Exhibit 99.1

 

Tessco Reports First-Quarter 2019 Financial Results

Quarterly Revenues Grow 8% Year Over Year

Achieves Earnings Per Share of $0.13

Quarterly Dividend of $0.20 Per Share Declared

HUNT VALLEY, MD, July 16, 2018—TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS)

today reported financial results for its first quarter of fiscal 2019, ended July 1, 2018.

First-Quarter Highlights:

·

Revenue of $150.9 million, up 8% year over year

·

Revenue growth of 52% in the public carrier market compared with prior-year first quarter

·

Gross profit growth combined with overall expense management contributed to operating margin of 1.2%, compared with 0.9% in the prior-year first quarter

·

Diluted earnings per share grew 63% year over year to $0.13, representing the sixth consecutive quarter of year over year EPS growth

·

Declared quarterly dividend of $0.20 per share

 

 

 

 

 

 

 

 

First Quarter

FY 2019

First Quarter

FY 2018

Fourth Quarter

FY 2018

Revenue

$150.9M

$140.0M

$148.9M

Earnings per diluted share

$0.13

$0.08

$0.14**

EBITDA per diluted share*

$0.31

$0.27

$0.25

Operating margin

1.2%

0.9%

0.8%

Cash balance

$0.0M

$0.2M

$0.0M

Line of credit balance outstanding

$15.8M

$8.3M

$10.8M

 

* 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.  

 

** Includes $0.06 per share resulting from one-time change in historical tax treatment of an insurance asset, as previously reported.

 

First-Quarter Revenue by Market:

 

 

 

 

 

 

 

 

Year over Year

Q1 FY 2019 vs.

Q1 FY 2018

Sequential

Q1 FY 2019 vs.

Q4 FY 2018

Commercial:

 

 

 Public Carrier

51.7%

5.3%

 Value-Added Resellers

(1.0)%

4.0%

 Government

9.3%

(10.6)%

 Private System Operators

2.8%

(6.6)%

Total Commercial

16.2%

0.7%

Retail

(7.9)%

2.8%

Total

7.8%

1.3%

 

 

 

 

 

 

 

1


The following information was filed by Tessco Technologies Inc (TESS) on Monday, July 16, 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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