TechPrecision, an industry leading manufacturer of precision, large-scale fabricated and machined metal components and systems, with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace, and other commercial industries, is enjoying great success. The company recently announced fiscal first quarter 2013 results for the period ended June 30, 2012.
TechPrecision reported a first quarter sales increase of 18% sequentially to $7.1 million from the fourth fiscal quarter 2012. Its backlog of $27.2 million increased 21%, or $4.8 million, since March 31, 2012. Its cash balance also increased $1.6 million, or 55%, from March 31, 2012.
"Subsequent to the end of the quarter, we achieved a positive book-to-bill dynamic involving $4.3 million in additional orders bolstering our backlog and driving it to the highest level in the past five quarters," commented James S. Molinaro, CEO of TechPrecision." As we continue through fiscal 2013, we expect to significantly grow revenues and return to profitability, as we have completed the Ranor transition and are focused on profitable growth. In addition, our WCMC subsidiary is ramping volume production with its subcontractors starting in Q2 of fiscal 2013. The end result of these parallel initiatives will yield a profitable company with two growth platforms and a more diverse customer base that encompasses a wide range of industries. Already, WCMC has commenced production volume shipments of the sapphire product, which should benefit consolidated results, beginning in the second quarter."
Following this positive news, TechPrecision also announced its receipt of additional medical purchase orders in excess of $1.5 million. TechPrecision's Ranor Dibision has received multiple orders valued at over $1.5 million to produce product assemblies for Proton Beam cancer treatment equipment using "synchrocyclotron" technology that was recently cleared by the FDA (Food and Drug Administration). The majority of these new orders will ship in TechPrecision's fiscal year 2013, which ends March 31, 2013, with one of the orders expected to ship in early FY2014.
"We have collaborated closely with our customer from their conceptualization of this revolutionary technology and are gratified that it has reached the commercialization stage with a significant production trajectory," said Mr. James Molinaro, CEO of TechPrecision Corporation. "This technology significantly reduces the size and cost of Proton Beam therapy units and it can deliver the proton mass to treat the cancer/tumor without damaging surrounding good tissue or cells. This is a huge benefit to patients and cancer treatment facilities alike and is why we expect these Proton Beam units will continue to take market share from the traditional GAMMA radiation technologies."
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