Exhibit 99.1

 

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 EPS Grows 43% to Record $1.26 for Fiscal Year 2009;

Fourth-Quarter EPS $0.16

 

·                  4Q09 and FY09 operating cash flow rise 79% and 264%, respectively

·                  Inventory decreases 29% since December

·                  No outstanding balance on revolving credit facility

·                  4Q09 and FY09 gross margin increase 460 and 270 basis points, respectively

·                  FY09 EBITDA per share* grows 29% to $3.06

 

HUNT VALLEY, Md., April 30, 2009 -  TESSCO Technologies Incorporated (Nasdaq:TESS), a leading provider of the product and supply chain solutions needed to build, operate and use wireless networks and systems, today announced its results for the fiscal fourth quarter and year ended March 29, 2009.

 

Revenues for the fourth quarter of fiscal 2009 totaled $98.2 million compared to $128.3 million in the 2008 fourth quarter.  Gross profit for the 2009 fourth quarter was $27.4 million, or 27.8% of revenue, compared to $29.7 million, or 23.2% of revenue, in the prior-year period.  The company reported net income of $0.8 million, or $0.16 per diluted share in the fourth quarter of fiscal 2009, compared to $1.7 million, or $0.32 per diluted share, in the prior-year quarter.

 

Revenues for the 2009 fiscal year totaled $483.0 million compared to $521.0 million in the 2008 fiscal year.  Gross profit for 2009 was $121.9 million, or 25.2% of revenue, compared to $117.0 million, or 22.5% of revenue, in the prior year.  For 2009, the company reported net income of $6.3 million, or $1.26 per diluted share, compared to net income of $4.8 million, or $0.88 per diluted share, in the prior year.

 

“We brought our 2009 fiscal year to a successful close, achieving record earnings per share of $1.26 despite very difficult economic and market conditions in the second half of the year.  Our fourth-quarter results demonstrate the success of our initiatives to increase the value delivery to our customers and manufacturers, and to improve the productivity of every aspect of TESSCO’s business,” said Chairman, President and CEO Robert B. Barnhill.

 

“Our working capital management plan proved particularly effective in the fourth quarter.  Compared to the third quarter, operating cash flow nearly doubled as we maintained strong cash collections and reduced inventory substantially while maintaining excellent service levels to our customers.  We also completely paid down our revolving line of credit and reduced accounts payable by $11.0 million during the fourth quarter.  For the year, net cash provided by operating activities rose to $15.2 million from $4.2 million in fiscal 2008.

 


The following information was filed by Tessco Technologies Inc (TESS) on Friday, May 1, 2009 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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