Tessco Technologies Inc (TESS) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 25, 2017

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Tessco Technologies Inc
Ticker: TESS CIK: 927355

Exhibit 99.1

TESSCO Reports First Quarter 2018 Financial Results

Quarterly Revenues Increase 9% Year Over Year

Quarterly Dividend of $0.20 Per Share Continued

HUNT VALLEY, MD, July 18, 2017—TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS)

, today reported financial results for its first quarter of fiscal 2018, ended June 25, 2017.

First-Quarter Highlights:

Revenue increased 9% year over year to $140.0 million; third straight quarter of year-over-year growth

Public carrier market sales grew 60% compared with last year’s first quarter

All markets except government grew year-over-year and sequentially

$0.08 EPS and $0.27 EBITDA per share*; second straight quarter of year-over-year growth

Investments in working capital made to support growing public carrier sales

Declared quarterly dividend of $0.20 per share


	First Quarter FY 2018	First Quarter FY 2017	Fourth Quarter FY 2017
Revenue	$140.0M	$128.9M	$122.6M
Earnings per diluted share	$0.08	$0.01	$(0.10)
EBITDA per diluted share*	$0.27	$0.16	$(0.11)
Operating margin	0.9%	0.1%	(1.4)%
Cash balance	$0.2M	12.6M	$8.5M
Line of credit balance outstanding	$8.3M	$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 (*) either in the above chart or 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.

First-Quarter Revenue by Market:


	Year over Year Q1 FY 2018 vs. Q1 FY 2017	Sequential Q1 FY 2018 vs. Q4 FY 2017
Public Carrier	60.4%	26.3%
Commercial Resellers	2.2%	10.5%
Government	(14.3)%	(11.9)%
Private System Operators	3.6%	15.1%
Retail	2.2%	16.5%
Total	8.7%	14.2%

“We continued to build on the sales momentum we have seen since last fall, achieving year-over-year revenue growth for the third consecutive quarter and year-over-year EPS growth for the second straight quarter,” said Murray Wright, President and Chief Executive Officer. “The improved top-line results primarily were driven by a 60% increase in sales to the public carrier market ecosystem and to a lesser extent by a solid performance in our VAR, private system and retail markets. This reinvigorated overall sales performance was in line with our expectations and led directly to the increase in our bottom line results.

“In my first nine months with TESSCO, we have implemented a number of new initiatives, incorporated them into a sound operating plan and executed on that plan,” Wright said. “Among these initiatives, we have enhanced our senior leadership, reorganized and revitalized our sales organization, improved our sales compensation plans to incentivize portfolio growth, regionalized our sales force and continued to invest in our ecommerce capabilities. We are improving how we engage with customers and vendor partners, as we develop

The following information was filed by Tessco Technologies Inc (TESS) on Tuesday, July 18, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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