Key Developments: TechPrecision Corp (TPCS.OB)
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24 May 2013
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Latest Key Developments (Source: Significant Developments)
James Molinaro Resigns As Chief Executive Officer Of Techprecision Corp
Techprecision Corp announced that James Molinaro, the Company's Chief Executive Officer, informed the Company's Board of Directors that he has decided to resign from all positions he holds with the Company, including the positions of Chief Executive Officer and Director, to pursue other opportunities. Such resignation shall be effective as of the close of business on May 13, 2013. The Company's board of directors has given Leonard Anthony, the current Chairman of the Board of Directors, the responsibilities of the Company's principal executive officer, making him the Company's Executive Chairman while the Company undertakes a search to find a permanent Chief Executive Officer. The Company is also discussing with Mr. Molinaro ways in which he and the Company can work together during this transition. Full Article
Techprecision Corp Receives Purchase Order From New Defense Customer
Techprecision Corp announced that it has received a purchase order valued at $400,000 from a new defense customer. This order is for the engineering, fabrication and machining of multiple, first-article, precision assemblies for use on Navy surface ships. Full Article
Techprecision Corp Receives Nuclear Order For $860,000
Techprecision Corp announced that it has received an order, valued at approximately $860,000, to produce nuclear components for a customer in South Korea. TechPrecision's Ranor division is one of the few N-Stamp precision manufacturing companies certified to machine, fabricate and test large scale nuclear assemblies. The order is scheduled to be delivered to the customer in South Korea in Q3 FY2014 (December of 2013). Full Article
Techprecision Corp Signs Five-Year, $115 Million Agreement For Proton Beam Radiotherapy Systems
Techprecision Corp announced that it has signed a five-year agreement valued at more than $115 million to exclusively produce complete product assemblies for Proton Beam cancer treatment equipment in the U.S. and Asia. Full Article
Techprecision Corp Issues Q3 2013 Guidance
Techprecision Corp announced that for the third quarter of 2013, it expects revenues and operating income to be better than second quarter of 2013, continuing sequential quarterly improvement. Full Article
Techprecision Corp Receives Additional Medical Purchase Orders Exceeding $1.5 Million
Techprecision Corp announced that its Ranor Division 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. Full Article
Techprecision Corp Comments On Q3, Q4 2013 Guidance-Conference Call
Techprecision Corp announced that for the third quarter and fourth quarter of 2013, it expects to look forward to continuing quarter-on-quarter improvements in revenue and bottom-line results. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $13.25 million and EPS of $0.04 for the third quarter of 2013; revenue of $12.16 million and EPS of $0.03 for the fourth quarter of 2013. Full Article
Techprecision Corp Receives $1.5 Million Order To Produce Nuclear Isotope Transport Casks
Techprecision Corp announced that it has received an order, valued at approximately $1.5 million, to produce nuclear isotope transport casks for Alpha Omega Services. These units were recently approved by the NRC (Nuclear Regulatory Commission), will be delivered during TechPrecision's fourth fiscal quarter of 2013, the quarter ending March 31, 2013. TechPrecision's Ranor division passed the NRC manufacturing process and quality audit for the cask production in March of 2012. Full Article
Techprecision Corp Receives $2.3 Million New Orders
Techprecision Corp announced that it has received $2.3 million in orders from sapphire customer. The new orders include $2.3 million in purchase orders against the previously announced $9.5 million ongoing purchase agreement from an existing customer to produce sapphire chambers at its Wuxi Critical Mechanical Components Co., Ltd. (WCMC) facility in China. These units are in addition to $2.1 million in the previously announced backlog as of July 13, 2012, against the same $9.5 million purchase agreement. As a result, the Company now has received $4.4 million in aggregate orders under this purchase agreement. Production chambers will be shipped in the second and third quarters of fiscal 2013. Full Article
Techprecision Corp Comments On Q1 2013 Earnings Guidance; Comments On FY 2013 Guidance
Techprecision Corp announced that it expects to report a nominal loss for the first quarter of 2013, the Company projects improvements in top and bottom line for the remainder of fiscal 2013. Full Article
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