Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading distributor of professional grade handheld test and measurement instruments and accredited provider of calibration, repair and other measurement services, today reported financial results for its fiscal 2011 fourth quarter ended March 26, 2011. Included are the results of the calibration and repair services business of ACA TMetrix Inc. (“TMetrix”), which the Company acquired on November 1, 2010, and those of Wind Turbine Tools, Inc. (“Wind Turbine Tools”), a premier provider of products and services to the wind energy industry, which the Company acquired effective January 11, 2011.
Net revenue in the fourth quarter of fiscal 2011 was $25.8 million, an increase of 9.4% compared with net revenue of $23.5 million in the fourth quarter of fiscal 2010. Product segment net sales were $16.9 million for the fourth quarter of fiscal 2011, an increase of 14.5% compared with $14.7 million in the same period of the prior fiscal year. Service segment net revenue, which represented 34.6% of total net revenue, increased 1.0% to $8.9 million in the fourth quarter of fiscal 2011 compared with $8.8 million in the prior fiscal year fourth quarter.
Net income was $1.1 million, or $0.14 per diluted share, in the fourth quarter of fiscal 2011, up 25.0%, or $0.2 million, from net income of $0.9 million, or $0.12 per diluted share, in the same period of the prior fiscal year. The growth in net income was driven by a 67.0% increase in operating profits in the Company’s Product segment.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, “We delivered our sixth consecutive record quarter as our Product segment grew more than 14 percent reflecting continued market penetration as a result of expanding our vendor and product portfolio and enhanced marketing activities. The Service segment growth for the quarter did not meet our expectations, but we are encouraged with the direction of that business which, in combination with our recent acquisition activity, should provide additional future growth opportunities.”
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV