Exhibit 99.1
 
TESSCO Reports Fourth Quarter and Fiscal Year 2015 Earnings

Reaffirms Quarterly Dividend of $0.20 per share

HUNT VALLEY, MD, May 7, 2015—TESSCO (NASDAQ: TESS)
, a leading supplier for the product and supply chain solutions that enable organizations to build, use, maintain and resell Cellular, Mobile Communications, Wi-Fi, Machine-to-Machine, Internet of Things and Wireless Backhaul systems, today reported financial results for its fourth quarter and full fiscal year ended March 29, 2015.

Highlights:

· Dividend of $0.20 per share reaffirmed
· Continued our transition and restructuring initiatives to renew growth and profitability and reduce concentration on any one key customer or market
· EPS guidance range for the first quarter of fiscal 2016 of $0.08 to $0.15
· EPS guidance range for fiscal year 2016 of $1.00 to $1.25

   
FY 2015
   
FY 2014
   
Fourth Quarter
FY 2015
   
Fourth Quarter
FY 2014
 
Revenue
 
$
549.6
M
 
$
560.1
M
 
$
113.0
M
 
$
124.5
M
Diluted EPS
 
$
1.04
   
$
1.94
   
(0.03
)
 
$
0.35
 
Diluted EPS, non-GAAP*
 
$
1.09
   
$
1.94
   
$
0.01
   
$
0.35
 
EBITDA* per share
 
$
2.28
   
$
3.74
   
$
0.10
   
$
0.70
 
EBITDA per share, adjusted*
 
$
2.49
   
$
3.98
   
$
0.20
   
$
0.76
 
Operating margin
   
2.6
%
   
4.7
%
   
(0.2
%)
   
3.8
%
Cash balance
 
$
7.5
M
 
$
11.5
M
 
$
7.5
M
 
$
11.5
M
Line of credit outstanding
 
$
0
   
$
0
   
$
0
   
$
0
 

*EBITDA, EBITDA per share, EBITDA per share adjusted, and Diluted EPS, non-GAAP are each non-GAAP financial measures. These measures are indicated by an asterisk (*) in this press release, as a means to direct the reader to the discussion of Non-GAAP Information below and the reconciliation of non-GAAP to GAAP results included as an exhibit to this release.

Fiscal 2015 Market Results Compared with Fiscal Year 2014:

   
FY 2015 vs.
FY 2014
   
Q4 FY 2015 vs.
Q4 FY 2014
 
Public Carrier
       
Revenue
   
(14.6
%)
   
(33.0
%)
Gross Profit
   
(22.4
%)
   
(26.0
%)
Commercial Resellers
               
Revenue
   
(4.5
%)
   
(9.9
%)
Gross Profit
   
(3.6
%)
   
(6.4
%)
Government
               
Revenue
   
(6.7
%)
   
10.7
%
Gross Profit
   
(2.5
%)
   
6.4
%
Private System Ops
               
Revenue
   
6.3
%
   
(3.0
%)
Gross Profit
   
(0.8
%)
   
(7.8
%)
Retail
               
Revenue
   
9.5
%
   
7.1
%
Gross Profit
   
4.1
%
   
1.3
%
Total
               
Revenue
   
(1.9
%)
   
(9.3
%)
Gross Profit
   
(5.3
%)
   
(8.0
%)
 

“Our fourth quarter and fiscal year 2015 results were disappointing, primarily as a result of the dramatic pull back in purchases from our cellular carrier customers, tentativeness from our private system operator customers, and the higher talent and technology expenses we are investing to execute our growth initiatives,” said Robert Barnhill, TESSCO’s Chairman and Chief Executive Officer. “However, these results do not reflect the progress we are making to minimize carrier concentration, renew growth and improve profitability.

“For the past three years, TESSCO has been focused on serving the new market opportunities being created by the convergence of wireless and the Internet, by supporting new systems and improving the customer experience. TESSCO's most important goal is to ‘make the difference in our customer’s success’. If we consistently achieve that goal, we expect to gain a leadership position in the markets we serve and will create superior shareowner value.

“While our investments in talent, technology and marketing engines have negatively impacted our earnings in the short term, we are beginning to see a return on investment and believe these initiatives will be drivers of sustainable revenue growth over time. In the meantime, our objective is to improve operating margin by value engineering the growth initiatives and remaining intensely focused on overall expense control.

