TechPrecision Corporation

Good day, everyone, and welcome to the Tech Precision Corporation third quarter fiscal 2023 financial results. At this time, all participants have been placed on a listen-only mode, and we will open the floor for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Brett 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 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 is contained in the Private Securities Allegation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to more detailed discussions of risks and uncertainties in the company's financial filings with the SEC. In addition, projections as to the company's future performance represents management's estimates as to today, February 14th, 2023. 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, the floor is yours.

Thank you, Brett. Good afternoon to everyone, and thank you for joining us. The third quarter of fiscal year 2023 was another strong quarter for our Raynor subsidiary. Raynor operating results improved across the board when compared to the third quarter of fiscal year 2022, with higher revenue and improved gross margins. Raynor's gross profit was $1.7 million in the third quarter of fiscal year 2023. compared to $0.2 million in the same period a year ago. The STATCO subsidiary is a turnaround. Revenue was down 3% from the third quarter of fiscal year 2022. We noted improving throughput and improving gross margins over the first nine months of fiscal year 2023. Tech precision remains highly focused on cash management through control of expenses and capital expenditures, customer advances, progress billings, and final invoicing at shipment. Business prospects remain strong. Our backlog was $43.9 million at December 31, 2022, an increase of $17.5 million since September 30, 2021, the first quarter that included STATCO backlog. Now I would like to turn the call over to our CFO, Tom Sammons, to continue with the review of our fiscal year 2023 third quarter and nine-month results. Tom?