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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 third quarter ended December 24, 2011. Included are the results 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., a Rochester, New York-based provider of dimensional calibration and repair services, which the Company acquired on April 5, 2011; and those of Newark Corporation’s calibration service business, a subsidiary of Premier Farnell, PLC (“Newark”), which the Company acquired on September 8, 2011.
Net revenue in the third quarter of fiscal 2012 was $28.5 million, an increase of 19.2% compared with net revenue of $23.9 million in the third quarter of fiscal 2011. Product segment net sales increased 17.0% to $19.4 million in the third quarter of fiscal 2012 from $16.6 million in the third quarter of the prior fiscal year. Service segment net revenue, which represented 31.9% of total net revenue, increased 24.0% to $9.1 million in the third quarter of fiscal 2012 compared with $7.3 million in the third quarter of the prior fiscal year.
Net income increased 14.2% to $1.0 million, or $0.13 per diluted share, in the third quarter of fiscal 2012, from $0.9 million, or $0.12 per diluted share, in the third quarter of fiscal 2011. The growth in net income was driven by increased operating profits in the Company’s Product segment.
Charles P. Hadeed, President and CEO of Transcat, commented, “Our growth strategy was clearly demonstrated this quarter. Winning new business, leveraging existing relationships and strategic acquisitions all contributed to both top-line growth and a significant increase in operating income. As we near the completion of our integration process, our recent acquisitions have also positioned us with a local presence in growing markets.”