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Transcat, Inc. • 35 Vantage Point Drive • Rochester, NY 14624 • 585-352-7777
Transcat Reports Operating Income Up 14% on Record Revenue
for Fiscal 2018
|●||Record fourth quarter and full fiscal year revenue of $42.5 million and $155.1 million, respectively|
|●||Consolidated operating margin expanded 160 basis points to 8.3% in the fourth quarter and 30 basis points to 5.8% for the full fiscal year|
|●||Achieved record net income of $5.9 million or $0.81 per diluted share in fiscal 2018|
|●||Reduced debt $4.5 million to $22.9 million at year-end as a result of strong operations and cash flows|
ROCHESTER, NY, May 22, 2018 – Transcat, Inc. (NASDAQ: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its fourth quarter and fiscal year ended March 31, 2018 (“fiscal 2018”). Transcat operates on a 52/53 week fiscal year, ending the last Saturday in March. In a 52-week fiscal year, each of the four quarters is a 13-week period. In a 53-week fiscal year (which occurs once every five or six years), the last quarter is a 14-week period. Fiscal 2018 consisted of 53 weeks while the fiscal year ended March 25, 2017 (“fiscal 2017”) consisted of 52 weeks.
“Our fiscal 2018 results demonstrated solid performance in both of our segments as we achieved new records with more than $155 million in revenue and $5.9 million in net income. We are particularly pleased that we now have had 36 straight quarters, or nine years, of quarter-over-quarter growth in our Service segment revenue,” commented Lee D. Rudow, President and CEO. “We saw healthy demand in both segments. Strong execution in our Service segment helped us continue to take market share, especially in the targeted life science space, while our Distribution segment had growth across all channels.”
“While we didn’t see the desired improvement in reported Service gross margin, key Service performance indicators continued to move in the right direction. On a consolidated basis, we generated higher operating income, operating margin and strong cash flow, reduced debt and funded longer-term productivity enhancement investments.”
The following information was filed by Transcat Inc (TRNS) on Wednesday, May 23, 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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