EX-99.1 3 l37875exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(TRANSCAT LOGO)
 
Transcat, Inc. 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352–7777
Transcat Reports Second Quarter Fiscal 2010 Financial Results
•   Service segment revenue grows 15.5%; offsets 7.6% decline in product segment sales
 
•   Total net revenue of $18.5 million; relatively flat with prior fiscal year second quarter
 
•   Diluted earnings per share of $0.02 compared with $0.06 in prior year second quarter
 
•   Significant liquidity: Generated $3.5 million in cash from operations in first six months of fiscal 2010
ROCHESTER, NY, October 26, 2009 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade handheld test and measurement instruments and accredited provider of calibration, repair services, parts inspection and production model engineering, today reported financial results for its second quarter of fiscal 2010 which ended September 26, 2009.
Net revenue in the second quarter of fiscal 2010 was $18.5 million, relatively flat when compared with net revenue of $18.6 million in the second quarter of fiscal 2009. Second quarter fiscal 2009 results included six weeks of Westcon, Inc. operations, which the Company acquired on August 14, 2008.
Net income was $0.2 million, or $0.02 per diluted share, in the second quarter of fiscal 2010, down from net income of $0.4 million, or $0.06 per diluted share for the same period of the prior fiscal year. Net income was negatively impacted by lower operating income from the Company’s product segment.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, “As the severe decline in the economy stabilized during the quarter, our performance also improved. Service segment revenue grew 15.5%, which reflects our sales and marketing investments in our targeted markets and the quality of services we provide, all of which we believe leads to high revenue retention. This growth was leveraged into expanding that segment’s gross profit margin by 180 basis points and achieving near breakeven segment operating profit. Although product segment results remained soft, sustained growth within our wind energy customer base, which accounted for 13.1% of product segment sales, somewhat mitigated external economic factors.”
Service segment revenue, which represented 35.3% of total net revenue, was up $0.9 million, or 15.5%, to $6.5 million in the second quarter of fiscal 2010, when compared with revenue of $5.7 million in the prior year second quarter. Product segment sales, representing the Company’s distribution business, for the second quarter of fiscal 2010 were $12.0 million, down $1.0 million, or 7.6%, when compared with the same period of the prior fiscal year.
Second Quarter Fiscal 2010 Review
Gross profit was $4.1 million, or 22.3% of net revenue, in the second quarter of fiscal 2010 compared with $4.5 million, or 24.4% of net revenue, in the same period of the prior fiscal year. The lower gross profit and margin was primarily due to reduced product segment sales volume, lower manufacturer volume-based rebate income, and additional product pricing pressures, offset partially by improved leverage in the service segment.
Selling, marketing and warehouse expenses increased to $2.4 million in the second quarter of fiscal 2010 compared with $2.1 million in the same period the prior fiscal year. Investment in the wind energy
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Two – October 26, 2009
market and additional sales personnel led to the $0.3 million increase. Offsetting this increase was a $0.3 million, or 18.4%, reduction in administrative expenses from cost control measures. As a result, operating expenses in the quarter were flat when compared with the prior fiscal year period.
Operating income for the second quarter of fiscal 2010 was $0.3 million, or 1.8% of net revenue, compared with $0.7 million, or 4.0% of net revenue, in the second quarter of fiscal 2009. The decline was the result of lower product segment gross profit.
The effective tax rate in the second quarter of fiscal 2010 was 39.0%. For the fiscal year, the effective tax rate is expected to be in the 38% to 40% range.
Product and Service Segment Review
Transcat is uniquely positioned to serve the pharmaceutical and FDA-regulated, energy and chemical process industries as well as utilities, industrial manufacturing and other industries through its ability to bundle a broad variety of premium test and measurement instruments with quality calibration services, repair capabilities, parts inspection and production model engineering for its customers through its distribution operations in New York and Oregon and its 12 Calibration Centers of Excellence in the United States, Canada and Puerto Rico. Its automated calibration tracking and management systems, breadth of calibration disciplines and product lines, and its refined product delivery systems enable it to rapidly respond to its customers’ requirements for quick turn-around times, which it believes provides a competitive advantage.
Product Segment
Through its product segment, Transcat markets and distributes national and proprietary brand instruments to over 13,000 global customers. The Company offers access to more than 25,000 test and measurement instruments. The product segment primarily uses direct marketing and the Company’s website to market to end-users as well as to resellers.
Product segment net sales decreased $1.0 million, or 7.6%, to $12.0 million in the second quarter of fiscal 2010 compared with $13.0 million in the same period of the prior fiscal year. The decline in product segment sales reflected the impact of the weak economy and aggressive pricing measures partially offset by increased sales to wind energy customers.
Average product segment sales per day were $190 thousand in the second quarter of fiscal 2010 compared with $206 thousand in the same period of the prior fiscal year. Sales of the Company’s products over its website increased 34.3% to $1.0 million in the second quarter of fiscal 2010 compared with $0.7 million in the same period the prior fiscal year.
Product segment gross profit in the second quarter of fiscal 2010 was $2.7 million, or 22.2% of net product sales, compared with $3.4 million, or 26.0% of net product sales, in the second quarter of fiscal 2009. Gross margin for the product segment is a function of a number of factors including volume, market channel mix, manufacturers’ rebates, product mix and discounts to customers. The reduction in gross profit and gross margin in the second quarter of fiscal 2010 was due to reduced volume from the recessionary economy, increased price discounting for market share retention and lower vendor point-of-sale rebates. Vendor point-of-sale rebates are based on year-over-year growth in product segment sales. The Company did not qualify for this type of rebate in the second quarter of fiscal 2010. In the second quarter of fiscal 2009, point-of-sale rebates were $0.1 million.
Product segment operating income was $0.4 million, or 3.0% of net product sales, in the second quarter of fiscal 2010 compared with $1.1 million, or 8.3% of net product sales, in the same period of the prior fiscal year.
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Three – October 26, 2009
Service Segment
Transcat’s customers purchase calibration services for the purpose of measurably reducing their risk of product or process failures that can be caused by inaccurate measurements. Transcat annually performs more than 140,000 calibrations at its 12 Calibration Centers of Excellence or at its customers’ locations.
Service segment revenue was $6.5 million in the second quarter of fiscal 2010, a $0.9 million or 15.5% increase, compared with $5.7 million in the same period of the prior fiscal year. The timing of calibration orders and segment expenses can vary on a quarter-to-quarter basis based on the nature of a customers’ business and calibration requirements. In general, a trailing twelve-month trend provides a better indication of the progress of this segment. Service segment revenue for the trailing twelve months that ended September 26, 2009 were $25.2 million, up 7.6%, when compared with $23.4 million for the trailing twelve-month period that ended September 27, 2008. Transcat’s goal is to grow this business in the low double digit range over the long term.
