Delaware
|
0-24746
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52-0729657
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02.
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
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ITEM 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS.
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a)
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Financial Statements of Businesses Acquired.
|
|
b)
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Pro Forma Financial Information.
|
|
c)
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Exhibits.
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Exhibit No.
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Description
|
|
99.1
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Press Release dated January 17, 2013
|
TESSCO Technologies Incorporated
|
|||
Date: January 17, 2013
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By:
|
/s/ Aric M. Spitulnik
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|
Aric M. Spitulnik
|
|||
Principal Accounting Officer
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Exhibit No.
|
Description of Exhibit
|
|
Press Release dated January 17, 2013
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Contact:
|
Robert Barnhill
|
Harriet Fried
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TESSCO Technologies Incorporated
|
LHA
|
|
Chairman and Chief Executive Officer
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212-838-3777
|
|
410-229-1353
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hfried@lhai.com
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|
·
|
18% core market revenue and gross margin growth
|
|
·
|
Quarterly EPS increases 10% to a record $0.65
|
|
·
|
Quarterly EBITDA* per share increases 7% to $1.20
|
|
·
|
FY13 EPS guidance updated to a range of $2.05 to $2.15
|
|
·
|
$0.18 per share quarterly dividend date set
|
Fiscal Quarters Ended
|
Nine Months Ended
|
|||||||||||||||||||
December 30,
2012
|
September 30,
2012
|
December 25,
2011
|
December 30,
2012
|
December 25,
2011
|
||||||||||||||||
Revenues
|
$ | 204,458,700 | $ | 197,238,300 | $ | 226,250,100 | $ | 594,115,200 | $ | 538,602,500 | ||||||||||
Cost of goods sold
|
165,488,900 | 158,613,300 | 186,773,300 | 481,027,200 | 427,935,400 | |||||||||||||||
Gross profit
|
38,969,800 | 38,625,000 | 39,476,800 | 113,088,000 | 110,667,100 | |||||||||||||||
Selling, general and administrative expenses
|
30,226,300 | 29,887,000 | 31,596,300 | 88,675,700 | 89,431,300 | |||||||||||||||
Income from operations
|
8,743,500 | 8,738,000 | 7,880,500 | 24,412,300 | 21,235,800 | |||||||||||||||
Interest, net
|
13,700 | 12,000 | 73,500 | 83,100 | 251,900 | |||||||||||||||
Income before provision for income taxes
|
8,729,800 | 8,726,000 | 7,807,000 | 24,329,200 | 20,983,900 | |||||||||||||||
Provision for income taxes
|
3,331,100 | 3,457,100 | 3,033,400 | 9,455,100 | 8,095,900 | |||||||||||||||
Net income
|
$ | 5,398,700 | $ | 5,268,900 | $ | 4,773,600 | $ | 14,874,100 | $ | 12,888,000 | ||||||||||
Basic earnings per share
|
$ | 0.67 | $ | 0.66 | $ | 0.61 | $ | 1.86 | $ | 1.67 | ||||||||||
Diluted earnings per share
|
$ | 0.65 | $ | 0.64 | $ | 0.59 | $ | 1.80 | $ | 1.60 |
December 30, 2012
|
April 1, 2012
|
|||||||
(unaudited)
|
(audited)
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 2,594,700 | $ | 18,211,600 | ||||
