Exhibit 99.1
 
Contact:
Aric Spitulnik
Harriet Fried
 
TESSCO Technologies Incorporated
LHA
 
Vice President and Controller
212-838-3777
 
410-229-1419
hfried@lhai.com

TESSCO Announces Record Revenue and Earnings for FY 2013
 
·
Annual revenue excluding the 3PL relationship grows 12 percent
 
·
FY 2013 EPS reaches $2.15 on record revenues of $753 million
 
·
Major 3PL relationship successfully transitioned
 
·
Earnings guidance of $1.75 to $2.05 for FY2014
 
·
Quarterly dividend of $0.18 per share date set

HUNT VALLEY, MD., May 8, 2013 -- TESSCO Technologies Incorporated (NASDAQ:TESS), a leading provider of the product and value chain solutions required to build, use and maintain wireless broadband systems, today reported record annual revenues of $753 million for the fiscal year ended March 31, 2013 and record earnings per diluted share of $2.15.  For the fourth fiscal quarter ended March 31, 2013, revenues were $158 million and earnings per diluted share were $0.35.

Chairman and CEO Robert B. Barnhill, Jr. commented, “For the fifth consecutive year, we achieved record earnings per share, totaling $2.15.  During the year, we successfully completed our transition out of the high revenue, low margin, third-party logistics (3PL) relationship with one customer.  This now allows us to focus exclusively on our core business and building on the many opportunities materializing from the convergence of wireless and the Internet. Going forward our business should be strategically healthier, with higher margins and low customer concentration; no single customer is currently expected to contribute more than 5 percent of revenues.

“The fourth quarter demonstrates the strength in our ongoing core business, which excludes the 3PL relationship.  We grew fourth quarter core revenues 11 percent year over year in what is typically our most seasonally impacted quarter.  Earnings per share were $0.35 despite the large decline in year over year 3PL revenue and gross profit - $50 million decline in revenue and $6 million decline in gross profit.
 
“In 2014, our goal is to dramatically grow our core business by expanding the wireless systems we support, growing our customer base and increasing the frequency and the product categories our customers purchase - all while expanding margins and return on assets.

“I want to thank our customers, manufacturers, team members and our shareowners for their continued support in another record-setting year. We look forward to what promises to be a very exciting fiscal 2014.”

Fourth-Quarter and Full Year Fiscal 2013 Financial Results

For our fiscal 2013 fourth quarter, revenue totaled $158.4 million. Core revenues (excluding the 3PL relationship) increased 11 percent from the prior-year quarter, although, due to the transitioning 3PL relationship, overall revenues declined by 19 percent.  The public carrier market produced 93 percent revenue growth; the retailer, independent dealer agent and carrier market produced 4 percent revenue growth; and the commercial dealer and reseller market produced 7 percent revenue growth.  Revenue from the private and government system operator market decreased by 17 percent.  Revenue from the major 3PL relationship decreased by 65 percent, as the transition of this relationship was completed.

Fourth quarter fiscal 2013 gross profit was $34.0 million, down 11 percent from last year’s fourth quarter gross profit of $38.0 million.  In our core markets, gross profit was up 8 percent.  The public carrier market produced 77 percent gross profit growth; the retailer, independent dealer agent and carrier market produced 6 percent gross profit growth; and the commercial dealer and reseller market was essentially flat.  Gross profit in the private and government system operator market decreased 15 percent.  Gross profit from the major 3PL relationship decreased 79 percent.

Selling general and administrative (SG&A) expenses decreased by $3.1 million, or 10 percent compared to last year’s fourth quarter.

 
 

 

EBITDA* totaled $6.1 million, or $0.73 per diluted share, in the fourth quarter of 2013 as compared to $7.0 million, or $0.85 per diluted share, in the prior-year quarter.

Net income and diluted earnings per share totaled $2.9 million and $0.35 in the fourth quarter of fiscal 2013, respectively, as compared to $3.5 million and $0.43 in the prior year quarter, respectively.

For the fiscal year ended March 31, 2013, we reported record revenues of $752.6 million and record net income of $17.8 million, or $2.15 per diluted share.  These results compare to revenues of $733.4 million and net income of $16.4 million, or $2.03 per diluted share, for fiscal 2012.  EBITDA* totaled $34.2 million, or $4.12 per share, compared to $31.8 million, or $3.93 per share, in fiscal 2012.

