Exhibit 99.1
 
Transcat, Inc.   35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777
 
Transcat Reports Record Annual Revenue and Net Income
for Fiscal 2013
 
Full Year
 
· Record annual revenue of $112.3 million, up $2.3 million, or 2.1%; Service segment revenue increased 11.7% aided by recent acquisitions; distribution sales declined 2.7%.
   
·
Record net income of $3.7 million.
 
Fourth Quarter
 
· Fourth quarter revenue increased $0.3 million, or 1%, over prior year. Growth of 14.1% in Service segment revenue offset decline in Distribution segment sales.
   
·
Distribution segment sales per business day increased 1.7% for the fourth quarter, but were negatively impacted by five fewer business days, resulting in a 5.9% sales decline.
   
·
Operating income, net income and EPS all improved approximately 50% for the fourth quarter, driven by expanded Service segment contribution margin and operating income improvements of 65.6% and 154.6%, respectively.
 
ROCHESTER, NY, May 21, 2013 –
Transcat, Inc. (NASDAQ: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and compliance services and distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its fourth quarter and fiscal year ended March 30, 2013 (“fiscal 2013”). The fourth quarters of fiscal years 2013 and 2012 were 13-week and 14-week periods, respectively.  Included in reported results were those of Anacor Compliance Services, Inc., acquired on July 16, 2012, and Cal-Matrix Metrology Inc., acquired on January 25, 2013.
 
Fiscal 2013 fourth quarter total revenue increased 1.0% to $31.1 million from $30.8 million in the fourth quarter of the prior fiscal year driven by Service segment revenue growth of 14.1%.  Distribution segment sales declined 5.9% from the prior fiscal year period.
 
Operating income for the fourth quarter of fiscal 2013 was $3.0 million, a $1.0 million increase from the prior fiscal year period.  Operating margin improved 310 basis points to 9.5% in the fourth quarter of fiscal 2013 compared with 6.4% for the prior-year period.  Total operating expenses in the fourth quarter of fiscal 2013 declined $0.4 million, or 6.5%, primarily driven by a year-over-year decline in performance-based compensation.
 
Net income was $1.8 million, or $0.24 per diluted share, in the fourth quarter of fiscal 2013, compared with $1.2 million, or $0.16 per diluted share, in the fourth quarter of fiscal 2012.
 
Lee D. Rudow, President and Chief Operating Officer of Transcat, commented, “Our strategic acquisitions in the Service segment provided $1.5 million in fourth quarter revenue, resulting in a record quarter and more than offset the decrease in distribution sales.  Coming off a robust fiscal 2012 and despite the record revenue and net income, the challenging economic environment in fiscal 2013 was a major factor in achieving less than expected results, which reduced performance-based compensation.”
                                                                                                                                                                                                                             
- MORE -
 
 

The following information was filed by Transcat Inc (TRNS) on Friday, May 24, 2013 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.

View differences made from one year to another to evaluate Transcat Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Transcat Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account