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Transcat, Inc. 35 Vantage Point Drive Rochester NY 14624 Phone: (585) 352-7777
Transcat Reports Record Second Quarter Operating Income
of $3.1 Million on Strong Service Gross Margin
|●||Consolidated gross margin up 260 basis points to 27.6% driven by impressive Service segment gross margin of 32.2%|
|●||Total revenue of $41.6 million consistent with prior-year period in a challenging market environment; Service segment achieved 46th consecutive quarter of year-over-year growth|
|●||Quarterly cash from operations of $8.5 million; debt reduced by $5.8 million|
ROCHESTER, NY, October 27, 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 second quarter ended September 26, 2020 (the “second quarter”) of fiscal year 2021, which ends March 27, 2021 (“fiscal 2021”). Results include the previously-reported acquisition of TTE Laboratories, Inc. (referred to as “pipettes.com”) effective February 21, 2020.
“Our Service segment delivered another excellent quarter, reaching the second highest gross margin level in company history at 32.2%, an increase of 660 basis points year-over-year,” commented Lee D. Rudow, President and CEO. “Technician productivity, expense reductions and strategic pricing drove the margin improvement, which was further helped by a favorable mix and the results of pipettes.com. Our teams have done a tremendous job leveraging our technology investments and have remained focused on driving efficiencies and better cost controls in our lab network.”
“In addition to the high level of performance in our Service segment, we were certainly encouraged with the Distribution segment, where sales grew significantly over our first quarter of fiscal 2021. Overall, our Service margin performance helped drive record second quarter consolidated operating income of more than $3 million, exceeding our expectations. Additionally, we continued to generate strong cash from operations, which was used in part to reduce debt and fund technology investments.”
The following information was filed by Transcat Inc (TRNS) on Wednesday, October 28, 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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