TechPrecision Corporation

Good afternoon, ladies and gentlemen, and welcome to Tech Precision Corporation Fiscal 2022 Third Quarter Financial Results. At this time, all participants have been placed on a listen-only mode. 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 the 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 filings with the SEC. In addition, projections as to the company's future performance It represents management's estimates as of today, February 17, 2022. 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 Shen, Chief Executive Officer, to provide opening remarks. Alex?

Thank you. Good afternoon to everyone. Thank you for joining us. The third quarter of fiscal year 2022 was a strong quarter. for capturing new sales orders. We increased our backlog to $35.2 million at December 31, 2021. This is up significantly from $26.4 million at September 30, 2021. Furthermore, we have secured additional sales orders of over $11 million after the December quarter end. Our financial results for the third quarter of fiscal 2022 include one entire quarter of manufacturing activity from our newly acquired STADCO subsidiary for the very first time. With the addition of STADCO, we recognized additional revenue. We also absorbed additional costs that dampened our margins and added to our selling general administrative and interest expense. Fiscal year 2022 third quarter financial performance was significantly impacted by an unfavorable project mix, which contributed to both lower revenue and lower margins, and by higher unabsorbed labor and overhead. In general, Our third quarter is always challenging, given the reduced production hours due to the Thanksgiving holidays and the Christmas holidays. Concluding my opening statements, we believe business prospects are strong. These strong business prospects are evidenced by the significant increase in new sales orders. We expect to see revenue growth and improved profitability in future quarters. I'd like to turn the call over to our CFO, Tom Sammons, to continue with the review of our fiscal 2022 third quarter results. Tom?