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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 2012 first quarter ended June 25, 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, 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, and CMC Instrument Services, Inc. (“CMC”), a Rochester, New York-based provider of dimensional calibration and repair services, which the Company acquired on April 5, 2011.
Net revenue in the first quarter of fiscal 2012 was $25.6 million, an increase of 24.1% compared with net revenue of $20.6 million in the first quarter of fiscal 2011. Product segment net sales were $17.2 million for the first quarter of fiscal 2012, an increase of 32.4% compared with $13.0 million in the prior fiscal year first quarter. Service segment net revenue, which represented 32.9% of total net revenue, increased 10.1% to $8.4 million in the first quarter of fiscal 2012 compared with $7.7 million in the prior fiscal year first quarter.
Net income was $325 thousand in the first quarter of fiscal 2012, up 16.9% from $278 thousand in the first quarter of fiscal 2011. The growth in net income was driven by increased operating profits in the Company’s Product segment. Diluted earnings per share for both periods were $0.04.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, “We generated our seventh consecutive quarter of record net revenue, as customer demand continued at a good pace. We experienced strong top-line gains in both of our segments, which drove our 26% improvement in operating income. Our financial and operational performance during the first quarter was excellent, giving us a strong start to the new fiscal year and building on our momentum.”