Exhibit 99.1

 

Tessco Reports Second-Quarter 2018 Financial Results

Quarterly Revenues Increase 8% Year Over Year

Earnings Per Share Increase to $0.21

Quarterly Dividend of $0.20 Per Share Continued

HUNT VALLEY, MD, October 23, 2017—TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS)

, today reported financial results for its second quarter of fiscal 2018, ended September 24, 2017.

Second-Quarter Highlights:

·

Revenue increased 8% year over year to $145.1 million; fourth straight quarter of year-over-year revenue growth

·

Public carrier market sales grew 48% compared with last year’s second quarter

·

All commercial markets grew year-over-year

·

Overall revenue growth and expense management resulted in operating margin of 2.2%, compared with 1.5% in last year’s second quarter

·

$0.21 EPS and $0.51 EBITDA per diluted share*; third straight quarter of year-over-year growth

·

Declared quarterly dividend of $0.20 per share

 

 

 

 

 

 

 

 

Second Quarter

FY 2018

Second Quarter

FY 2017

First Quarter

FY 2018

Revenue

$145.1M

$134.6M

$140.0M

Earnings per diluted share

$0.21

$0.12

$0.08

EBITDA per diluted share*

$0.51

$0.38

$0.27

Operating margin

2.2%

1.5%

0.9%

Cash balance

$0.2M

$10.8M

$0.2M

Line of credit balance outstanding

$13.3M

$0

$8.3M

 

* 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.  

 

Second-Quarter Revenue by Market:

 

 

 

 

 

 

 

 

Year over Year

Q2 FY 2018 vs.

Q2 FY 2017

Sequential

Q2 FY 2018 vs.

Q1 FY 2018

Public Carrier

48%

3%

Value-Added Resellers

5%

0%

Government

23%

31%

Private System Operators

15%

15%

Retail

(10)%

(3)%

Total

8%

4%

 

 

 

 

 

 

“We executed on our profitability initiatives during the second quarter, extending our recent trend of year-over-year top- and bottom-line growth,” said Murray Wright, President and Chief Executive Officer. “Revenue grew in all commercial markets, including a 48% year-over-year increase in revenue from the carrier market. The

1


The following information was filed by Tessco Technologies Inc (TESS) on Monday, October 23, 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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