As of March 31, 2013, our cash balance totaled $4.5 million and there was no balance outstanding on our revolving line of credit.

Quarterly Cash Dividends

The Board of Directors declared a quarterly cash dividend of $0.18 per common share payable on June 6, 2013 to holders of record on May 22, 2013.

Any future declaration of dividends, and the establishment of record and payment dates, is subject to further determinations of the Board of Directors.

Business Outlook

We currently expect diluted earnings per share for fiscal 2014 to range from $1.75 to $2.05. This guidance reflects a decline in revenues and earnings as a result of the transitioned 3PL relationship, and the expected growth in our core business.

Revenues and gross profits from the 3PL relationship totaled $213.5 million and $15.0 million, respectively, during fiscal 2013, compared to $251.2 million and $26.9 million, respectively, in fiscal 2012.  The fiscal 2013 selling, general and administrative expenses associated with this 3PL business totaled approximately 2 percent of the 3PL revenues.

Forecasting future results is inherently difficult for any business, and actual results may differ materially from those forecasted.  Moreover, our current expectations related to the transition of the supply chain relationship with our largest customer are based upon indications received from this customer, and actual events may differ materially.  This relationship, like those with most of our other customers and suppliers, contains no ongoing purchase or sale obligations and is terminable by either party upon relatively short notice. Absent this supply chain relationship, we will, however, maintain the ability to sell our proprietary products to this customer.

The nature of our business is that we typically ship products within several days after booking orders. The lack of an order backlog makes it even more difficult to forecast future results. The Business Outlook published in this press release reflects only the company's current best estimate and the company assumes no obligation to update the information contained in this press release, including the Business Outlook, at any time.

Fourth-Quarter Fiscal 2013 Conference Call

Management will host a conference call to discuss its fourth-quarter and full-year 2013 results on Thursday, May 9, 2013 at 10:00 a.m. ET.  To participate in the conference call, please call: 866-953-6856 (domestic call-in) or 617-399-3480 (international call-in) and reference code #34380554.
 
A live webcast of the conference call will be available at http://www.tessco.com/go/pressroom. All participants should call or access the website approximately 10 minutes before the conference begins.
 
A telephone replay of the conference call will be available from 12:00 p.m. ET on May 9, 2013 until 11:59 p.m. ET on May 16, 2013 by calling 888-286-8010 (domestic) or 617-801-6888 (international) and entering confirmation #80934427. An archived replay of the conference call will also be available on the company’s website.

*Non-GAAP Information

EBITDA, a measure used by management to evaluate the company’s ongoing operations and as a general indicator of its operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges), is defined as income from operations, plus interest expense, net of interest income, provision for income taxes, and depreciation and amortization. Management believes EBITDA as well as EBITDA per share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Because not all companies use identical calculations, the company's presentation of EBITDA and EBITDA per share may not be comparable to other similarly titled measures of other companies. EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. EBITDA per diluted share is also a non-GAAP calculation defined as EBITDA divided by the company’s diluted weighted average shares outstanding. Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not reflect certain cash requirements such as interest payments, tax payments and debt service requirements. The amounts shown for EBITDA as presented herein differ from the amounts calculated under the definition of EBITDA used in the company's loan agreements. The definition of EBITDA as used in the company's loan agreements is further adjusted for certain cash and non-cash charges/credits, including stock compensation expense, and is used to determine compliance with financial covenants and the ability to engage in certain activities such as incurring additional debt.

 
 

 
 
A reconciliation of the company's non-GAAP to GAAP results is included as an exhibit to this release.
 
About TESSCO
TESSCO Technologies (NASDAQGS:TESS), is Your Total Source® for making wireless work. The convergence of wireless and the Internet is revolutionizing the way we live, work and play. New systems and applications are creating opportunities and challenges at an unprecedented rate. TESSCO is there, thinking in new ways for exceptional outcomes. TESSCO architects and delivers, with innovation, productivity and speed, the product and value chain solutions to organizations responsible for building, using and maintaining wireless broadband systems.
 
Forward-Looking Statements

This press release, including the statements of Robert Barnhill and the discussion under the heading “Business Outlook”, contains forward-looking statements as to anticipated results and future prospects. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially. These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," "believes," "estimates," and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. Forward-looking statements involve a number of risks and uncertainties. Our actual results may differ materially from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission, under the heading “Risk Factors” and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject.

