Exhibit 99.1
 
Header
 
 
Transcat, Inc.   35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777
 
 
Transcat Reports Record Annual Revenue in 2014
Growth Driven by Service Segment Expansion
 
ROCHESTER, NY, May 20, 2014 – 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 29, 2014 (“fiscal 2014”).  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. 
 
Lee D. Rudow, President and Chief Executive Officer of Transcat, commented, “Fiscal 2014 was a good year at Transcat. We continued to execute on our strategic plan.   We leveraged our two business segments, driving growth and building momentum while achieving both top-line and earnings growth, and delivering solid operating margin performance and healthy cash flow.”
 
Fourth Quarter of Fiscal 2014 Highlights
 
Fourth quarter revenue modestly decreased by 2.2%, or $0.7 million, to $30.4 million.  Growth in Service segment revenue of $1.3 million, or 10.3%, was offset by a $1.9 million, or 10.3%, decline in Distribution segment sales.  Distribution segment sales were down on reduced demand from the alternative energy industry and the impact of severe winter weather on sales.
 
Despite lower revenue, gross profit grew 1.5% and gross margin expanded 100 basis points to 28.3%.  Operating income of $2.9 million was relatively unchanged from the prior fiscal year period while operating margin improved 10 basis points to 9.6%.  Net income decreased to
$1.7 million from $1.8 million during the prior fiscal year period.
 
Adjusted EBTIDA for the quarter was $3.7 million, down $0.1 million from the prior fiscal year period.  See Note 1 on page 3 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.
 
Diluted earnings per share were unchanged at $0.24
 
Fourth Quarter Service segment shows strong organic growth; Operating income increases 20.1% in quarter
 
Service Segment:  Represents the Company’s accredited calibration, repair, inspection and compliance services business (44% of total revenue for the fourth quarter of fiscal 2014)
 
Service segment revenue growth of 10.3% was primarily organic and was fostered by expanding addressable markets obtained through acquisitions.
 
Service segment gross profit improved $0.4 million, or 10.7%, to $4.2 million compared with $3.8 million in the prior fiscal year period, while gross margin expanded 10 basis points over the prior year to 31.4%.
 
Service segment contribution margin increased 5.5%, to $2.6 million, compared with the fourth quarter of fiscal 2013.  See Note 1 on page 3 for a description of this non-GAAP financial measure and page 10 for the contribution margin calculation in the Additional Information Business Segment table.
 
- MORE -
 
 

The following information was filed by Transcat Inc (TRNS) on Wednesday, May 21, 2014 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