Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017

  • Full year operating income improves 25.9% to $7.9 million
  • Full year earnings per diluted share up 10.3% to a record $0.64
  • Service segment revenue up 11.2% for the fourth quarter and 20.1% for full fiscal year

ROCHESTER, N.Y.--()--Transcat, Inc. (NASDAQ:TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its fourth quarter and fiscal year ended March 25, 2017 (“fiscal 2017”).

Our fourth quarter provided a strong finish to our fiscal year which ended with record annual revenue and net income,” commented Lee D. Rudow, President and CEO. “Our Service segment revenue increased 20% for the year and was driven by high single-digit organic growth. We closed the fiscal year with a strong new business Service pipeline and a substantial backlog of work-in-process. We expect to continue to build segment volume and drive operational leverage through our capital investments and acquisition integrations.

Our Distribution segment delivered another quarter of solid performance, further validating our strategy to diversify our Distribution offerings. We saw strong growth from our core end-user customers, primarily those in the alternative energy and U.S. industrial markets.”

 

Fourth Quarter Fiscal 2017 Review (Results compared with the fourth quarter of fiscal year ended

March 26, 2016 (“fiscal 2016”))

 
($ in thousands)       Change
FY17 Q4 FY16 Q4 $'s   %
Service Revenue $ 19,526 $ 17,555 $ 1,971 11.2 %
Distribution Sales $ 18,927   $ 15,305   $ 3,622   23.7 %
Revenue $ 38,453 $ 32,860 $ 5,593 17.0 %
Gross Profit $ 9,782 $ 8,542 $ 1,240 14.5 %
Gross Margin 25.4 % 26.0 %
 
Operating Income $ 2,565 $ 2,223 $ 342 15.4 %
Operating Margin 6.7 % 6.8 %
 
Net Income $ 1,429 $ 1,577 $ (148 ) (9.4 %)
Net Margin 3.7 % 4.8 %
 
Adjusted EBITDA* $ 4,214 $ 3,525 $ 689 19.5 %
Adjusted EBITDA* Margin 11.0 % 10.7 %
 

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9
for the Adjusted EBITDA Reconciliation table.

 

Transcat achieved record quarterly revenue of $38.5 million in the fourth quarter of fiscal 2017. Gross profit improved $1.2 million, driving a $0.3 million increase in operating income. Net income was marginally lower at $1.4 million, as a higher effective income tax rate offset increased operating income. The year-over-year change in the effective tax rate largely reflected changes in the availability of federal and state research and development tax credits.

Service segment continues to deliver

Represents the accredited calibration, repair, inspection and laboratory instrument services business (51% of total revenue for the fourth quarter of fiscal 2017).

     
($ in thousands) Change
FY17 Q4 FY16 Q4 $'s   %
 
Service Segment Revenue $ 19,526 $ 17,555 $ 1,971 11.2 %
Gross Profit $ 5,864 $ 5,321 $ 543 10.2 %
Gross Margin 30.0 % 30.3 %
 
Operating Income $ 1,993 $ 1,871 $ 122 6.5 %
Operating Margin 10.2 % 10.7 %
 
Adjusted EBITDA* $ 3,170 $ 2,968 $ 202 6.8 %
Adjusted EBITDA* Margin 16.2 % 16.9 %
 

*See Note 1 on page 4 for a description of this non-GAAP financial measure and
page 9 for the Adjusted EBITDA Reconciliation table.

 

Service revenue increased more than 11% and was driven by organic growth and incremental acquisition related revenue. Segment operating margin had a negative 70 basis point impact from an increased internal allocation of general and administrative (“G&A”) expenses.

Distribution segment sales up double digits

Represents the distribution and rental of new and used professional grade handheld test, measurement and control instrumentation (49% of total revenue for the fourth quarter of fiscal 2017).

     
($ in thousands) Change
FY17 Q4 FY16 Q4 $'s   %
Distribution Segment Sales $ 18,927 $ 15,305 $ 3,622 23.7 %
Gross Profit $ 3,918 $ 3,221 $ 697 21.6 %
Gross Margin 20.7 % 21.0 %
 
Operating Income $ 572 $ 352 $ 220 62.5 %
Operating Margin 3.0 % 2.3 %
 
Adjusted EBITDA* $ 1,044 $ 557 $ 487 87.4 %
Adjusted EBITDA* Margin 5.5 % 3.6 %
 

*See Note 1 on page 4 for a description of this non-GAAP financial measure and
page 9 for the Adjusted EBITDA Reconciliation table.

