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Transcat, Inc. 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777
Transcat Operating Income Increases 49% on 8% Revenue Growth for
Fiscal 2019 Second Quarter
Solid Service segment organic revenue growth of 7.6%; total Service revenue up 9.1%
Distribution segment sales increase 7.3%; delivers expanded gross and operating margins
Operating leverage demonstrated with operating margin expansion of 150 basis points to 5.6%
Net income nearly doubled to $1.5 million; Diluted earnings per share increased $0.09 to $0.20
ROCHESTER, NY, October 23, 2018 – Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its second quarter ended September 29, 2018 (the “second quarter”) of fiscal year 2019, which ends March 30, 2019 (“fiscal 2019”). Reported results include one month of the acquisition of substantially all of the assets of Angel’s Instrumentation, Inc. (“Angel’s”) effective August 31, 2018.
Lee D. Rudow, President and CEO, commented, “Our second quarter performance demonstrates the solid execution of our strategic plan. As expected, both of our operating segments turned in solid results with strong organic revenue growth. We were especially pleased with the 9% organic revenue growth we achieved in our U.S. operations Service segment. And, when combined with our inherent operating leverage, we measurably enhanced our profitability. We are also encouraged with the early results and outlook from our Angel’s acquisition, which broadens our geographic footprint and enhances our Service value proposition.”
Second Quarter Fiscal 2019 Review
(Results are compared with the second quarter of the fiscal year ended March 31, 2018 (“fiscal 2018”))
|($ in thousands)||Change|
|FY19 Q2||FY18 Q2||$'s||%|
|Adjusted EBITDA* Margin||10.3||%||9.2||%|
*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.
The following information was filed by Transcat Inc (TRNS) on Wednesday, October 24, 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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