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Transcat, Inc. 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777
Transcat Reports Consolidated Operating Income Growth of 40% and Service Segment Revenue Growth of 18% for Fiscal 2020 Second Quarter
|●||Service segment revenue increased 18.1% with strong Service organic growth of 15.1%|
|●||Productivity initiatives developing early traction as Service segment gross margin expanded 140 basis points; consolidated gross profit margin increased 150 basis points|
|●||Consolidated operating income grew more than 40% on total revenue growth of 7.4%|
|●||Achieved net income of $2.4 million and diluted earnings per share of $0.32, up $0.12|
ROCHESTER, NY, October 22, 2019 – Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its second quarter ended September 28, 2019 (the “second quarter”) of fiscal year 2020, which ends March 28, 2020 (“fiscal 2020”). Results include the previously reported acquisitions of Angel’s Instrumentation, Inc., effective August 31, 2018 and Gauge Repair Service, effective April 1, 2019.
Lee D. Rudow, President and CEO, commented, “Our initiatives to diversify and differentiate our value proposition are clearly resonating in the market. We achieved strong Service segment revenue growth, particularly on the organic side, and had meaningful margin expansion in both operating segments driving our strong bottom line results.
“We continue to expand our market position, and while still early in the process, we are making strides every day in improving our margin profile. Specifically, the early results of our ongoing technology and productivity initiatives are taking hold as demonstrated in this quarter’s Service segment performance.”
|Second Quarter Fiscal 2020 Review||(Results are compared with the second quarter of the fiscal year ended March 30, 2019 (“fiscal 2019”))|
|($ in thousands)||Change|
|FY20 Q2||FY19 Q2||$'s||%|
|Adjusted EBITDA* Margin||11.5%||10.3%|
*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 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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