(SeeNews) - Jul 17, 2012 - US metal fabricated and machined precision equipment maker TechPrecision Corp (OTC:TPCS) Monday posted a net loss of USD 1.3 million (EUR 1m) for its fourth fiscal quarter through March, against a profit of USD 200,000 a year before.
The company, which serves the wind and solar, medical, nuclear, defence, industrial, and aerospace sectors, turned to an operating loss of USD 2.8 million from an operating profit of USD 400,000. Its gross margin plunged to 0.03% from 26.7%, due to contract losses on prototype and first article production in the US.
Revenues for the quarter fell by 24.8% in annual terms to USD 6.1 million.
For the full fiscal 2011/12, TechPrecision reported a net loss of USD 2.1 million, versus a USD-2.7-million profit a year ago.
Sales climbed by 3% year-on-year to USD 33.3 million. Sales to the solar power sector dropped by USD 5.7 million. During the second fiscal quarter, the company shifted a significant portion of its solar energy manufacturing operations to China.
At the end of March, TechPrecision had a backlog of USD 22.4 million.
(USD 1 = EUR 0.816)