TechPrecision names Richard Roomberg as new CFO

WESTMINSTER, MA - TechPrecision Corporation (NASDAQ:TPCS), a manufacturer of large-scale, metal fabricated and machined precision components, has announced the appointment of Richard D. Roomberg as its new Chief Financial Officer, effective last Tuesday. The company expressed gratitude to Barbara Lilley, who will transition from her role as CFO to become Controller.

Mr. Roomberg brings a wealth of experience to TechPrecision, having served as Chief Accounting Officer and Senior Financial Executive at various corporations. He holds a Bachelor of Science degree in Accounting from Pennsylvania State University and is recognized as a financial expert by George Mason University. His background includes extensive experience in reporting complex financial transactions and completing over ten Mergers and Acquisition transactions, as well as ensuring accounting compliance.

TechPrecision, through its subsidiaries Ranor, Inc. and STADCO, serves the defense, aerospace, and precision industrial markets. The company aims to provide end-to-end service for its customers, offering customized solutions for products that require fabrication, machining, assembly, inspection, and testing.

The appointment of Mr. Roomberg is part of TechPrecision's strategic efforts to strengthen its executive team and financial leadership. The company's commitment to maintaining compliance and transparency in financial reporting is expected to benefit from Mr. Roomberg's expertise.

This executive change comes as TechPrecision continues to navigate the demands of the precision manufacturing industry. The company's focus on providing comprehensive solutions to its customers is a key aspect of its business strategy.

For more information about TechPrecision and its services, interested parties can visit the company's website. The information provided in this article is based on a press release statement from TechPrecision Corporation.

In other recent news, TechPrecision Corporation has made several significant strides. The company recently extended its credit line maturity with Berkshire Bank to January 2025, providing the company with continued access to capital under the existing credit terms for an additional four and a half months. This extension applies to the revolving line of credit loan, which had a maximum principal amount of $5 million.

Moreover, TechPrecision secured approximately $2.3 million in a private placement of securities, involving the sale of 666,100 shares of common stock and equal warrants to accredited investors. Wellington Shields & Co. LLC served as the exclusive placement agent for this transaction.

In addition to these financial developments, the company reported preliminary financial results for the fourth quarter ended March 31, 2024. Subsidiaries Ranor, Inc. and STADCO reported net sales of $4.5 million and $5 million respectively, with net incomes of approximately $247,000 and $379,000. However, TechPrecision itself did not generate revenue during the quarter, incurring about $400,000 in recurring expenses and an additional $1 million in one-time cash expenses due to the failed acquisition of Votaw Precision Technologies, Inc.

These recent developments come as TechPrecision has requested a 15-day extension to file its Form 10-K for the fiscal year ended March 31, 2024, due to ongoing difficulties integrating STADCO's financial reporting processes into TechPrecision's broader financial reporting framework. The company intends to file the complete annual report on or before the extended deadline. As these are preliminary results, they have not been reviewed or audited and are subject to change during the finalization of the annual report.

InvestingPro Insights

TechPrecision Corporation (NASDAQ:TPCS) has recently undergone a significant change in its financial leadership with the appointment of Richard D. Roomberg as the new CFO. As the company forges ahead with strategic initiatives, it's important for investors to be aware of the financial health and market position of TechPrecision.

InvestingPro data indicates that TechPrecision has a market capitalization of approximately $30.97 million, underscoring its position as a smaller player within the precision manufacturing industry. Despite facing challenges, such as weak gross profit margins of 13.04% in the last twelve months as of Q4 2024, the company has managed a quarterly revenue growth of 14.59% in Q4 2024, which may reflect positively on its operational capabilities and market demand for its specialized services.

One of the InvestingPro Tips highlights that TechPrecision has been trading at a high EBITDA valuation multiple, which suggests that investors may be expecting higher future growth or operational improvements. Additionally, the company does not pay a dividend, which may influence the investment decisions of income-focused shareholders.

Investors considering TechPrecision should note that the company has not been profitable over the last twelve months, with a negative P/E ratio of -3.91, adjusted to -6.35 for the same period. This could be a point of concern, as it indicates that the company is currently not generating profits relative to its share price.

For those looking to delve deeper into TechPrecision's financial metrics and strategic positioning, InvestingPro offers additional insights and tips. Currently, there are six more InvestingPro Tips available for TechPrecision at https://www.investing.com/pro/TPCS, which can provide investors with a more comprehensive understanding of the company's financial situation and outlook.

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