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 ANNOUNCES RECORD REVENUES AND EARNINGS FOR FISCAL YEAR 2010

 

3-FOR-2 STOCK SPLIT AND 50% INCREASE IN QUARTERLY DIVIDEND

 

·                  FY10 revenues reach $522 million, an 8% increase

·                  FY10 EPS totals $1.78, a 45% increase

·                  4Q FY10 revenues and EPS increase 33% and 106%, respectively

·                  FY11 EPS guidance of $1.90 - $2.25

 

HUNT VALLEY, Md., April 28, 2010  

-  TESSCO Technologies Incorporated (NASDAQ:TESS) today announced record results for the fiscal year ended March 28, 2010.

 

Chairman, President and CEO Robert B. Barnhill stated, “TESSCO’s performance throughout fiscal 2010 was outstanding. For the year, we delivered record revenues and earnings, stronger-than-ever operations, no short-term borrowings, and the ability to substantially increase our cash dividend. These achievements reflect our company’s teamwork, intense focus and unwavering commitment to delivering value to our customers, manufacturers and shareholders.”

 

Mr. Barnhill continued, “The convergence of wireless and the Internet is revolutionizing the way people live and work.  New applications and systems are being developed and new opportunities created at an unprecedented rate.  TESSCO is at the forefront of these trends, fully dedicated to engineering and configuring better product and value chain solutions, at lower total costs, to support the construction, operation, and use of mobility and data wireless systems.

 

“Reflecting TESSCO’s exceptional performance and our positive earnings outlook for fiscal 2011, and considering the three-fold increase in our stock price over the past year, the board has authorized a three-for-two split of the company’s common stock and has approved a 50% increase in the cash dividend (to $0.15 per share on a pre-split basis; or $0.10 per share on a post-split basis).  These actions not only reflect TESSCO’s dedication to maximizing shareholder value but also clearly demonstrate our confidence in TESSCO’s ability to continue leveraging the favorable developments in our sector and deliver innovation and value to our customers.”

 

Fourth-Quarter and Full-Year 2010 Financial Results

 

Revenues for the fourth quarter of fiscal 2010 totaled $130.6 million compared to $98.2 million in the fiscal 2009 fourth quarter.  Gross profit for the 2010 fourth quarter was $29.9 million, or 22.9% of revenue, compared to $27.4 million, or 27.8% of revenue, in the prior-year period.  EBITDA* totaled $3.7 million in the 2010 fourth quarter compared to $2.4 million in the prior-year period.  The company reported net income of $1.7 million, or $0.33 per diluted share, in the fourth quarter of fiscal 2010, compared to $0.8 million, or $0.16 per diluted share, in the prior-year quarter.

 

For the year ended March 28, 2010, revenues totaled $522.0 million compared to $483.0 million in fiscal 2009.  Gross profit for fiscal 2010 was $123.3 million, or 23.6% of revenue, compared to $121.9 million, or 25.2% of revenue, in fiscal 2009.   EBITDA* totaled $19.2 million in fiscal 2010 compared to $15.4 million in fiscal 2009.  The company reported net income of $9.1 million, or $1.78 per diluted share, in fiscal 2010, compared to $6.3 million, or $1.23 per diluted share, in fiscal 2009.

 

As of March 28, 2010, the company’s cash balance totaled $7.7 million and there was no balance outstanding on the revolving line of credit.  For the year, cash flows from operations totaled $14.8 million.

 


The following information was filed by Tessco Technologies Inc (TESS) on Thursday, April 29, 2010 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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