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Transcat, Inc. • 35 Vantage Point Drive • Rochester, NY 14624 • 585-352-7777
Transcat Reports Operating Income Up 13% on Record Revenue
for Fiscal 2019
Record fourth quarter and full fiscal year revenue of $44.5 million and $160.9 million
Service segment continued to deliver strong organic growth of 13.6% and 8.6% in the fourth quarter and fiscal 2019 period, respectively, when normalizing for a 52-week fiscal year
Consolidated gross margin expanded 20 basis points in the fourth quarter and 40 basis points for the full fiscal year
Achieved record net income of $2.7 million, or $0.35 per diluted share, for the fourth quarter and record net income of $7.1 million, or $0.95 per diluted share, for full fiscal 2019
Generated $12.6 million of cash from operations in fiscal 2019, up $2.7 million or 27% from fiscal 2018
ROCHESTER, NY, May 21, 2019 – 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 30, 2019 (“fiscal 2019”). 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 2019 consisted of 52 weeks while the fiscal year ended March 31, 2018 (“fiscal 2018”) consisted of 53 weeks. Results include the previously-reported acquisition of Angel’s Instrumentation, Inc (“Angel’s”), effective as of August 31, 2018.
“The continued execution of our strategic plan, strength of our value proposition and favorable U.S. macro environment drove record sales and net income for the fiscal year,” commented Lee D. Rudow, President and CEO. “The Service segment continued to deliver from a sales perspective, marking an impressive 10 years, or 40 consecutive quarters, of year-over-year quarterly sales growth. Our Service organic growth rate was strong, particularly when normalizing for the extra week from last year, as we have been successful in taking market share, especially within the life science market. Our Distribution business performed well as we continued to execute our strategy of driving higher margin core product sales and rentals, which resulted in enhanced segment profitability.
“We continue to have confidence in our ability to grow Service segment revenue and expect to improve our margins over time as we overcome short-term productivity pressures related to this growth. We are improving our processes around the hiring, training and onboarding of our ever-expanding technical workforce. In addition, we believe automation and improvements of our calibration service process will aid productivity improvement throughout our network of 21 labs.”
The following information was filed by Transcat Inc (TRNS) on Wednesday, May 22, 2019 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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