“We expect our first quarter of fiscal 2016 to continue to be challenging, and we face limited visibility in the carrier market. However, we estimate diluted earnings per share in the range of $0.08 to $0.15. As we progress through the year, we expect improvements in both the carrier market and other key markets. Therefore, we estimate fiscal 2016 earnings per share to be in the range of $1.00 to $1.25. Our balance sheet is strong, and we remain committed to enhancing shareholder return by continuing our quarterly $0.20 per share dividend.

“Our opportunities are boundless, our strategy and initiatives solid, and we are committed to improving profitability in the short run, while achieving the revenue and profit growth performance we all expect to deliver in the longer run. We are working hard to turn our goals into reality,” Barnhill concluded.

Fourth-Quarter Fiscal 2015 Financial Results

For the fiscal 2015 fourth quarter, revenues totaled $113.0 million, compared with $124.5 million in the fourth quarter of the prior year.

Fourth-quarter fiscal 2015 gross profit was $27.7 million, compared with $30.1 million in the same quarter last year. Gross profit was affected by the decline in overall revenues. Gross margin was 24.5% of revenue, compared with 24.2% in last year’s fourth quarter.

Selling, general and administrative (SG&A) expenses were $27.4 million in the fourth quarter of fiscal 2015, compared with $25.3 million in last year's fourth quarter, primarily due to increased expenses associated with investments in talent, marketing and technology. One-time restructuring charges of $0.6 million are related to severance costs. Operating margin was (0.2)%, versus 3.8% in the prior-year quarter. Excluding the impact of the restructuring charge, operating margin was 0.3%.

Net loss and loss per share totaled $(0.2) million and $(0.03), respectively, for the fourth quarter of fiscal 2015, compared with net income and diluted earnings per share of $3.0 million and $0.35, respectively, for the prior-year quarter. Excluding the impact of the restructuring charge, adjusted net income* and earnings per share* were $0.1 million and $0.01, respectively.

EBITDA* totaled $0.8 million, or $0.10 per diluted share, in the fourth quarter of fiscal 2015, compared with $5.9 million, or $0.70 per diluted share, in the prior-year quarter.
 

Quarterly Cash Dividends

TESSCO’s Board of Directors declared a quarterly cash dividend of $0.20 per common share payable on June 3, 2015 to holders of record on May 20, 2015. Any future declaration of dividends, and the establishment of record and payment dates, is subject to future determinations of the Board of Directors.

Business Outlook

The Company is providing earnings guidance of $0.08 to $0.15 per diluted share for the first quarter of fiscal 2016 and full year fiscal 2016 earnings guidance of $1.00 to $1.25.

Forecasting future results is inherently difficult for any business, and actual results may differ materially from those forecasted. The nature of the business is that TESSCO typically ships 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 it assumes no obligation to update the information contained in this press release, including the Business Outlook, at any time

Fourth-Quarter Fiscal 2015 Conference Call

Management will host a conference call to discuss fourth-quarter 2015 results tomorrow, May 8, 2015 at 8:30 a.m. ET. To participate in the conference call, please call: 800-510-0146 (domestic call-in) or 617-614-3449 (international call-in) and reference code #64547424.

A live webcast of the conference call will be available at www.tessco.com/go/corporatepresentations. 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 12:30 p.m. ET on May 8, 2015 until 11:59 p.m. ET on May 15, 2015 by calling 888-286-8010 (domestic) or 617-801-6888 (international) and entering confirmation #86065047. An archived replay of the conference call will also be available on the company's website at www.tessco.com/go/corporatepresentations.

Non-GAAP Information

EBITDA and Adjusted EBITDA are measures used by management to evaluate our ongoing operations and as general indicators 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).

EBITDA is defined as income from operations, plus interest expense, net of interest income, provision for income taxes, and depreciation and amortization.

Adjusted EBITDA is defined as EBITDA plus stock compensation expense and restructuring charges that we believe to be infrequent and not indicative of our operating performance.

Management believes EBITDA, Adjusted EBITDA per share as well as EBITDA and Adjusted 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. Management also believes the adjusted (Non-GAAP) calculations of operating income; net income and earnings per share are useful to investors as it removes the impact of an infrequent and unusual restructuring charge. Because not all companies use identical calculations, our presentation of each of these non-GAAP measures may not be comparable to other similarly titled measures of other companies. EBITDA and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be alternatives to net income as measures of operating performance or to cash flows from operating activities as a measure of liquidity. EBITDA and Adjusted EBITDA per diluted share are also non-GAAP calculations defined as EBITDA or Adjusted EBITDA divided by TESSCO’s diluted weighted average shares outstanding. Additionally, EBITDA or Adjusted EBITDA are not intended to be measures of free cash flow for management's discretionary use, as they does not reflect certain cash requirements such as interest payments, tax payments and debt service requirements. The amounts shown for EBITDA and Adjusted EBITDA as presented herein differ from the amounts calculated under the definition of EBITDA used in our loan agreements. The definition of EBITDA as used in our 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 non-GAAP to GAAP results is included as an exhibit to this release.

