TechPrecision Corporation

Good day, ladies and gentlemen, and welcome to the Tech Precision Corporation Fiscal 2023 First Quarter Financial Results Conference Call. 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 Maas, Investor Relations for Tech Precision. Sir, the floor is yours.

Thank you. On the call today is Alex Chen, 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 and Litigation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer to a more detailed discussion of the risks and uncertainties in the company's financial bonds with SEC. In addition, projections as to the company's future performance represents management's estimates as of today, August 22nd, 2022. Tech Precision assumes no obligation to revise or update these forward-looking statements. Before I turn the call over to Alex, I've been asked to read the following by Rich McGowan, the chair of the board of Tech Precision, as follows. For the last four and a half years, Alex Shen has sat next to me at every board meeting, vociferously taking part in all aspects of the meeting with the exception of voting. Several months back, the board decided to remedy this. I'm pleased to announce that after the upcoming annual meeting, we'll be adding Alex to the fifth board member. Congratulations, Alex. 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, Brett. Good afternoon to everyone and thank you for joining us. The first quarter of fiscal 2022 was a significantly strong quarter for our Raynor segment. Raynor operating results improved across the board when compared to the first quarter of fiscal 2022 with higher revenue and improved gross margins. Raynor's operating income was $1.4 million compared to $427,000 year-over-year. The STATCO segment is a turnaround. With the addition of STATCO, we recognized additional revenue but also absorbed additional costs. These additional costs 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 acquisition that we expect will decrease materially in future quarters. We remain highly focused on cash management and shepherding of cash through control of expenses, control of capital expenditures, customer advances, progress billing to our customers, and final invoicing at shipment. Business prospects remain strong, very strong. Our backlog was $45.9 million at June 30, 2022. And now I would like to turn the call over to our Chief Financial Officer, Tom Sammons, to continue with the review of our fiscal 2023 first quarter results Tom?