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Transcat Reports Record Annual Revenue And Net Income For Fiscal 2013

Stocks in this article: TRNS

Full Year

  • Record annual revenue of $112.3 million, up $2.3 million, or 2.1%; Service segment revenue increased 11.7% aided by recent acquisitions; distribution sales declined 2.7%.
  • Record net income of $3.7 million.

Fourth Quarter

  • Fourth quarter revenue increased $0.3 million, or 1%, over prior year. Growth of 14.1% in Service segment revenue offset decline in Distribution segment sales.
  • Distribution segment sales per business day increased 1.7% for the fourth quarter, but were negatively impacted by five fewer business days, resulting in a 5.9% sales decline.
  • Operating income, net income and EPS all improved approximately 50% for the fourth quarter, driven by expanded Service segment contribution margin and operating income improvements of 65.6% and 154.6%, respectively.

ROCHESTER, N.Y., May 21, 2013 (GLOBE NEWSWIRE) -- Transcat, Inc. (Nasdaq:TRNS) ("Transcat" or the "Company"), a leading provider of accredited calibration, repair, inspection and compliance services and distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its fourth quarter and fiscal year ended March 30, 2013 ("fiscal 2013"). The fourth quarters of fiscal years 2013 and 2012 were 13-week and 14-week periods, respectively. Included in reported results were those of Anacor Compliance Services, Inc., acquired on July 16, 2012, and Cal-Matrix Metrology Inc., acquired on January 25, 2013.

Fiscal 2013 fourth quarter total revenue increased 1.0% to $31.1 million from $30.8 million in the fourth quarter of the prior fiscal year driven by Service segment revenue growth of 14.1%. Distribution segment sales declined 5.9% from the prior fiscal year period.

Operating income for the fourth quarter of fiscal 2013 was $3.0 million, a $1.0 million increase from the prior fiscal year period. Operating margin improved 310 basis points to 9.5% in the fourth quarter of fiscal 2013 compared with 6.4% for the prior-year period. Total operating expenses in the fourth quarter of fiscal 2013 declined $0.4 million, or 6.5%, primarily driven by a year-over-year decline in performance-based compensation.

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