TechPrecision Corporation

Greetings, ladies and gentlemen, and welcome to the Tech Precision Corporate Fiscal 2022 Fourth Quarter Financial Results Conference Call. At this time, all participants have been placed 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 Maas. Brett, the floor is yours.

Thank you. On today's call 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 that protection of the safe harbor for forward-looking statements is contained in the Private Securities Delegation 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 findings with the SEC. In addition, projections as to the company's future performance represents management estimates as of today, July 13th, 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 to Alex Chen, Chief Executive Officer, to provide opening remarks. Alex. Thank you, Brett.

Good afternoon to everyone, and thank you for joining us. The fourth quarter of fiscal year 2022 was a strong quarter, for capturing new sales orders. I am excited to share with all of us that we successfully grew our backlog to $47.3 million at March 31, 2022, up significantly from $35.2 million at December 31, 2021. Furthermore, we have secured additional sales orders of close to $9 million after the fiscal 2022 year end. Our financials for fiscal year 2022 include seven months of business activity from our STADCO subsidiary. We identified STADCO as a prime turnaround acquisition and successfully closed the transaction on August 25, 2021. On that date, we also achieved a key milestone in successfully refinancing our bank debt for the combination of both subsidiaries, giving us flexibility to enable the turnaround and rebuild of our STADCO subsidiary and flexibility to move forward with Raynor-specific initiatives. A successful turnaround is about focus, good, sharp focus, which leads to good success. At STATCO, our sharp focus is on shepherding cash, rebuilding customer relationships and supplier relationships, establishing operational discipline, and growing the backlog. Regarding relationships, Tom and I have personally engaged with key STADCO customers as well as key STADCO supply chain partners. Many of these engagements were face-to-face. We will continue to assist STADCO to rebuild relationships with key customers, both legacy and new customers. In tandem, we will continue to rebuild relationships with key supply chain partners which has paved the way to reestablishing terms. A direct result of customer confidence and supply chain confidence is the significant growth in our backlog to $47.3 million at March 31, 2022. We expect to deliver the backlog over the course of the next two to three fiscal years. Our path forward is centered on operational discipline infused with the appropriate sense of urgency. This includes specific initiatives to right-size costs and do it right the first time, improving operational accountability and reducing unplanned overtime. Operational discipline captures and maintains customer confidence and supplier confidence in STATCO as well as Raynor. In addition of STATCO, we recognized additional revenue but also absorbed additional costs that dampened our margins and added to our selling, general, and administrative expense and interest expense. Selling, general, and administrative expense included one-time costs related to the STATCO acquisition that we expect to decrease materially in future quarters. We believe business prospects are strong, as evidenced by the increase in new sales orders. We expect to see revenue growth and improved profitability in future quarters. I would like to turn the call over now to our CFO, Tom Sammons, to continue with the review over our fiscal year 2022 results. Tom?