The Company’s strategy has been to focus its capital and marketing investments in the electrical, temperature, pressure and dimensional disciplines. Historically, 15% to 20% of service segment revenue is generated from outsourcing customer equipment to third-party vendors for calibration beyond Transcat’s chosen scope of capabilities. In the second quarter of fiscal 2010, 77.3% of service segment revenue was generated by the Company’s staff of technicians while 20.2% was subcontracted to third-party vendors.
Service segment gross profit in the second quarter of fiscal 2010 was $1.5 million, or 22.5% of service segment net revenue, up from $1.2 million, or 20.7% of service segment net revenue, in the same period of the prior fiscal year. Driving this increase is the operational leverage built into the service segment, where the Company is able to spread the fixed costs of its laboratory operations over higher volume. Organic revenue expansion provides for full leverage potential whereas acquired revenue comes with associated cost structure and therefore does not contribute to expanding margins.
The service segment operating loss was virtually breakeven for the second quarter of fiscal 2010, an improvement of $0.3 million over last year’s second quarter operating loss.
Six-Month Review
Net revenue for the first six months of fiscal 2010 was $35.7 million, down 2.1% when compared with net revenue of $36.5 million in the first six months of fiscal 2009. Fiscal 2009 results included six weeks of operations of Westcon as previously noted.
Product segment net sales were $23.2 million in the first half of fiscal 2010, down 8.0%, compared with $25.3 million in the same period of the prior fiscal year. Sales to wind energy customers in the first half of fiscal 2010 accounted for 11.9%, or $2.8 million, of net product sales. Product sales generated over the Company’s website were $1.9 million in the first six months of fiscal 2010, up 17.5%, when compared with $1.6 million in the first half of fiscal 2009.
Service segment net revenue was $12.5 million in the first six months of fiscal 2010, up 11.4%, compared with net revenue of $11.2 million in the first six months of fiscal 2009.
Gross margin was 22.3% for the first six months of fiscal 2010 compared with 24.8% in the same period of the prior fiscal year. Product segment gross margin was 22.8% and 26.6% for the first six months of fiscal 2010 and 2009, respectively. The year-over-year decrease was a result of aggressive pricing and reduced vendor volume-based rebate income. Service segment gross margin was 21.4% in the first half of fiscal 2010 compared with 20.8% in the same period of the prior fiscal year. As previously noted, higher organic service segment revenue drove the margin expansion.
Operating expenses were $7.8 million in the first six months of fiscal 2010, slightly lower than the $7.9 million reported in the same period of the prior fiscal year. Year-over-year strategic investments in
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Four – October 26, 2009
sales and marketing for the service segment and wind energy industry were more than offset by cost control measures and reductions in performance-based management compensation. Operating income in the first six months of fiscal 2010 was $0.2 million, or 0.6% of net revenue, compared with $1.1 million, or 3.1% of net revenue, in the first six months of fiscal 2009.
Net income was $0.1 million, or $0.01 per diluted share, for the first six months of fiscal 2010 compared with $0.7 million, or $0.09 per diluted share, for the same period of the prior fiscal year.
Balance Sheet and Cash Management
Net cash generated from operations was $3.5 million in the first six months of fiscal 2010 compared with $1.0 million in the same period of the prior fiscal year. The incremental cash was used to repay long-term debt which decreased to $1.6 million at September 26, 2009, compared with $2.2 million at June 27, 2009 and $3.6 million at March 28, 2009.
At September 26, 2009, accounts payable were $7.0 million compared with $4.7 million at March 28, 2009. The increase was due to inventory purchases in September in anticipation of increased demand in the second half of fiscal 2010.
Capital expenditures were $0.6 million in the first six months of fiscal 2010 and were primarily used for additional laboratory capabilities. This is relatively flat when compared with the same period of the prior fiscal year. Transcat expects capital spending for fiscal 2010 to be approximately $1.0 million. During the second quarter of fiscal 2010, Transcat made additional payments to the former owner of Westcon totaling $1.1 million based on the terms of the acquisition agreement.
Expectations for Stronger Second Half Weighted in the Fourth Quarter of Fiscal 2010
Mr. Hadeed concluded, “We feel that the economic environment is beginning to stabilize as we head into the second half of our fiscal year. We are cautiously optimistic that things will continue to improve, which should result in our second half being stronger than the first. It is still too early for us to define how wind energy sales will affect our overall business, though we feel product sales to wind energy customers should continue to be strong. Our solid cash flow generation and balance sheet will allow us to continue to make prudent and strategic investments in our infrastructure and people, so that we can maintain our focus on the execution of our long-term strategy.”
ABOUT TRANSCAT
Transcat, Inc. is a leading global distributor of professional grade handheld test and measurement instruments and accredited provider of calibration, parts inspection, production model engineering and repair services primarily for the pharmaceutical and FDA-regulated, industrial manufacturing, energy and utilities, chemical process, and other industries. Through its distribution products segment, Transcat markets and distributes national and proprietary brand instruments to over 13,000 global customers. The Company offers access to more than 25,000 test and measurement instruments. Transcat delivers precise, reliable, fast calibration, parts inspection, production model engineering and repair services across the United States, Canada and Puerto Rico through its 12 strategically located Calibration Centers of Excellence. Transcat’s calibration laboratories are ISO-9001:2000 registered and the scope of accreditation to ISO/IEC 17025 is believed to be one of the broadest in the industry.
Transcat’s growth strategy is to expand both its distribution products and calibration services in markets that value product breadth and availability and rely on accredited calibration services to maintain the integrity of their processes.
More information about Transcat can be found on its website at: www.transcat.com
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words. All statements addressing operating performance, events, or developments that Transcat, Inc. expects or anticipates will occur in the future, including but not limited
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Five – October 26, 2009
to statements relating to anticipated revenue, profit margins, sales operations, its strategy to build its sales representative channel, customer preferences and changes in market conditions in the industries in which Transcat operates are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Transcat’s Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
For more information contact:
John Zimmer, Chief Financial Officer
Phone: (585) 352-7777 Email: jzimmer@transcat.com
-OR-
Deborah Pawlowski, Investor Relations
Phone: (716) 843-3908 Email: dpawlowski@keiadvisors.com
FINANCIAL TABLES FOLLOW.
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Six – October 26, 2009
TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
                                 