 

The increase in Distribution segment sales was the result of a combination of organic growth and the acquisition of Excalibur Engineering, Inc. on April 1, 2016. The acquisition provided additional rental revenue and added a used equipment business to Transcat. Organic growth was primarily driven by increased demand from core customers across various industries. The improved segment operating margin includes a 80 basis point benefit due to the reduction in the allocation of G&A expenses, as well as increased sales volume and cost controls, somewhat offset by higher acquired customer amortization expense.

 

Full-year Fiscal 2017 Review (Results compared with fiscal 2016)

 

($ in thousands)

      Change
FY17 FY16 $'s   %
Service Revenue $ 71,103 $ 59,202 $ 11,901 20.1 %
Distribution Sales $ 72,795   $ 62,964   $ 9,831 15.6 %
Revenue $ 143,898 $ 122,166 $ 21,732 17.8 %
Gross Profit $ 34,970 $ 29,119 $ 5,851 20.1 %
Gross Margin 24.3 % 23.8 %
 
Operating Income $ 7,934 $ 6,302 $ 1,632 25.9 %
Operating Margin 5.5 % 5.2 %
 
Net Income $ 4,522 $ 4,124 $ 398 9.7 %
Net Margin 3.1 % 3.4 %
 
Adjusted EBITDA* $ 14,520 $ 10,559 $ 3,961 37.5 %
Adjusted EBITDA* Margin 10.1 % 8.6 %
 

*See Note 1 on page 4 for a description of this non-GAAP financial measure and
page 9 for the Adjusted EBITDA Reconciliation table.

 

Total revenue increased to a record $143.9 million and was driven by double-digit growth in both business segments. Consolidated gross margin improved 50 basis points, more than offsetting a 20 basis point increase in operating expenses, resulting in a $1.6 million or 25.9% year-over-year increase in operating income. The effective tax rate increased to 36.9% in fiscal 2017 compared with 31.3% in fiscal 2016, largely due to changes in the availability of federal and state research and development tax credits.

Transcat achieved record net income of $4.5 million and diluted earnings per share of $0.64 in fiscal 2017.

Adjusted EBITDA increased 37.5% to $14.5 million. As a percent of sales, Adjusted EBITDA margin expanded 150 basis points to 10.1%.

Strong Balance Sheet and Financial Flexibility Supports Growth Strategy

At March 25, 2017, the Company had total debt of $27.3 million, with $11.4 million available under its secured revolving credit facility. Capital expenditures were $1.1 million and $5.3 million for the fourth quarter and full fiscal year, respectively. Investments were primarily for assets to support the Company’s rental business and expanded Service segment capabilities.

Outlook

Mr. Rudow concluded, “We entered fiscal 2018 with excellent momentum and high expectations. During the past year, we made important, strategic investments in physical assets, as well as in leadership that we expect to help advance Transcat and our long-term strategy. We anticipate that the traction we have gained with these investments will continue.

Fiscal 2018 will be a year of continued emphasis on improving “Operational Excellence,” an initiative that we believe will improve customer experiences, expand organic growth potential, and strengthen our acquisition integration process, allowing us to capitalize on acquired synergies at a faster pace. We continually assess opportunities that can either enhance our capabilities and expertise, expand our geographic presence or are bolt-ons that can leverage our current infrastructure.

Looking further ahead, we believe our capital and leadership investments have positioned us well to meet our goal of achieving $175 million to $200 million in revenue over the next three to four years.”

Transcat expects its income tax rate to range between 34% and 36% in fiscal 2018.

The Company anticipates total capital expenditures to be approximately $6.0 million to $6.5 million in fiscal 2018, with the majority of the incremental capital expenditures in excess of fiscal 2017 amounts planned for IT infrastructure investments to drive operational excellence and for specific customer-opportunity driven Service capabilities. Of the capital expenditures anticipated for fiscal 2018, the Company expects spending for maintenance/existing asset replacements to be consistent with fiscal 2017 at approximately $1.0 million to $1.5 million.