Trade accounts receivable, net
|
99,081,700 | 88,748,200 | ||||||
Product inventory
|
65,045,700 | 53,360,300 | ||||||
Deferred tax assets
|
3,135,100 | 3,135,100 | ||||||
Prepaid expenses and other current assets
|
2,962,400 | 2,308,200 | ||||||
Total current assets
|
172,819,600 | 165,763,400 | ||||||
Property and equipment, net
|
23,346,600 | 22,905,700 | ||||||
Goodwill, net
|
11,684,700 | 11,684,700 | ||||||
Other long-term assets
|
2,103,100 | 2,143,900 | ||||||
Total assets
|
$ | 209,954,000 | $ | 202,497,700 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Trade accounts payable
|
$ | 88,408,100 | $ | 78,344,700 | ||||
Payroll, benefits and taxes
|
8,603,400 | 17,211,600 | ||||||
Income and sales tax liabilities
|
2,096,800 | 3,137,000 | ||||||
Accrued expenses and other current liabilities
|
953,100 | 1,041,100 | ||||||
Revolving line of credit
|
-- | -- | ||||||
Current portion of long-term debt
|
249,500 | 249,200 | ||||||
Total current liabilities
|
100,310,900 | 99,983,600 | ||||||
Deferred tax liabilities
|
2,243,500 | 2,243,500 | ||||||
Long-term debt, net of current portion
|
2,520,800 | 2,708,000 | ||||||
Other long-term liabilities
|
4,310,400 | 3,910,700 | ||||||
Total liabilities
|
109,385,600 | 108,845,800 | ||||||
Shareholders’ Equity:
|
||||||||
Preferred stock
|
-- | -- | ||||||
Common stock
|
91,400 | 88,000 | ||||||
Additional paid-in capital
|
49,582,100 | 45,135,900 | ||||||
Treasury stock, at cost
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(48,304,000 | ) | (46,276,400 | ) | ||||
Retained earnings
|
99,198,900 | 94,704,400 | ||||||
Total shareholders’ equity
|
100,568,400 | 93,651,900 | ||||||
Total liabilities and shareholder’s equity
|
$ | 209,954,000 | $ | 202,497,700 |
Fiscal Quarters Ended
|
Nine Months Ended
|
|||||||||||||||||||
December 30,
2012
|
September 30,
2012
|
December 25,
2011
|
December 30,
2012
|
December 25,
2011
|
||||||||||||||||
Net income
|
$ | 5,398,700 | $ | 5,268,900 | $ | 4,773,600 | $ | 14,874,100 | $ | 12,888,000 | ||||||||||
Add:
|
||||||||||||||||||||
Provision for income taxes
|
3,331,100 | 3,457,100 | 3,033,400 | 9,455,100 | 8,095,900 | |||||||||||||||
Interest, net
|
13,700 | 12,000 | 73,500 | 83,100 | 251,900 | |||||||||||||||
Depreciation and amortization
|
1,224,500 | 1,247,200 | 1,243,000 | 3,719,500 | 3,573,700 | |||||||||||||||
EBITDA
|
$ | 9,968,000 | $ | 9,985,200 | $ | 9,123,500 | $ | 28,131,800 | $ | 24,809,500 | ||||||||||
EBITDA per diluted share
|
$ | 1.20 | $ | 1.21 | $ | 1.12 | $ | 3.40 | $ | 3.08 |
Three months ended December 30, 2012
|
||||||||||||
Commercial Segment
|
Retail
Segment
|
Total
|
||||||||||
Revenues
|
||||||||||||
Public carrier, contractor & program manager market
|
$ | 32,554 | $ | - | $ | 32,554 | ||||||
Private carrier & government system market
|
30,199 | - | 30,199 | |||||||||
Commercial dealer & reseller market
|
36,786 | - | 36,786 | |||||||||
Retailer, dealer agent & tier 2/3 carrier market
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- | 39,927 | 39,927 | |||||||||
Revenues, excluding Tier 1 carrier market
|
99,539 | 39,927 | 139,466 | |||||||||
Tier 1 carrier market
|
- | 64,993 | 64,993 | |||||||||
Total revenues
|
99,539 | 104,920 | 204,459 | |||||||||
Gross Profit
|
||||||||||||
Public carrier, contractor & program manager market
|
6,832 | - | 6,832 | |||||||||