About TESSCO Technologies Incorporated (NASDAQ: TESS)

TESSCO (NASDAQ: TESS), a leading supplier for the product and chain solutions to enable organizations to build, use, maintain and resell Cellular, Wi-Fi, Machine-to-Machine, Internet of Things and Wireless Backhaul systems. TESSCO is a component of the Russell 2000® index.

Forward-Looking Statements

This press release, including the statements of Robert Barnhill, 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; changes in customer and product mix that affects gross margin; effect of “conflict minerals” regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; system security or data protection breaches; technology changes in the wireless communications industry; fourth-party freight carrier interruption; increased competition; our relative bargaining power and inability to negotiate favorable terms with our vendors and customers; our inability to access capital and obtain financing as and when needed; claims against us for breach of the intellectual property rights of fourth parties; product liability claims; and the possibility that, for unforeseen or other 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
Aric Spitulnik
Chief Financial Officer
410-229-1419
spitulnik@tessco.com

or

David Calusdian
Sharon Merrill
617-542-5300
TESS@investorrelations.com
 

TESSCO Technologies Incorporated
Consolidated Statements of Income (Unaudited)

   
Fiscal Quarters Ended
   
Year Ended
 
   
March 29,
2015
   
December 28,
2014
   
March 30,
2014
   
March 29,
2015
   
March 30,
2014
 
                     
Revenues
 
$
112,962,200
   
$
135,188,700
   
$
124,536,600
   
$
549,619,000
   
$
560,086,600
 
                                         
Cost of goods sold
   
85,271,400
     
102,675,800
     
94,451,800
     
418,730,500
     
421,928,700
 
                                         
Gross profit
   
27,690,800
     
32,512,900
     
30,084,800
     
130,888,500
     
138,157,900
 
Selling, general and administrative expenses
   
27,362,100
     
29,828,800
     
25,315,700
     
115,936,700
     
111,668,000
 
                                         
Restructuring Charge
   
573,400
     
--
     
--
     
573,400
     
--
 
                                         
Operating Expenses
   
27,935,500
     
29,828,800
     
25,315,700
     
116,510,100
     
111,668,000
 
(Loss) income from operations
   
(244,700
)
   
2,684,100
     
4,769,100
     
14,378,400
     
26,489,900
 
                                         
Interest, net
   
28,200
     
61,300
     
18,300
     
167,300
     
177,700
 
(Loss) income before provision for income taxes
   
(272,900
)
   
2,622,800
     
4,750,800
     
14,211,100
     
26,312,200
 
                                         
Provision for income taxes
   
(41,000
)
   
941,600
     
1,795,500
     
5,576,800
     
10,063,100
 
                                         
Net (loss) income
 
$
(231,900
)
 
$
1,681,200
     
2,955,300
   
$
8,634,300
   
$
16,249,100
 
                                         
Basic earnings per share
 
$
(0.03
)
 
$
0.20
   
$
0.36
   
$
1.05
   
$
1.98
 
                                         
Diluted earnings per share
 
$
(0.03
)
 
$
0.20
   
$
0.35
   
$
1.04
   
$
1.94
 
 

TESSCO Technologies Incorporated
Consolidated Balance Sheets

   
March 29, 2015
   
March 30, 2014
 
   
(unaudited)
   
(audited)
 
         
ASSETS
       
Current Assets:
       
Cash and cash equivalents
 
$
7,524,000
   
$
11,467,900
 
Trade accounts receivable, net
   
59,572,100
     
67,495,700
 
Product inventory
   
72,363,600
     
61,955,700
 
Deferred tax assets
   
3,856,000
     
4,973,000
 
Prepaid expenses and other current assets
   
10,868,900
     
2,336,600
 
Total current assets
   
154,184,600
     
148,228,900
 
                 
Property and equipment, net
   
21,111,800
     
22,765,400
 
Goodwill, net
   
11,684,700
     
11,684,700
 
Other long-term assets
   
2,619,600
     
2,341,300
 
Total assets
 
$
189,600,700
   
$
185,020,300
 
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current Liabilities:
               
