Transcat Reports 20% Revenue Increase For The First Quarter Of Fiscal 2011
Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading global distributor of professional grade handheld test and measurement instruments and accredited provider of calibration, repair and weighing system services, today reported financial results for its fiscal 2011 first quarter ended June 26, 2010. Reported results include those of United Scale & Engineering Corporation (“United”), a Wisconsin-based supplier and servicer of industrial scales and weighing systems, which the Company acquired on January 27, 2010.
Net revenue in the first quarter of fiscal 2011 was $20.6 million, an increase of 19.9%, or $3.4 million compared with net revenue of $17.2 million in the first quarter of fiscal 2010. The United acquisition contributed $0.9 million to net revenue for the quarter. Service segment net revenue, which represented 37.1% of total net revenue, increased 28.8% to $7.7 million in the first quarter of fiscal 2011, compared with net revenue of $5.9 million in the prior year first quarter. Product segment net sales, representing the Company’s distribution business, were $13.0 million for the first quarter of fiscal 2011, an increase of $1.7 million, or 15.1% compared with net sales of $11.3 million in the same period of the prior fiscal year.
Net income was $0.3 million, or $0.04 per diluted share, in the first quarter of fiscal 2011, an increase from a net loss of $0.1 million, or $0.01 per diluted share, in the same period of the prior fiscal year.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, “Our business continued to perform very well. Both segments reported double digit revenue growth year-over-year, further demonstrating our leadership position in the handheld test and measurement instrument market, and our quality and reliability as a calibration provider. The $20.6 million in total net revenue was the highest level ever reported for Transcat in a first quarter.” Mr. Hadeed added, “Gross margin gains in both segments, inclusive of earning growth-based manufacturer rebates in our Product segment, leveraged 20% revenue growth into a 38% increase in gross profit and significantly improved net income.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV