This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TESSCO Announces Quarterly Revenue Of $192 Million, EPS Of $0.51

TESSCO Technologies Incorporated (NASDAQ:TESS), a leading provider of the product and value chain solutions required to build, use and maintain wireless broadband systems, today announced its results for the first quarter of fiscal year 2013, ended July 1, 2012.

“We started our new fiscal year with solid results and an intense focus on profitable revenue and productivity growth,” commented Chairman and CEO Robert Barnhill. “In this quarter, revenues in our core markets grew six percent over last year’s first quarter. Our goal is to greatly accelerate this growth despite the continued choppiness we see in our markets, especially with our enterprise, transportation and energy customers.

“The transition out of the high-revenue, low-margin third-party (3PL) logistics business with a key customer is progressing according to schedule. As we discussed last quarter, we continue to expect that exiting this business will enable us to further realign resources to intensify our focus on TESSCO’s core business and build on the many exciting opportunities in wireless broadband.

“We believe our leverage of these opportunities, being created by the convergence of wireless and the Internet, will allow us to overcome the challenges of the transition and the economy, and to drive improved profitability.”

First-Quarter Fiscal 2013 Financial Results

For the company’s fiscal 2013 first quarter, revenue reached $192 million, an 18 percent increase compared to last year’s first quarter. Excluding Tier 1 carrier retail customers, revenues grew by $6 million, or 6 percent, compared to the prior year quarter. The public systems operator market produced 10 percent revenue growth; the commercial dealer and reseller market produced 9 percent growth; the private and government systems market experienced a 5 percent decline; and the retailer, dealer agent and Tier 2/3 carrier market produced 10 percent growth. Tier 1 carrier retail revenue increased by 41 percent, mostly attributable to the temporary expansion of our low-margin 3PL relationship with the major Tier 1 carrier customer.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs