TechPrecision Corporation

Greetings. Welcome to the Tech Precision Corporation Fiscal 2024 First Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, Brett Moss, Managing Partner of Hayden IR. You may begin. Thank you.

On the call today is Alex Shen, Chief Executive Officer, and Bobby Lilley, the Chief Science 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 question. 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 and the company's financial findings for the SEC. In addition, projections as to the company's future performance represents management's estimates as of today, August 21st, 2023. TechPrecision 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? Brett, thank you. Good afternoon, everyone, and thank you for joining us. Customer confidence remains high driving a strong backlog increase. Total consolidated backlog is at a strong $46.3 million as of June 30, 2023. First quarter consolidated net sales were 7.4 million, 4% higher when compared to $7.1 million in fiscal year 2023, first quarter. On a consolidated basis, we had a net loss of $527,000. Our STATCO subsidiary reported strong revenue growth with net sales of $3 million, or 26% higher than the same period one year ago. STATCO gross profit improved, reporting a loss of $588,000 versus a loss of $1.023 million from the same period one year ago, an improvement of $435,000. Raynor reported net sales of $4.5 million, or a 5% decrease from the first quarter of fiscal year 2023. This decrease was due to a less favorable mix. First quarter net sales for STATCO compared favorably with the same period a year ago. Our losses have narrowed year over year. We expect gradual improvement in gross profit and gross margin. we expect to deliver our strong backlog of $46.3 million over the course of the next one to three fiscal years with revenue growth and gross margin expansion. We will continue to focus on tactical execution and risk mitigation, driving both subsidiaries to fully comprehend successfully manage and successfully meet customer expectations, enabling continuous recapture and continuous retention of customer confidence. We can all clearly see the positive results of this focus, evidenced by the continued high customer confidence, which enabled our strong backlog growth. We remain highly focused on cash management, a critical piece of risk mitigation, and continue to manage and control expenses, capital expenditures, customer advances, progress billings, and final invoicing at shipment. I would like to turn the call over now to our CFO, Bobby Lilley, to continue with the review of our first quarter results, Bobby.