We are not able to identify or control all circumstances that could occur in the future that may adversely affect our business and operating results.  Without limiting the risks that we describe in our periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on our business or operating results are the following: termination or non-renewal of limited duration agreements or arrangements with our vendors and affinity partners that are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers or relationships, including affinity relationships; loss of customers as a result of consolidation among the wireless communications industry; the strength of our customers’, vendors’ and affinity partners’ business; economic conditions that may impact customers’ ability to fund or pay for our products and services; failure of our information technology system or distribution system; technology changes in the wireless communications industry; third-party freight carrier interruption; increased competition; our inability to access capital and obtain financing as and when needed; and the possibility that, for unforeseen reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings.

 
 

 

TESSCO Technologies Incorporated
Consolidated Statements of Income (Unaudited)

   
Fiscal Quarters Ended
   
Fiscal Years Ended
 
   
March 31, 2013
   
December 30, 2012
   
April 1, 2012
   
March 31, 2013
   
April 1, 2012
 
                               
Revenues
  $ 158,449,800     $ 204,458,700     $ 194,787,400     $ 752,565,000     $ 733,389,900  
Cost of goods sold
    124,498,600       165,488,900       156,798,300       605,525,800       584,733,700  
Gross profit
    33,951,200       38,969,800       37,989,100       147,039,200       148,656,200  
Selling, general and administrative expenses
    29,144,900       30,226,300       32,221,100       117,820,600       121,652,400  
Income from operations
    4,806,300       8,743,500       5,768,000       29,218,600       27,003,800  
Interest, net
    141,100       13,700       41,000       224,200       292,900  
Income before provision for income taxes
    4,665,200       8,729,800       5,727,000       28,994,400       26,710,900  
Provision for income taxes
    1,743,900       3,331,100       2,178,100       11,199,000       10,274,000  
Net income
  $ 2,921,300     $ 5,398,700     $ 3,548,900     $ 17,795,400     $ 16,436,900  
                                         
Basic earnings per share
  $ 0.36     $ 0.67     $ 0.46     $ 2.22     $ 2.12  
Diluted earnings per share
  $ 0.35     $ 0.65     $ 0.43     $ 2.15     $ 2.03  

 
 

 


TESSCO Technologies Incorporated
Consolidated Balance Sheets

   
March 31, 2013
   
April 1, 2012
 
   
(unaudited)
   
(audited)
 
             
ASSETS
           
Current Assets:
           
Cash and cash equivalents
  $ 4,468,000     $ 18,211,600  
Trade accounts receivable, net
    82,177,600       88,748,200  
Product inventory
    60,913,600       53,360,300  
Deferred tax assets
    6,227,300       3,135,100  
Prepaid expenses and other current assets
    3,482,300       2,308,200  
Total current assets
    157,268,800       165,763,400  
                 
Property and equipment, net
    23,202,000       22,905,700  
Goodwill, net
    11,684,700       11,684,700  
Other long-term assets
    2,144,500       2,143,900  
Total assets
  $ 194,300,000     $ 202,497,700  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current Liabilities:
               
Trade accounts payable
  $ 65,209,300     $ 78,344,700  
Payroll, benefits and taxes
    11,678,500       17,211,600  
Income and sales tax liabilities
    2,081,700       3,137,000  
Accrued expenses and other current liabilities
    1,048,900       1,041,100  
Revolving line of credit
    --       --  
Current portion of long-term debt
    249,700       249,200  
Total current liabilities
    80,268,100       99,983,600  
                 
Deferred tax liabilities
    4,399,300       2,243,500  
Long-term debt, net of current portion
    2,458,300       2,708,000  
Other long-term liabilities
    4,370,200       3,910,700  
Total liabilities
    91,495,900       108,845,800  
                 
Shareholders’ Equity:
               
Preferred stock
    --       --  
Common stock
    91,500       88,000  
Additional paid-in capital
    50,481,600       45,135,900  
Treasury stock, at cost
    (48,438,300 )     (46,276,400 )
Retained earnings
    100,669,300       94,704,400  
Accumulated other comprehensive loss
    --       --  
Total shareholders’ equity
    102,804,100       93,651,900  
                 
Total liabilities and shareholders' equity
  $ 194,300,000     $ 202,497,700  

 
 

 

TESSCO Technologies Incorporated
Reconciliation of Net Income to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) (Unaudited)

