Exhibit 99.1

 

Tessco Reports Fourth-Quarter 2018 Financial Results

Quarterly Revenues Grow 21%; Annual Revenues Grow 9%, Largest Annual YOY Growth in Six Years

Quarterly Earnings Per Share of $0.07 Following Three Years of Fourth-Quarter Losses

Quarterly Dividend of $0.20 Per Share Continued

HUNT VALLEY, MD, May 7, 2018—TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS)

, today reported financial results for its fourth quarter of fiscal 2018, ended April 1, 2018.

Fourth-Quarter Highlights:

·

Revenue of $148.9 million, up 21% year over year

·

Revenue growth in all of the Company’s markets from the prior-year fourth quarter

·

Overall expense management contributed to operating margin of 0.8%, compared with (1.4)% in the fourth quarter of fiscal 2017

·

Profit turnaround to $0.07 diluted earnings per share from a loss per share of $(0.10) a year ago

·

Declared quarterly dividend of $0.20 per share

 

 

 

 

 

 

 

 

Fourth Quarter

FY 2018

Fourth Quarter

FY 2017

Third Quarter

FY 2018

Revenue

$148.9M

$122.6M

$146.3M

Earnings per diluted share

$0.07

$(0.10)

$0.19

EBITDA per diluted share*

$0.25

$(0.11)

$0.38

Operating margin

0.8%

(1.4)%

1.5%

Cash balance

$0.0M

$8.5M

$0.0M

Line of credit balance outstanding

$10.8M

$0.0M

$5.9M

 

* 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.  

 

Fourth-Quarter Revenue by Market:

 

 

 

 

 

 

 

 

Year over Year

Q4 FY 2018 vs.

Q4 FY 2017

Sequential

Q4 FY 2018 vs.

Q3 FY 2018

Public Carrier

82%

69%

Value-Added Resellers

5%

(1)%

Government

8%

(3)%

Private System Operators

27%

(7)%

Retail

4%

(20)%

Total

21%

2%

 

 

 

 

 

 

“We continued to execute well on our strategic initiatives during the fourth quarter, delivering year-over-year fourth quarter revenue growth of 21%,” said Murray Wright, President and Chief Executive Officer. “Revenues for the entire fiscal year grew 9%, which is our highest year-over-year growth since fiscal 2012. These achievements were the result of solid execution by our entire team in growing revenues and improving profitability. On the top line, the significant increase from a year ago was driven by 82% growth in sales to the carrier ecosystem and supported by greater sales in all of our markets. While the domestic carrier ecosystem

1


The following information was filed by Tessco Technologies Inc (TESS) on Monday, May 7, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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