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Transcat Net Income Doubles On 14% Revenue Growth For Fiscal 2014 First Quarter

Stocks in this article: TRNS

  • First quarter revenue of $28.7 million increased 14.4% over the prior-year period
  • Service revenue increased 34.4% in the quarter and was driven by both organic and acquired growth; Service segment contribution margin expanded 93.5%
  • Distribution sales increased 3.7% in the first quarter; Distribution segment contribution margin improved 1.9%
  • First quarter operating income, net income and EPS all nearly doubled compared with the prior year, driven by strong growth in Service segment operating income

ROCHESTER, N.Y., July 30, 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 fiscal 2014 first quarter ended June 29, 2013. Included in the 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 2014 first quarter total revenue increased 14.4% to $28.7 million from $25.1 million in the first quarter of the prior fiscal year, driven by Service segment revenue growth of 34.4%. Distribution segment sales increased 3.7% from the prior fiscal year period.

Operating income doubled to $1.2 million, or 4.0% of revenue, in the first quarter of fiscal 2014 compared with $0.6 million, or 2.4% of revenue, in the prior fiscal year period, with operating margin improving 160 basis points. Total operating expenses increased 8.0% in the first quarter of fiscal 2014, primarily due to sales and marketing investments in the Service segment, incremental costs from recent acquisitions and year-over-year changes in performance-based compensation.

Net income was $0.7 million, or $0.09 per diluted share, in the first quarter of fiscal 2014, compared with $0.4 million, or $0.05 per diluted share, in the first quarter of fiscal 2013.

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