Transcat, Inc. (Nasdaq: TRNS), 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 second quarter ended September 24, 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. and its affiliated companies (“Wind Turbine Tools”), a premier provider of products and services to the wind energy industry, which the Company acquired effective January 11, 2011, those of 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, and those as a result of the Company’s acquisition of Newark Corporation’s calibration service business (“Newark”), a subsidiary of Premier Farnell, PLC, which the Company acquired on September 8, 2011.
Net revenue in the second quarter of fiscal 2012 was $25.2 million, an increase of 20.4% compared with net revenue of $20.9 million in the second quarter of fiscal 2011. Product segment net sales were $17.0 million for the second quarter of fiscal 2012, an increase of 26.0% compared with $13.5 million in the prior fiscal year second quarter. Service segment net revenue, which represented 32.6% of total net revenue, increased 10.3% to $8.2 million in the second quarter of fiscal 2012 compared to $7.4 million in the prior fiscal year second quarter.
Net income was $0.7 million in the second quarter of fiscal 2012, up 41.6% from $0.5 million in the second quarter of fiscal 2011. Diluted earnings per share for the second quarter of fiscal 2012 were $0.10, up from $0.07 in the same period of the prior fiscal year.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, “Our strategy of pursuing both organic and acquired opportunities for growth is clearly demonstrated in the achievement of record net revenue for our second quarter.. We had solid performance from both the Product and Service segments, and we are encouraged by the results of our various growth initiatives. Service segment acquisitions are important to our growth, and the successful integration of these operations remains one of our key strengths. Acquisitions have also contributed to our Product segment growth, combined with incrementally adding strong brands to our portfolio. For both segments, our ability to integrate our acquisitions improves with each transaction.”
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