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Transcat, Inc. 35 Vantage Point Drive Rochester NY 14624 Phone: (585) 352-7777
Transcat Reports 18% Increase in Net Income on Record Net Revenue of
$110 Million for Fiscal Year 2012
Fourth quarter net revenue increased 19.5% to a record $30.8 million, while net income improved 11.1% to $1.2 million
Product segment net sales increased 19.2% in the fourth quarter; up 23.0% for the full year
Fourth quarter Service segment net revenue was up 20.1%; fiscal year 2012 Service segment net revenue increased 16.2%
Generated $6.3 million in cash from operations in fiscal 2012; up 143.3% over the prior fiscal year
ROCHESTER, NY, May 21, 2012 Transcat, Inc. (NASDAQ: TRNS) (Transcat or the Company), a leading distributor of professional grade handheld test and measurement instruments and accredited provider of calibration, repair and other measurement services, today reported financial results for its fourth quarter and fiscal year ended March 31, 2012 (fiscal 2012). The fourth quarters of fiscal years 2012 and 2011 were 14- and 13-week periods, ended March 31 and March 26 respectively. Included in our reported results are Wind Turbine Tools, Inc. and its affiliated companies, acquired on January 11, 2011; CMC Instrument Services, Inc., acquired on April 5, 2011; and Newark Corporations calibration service business, acquired on September 8, 2011.
Fourth quarter fiscal 2012 net revenue increased 19.5%, or $5.0 million, to $30.8 million compared with the prior year period due to solid growth in both of our business segments. Product segment net sales grew 19.2% to $20.1 million and Service segment net revenue increased 20.1% to $10.7 million.
Net income was $1.2 million, or $0.16 per diluted share, in the fiscal 2012 fourth quarter compared with $1.1 million, or $0.14 per diluted share, in the fourth quarter of fiscal 2011. The 11.1% growth in net income was driven by expanded operating profits in the Companys Product segment.
Charles P. Hadeed, President and CEO of Transcat, commented, Fiscal 2012 was our most successful year in the Companys nearly 50-year history. Record revenue and operating income were fueled by the combined results of our organic growth initiatives and the execution of our acquisition strategy. We continued to strengthen our market position with our Product segment strategic partners and have expanded both our geographic footprint and customer base within our Service segment. Significantly we continued to expand into the targeted life science and energy markets. Our strategic focus remains directed towards sustained, profitable annual growth, a well managed balance sheet and operating cash flow.
Operating Income Expands 9.8% in Fiscal 2012 Fourth Quarter
Operating income for the fourth quarter of fiscal 2012 was $2.0 million, an increase of 9.8% from $1.8 million in the fourth quarter of fiscal 2011. Operating margin declined slightly to 6.4% in the fourth quarter of fiscal 2012 compared with 6.9% for the same quarter of the prior fiscal year. The fourth quarter of fiscal 2012 included a $0.2 million adjustment for stock compensation as a result of the Companys achievement under its performance-based long-term compensation plan. Total operating expenses increased $0.8 million, or 15.2%, to $5.9 million in the fourth quarter of fiscal 2012, when
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The following information was filed by Transcat Inc (TRNS) on Thursday, May 24, 2012 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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