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Transcat, Inc. 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777
Transcat Achieves Strong Operating Income Growth on Margin Expansion
for Fiscal 2019 First Quarter
|●||Consolidated operating income increased 43.5% (17% when normalized) to $2.0 million on 1% revenue growth|
|●||Service segment revenue up nearly 5%|
|●||Service gross and operating margins expanded 40 and 70 basis points, respectively|
|●||Distribution gross margin of 24.2%, up 140 basis points|
|●||Achieved net income of $1.4 million or $0.19 per diluted share|
|●||Generated strong cash from operations of $3.1 million|
ROCHESTER, NY, July 24, 2018 – Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its first quarter ended June 30, 2018 (the “first quarter”) of fiscal year 2019, which ends March 30, 2019 (“fiscal 2019”).
“The operating leverage we believe is inherent in our business combined with the early impact from our operational excellence initiatives were demonstrated in the first quarter with only modest improvement in revenue. Both of our segments saw margin expansion, resulting in enhanced profitability,” commented Lee D. Rudow, President and CEO.
He continued, “Our Service segment organic revenue growth rate was almost 5%, while our new business activity levels were quite strong. We generated a record level of new bookings in the first quarter, which we expect will drive higher levels of growth for the fiscal year as we continue to take market share.
“We maintained solid core new equipment sales volume within our Distribution segment, although we had some softness in our used equipment business. Solid mix, pricing and inventory management enabled significant margin expansion, nonetheless.”
|First Quarter Fiscal 2019 Review||(Results are compared with the first quarter of the fiscal year ended March 31, 2018 (“fiscal 2018”))|
|($ in thousands)||Change|
|FY19 Q1||FY18 Q1||$'s||%|
|Adjusted EBITDA* Margin||10.5||%||9.3||%|
The following information was filed by Transcat Inc (TRNS) on Wednesday, July 25, 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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