Webcast and Conference Call

Transcat will host a conference call and webcast on Wednesday, May 17, 2017 at 11:00 a.m. Eastern Time. Management will review the financial and operating results for the fourth quarter and full fiscal year, as well as the Company’s strategy and outlook. A question and answer session will follow the formal discussion. The review will be accompanied by a slide presentation, which will be available at www.transcat.com/investor-relations. The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.transcat.com/investor-relations.

A telephonic replay will be available from 2:00 p.m. Eastern Time on the day of the call through Wednesday, May 24, 2017. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13659711, or access the webcast replay at www.transcat.com/investor-relations, where a transcript will be posted once available.

NOTE 1 – Non-GAAP Financial Measures

In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, and non-cash stock compensation expense), which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, and stock-based compensation expense, which is not always commensurate with the reporting period in which it is included. Adjusted EBITDA is not calculated through the application of GAAP and is not the required form of disclosure by the Securities and Exchange Commission. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies. See the attached Adjusted EBITDA Reconciliation table on page 9.

ABOUT TRANSCAT

Transcat, Inc. is a leading provider of accredited calibration, repair, inspection and laboratory instrument services. The Company is focused on providing best-in-class services and products to highly regulated industries, including life science, aerospace and defense, pharmaceutical, medical device manufacturing and biotechnology. Transcat provides permanent and periodic on-site services, mobile calibration services and in-house services through 22 Calibration Service Centers strategically located across the United States, Puerto Rico and Canada. The breadth and depth of measurement parameters addressed by Transcat’s ISO/IEC 17025 scopes of accreditation are believed to be the best in the industry.

Transcat also operates as a leading value-added distributor that markets, sells and rents national and proprietary brand instruments to customers globally. Its e-commerce focused website and product catalog offer access to more than 100,000 test, measurement and control instruments, including products from approximately 540 leading manufacturers.

Transcat’s growth strategy is to leverage its service capabilities, strong brand and leading distribution platform to drive organic sales growth and to expand its addressable calibration market through acquisitions and capability investments to further realize the inherent leverage of its business model.

More information about Transcat can be found on its website at: Transcat.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and thus are subject to risks, uncertainties and assumptions. Forward-looking statements are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words. All statements addressing operating performance, events or developments that Transcat, Inc. expects or anticipates will occur in the future, including but not limited to statements relating to anticipated revenue, profit margins, sales operations, capital expenditures, cash flows, operating income, growth strategy, segment growth, potential acquisitions, integration of acquired businesses, market position, customer preferences, outlook and changes in market conditions in the industries in which Transcat operates are forward-looking statements. Forward-looking statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Transcat’s Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update, correct or publicly announce any revisions to any of the forward-looking statements contained in this press release.

FINANCIAL TABLES FOLLOW.

The Company plans on timely filing its Annual Report on Form 10-K before the June 23, 2017 required filing date.

 
TRANSCAT, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts)

 
  Fourth Quarter Ended   For the Years Ended
(Unaudited) (Unaudited)   (Audited)
March 25,   March 26, March 25, March 26,
2017 2016 2017 2016
Service Revenue $ 19,526 $ 17,555 $ 71,103 $ 59,202
Distribution Sales   18,927   15,305   72,795   62,964
Total Revenue   38,453   32,860   143,898   122,166
 
Cost of Service Revenue 13,662 12,234 52,064 43,617
Cost of Distribution Sales   15,009   12,084   56,864   49,430
Total Cost of Revenue   28,671   24,318   108,928   93,047
 
Gross Profit   9,782   8,542   34,970   29,119
 
Selling, Marketing and Warehouse Expenses 3,942 3,657 16,554 13,625
General & Administrative Expenses   3,275   2,662   10,482   9,192
Total Operating Expenses   7,217   6,319   27,036   22,817
 
Operating Income   2,565   2,223   7,934   6,302
 
Interest and Other Expense, net   223   102   770   295
 
Income Before Income Taxes 2,342 2,121 7,164 6,007
Provision for Income Taxes   913   544   2,642   1,883
 
