TechPrecision Corp., through its wholly owned subsidiaries, is an industry leading manufacturer of precision, large-scale fabricated and machined metal components and systems for customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries. The company today provided an outlook for calendar 2012 based on strategic achievements, product wins, industry diversifications, facility expansions and other activities.
“Calendar 2011 has been a pivotal year for TechPrecision and we made significant progress toward our strategic objective of diversifying our operations and expanding our revenue base,” James Molinaro, TechPrecision CEO stated in the press release.
Molinaro said diversification is integral to TechPrecision’s expanded growth in China. While its Massachusetts facility’s largest customer moved its operations to China, TechPrecision will qualify new products and back-fill the customer with business through 2012-2013.
“We are in an excellent position to do that with the completion of our Massachusetts facility expansion and the qualification of our new Gantry mill. This is a competitive advantage for us as we are one of the few N-Stamp and NAVSEA certified manufacturing facilities in the U.S. which can handle the project scale and precision,” Molinaro stated.
The company highlighted several achievements over the 2011 calendar year, including but not limited to:
• Wuxi Critical Mechanical Components Co., Ltd., WCMC-China division, successfully ramped production and is expected to contribute 25 percent-35 percent of consolidated quarterly revenues in the third quarter of fiscal 2012.
• The addition of five new products and customers at WCMC-China.
• Shipment of initial mono-cast product, which is expected to result in production orders in the second quarter of fiscal 2013.
• Shipment of second generation multi-crystalline chambers from WCMC in November, with qualification and subsequent production volume orders expected in the first quarter of 2013.
• Shipment of initial sapphire products from WCMC expected in January 2012, with qualification and volume production orders expected in Q1 FY2013.
• Completed the installation of a new Gantry mill at the Ranor facility. The company expects to receive its first prime nuclear order in the first calendar quarter of 2012.
“The progress we made in 2011, adding several tier-1 customers in a variety of industries we believe can position us for accelerated revenue growth in fiscal 2013 (the period beginning April 1, 2012),” Molinaro stated. “… In aggregate, we believe we have positioned the company for accelerated growth with increased diversification, giving our business more sustainability.”
For more information visit www.techprecision.com
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