Delaware
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000-51378
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51-0539828
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(State or Other Jurisdiction
of Incorporation or Organization)
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(Commission File Number)
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(IRS Employer Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 7.01
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Regulation FD Disclosure.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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Date: August 15, 2016
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By:
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/s/ Thomas Sammons
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Name:
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Thomas Sammons
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Title:
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Chief Financial Officer
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Company Contact:
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Investor Relations Contact:
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Mr. Thomas Sammons
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Hayden IR
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Chief Financial Officer
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Brett Maas
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TechPrecision Corporation
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Phone: 646-536-7331
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Phone: 978-883-5109
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Email: brett@haydenir.com
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Email: sammonst@ranor.com
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Website: www.haydenir.com
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Website: www.techprecision.com
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· | Net sales were $4.6 million or a 6% increase when compared to the same quarter a year ago. |
· | Gross profit was $1.5 million compared to $1.3 million in the same quarter last year. Gross margins improved in the first quarter of fiscal 2017 due to a higher margin product mix. |
· | Net income of $445,000 increased significantly compared to a net income of $206,000 in the same quarter a year ago. |
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June 30,
2016
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March 31,
2016
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||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash
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$
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2,858,278
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$
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1,332,166
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||||
Accounts receivable, less allowance for doubtful accounts of $0 at June 30, 2016 and
March 31, 2016
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1,395,905
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2,022,480
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||||||
Costs on uncompleted contracts, in excess of progress billings
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1,614,437
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2,395,642
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||||||
Inventories- raw materials
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139,915
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128,595
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||||||
Other current assets
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541,425
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530,808
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||||||
Total current assets
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6,549,960
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6,409,691
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||||||
Property, plant and equipment, net
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4,638,134
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4,814,184
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||||||
Deferred income taxes
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684,270
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684,270
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||||||
Other noncurrent assets, net
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123,900
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176,344
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||||||
Total assets
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$
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11,996,264
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$
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12,084,489
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||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$
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617,919
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$
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996,065
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||||
Accrued expenses
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1,670,250
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1,804,485
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||||||
Income taxes payable
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18,485
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9,032
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||||||
Advanced claims payment
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507,835
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507,835
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||||||
Billings on uncompleted contracts, in excess of related costs
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1,221,050
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1,629,018
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||||||
Current portion of long-term debt
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577,336
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953,106
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||||||
Total current liabilities
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4,612,875
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5,899,541
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||||||
Long-term debt, net
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4,482,724
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3,735,410
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||||||
Deferred income taxes
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684,270
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684,270
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||||||
Noncurrent accrued expenses
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32,258
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37,097
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||||||
Stockholders' Equity:
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||||||||
Common stock - par value $.0001 per share, 90,000,000 shares authorized,
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||||||||
27,324,593 shares issued and outstanding at June 30, 2016,
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||||||||
and 27,324,593 shares issued and outstanding at March 31, 2016
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2,732
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2,732
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||||||
Additional paid in capital
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7,106,354
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7,094,749
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||||||
Accumulated other comprehensive income
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20,626
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21,568
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||||||
Accumulated deficit
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(4,945,575
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)
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(5,390,878
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)
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Total stockholders' equity
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2,184,137
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1,728,171
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||||||
Total liabilities and stockholders' equity
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$
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11,996,264
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$
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12,084,489
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Three Months Ended June 30,
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|||||||
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2016
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2015
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||||||
Net sales
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$
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4,644,805
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$
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4,374,975
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||||
Cost of sales
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3,109,412
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3,092,116
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||||||
Gross profit
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1,535,393
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1,282,859
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||||||
Selling, general and administrative
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888,178
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804,207
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||||||
Income from operations
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647,215
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478,652
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||||||
Other income (expense)
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746
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(189
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)
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|||||
Interest expense
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(193,210
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)
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(272,122
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)
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||||
Interest income
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5
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10
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||||||
Total other expense, net
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(192,459
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)
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(272,301
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)
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||||
Income before income taxes
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454,756
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206,351
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||||||
Income tax expense
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9,453
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--
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||||||
Net income
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$
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445,303
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$
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206,351
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||||
Other comprehensive loss, before tax:
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||||||||
Foreign currency translation adjustments
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(942
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)
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(61
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)
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||||
Other comprehensive loss, before tax
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(942
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)
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(61
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)
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||||
Income tax expense on other comprehensive loss items
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--
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--
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||||||
Comprehensive income, net of tax
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$
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444,361
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$
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206,290
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||||
Net income per share (basic)
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$
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0.02
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$
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0.01
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||||
Net income per share (diluted)
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$
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0.02
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$
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0.01
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Weighted average number of shares outstanding (basic)
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27,324,593
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24,867,019
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||||||
Weighted average number of shares outstanding (diluted)
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27,711,919
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24,867,019
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Three Months Ended June 30,
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|||||||
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2016
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2015
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||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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||||||||
Net income
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$
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445,303
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$
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206,351
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||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation
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176,050
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197,228
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||||||
Amortization of debt issue costs
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48,918
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79,689
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||||||
Stock based compensation expense
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11,605
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13,957
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||||||
Provision for contract losses
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(35,069
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)
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20,371
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|||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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626,575
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4,724
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||||||
Costs on uncompleted contracts, in excess of progress billings
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781,205
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207,755
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||||||
Inventories – raw materials
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(11,320
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)
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(959
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)
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||||
Other current assets
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172,780
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11,078
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||||||
Other noncurrent assets
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52,444
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--
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||||||
Accounts payable
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(378,146
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)
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(386,285
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)
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||||
Accrued expenses
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(105,465
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)
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14,520
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|||||
Accrued taxes
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9,453
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--
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||||||
Advanced claims payment
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--
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507,835
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||||||
Billings on uncompleted contracts, in excess of related costs
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(407,968
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)
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(496,955
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)
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||||
Net cash provided by operating activities
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1,386,365
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379,309
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||||||
CASH FLOWS FROM INVESTING ACTIVITIES
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||||||||
Purchases of property, plant and equipment
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--
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(17,600
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)
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|||||
Net cash used in investing activities
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--
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(17,600
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)
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|||||
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||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
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||||||||
Deferred loan costs
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(144,338
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)
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--
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|||||
Borrowings of long-term debt
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2,828,885
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--
|
||||||
Repayment of long-term debt
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(2,544,685
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)
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(233,349
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)
|
||||
Net cash provided by (used in) financing activities
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139,862
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(233,349
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)
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|||||
Effect of exchange rate on cash
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(115
|
)
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75
|
|||||
Net increase in cash
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1,526,112
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128,435
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||||||
Cash, beginning of period
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$
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1,332,166
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$
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1,336,325
|
||||
Cash, end of period
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$
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2,858,278
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$
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1,464,760
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