition, projections as to the company's future performance represents management estimates as of today, August 12, 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?

Thank you, Brett. Good day to everyone, and thank you for joining us. Our first quarter was highlighted by an increase in gross profit of 20%, to $833,000 when compared to the same quarter one year ago. Our gross margin improved to 24.4% for the first quarter of fiscal year 2022, higher than the previous quarter, higher than the prior year quarter, and higher than the average for fiscal year 2021. Net sales was $3.4 million or 4% higher than the same quarter a year ago. Our first quarter results also included a $1.3 million gain for loan forgiveness under the Small Business Administration Payroll Protection Program. Our sales order backlog was $17.6 million at the end of June 2021. We have booked an additional $2.6 million of orders during the month of July 2021. Now I would like to turn the call over to our CFO, Tom Sammons, to continue with the review of our fiscal 2022 first quarter results. Tom?