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Transcat, Inc. • 35 Vantage Point Drive • Rochester, NY 14624 • 585-352-7777
Transcat Reports Fourth Quarter and Full Year 2020 Results
|●||Record fourth quarter and full fiscal year revenue of $45.8 million and $173.1 million, respectively|
|●||Service segment continued to deliver revenue growth of 2.9% and 10.7% in the fourth quarter and fiscal 2020, respectively, despite COVID-19 impact in the latter half of the fourth quarter|
|●||Service segment gross margin expanded 120 basis points to 28.9% in the fourth quarter; up 40 basis points for the fiscal year|
|●||Achieved record net income of $8.1 million, or $1.08 per diluted share, in fiscal 2020|
ROCHESTER, NY, May 19, 2020 – 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 28, 2020 (“fiscal 2020”). Results include the previously reported acquisitions of Gauge Repair Service, effective April 1, 2019, and TTE Laboratories, Inc. (“TTE”), effective February 21, 2020.
Strength of Team and Long-term Strategy Provides Resiliency and Solid Results
Lee D. Rudow, President and CEO, commented, “The Transcat team has responded with agility during these unparalleled times caused by the COVID-19 virus and the impact this global health pandemic has had on us and our customers. Still, we are particularly pleased with the fourth quarter and full fiscal year Service gross margin expansion even with muted Service revenue in March, historically our strongest month of every fiscal year.
“We believe our commitment to technology advancements continues to drive differentiation, boost productivity and position the Company to drive strong performance, even as the operating environment changed significantly. Combined with our strategy to grow the Service business and focus on Life Sciences while diversifying our Distribution sales channels, we were able to produce strong results in the fourth quarter of fiscal 2020 despite the headwinds created by the pandemic.
“Also, the highly complementary and well timed acquisition of TTE, whose services and products are geared almost entirely toward Life Sciences, expanded our capabilities in a specialized area with strong demand.”
He added, “I believe we are in a good position in our markets and with our customers, but we are not immune to the severe economic downturn. It is important to note that despite current challenges that drive the need to manage costs, we made a strategic decision to retain our technical talent and to accelerate our investments in our technology, which include automation and process improvement, both of which we believe drive margin improvement and increase our competitive edge.”
The following information was filed by Transcat Inc (TRNS) on Wednesday, May 20, 2020 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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