Exhibit 99.1

 

TESSCO Reports Fiscal Year and Fourth-Quarter 2016 Financial Results

Reaffirms Quarterly Dividend of $0.20 per Share

HUNT VALLEY, MD, May 9, 2016—

TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS),  a leading supplier for the product and value chain solutions that enable organizations to build, use, maintain and resell wireless voice, data, video, connectivity and control systems, today reported financial results for its fiscal 2016 and fourth quarter of fiscal 2016, ended March 27, 2016.

Fiscal Year Highlights:

 

·

TESSCO’s ongoing strategic transformation is progressing and will accelerate in the new year to drive the company’s evolution from a wireless carrier transaction-centric supplier, to a consultative, end-to-end solutions provider that enables the deployment of wireless connectivity systems for private, as well as public network operators

·

Net income of $5.3 million, or diluted earnings per share (EPS) of $0.65

·

Adjusted diluted earnings per share, excluding a charge related to non-recurring software licensing fees1, was $0.76*

·

Retail market revenues grew by 14%

·

Public carrier market revenue declined 30% as carrier hesitancy continued

·

Strong year-end balance sheet

Fourth-Quarter Highlights:

 

·

Net loss of $2.0 million, or (loss) per share of $(0.24)

·

Adjusted net loss of $1.1 million* or (loss) per share of $(0.13)*, excluding charge related to non-recurring software licensing fees1; meets low end of guidance range

·

Quarterly dividend of $0.20 per share declared

 

 

 

 

 

 

 

 

 

Fiscal Year

2016

Fiscal Year

2015

Fourth Quarter

FY 2016

Fourth Quarter

FY 2015

Third Quarter

FY 2016

Revenue

$530.7M

$549.6

$114.2M

$113.0M

$139.5M

EPS

$0.65

$1.04

$(0.24)

$(0.03)

$0.35

Adjusted EPS*

$0.76

$1.08

$(0.13)

$0.01

$0.35

EBITDA per share*

$1.67

$2.28

$(0.24)

$0.10

$0.72

Operating margin

1.7%

2.6%

(2.8%)

(0.2%)

3.4%

Cash balance

$16.9M

$7.5M

$16.9M

$7.5M

$7.5M

Line of credit balance

$0

$0

$0

$0

$0

 

*EBITDA, EBITDA per share, adjusted net income excluding charge related to non-recurring software licensing fees, and adjusted EPS excluding charge related to non-recurring software licensing fees (also referred to in the chart above as “Adjusted EPS” as applicable to the 2016 fiscal year and fourth quarter) are each Non-GAAP financial measures. In addition, references to 2015 fiscal year and fourth quarter EPS excluding a restructuring charge relating to severance costs, (also referred to in the chart above as “Adjusted EPS” for those periods), is also a Non-GAAP measure. These Non-GAAP 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 press release.  

1


The following information was filed by Tessco Technologies Inc (TESS) on Monday, May 9, 2016 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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