Net Income $ 1,429 $ 1,577 $ 4,522 $ 4,124
 
Basic Earnings Per Share $ 0.20 $ 0.23 $ 0.65 $ 0.60
Average Shares Outstanding 7,024 6,912 6,994 6,887
 
Diluted Earnings Per Share $ 0.20 $ 0.22 $ 0.64 $ 0.58
Average Shares Outstanding 7,189 7,131 7,111 7,121
 
 
TRANSCAT, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
 
  (Unaudited)   (Audited)
March 25, March 26,
2017   2016
ASSETS
Current Assets:
Cash $ 842 $ 641
Accounts Receivable, less allowance for doubtful accounts of $210
and $113 as of March 25, 2017 and March 26, 2016, respectively 22,049 17,080
Other Receivables 1,227 881
Inventory, net 10,278 6,520
Prepaid Expenses and Other Current Assets   1,193       1,096  
Total Current Assets 35,589 26,218
Property and Equipment, net 15,568 12,313
Goodwill 32,520 29,112
Intangible Assets, net 7,519 8,211
Other Assets   901       853  
Total Assets $ 92,097     $ 76,707  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $ 11,615 $ 8,141
Accrued Compensation and Other Liabilities 5,907 7,688
Income Taxes Payable 805 -
Current Portion of Long-Term Debt   1,429       -  
Total Current Liabilities 19,756 15,829
Long-Term Debt 25,883 19,073
Deferred Tax Liability 1,134 1,071
Other Liabilities   1,923       1,823  
Total Liabilities   48,696     37,796  
Shareholders' Equity:
Common Stock, par value $0.50 per share, 30,000,000 shares authorized;
7,043,754 and 6,923,557 shares issued and outstanding
as of March 25, 2017 and March 26, 2016, respectively 3,522 3,462
Capital in Excess of Par Value 12,996 12,993
Accumulated Other Comprehensive (Loss) Income (414 ) (358 )
Retained Earnings   27,297       22,814  
Total Shareholders' Equity   43,401       38,911  
Total Liabilities and Shareholders' Equity $ 92,097     $ 76,707  
 
 

TRANSCAT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

 
For the Year Ended

(Unaudited)

 

(Audited)

March 25, March 26,
2017   2016
Cash Flows from Operating Activities:
Net Income $ 4,522 $ 4,124
Adjustments to Reconcile Net Income to Net Cash Provided
by Operating Activities:
(Gain)/Loss on Sale of Property and Equipment (4 ) 38
Deferred Income Taxes 63 136
Depreciation and Amortization 6,184 3,946
Provision for Accounts Receivable and Inventory Reserves 376 147
Stock-Based Compensation Expense 453 359
Changes in Assets and Liabilities:
Accounts Receivable and Other Receivables (4,728 ) 998
Inventory (3,425 ) 177
Prepaid Expenses and Other Assets (224 ) 118
Accounts Payable 3,107 446
Accrued Compensation and Other Liabilities 405 22
Income Taxes Payable   815       471  
Net Cash Provided by Operating Activities   7,544       10,982  
 
Cash Flows from Investing Activities:
Purchase of Property and Equipment (5,250 ) (4,101 )
Proceeds from Sale of Property and Equipment 59 31
Business Acquisitions, net of cash acquired   (6,977 )     (13,894 )
Net Cash Used in Investing Activities   (12,168 )     (17,964 )
 
Cash Flows from Financing Activities:
(Repayment of) Proceeds from Revolving Credit Facility, net (452 ) 6,905
Proceeds from Term Loan 10,000 -
Repayments of Term Loan (1,310 ) -
Issuance of Common Stock 635 454
Repurchase of Common Stock (98 ) (73 )
Stock Option Redemption (966 ) (61 )
Payment of Contingent Consideration and Holdbacks
Related to Business Acquisitions   (3,041 )     -  
Net Cash Provided by Financing Activities   4,768       7,225  
 
Effect of Exchange Rate Changes on Cash   57       333  
 
Net Increase in Cash 201 576
Cash at Beginning of Fiscal Year   641       65  
Cash at End of Fiscal Year $ 842     $ 641  
 
 

TRANSCAT, INC.

