TechPrecision Corporation

Good afternoon, ladies and gentlemen, and welcome to the Tech Precision Corporation Fiscal 2023 Second 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, Brent Moss. 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 that 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 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's estimates as of today, November 17th, 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, Brett. Good afternoon to everyone. Thank you for joining us. The second quarter of fiscal year 2023 was another strong quarter for our Raynor subsidiary. Raynor operating results improved across the board when compared to the second quarter of fiscal year 2022 with higher revenue and improved gross margins. Raynor's gross profit was $2.0 million compared to $733,000 year over year. The STADCO subsidiary is a turnaround. With the addition of STADCO, we recognized additional revenue but also absorbed additional costs. These additional costs dampened our gross margins and added to our selling general and administrative expense and interest expense. We remain highly focused on cash management through control of expenses, control of capital expenditures, customer advances, progress billings, and final invoicing at shipment. Business prospects remain strong. Our backlog was $49.4 million at September 30, 2022. an increase of $23 million since September 30, 2021, the first quarter that included STADCO backlog. I would like to now turn the call over to our CFO, Tom Sammons, to continue with the review of our fiscal year 2023 second quarter and six-month results. Tom?