Trade accounts payable
 
$
51,804,200
   
$
50,756,900
 
Payroll, benefits and taxes
   
5,531,900
     
7,670,100
 
Income and sales tax liabilities
   
1,832,400
     
2,477,700
 
Accrued expenses and other current liabilities
   
8,688,500
     
923,600
 
Revolving line of credit
   
--
     
--
 
Current portion of long-term debt
   
250,700
     
250,200
 
Total current liabilities
   
68,107,700
     
62,078,500
 
                 
Deferred tax liabilities
   
3,360,100
     
2,320,700
 
Long-term debt, net of current portion
   
1,957,500
     
2,208,200
 
Other long-term liabilities
   
3,033,300
     
3,584,800
 
Total liabilities
   
76,458,600
     
70,192,200
 
                 
Shareholders’ Equity:
               
Preferred stock
   
--
     
--
 
Common stock
   
96,100
     
94,200
 
Additional paid-in capital
   
56,517,600
     
53,987,700
 
Treasury stock, at cost
   
(56,307,900
)
   
(50,084,600
)
Retained earnings
   
112,836,300
     
110,830,800
 
Accumulated other comprehensive loss
   
--
     
--
 
Total shareholders’ equity
   
113,142,100
     
114,828,100
 
                 
Total liabilities and shareholder’s equity
 
$
189,600,700
   
$
185,020,300
 
 

TESSCO Technologies Incorporated
GAAP Results to Non-GAAP Results Reconciliation

   
Fiscal Quarters Ended
   
Fiscal Years Ended
 
   
March 29,
2015
   
March 30,
2014
   
December 28,
2014
   
March 29,
2015
   
March 30,
2014
 
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
   
(unaudited)
 
                     
Operating (loss) income as reported
 
$
(244,700
)
 
$
4,769,100
   
$
2,684,100
   
$
14,378,400
   
$
26,489,900
 
Restructuring charge
   
573,400
     
--
     
--
     
573,400
     
--
 
Operating income, as adjusted
 
$
328,700
   
$
4,769,100
   
$
2,684,100
   
$
14,951,800
   
$
26,489,900
 
                                         
                                         
Net (loss) income, as reported
 
$
(231,900
)
 
$
2,955,300
   
$
1,681,200
   
$
8,634,300
   
$
16,249,100
 
Restructuring charge, net of tax
   
354,932
     
--
     
--
     
354,932
     
--
 
Net income as adjusted
 
$
123,032
   
$
2,955,300
   
$
1,681,200
   
$
8,989,232
   
$
16,249,100
 
                                         
                                         
Diluted EPS, as reported
 
$
(0.03
)
 
$
0.35
   
$
0.20
   
$
1.04
   
$
1.94
 
Restructuring charge
   
0.04
     
--
     
--
     
0.04
     
--
 
Diluted EPS, adjusted
 
$
0.01
   
$
0.35
   
$
0.20
   
$
1.09
   
$
1.94
 
                                         
                                         
Net (loss) income as reported
 
$
(231,900
)
 
$
2,955,300
   
$
1,681,200
   
$
8,634,300
   
$
16,249,100
 
Add:
                                       
Provision for income taxes
   
(41,000
)
   
1,795,500
     
941,600
     
5,576,800
     
10,063,100
 
Interest, net
   
28,200
     
18,300
     
61,300
     
167,300
     
177,700
 
Depreciation and amortization
   
1,090,400
     
1,149,600
     
1,140,300
     
4,583,600
     
4,865,000
 
EBITDA
 
$
845,700
   
$
5,918,700
   
$
3,824,400
   
$
18,962,000
   
$
31,354,900
 
Add:
                                       
Stock based compensation
   
214,300
     
492,100
     
269,400
     
1,161,300
     
2,087,100
 
Restructuring charge
   
573,400
     
--
     
--
     
573,400
     
--
 
EBITDA, adjusted
 
$
1,633,400
   
$
6,410,800
   
$
4,093,800
   
$
20,696,700
   
$
33,442,000
 
                                         
EBITDA per diluted share
 
$
0.10
   
$
0.70
   
$
0.46
   
$
2.28
   
$
3.74
 
Adjusted EBITDA per diluted share
 
$
0.20
   
$
0.76
   
$
0.49
   
$
2.49
   
$
3.98
 
 