Adjusted EBITDA Reconciliation Table

(Dollars in thousands)

(Unaudited)

 
  FY2017
 
Q1 Q2 Q3 Q4 YTD
Net Income $ 906 $ 916 $ 1,271 $ 1,429 $ 4,522
+ Interest Expense 137 180 184 218 719
+ Other Expense / (Income) 31 11 4 5 51
+ Tax Provision   364     471     894     913     2,642  
Operating Income $ 1,438 $ 1,578 $ 2,353 $ 2,565 $ 7,934
+ Depreciation & Amortization 1,549 1,556 1,562 1,517 6,184
+ Other (Expense) / Income (31 ) (11 ) (4 ) (5 ) (51 )
+ Noncash Stock Compensation   149     177     (10 )   137     453  
Adjusted EBITDA $ 3,105 $ 3,300 $ 3,901 $ 4,214 $ 14,520
 

Segment Breakdown

 
Service Operating Income $ 1,044 $ 791 $ 941 $ 1,993 $ 4,769
+ Depreciation & Amortization 1,247 1,137 1,158 1,118 4,660
+ Other (Expense) / Income (27 ) (12 ) (7 ) (9 ) (55 )
+ Noncash Stock Compensation   80     94     (25 )   68     217  
Service Adjusted EBITDA $ 2,344 $ 2,010 $ 2,067 $ 3,170 $ 9,591
 
Distribution Operating Income $ 394 $ 787 $ 1,412 $ 572 $ 3,165
+ Depreciation & Amortization 302 419 404 399 1,524
+ Other (Expense) / Income (4 ) 1 3 4 4
+ Noncash Stock Compensation   69     83     15     69     236  
Distribution Adjusted EBITDA $ 761 $ 1,290 $ 1,834 $ 1,044 $ 4,929
 
 

FY2016

 
Q1 Q2 Q3 Q4 YTD
Net Income $ 601 $ 878 $ 1,068 $ 1,577 $ 4,124
+ Interest Expense 51 48 54 94 247
+ Other Expense / (Income) 44 (12 ) 8 8 48
+ Tax Provision   331     456     552     544     1,883  
Operating Income $ 1,027 $ 1,370 $ 1,682 $ 2,223 $ 6,302
+ Depreciation & Amortization 840 902 969 1,235 3,946
+ Other (Expense) / Income (44 ) 12 (8 ) (8 ) (48 )
+ Noncash Stock Compensation   171     109     4     75     359  
Adjusted EBITDA $ 1,994 $ 2,393 $ 2,647 $ 3,525 $ 10,559
 

Segment Breakdown

 
Service Operating Income $ 646 $ 839 $ 799 $ 1,871 $ 4,155
+ Depreciation & Amortization 680 717 751 1,068 3,216
+ Other (Expense) / Income (39 ) 1 (18 ) (8 ) (64 )
+ Noncash Stock Compensation   85     51     (2 )   37     171  
Service Adjusted EBITDA $ 1,372 $ 1,608 $ 1,530 $ 2,968 $ 7,478
 
Distribution Operating Income $ 381 $ 531 $ 883 $ 352 $ 2,147
+ Depreciation & Amortization 160 185 218 167 730
+ Other (Expense) / Income (5 ) 11 10 0 16
+ Noncash Stock Compensation   86     58     6     38     188  
Distribution Adjusted EBITDA $ 622 $ 785 $ 1,117 $ 557 $ 3,081
 
 

TRANSCAT, INC.

Additional Information - Business Segment Data

(Dollars in thousands)

(Unaudited)

 
      Change
SERVICE

FY 2017
Q4

FY 2016
Q4

$'s   %
Service Revenue $ 19,526 $ 17,555 $ 1,971 11.2 %
Cost of Sales $ 13,662   $ 12,234   $ 1,428 11.7 %
Gross Profit $ 5,864 $ 5,321 $ 543 10.2 %
Gross Margin 30.0 % 30.3 %

 

