Exhibit 99.1

 

Tessco Reports Third-Quarter 2018 Financial Results

Quarterly Revenues of $146 million

Earnings Per Share Increase to $0.19

Quarterly Dividend of $0.20 Per Share Continued

HUNT VALLEY, MD, January 23, 2018—TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS)

, today reported financial results for its third quarter of fiscal 2018, ended December 24, 2017.

Third-Quarter Highlights:

·

Revenue of $146.3 million

·

Revenue growth in government, value-added reseller and private system operator markets

·

Overall expense management contributed to operating margin of 1.5%, compared with 1.4% in the third quarter of fiscal 2017

·

Recorded benefit from new federal tax law of approximately $0.3 million

·

$0.19 EPS and $0.38 EBITDA per diluted share*

·

Company expects a profitable fourth quarter for the first time in three years, with year-over-year double-digit fourth-quarter revenue growth

·

Declared quarterly dividend of $0.20 per share

 

 

 

 

 

 

 

 

Third Quarter

FY 2018

Third Quarter

FY 2017

Second Quarter

FY 2018

Revenue

$146.3M

$147.2M

$145.1M

Earnings per diluted share

$0.19

$0.15

$0.21

EBITDA per diluted share*

$0.38

$0.38

$0.51

Operating margin

1.5%

1.4%

2.2%

Cash balance

$0.0M

$8.4M

$0.2M

Line of credit balance outstanding

$5.9M

$0.0M

$13.3M

 

* 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.  

 

Third-Quarter Revenue by Market:

 

 

 

 

 

 

 

 

Year over Year

Q3 FY 2018 vs.

Q3 FY 2017

Sequential

Q3 FY 2018 vs.

Q2 FY 2018

Public Carrier

(12%)

(17%)

Value-Added Resellers

8%

(4%)

Government

29%

(3%)

Private System Operators

8%

3%

Retail

(8%)

15%

Total

(1%)

1%

 

 

 

 

 

 

“We executed well on our strategic initiatives during the third quarter, putting us on pace to finish the year with revenue growth and a significant increase in profitability,” said Murray Wright, President and Chief Executive Officer. “On the top line, sales were slightly down primarily due to the timing of orders in the carrier ecosystem.  We expect this decline will be more than offset by increased sales in the fourth quarter, as the pipeline for this

1


The following information was filed by Tessco Technologies Inc (TESS) on Tuesday, January 23, 2018 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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