Exhibit 99.1

TESSCO Reports Fourth Quarter and Fiscal Year 2017 Financial Results

Quarterly Revenues Increase 7% Year Over Year

Quarterly Dividend of $0.20 Per Share Continued

HUNT VALLEY, MD, May 8, 2017—TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS)

, today reported financial results for its fourth quarter and fiscal year 2017, ended March 26, 2017.

Fourth-Quarter Highlights:

 

·

Revenue increased 7% year over year to $122.6 million; second straight quarter of year-over-year growth

·

Public carrier market sales grew 33%, compared with last year’s fourth quarter

·

$(0.10) EPS and $(0.11) EBITDA per share*, which includes $0.8 million of pre-tax restructuring costs (or approximately $0.05 in earnings per share) 

·

Maintained strong balance sheet, including no operating debt

·

Declared quarterly dividend of $0.20 per share

 

 

 

 

 

 

 

 

 

Fourth Quarter

FY 2017

Fourth Quarter

FY 2016

Third Quarter

FY 2017

Revenue

$122.6M

$114.2M

$147.2M

Earnings per diluted share

$(0.10)

$(0.24)

$0.15

EBITDA per diluted share*

$(0.11)

$(0.24)

$0.38

Operating margin

(1.4)%

(2.8)%

1.4%

Cash balance

$8.5M

16.9M

$8.4M

Line of credit balance outstanding

$0

$0

$0

 

* EBITDA per diluted share and EBITDA (on which EBITDA per diluted share is based) are Non-GAAP financial measures. Non-GAAP financial measures indicated by an asterisk (*) in the text of this press release are so indicated 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.  

 

Fourth-Quarter Revenue by Market:

 

 

 

 

 

 

 

 

Year over Year

Q4 FY 2017 vs.

Q4 FY 2016

Sequential

Q4 FY 2017 vs.

Q3 FY 2017

Public Carrier

33.0%

(18.6)%

Commercial Resellers

2.8%

2.7%

Government

47.6%

16.2%

Private System Operators

14.0%

(20.7)%

Retail

(7.8)%

(29.1)%

Total

7.4%

(16.7)%

 

 

 

 

 

 

1


The following information was filed by Tessco Technologies Inc (TESS) on Monday, May 8, 2017 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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