Exhibit 99.1
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 Contact:     David Young  Harriet Fried
   TESSCO Technologies Incorporated     Lippert/Heilshorn & Associates
   Chief Financial Officer   (212) 838-3777
   (410) 229-1380        hfried@lhai.com
   young@tessco.com  
 

 
TESSCO Reports Record Revenue and Earnings for Fiscal 2011; Sets Dividend Date

·  
Record revenues of $605 million in FY11
·  
Record earnings per share of $1.27 in FY11
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Record EBITDA* per share of $2.59 in FY11
·  
Revenues of $130 million and EPS of $0.21 in Q4 FY11
·  
$0.10 per share quarterly dividend date set for May 25, 2011

HUNT VALLEY, MD., APRIL 27, 2011 -- TESSCO Technologies Incorporated (NASDAQ:TESS), a leading provider to the wireless communication industry, today announced its fourth-quarter and full-year results for fiscal year 2011, ended March 27, 2011.

Chairman and CEO Robert B. Barnhill, Jr. commented, “I am very proud of our third consecutive record fiscal year. This accomplishment is significant as it demonstrates the strength of our market positioning and our ability to offset the reduced revenues and margins we experienced from our largest customer in the third and fourth quarters..

“In the fourth quarter, purchases from customers other than our largest customer grew by 21 percent compared to last year. This growth reduced the concentration of our largest customer to only 16 percent of total revenues compared to 30 percent in last year’s fourth quarter.  These results were driven by expanding relationships with organizations building and maintaining the systems being created by the convergence of wireless and the internet.

“As we enter the new fiscal year, we are energized by the momentum in our non-concentrated business and expect to achieve revenue and margin growth, and continued reduced concentration. We are living in a time of unprecedented change in our world, and our business. We are committed to thinking in new ways to change the way business is done, responding to the challenges and realizing the rewards from the exciting new opportunities being presented to us.”
 
 
Fourth-Quarter and Full-Year Fiscal 2011 Financial Results

For its fiscal 2011 fourth quarter, TESSCO reported revenue of $130.3 million and net income of $1.6 million, or $0.21 per diluted share. These results compare to revenue of $130.6 million and net income of $1.7 million, or $0.22 per diluted share, in the prior-year quarter. EBITDA* totaled $3.8 million, or $0.48 per diluted share, in the fourth quarter as compared to $3.7 million, or $0.47 per diluted share, in the prior-year quarter.  Operating margin was stable at 2.0 percent in the fourth quarter of fiscal 2011 and the prior-year quarter.

For the year ended March 27, 2011, the company reported record revenues of $605.2 million and net income of $10.0 million, or $1.27 per diluted share.  These results compare to revenues of $522.0 million and net income of $9.1 million, or $1.19 per diluted share for fiscal 2010. EBITDA* totaled $20.4 million, or $2.59 per diluted share, compared to $19.2 million, or $2.49 per diluted share, in fiscal 2010.

As of March 27, 2011, the company’s cash balance totaled $8.2 million and there was no balance outstanding on the revolving line of credit.

 
 

The following information was filed by Tessco Technologies Inc (TESS) on Thursday, April 28, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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