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 fourth quarter and fiscal year ended March 31, 2012 (“fiscal 2012’). The fourth quarters of fiscal years 2012 and 2011 were 14- and 13-week periods, ended March 31 and March 26 respectively. Included in our reported results are Wind Turbine Tools, Inc. and its affiliated companies, acquired on January 11, 2011; CMC Instrument Services, Inc., acquired on April 5, 2011; and Newark Corporation’s calibration service business, acquired on September 8, 2011.
Fourth quarter fiscal 2012 net revenue increased 19.5%, or $5.0 million, to $30.8 million compared with the prior year period due to solid growth in both of our business segments. Product segment net sales grew 19.2% to $20.1 million and Service segment net revenue increased 20.1% to $10.7 million.
Net income was $1.2 million, or $0.16 per diluted share, in the fiscal 2012 fourth quarter compared with $1.1 million, or $0.14 per diluted share, in the fourth quarter of fiscal 2011. The 11.1% growth in net income was driven by expanded operating profits in the Company’s Product segment.
Charles P. Hadeed, President and CEO of Transcat, commented, “Fiscal 2012 was our most successful year in the Company’s nearly 50-year history. Record revenue and operating income were fueled by the combined results of our organic growth initiatives and the execution of our acquisition strategy. We continued to strengthen our market position with our Product segment strategic partners and have expanded both our geographic footprint and customer base within our Service segment. Significantly we continued to expand into the targeted life science and energy markets. Our strategic focus remains directed towards sustained, profitable annual growth, a well managed balance sheet and operating cash flow.”
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