   
Fiscal Quarters Ended
   
Fiscal Years Ended
 
   
March 31, 2013
   
December 30, 2012
   
April 1, 2012
   
March 31, 2013
   
April 1, 2012
 
Net income
  $ 2,921,300     $ 5,398,700     $ 3,548,900     $ 17,795,400     $ 16,436,900  
                                         
Add:
                                       
                                         
Provision for income taxes
    1,743,900       3,331,100       2,178,100       11,199,000       10,274,000  
                                         
Interest, net
    141,100       13,700       41,000       224,200       292,900  
                                         
Depreciation and amortization
    1,259,900       1,224,500       1,271,200       4,979,400       4,844,900  
                                         
EBITDA
  $ 6,066,200     $ 9,968,000     $ 7,039,200     $ 34,198,000     $ 31,848,700  
                                         
EBITDA per diluted share
  $ 0.73     $ 1.20     $ 0.85     $ 4.12     $ 3.93  


 
 

 

TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)

   
Three months ended March 31, 2013
 
   
Commercial
Segment
   
Retail
Segment
   
Total
 
Market Revenues
                 
Public Carriers, Contractors & Program Managers
  $ 32,763     $ --     $ 32,763  
Private & Government System Operators
    27,250       --       27,250  
Commercial Dealers & Resellers
    34,688       --       34,688  
Retailer, Independent Dealer Agents & Carriers
    --       36,852       36,852  
Revenue, excluding Major 3PL relationship
    94,701       36,852       131,553  
Major 3PL relationship
    --       26,897       26,897  
Total revenues
    94,701       63,749       158,450  
                         
Gross Profit
                       
Public Carriers, Contractors & Program Managers
    7,258       --       7,258  
Private & Government System Operators
    7,729       --       7,729  
Commercial Dealers & Resellers
    9,519       --       9,519  
Retailer, Independent Dealer Agents & Carriers
    --       7,773       7,773  
Gross profit, excluding Major 3PL relationship
    24,506       7,773       32,279  
% of revenues
    25.9 %     21.1 %     24.5 %
Major 3PL relationship
    --       1,672       1,672  
Total gross profit
    24,506       9,445       33,951  
% of revenues
    25.9 %     14.8 %     21.4 %
Directly allocatable expenses
    10,575       5,750       16,325  
Segment net profit contribution
  $ 13,931     $ 3,695       17,626  
% of revenues
    14.7 %     5.8 %     11.1 %
Corporate support expenses*
                    12,961  
Income before provision for income taxes
                  $ 4,665  
% of revenues
                    2.9 %
                         
Growth Rates Compared to Prior Year Period:
 
Revenues
                       
Public Carriers, Contractors & Program Managers
    92.5 %     --       92.5 %
Private & Government System Operators
    -17.4 %     --       -17.4 %
Commercial Dealers & Resellers
    6.5 %     --       6.5 %
Retailer, Independent Dealer Agents & Carriers
    --       3.7 %     3.7 %
Revenue, excluding Major 3PL relationship
    14.7 %     3.7 %     11.4 %
Major 3PL relationship
    --       -64.9 %     -64.9 %
Total revenues
    14.7 %     -43.2 %     -18.7 %
                         
Gross Profit
                       
Public Carriers, Contractors & Program Managers
    76.7 %     --       76.7 %
Private & Government System Operators
    -15.0 %     --       -15.0 %
Commercial Dealers & Resellers
    0.2 %     --       0.2 %
Retailer, Independent Dealer Agents & Carriers
    --       6.4 %     6.4 %
Gross profit, excluding Major 3PL relationship
    8.0 %     6.4 %     7.6 %
Major 3PL relationship
    --       -79.1 %     -79.1 %
Total gross profit
    8.0 %     -38.2 %     -10.6 %
Directly allocatable expenses
    -1.6 %     -25.9 %     -11.8 %
Segment net profit contribution
    16.5 %     -50.9 %     -9.5 %
Corporate support expenses*
                    -5.8 %
Income before provision for income taxes
                    -18.5 %

* Includes corporate overhead, facilities expense,  depreciation, interest and company-wide pay-for-performance bonus expense

 
 

 

TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)