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

   
Three months ended
March 29, 2015
   
Year ended
March 29, 2015
 
   
Total
   
Total
 
Market Revenues
       
Public Carriers, Contractors & Program Managers
 
$
22,308
   
$
127,426
 
Government System Operators
   
7,547
     
31,495
 
Private System Operators
   
19,020
     
86,725
 
Commercial Dealers & Resellers
   
28,345
     
134,195
 
Retailer, Independent Dealer Agents & Carriers
   
35,742
     
169,778
 
Total revenues
 
$
112,962
   
$
549,619
 
                 
Gross Profit
               
Public Carriers, Contractors & Program Managers
   
4,612
     
24,081
 
Government System Operators
   
1,835
     
8,283
 
Private System Operators
   
5,085
     
22,926
 
Commercial Dealers & Resellers
   
8,204
     
37,977
 
Retailer, Independent Dealer Agents & Carriers
   
7,955
     
37,622
 
Total gross profit
 
$
27,691
   
$
130,889
 
% of revenues
   
24.5
%
   
23.8
%
                 
Direct expenses
   
17,771
     
76,457
 
Segment net profit contribution
   
9,920
     
54,432
 
% of revenues
   
8.8
%
   
9.9
%
Corporate support expenses*
   
10,193
     
40,221
 
(Loss) Income before provision for income taxes
 
$
(273
)
 
$
14,211
 
% of revenues
   
-0.2
%
   
2.6
%
                 
Growth Rates Compared to Prior Year Period:
               
                 
Revenues
               
Public Carriers, Contractors & Program Managers
   
-33.0
%
   
-14.6
%
Government System Operators
   
10.7
%
   
-6.7
%
Private System Operators
   
-3.0
%
   
6.3
%
Commercial Dealers & Resellers
   
-9.9
%
   
-4.5
%
Retailer, Independent Dealer Agents & Carriers
   
7.1
%
   
9.5
%
Total revenues
   
-9.3
%
   
-1.9
%
                 
Gross Profit
               
Public Carriers, Contractors & Program Managers
   
-26.0
%
   
-22.4
%
Government System Operators
   
6.4
%
   
-2.5
%
Private System Operators
   
-7.8
%
   
-0.8
%
Commercial Dealers & Resellers
   
-6.4
%
   
-3.6
%
Retailer, Independent Dealer Agents & Carriers
   
1.3
%
   
4.1
%
Total gross profit
   
-8.0
%
   
-5.3
%
                 
Direct expenses
   
6.6
%
   
8.2
%
Segment net profit contribution
   
-26.0
%
   
-19.3
%
Corporate support expenses*
   
17.8
%
   
-2.3
%
(Loss) Income before provision for income taxes
   
-105.7
%
   
-46.0
%

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

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

   
Three months ended
   
Year ended
 
   
March 29, 2015
   
March 29, 2015
 
Revenues
       
Base station infrastructure
 
$
46,488
   
$
224,135
 
Network systems
   
18,060
     
96,399
 
Installation, test and maintenance
   
8,267
     
41,790
 
Mobile device accessories
   
40,147
     
187,295
 
Total revenues
 
$
112,962
   
$
549,619
 
                 
Gross Profit
               
Base station infrastructure
   
12,746
     
60,960
 
Network systems
   
3,256
     
16,064
 
Installation, test and maintenance
   
1,934
     
9,400
 
Mobile device accessories
   
9,755
     
44,465
 
Total gross profit
 
$
27,691
   
$
130,889
 
% of revenues
   
24.5
%
   
23.8
%
                 
Growth Rates Compared to Prior Year Period
               
                 
Revenues
               
Base station infrastructure
   
-16.6
%
   
-11.4
%
Network systems
   
-16.6
%
   
7.8
%
Installation, test and maintenance
   
-11.2
%
   
-7.8
%
Mobile device accessories
   
6.1
%
   
8.7
%
Total revenues
   
-9.3
%
   
-1.9
%
                 
Gross Profit
               
Base station infrastructure
   
-13.2
%
   
-12.2
%
Network systems
   
-13.7
%
   
0.1
%
Installation, test and maintenance
   
-7.2
%
   
-8.6
%
Mobile device accessories
   
2.2
%
   
4.9
%
Total gross profit
   
-8.0
%
   
-5.3
%

 


The following information was filed by Tessco Technologies Inc (TESS) on Friday, May 8, 2015 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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