Private carrier & government system market
|
8,476 | - | 8,476 | |||||||||
Commercial dealer & reseller market
|
10,227 | - | 10,227 | |||||||||
Retailer, dealer agent & tier 2/3 carrier market
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- | 8,697 | 8,697 | |||||||||
Gross profit, excluding tier 1 carrier market
|
25,535 | 8,697 | 34,232 | |||||||||
% of revenues
|
25.7 | % | 21.8 | % | 24.5 | % | ||||||
Tier 1 carrier market
|
- | 4,738 | 4,738 | |||||||||
Total gross profit
|
25,535 | 13,435 | 38,970 | |||||||||
% of revenues
|
25.7 | % | 12.8 | % | 19.1 | % | ||||||
Directly allocatable expenses
|
11,434 | 7,421 | 18,855 | |||||||||
Segment net profit contribution
|
$ | 14,101 | $ | 6,014 | 20,115 | |||||||
% of revenues
|
14.2 | % | 5.7 | % | 9.8 | % | ||||||
Corporate support expenses*
|
11,385 | |||||||||||
Income before provision for income taxes
|
$ | 8,730 | ||||||||||
% of revenues
|
4.3 | % | ||||||||||
Growth Rates Compared to Prior Year Period:
|
||||||||||||
Revenues
|
||||||||||||
Public carrier, contractor & program manager market
|
75.3 | % | 75.3 | % | ||||||||
Private carrier & government system market
|
-10.2 | % | -10.2 | % | ||||||||
Commercial dealer & reseller market
|
12.4 | % | 12.4 | % | ||||||||
Retailer, dealer agent & tier 2/3 carrier market
|
19.5 | % | 19.5 | % | ||||||||
Revenues, excluding Tier 1 carrier market
|
17.2 | % | 19.5 | % | 17.9 | % | ||||||
Tier 1 carrier market
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-39.8 | % | -39.8 | % | ||||||||
Total revenues
|
17.2 | % | -25.8 | % | -9.6 | % | ||||||
Gross Profit
|
||||||||||||
Public carrier, contractor & program manager market
|
57.6 | % | 57.6 | % | ||||||||
Private carrier & government system market
|
-1.8 | % | -1.8 | % | ||||||||
Commercial dealer & reseller market
|
16.4 | % | 16.4 | % | ||||||||
Retailer, dealer agent & tier 2/3 carrier market
|
20.2 | % | 20.2 | % | ||||||||
Gross profit, excluding tier 1 carrier market
|
17.4 | % | 20.2 | % | 18.1 | % | ||||||
Tier 1 carrier market
|
-54.8 | % | -54.8 | % | ||||||||
Total gross profit
|
17.4 | % | -24.2 | % | -1.3 | % | ||||||
Directly allocatable expenses
|
9.9 | % | -14.5 | % | -1.2 | % | ||||||
Segment net profit contribution
|
24.2 | % | -33.5 | % | -1.4 | % | ||||||
Corporate support expenses*
|
-9.6 | % | ||||||||||
Income before provision for income taxes
|
11.8 | % |
Nine months ended December 30, 2012
|
||||||||||||
Commercial Segment
|
Retail
Segment
|
Total
|
||||||||||
Revenues
|
||||||||||||
Public carrier, contractor & program manager market
|
$ | 78,383 | $ | - | $ | 78,383 | ||||||
Private carrier & government system market
|
94,063 | - | 94,063 | |||||||||
Commercial dealer & reseller market
|
104,049 | - | 104,049 | |||||||||
Retailer, dealer agent & tier 2/3 carrier market
|
- | 107,931 | 107,931 | |||||||||
Revenues, excluding Tier 1 carrier market
|
276,495 | 107,931 | 384,426 | |||||||||
Tier 1 carrier market
|
- | 209,689 | 209,689 | |||||||||
Total revenues
|
276,495 | 317,620 | 594,115 | |||||||||
Gross Profit
|
||||||||||||
Public carrier, contractor & program manager market
|
16,925 | - | 16,925 | |||||||||
Private carrier & government system market
|
25,867 | - | 25,867 | |||||||||
Commercial dealer & reseller market
|
28,826 | - | 28,826 | |||||||||
Retailer, dealer agent & tier 2/3 carrier market
|
- | 22,893 | 22,893 | |||||||||
Gross profit, excluding tier 1 carrier market
|
71,618 | 22,893 | 94,511 | |||||||||
% of revenues
|
25.9 | % | 21.2 | % | 24.6 | % | ||||||
Tier 1 carrier market
|
- | 18,577 | 18,577 | |||||||||
Total gross profit
|
71,618 | 41,470 | 113,088 | |||||||||
% of revenues
|
25.9 | % | 13.1 | % | 19.0 | % | ||||||
Directly allocatable expenses
|
32,246 | 21,951 | 54,197 | |||||||||
Segment net profit contribution
|
$ | 39,372 | $ | 19,519 | 58,891 | |||||||
% of revenues
|
14.2 | % | 6.1 | % | 9.9 | % | ||||||
Corporate support expenses*
|
34,562 | |||||||||||
Income before provision for income taxes
|
$ | 24,329 | ||||||||||
% of revenues
|
4.1 | % | ||||||||||
Growth Rates Compared to Prior Year Period:
|
||||||||||||
Revenues
|
||||||||||||
Public carrier, contractor & program manager market
|
38.0 | % | 38.0 | % | ||||||||
Private carrier & government system market
|
-2.2 | % | -2.2 | % | ||||||||
Commercial dealer & reseller market
|
12.0 | % | 12.0 | % | ||||||||
Retailer, dealer agent & tier 2/3 carrier market
|
21.3 | % | 21.3 | % | ||||||||
Revenues, excluding Tier 1 carrier market
|
12.5 | % | 21.3 | % | 14.8 | % | ||||||
Tier 1 carrier market
|
2.9 | % | 2.9 | % | ||||||||
Total revenues
|
12.5 | % | 8.5 | % | 10.3 | % | ||||||
Gross Profit
|
||||||||||||
Public carrier, contractor & program manager market
|
30.2 | % | 30.2 | % | ||||||||
Private carrier & government system market
|
-3.4 | % | -3.4 | % | ||||||||
Commercial dealer & reseller market
|
11.3 | % | 11.3 | % | ||||||||
Retailer, dealer agent & tier 2/3 carrier market
|
19.1 | % | 19.1 | % | ||||||||
Gross profit, excluding tier 1 carrier market
|
9.1 | % | 19.1 | % | 11.3 | % | ||||||
Tier 1 carrier market
|
-28.0 | % | -28.0 | % | ||||||||
Total gross profit
|
9.1 | % | -7.9 | % | 2.2 | % | ||||||
Directly allocatable expenses
|
4.9 | % | -1.1 | % | 2.4 | % | ||||||
Segment net profit contribution
|
12.8 | % | -14.4 | % | 2.0 | % | ||||||
Corporate support expenses*
|
-5.9 | % | ||||||||||
Income before provision for income taxes
|
15.9 | % |
Three months ended
December 30, 2012
|
Nine months ended
December 30, 2012
|
|||||||
Revenues
|
||||||||
Base station infrastructure
|
$ | 61,400 | $ | 167,580 | ||||
Network systems
|
19,649 | 59,551 | ||||||
Installation, test and maintenance
|
13,357 | 36,137 | ||||||
Mobile device accessories
|
110,053 | 330,847 | ||||||
Total revenues
|
204,459 | 594,115 | ||||||
Gross Profit
|
||||||||
Base station infrastructure
|
17,726 | 48,886 | ||||||
Network systems
|
3,784 | 11,422 | ||||||
Installation, test and maintenance
|
3,077 | 8,443 | ||||||
Mobile device accessories
|
14,383 | 44,337 | ||||||
Total gross profit
|
38,970 | 113,088 | ||||||
% of revenues
|
19.1 | % | 19.0 | % | ||||
Growth Rates Compared to Prior Year Period
|
||||||||
Revenues
|
||||||||
Base station infrastructure
|
22.2 | % | 14.1 | % | ||||
Network systems
|
4.2 | % | 3.6 | % | ||||
Installation, test and maintenance
|
10.3 | % | 5.7 | % | ||||
Mobile device accessories
|
-24.1 | % | 10.3 | % | ||||
Total revenues
|
-9.6 | % | 10.3 | % | ||||
Gross Profit
|
||||||||
Base station infrastructure
|
14.3 | % | 7.7 | % | ||||
Network systems
|
-7.1 | % | -2.5 | % | ||||
Installation, test and maintenance
|
12.5 | % | 10.3 | % | ||||
Mobile device accessories
|
-16.2 | % | -3.4 | % | ||||
Total gross profit
|
-1.3 | % | 2.2 | % |
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