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Transcat Reports 7.8% Revenue Growth While Operating Income Increases 8.6% For Fiscal 2014 Second Quarter

Stocks in this article: TRNS

  • Service segment continued double-digit growth trend with revenue up 16.6% in quarter versus prior-year period
  • Distribution segment sales increased 2.7% over prior-year period
  • Year-to-date operating income up 37.1% over prior-year period with a 33.3% increase in earnings per share

ROCHESTER, N.Y., Oct. 28, 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 second quarter ended September 28, 2013. Included in reported results are those of Anacor Compliance Services, Inc., acquired on July 16, 2012, and Cal-Matrix Metrology Inc., acquired on January 25, 2013.

Fiscal 2014 second quarter total revenue increased 7.8% to $28.9 million from $26.8 million in the second quarter of the prior fiscal year, driven by the Service segment revenue growth of 16.6%. The Distribution segment sales increased 2.7% from the prior fiscal year period.

Lee D. Rudow, President and CEO of Transcat, commented, "We had solid growth in the quarter from both business segments, with our Service segment realizing double-digit growth driven by a blend of organic growth and recent acquisitions. We believe we are making great progress in executing our Service segment growth strategy and leveraging the additional capabilities and market reach provided by our recent acquisitions. Our Distribution segment sales growth was also in line with our expectations, serving as a solid foundation to complement our Service segment growth."

Operating income for the second quarter of fiscal 2014 was $1.3 million, an increase of 8.6% from $1.2 million in the second quarter of the prior fiscal year. Operating margin was 4.4% in the second quarter of fiscal 2014, consistent with the same quarter of the prior fiscal year. Total operating expenses increased 13.1%, or $0.6 million, to $5.5 million in the second quarter, due in large part to sales and marketing investments in the Service segment.

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