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Transcat, Inc. 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777
Transcat Reports Operating Income of $1.0 Million from Service Segment Revenue and Margin Growth for Fiscal 2021 First Quarter
|●||In challenging times, Service segment revenue grew 2.5%|
|●||Consolidated gross margin up 50 basis points to 24.2%, despite lower revenue of $38.9 million|
|●||Service gross margin expanded 240 basis points to 26.4% driven by sustainable improvements from ongoing productivity initiatives|
|●||Achieved net income of $0.8 million, or $0.11 per diluted share|
|●||Generated $4.0 million of cash from operations in the first quarter|
ROCHESTER, NY, July 21, 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 first quarter ended June 27, 2020 (the “first quarter”) of fiscal year 2021, which ends March 27, 2021 (“fiscal 2021”). Results include the previously-reported acquisition of TTE Laboratories, Inc. (which we refer to as “pipettes.com”) effective February 21, 2020.
“We are extremely proud of our organization and the invaluable contributions our people made during these difficult times. Our staff at our 42 labs have worked tirelessly to remain open and meet the demands of our customers, particularly those in the Life Sciences sector,” commented Lee D. Rudow, President and CEO. “Our first quarter results are a testament to the value and effective execution of our strategy. Our commitment to technology and process improvements positively impacted our results as increased productivity drove higher Service segment gross margins. We believe the improvements are sustainable and we expect to see additional traction and margin enhancement as we move forward.”
Mr. Rudow added, “The 20% decline in Distribution sales was expected and was the direct result of the impact of the COVID-19 pandemic on customer demand throughout the quarter. Nonetheless, the contribution from the Service business combined with company-wide cost saving measures, which we implemented early on in the pandemic to protect the financial strength and liquidity of the Company, and which continued in our first quarter, resulted in operating income of $1.0 million for the first quarter. This exceeded our expectation of operating income being in the break-even range that we had forecast in May 2020 when we released fiscal year-end results.”
The following information was filed by Transcat Inc (TRNS) on Wednesday, July 22, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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