 
Selling, Marketing & Warehouse $ 2,024 $ 2,023 $ 1 0.0 %
General & Administrative Expenses $ 1,847   $ 1,427   $ 420 29.4 %
Operating Income $ 1,993 $ 1,871 $ 122 6.5 %
% of Revenue 10.2 % 10.7 %
                 
Change
DISTRIBUTION

FY 2017
Q4

FY 2016
Q4

$'s %
Distribution Sales $ 18,927 $ 15,305 $ 3,622 23.7 %
Cost of Sales $ 15,009   $ 12,084   $ 2,925 24.2 %
Gross Profit $ 3,918 $ 3,221 $ 697 21.6 %
Gross Margin 20.7 % 21.0 %
 
Selling, Marketing & Warehouse $ 1,918 $ 1,634 $ 284 17.4 %
General & Administrative Expenses $ 1,428   $ 1,235   $ 193 15.6 %
Operating Income $ 572 $ 352 $ 220 62.5 %
% of Sales 3.0 % 2.3 %
                 
Change
TOTAL

FY 2017
Q4

FY 2016
Q4

$'s %
Total Revenue $ 38,453 $ 32,860 $ 5,593 17.0 %
Total Cost of Sales $ 28,671   $ 24,318   $ 4,353 17.9 %
Gross Profit $ 9,782 $ 8,542 $ 1,240 14.5 %
Gross Margin 25.4 % 26.0 %
 
Selling, Marketing & Warehouse $ 3,942 $ 3,657 $ 285 7.8 %
General & Administrative Expenses $ 3,275   $ 2,662   $ 613 23.0 %
Operating Income $ 2,565 $ 2,223 $ 342 15.4 %
% of Revenue 6.7 % 6.8 %
 
 
TRANSCAT, INC.
Additional Information - Business Segment Data

(Dollars in thousands)

(Unaudited)

 
  FY 2017   FY 2016   Change
SERVICE YTD YTD $'s   %
Service Revenue $ 71,103 $ 59,202 $ 11,901 20.1 %
Cost of Sales $ 52,064   $ 43,617   $ 8,447 19.4 %
Gross Profit $ 19,039 $ 15,585 $ 3,454 22.2 %
Gross Margin 26.8 % 26.3 %
 
Selling, Marketing & Warehouse $ 8,839 $ 6,848 $ 1,991 29.1 %
General & Administrative Expenses $ 5,431   $ 4,582   $ 849 18.5 %
Operating Income $ 4,769 $ 4,155 $ 614 14.8 %
% of Revenue 6.7 % 7.0 %
                 
FY 2017 FY 2016 Change
DISTRIBUTION YTD YTD $'s %
Distribution Sales $ 72,795 $ 62,964 $ 9,831 15.6 %
Cost of Sales $ 56,864   $ 49,430   $ 7,434 15.0 %
Gross Profit $ 15,931 $ 13,534 $ 2,397 17.7 %
Gross Margin 21.9 % 21.5 %
 
Selling, Marketing & Warehouse $ 7,715 $ 6,777 $ 938 13.8 %
General & Administrative Expenses $ 5,051   $ 4,610   $ 441 9.6 %
Operating Income $ 3,165 $ 2,147 $ 1,018 47.4 %
% of Sales 4.3 % 3.4 %
                 
FY 2017 FY 2016 Change
TOTAL YTD YTD $'s %
Total Revenue $ 143,898 $ 122,166 $ 21,732 17.8 %
Total Cost of Sales $ 108,928   $ 93,047   $ 15,881 17.1 %
Gross Profit $ 34,970 $ 29,119 $ 5,851 20.1 %
Gross Margin 24.3 % 23.8 %
 
Selling, Marketing & Warehouse $ 16,554 $ 13,625 $ 2,929 21.5 %
General & Administrative Expenses $ 10,482   $ 9,192   $ 1,290 14.0 %
Operating Income $ 7,934 $ 6,302 $ 1,632 25.9 %
% of Revenue 5.5 % 5.2 %

Contacts

For Transcat, Inc.
Michael J. Tschiderer, (585) 352-7777
Chief Financial Officer
mtschiderer@transcat.com
or
Investor Relations
Deborah K. Pawlowski, (716) 843-3908
dpawlowski@keiadvisors.com

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Release Summary

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017

Transcat, Inc.