   
Fiscal Year Ended March 31, 2013
 
   
Commercial
Segment
   
Retail
Segment
   
Total
 
Revenues
                 
Public Carriers, Contractors & Program Managers
  $ 111,146     $ --     $ 111,146  
Private & Government System Operators
    121,313       --       121,313  
Commercial Dealers & Resellers
    138,737       --       138,737  
Retailer, Independent Dealer Agents & Carriers
    --       167,895       167,895  
Revenue, excluding Major 3PL relationship
    371,196       167,895       539,091  
Major 3PL relationship
    --       213,474       213,474  
Total revenues
    371,196       381,369       752,565  
                         
Gross Profit
                       
Public Carriers, Contractors & Program Managers
    24,183       --       24,183  
Private & Government System Operators
    33,596       --       33,596  
Commercial Dealers & Resellers
    38,345       --       38,345  
Retailer, Independent Dealer Agents & Carriers
    --       35,903       35,903  
Gross profit, excluding Major 3PL relationship
    96,124       35,903       132,027  
% of revenues
    25.9 %     21.4 %     24.5 %
Major 3PL relationship
    --       15,012       15,012  
Total gross profit
    96,124       50,915       147,039  
% of revenues
    25.9 %     13.4 %     19.5 %
Directly allocatable expenses
    42,821       27,701       70,522  
Segment net profit contribution
  $ 53,303     $ 23,214       76,517  
% of revenues
    14.4 %     6.1 %     10.2 %
Corporate support expenses*
                    47,523  
Income before provision for income taxes
                  $ 28,994  
% of revenues
                    3.9 %
                         
Growth Rates Compared to Prior Year Period:
 
                         
Revenues
                       
Public Carriers, Contractors & Program Managers
    50.6 %     --       50.6 %
Private & Government System Operators
    -6.1 %     --       -6.1 %
Commercial Dealers & Resellers
    10.6 %     --       10.6 %
Retailer, Independent Dealer Agents & Carriers
    --       9.2 %     9.2 %
Revenue, excluding Major 3PL relationship
    13.0 %     9.2 %     11.8 %
Major 3PL relationship
            -15.0 %     -15.0 %
Total revenues
    13.0 %     -5.8 %     2.6 %
                         
Gross Profit
                       
Public Carriers, Contractors & Program Managers
    41.4 %     --       41.4 %
Private & Government System Operators
    -6.3 %     --       -6.3 %
Commercial Dealers & Resellers
    8.3 %     --       8.3 %
Retailer, Independent Dealer Agents & Carriers
    --       7.4 %     7.4 %
Gross profit, excluding Major 3PL relationship
    8.8 %     7.4 %     8.4 %
Major 3PL relationship
    --       -44.2 %     -44.2 %
Total gross profit
    8.8 %     -15.6 %     -1.1 %
Directly allocatable expenses
    3.2 %     -7.5 %     -1.3 %
Segment net profit contribution
    13.7 %     -23.5 %     -0.9 %
Corporate support expenses*
                    -5.9 %
Income before provision for income taxes
                    8.5 %

* Includes corporate overhead, facilities expense,  depreciation, interest and company-wide pay-for-performance bonus expense

 
 

 

TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands)

   
Three months ended
March 31, 2013
   
Fiscal Year ended
March 31, 2013
 
Revenues
           
Base station infrastructure
  $ 59,930     $ 227,510  
Network systems
    19,438       78,989  
Installation, test and maintenance
    11,629       47,766  
Mobile device accessories
    67,453       398,300  
Total revenues
    158,450       752,565  
                 
Gross Profit
               
Base station infrastructure
    16,586       65,472  
Network systems
    3,465       14,887  
Installation, test and maintenance
    2,708       11,151  
Mobile device accessories
    11,192       55,529  
Total gross profit
    33,951       147,039  
% of revenues
    21.4 %     19.5 %
                 
Growth Rates Compared to Prior Year Period
                 
Revenues
               
Base station infrastructure
    20.6 %     15.7 %
Network systems
    10.0 %     5.1 %
Installation, test and maintenance
    12.7 %     7.3 %
Mobile device accessories
    -42.4 %     -4.5 %
Total revenues
    -18.7 %     2.6 %
                 
Gross Profit
               
Base station infrastructure
    1.4 %     6.0 %
Network systems
    -15.5 %     -5.9 %
Installation, test and maintenance
    -0.1 %     7.6 %
Mobile device accessories
    -24.5 %     -8.5 %
Total gross profit
    -10.6 %     -1.1 %

# # #
 
 


The following information was filed by Tessco Technologies Inc (TESS) on Thursday, May 9, 2013 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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