    (Unaudited)     (Unaudited)  
    Second Quarter Ended     Six Months Ended  
    September 26,     September 27,     September 26,     September 27,  
    2009     2008     2009     2008  
Product Sales
   $ 11,970     $ 12,959     $ 23,238     $ 25,270  
Service Revenue
     6,525       5,651       12,465       11,193  
 
                        
Net Revenue
     18,495       18,610       35,703       36,463  
 
                        
 
                                
Cost of Products Sold
     9,308       9,594       17,930       18,543  
Cost of Services Sold
     5,057       4,481       9,800       8,860  
 
                        
Total Cost of Products and Services Sold
     14,365       14,075       27,730       27,403  
 
                        
 
                                
Gross Profit
     4,130       4,535       7,973       9,060  
 
                        
 
                                
Selling, Marketing and Warehouse Expenses
     2,449       2,148       5,008       4,743  
Administrative Expenses
     1,345       1,648       2,745       3,190  
 
                        
Total Operating Expenses
     3,794       3,796       7,753       7,933  
 
                        
 
                                
Operating Income
     336       739       220       1,127  
 
                        
 
                                
Interest Expense
     11       28       25       27  
Other Expense, net
     17       4       32       12  
 
                        
Total Other Expense
     28       32       57       39  
 
                        
 
                                
Income Before Income Taxes
     308       707       163       1,088  
Provision for Income Taxes
     120       277       64       430  
 
                        
 
                                
Net Income
   $ 188     $ 430     $ 99     $ 658  
 
                        
 
                                
Basic Earnings Per Share
   $ 0.03     $ 0.06     $ 0.01     $ 0.09  
Average Shares Outstanding
     7,402       7,282       7,396       7,239  
 
                                
Diluted Earnings Per Share
   $ 0.02     $ 0.06     $ 0.01     $ 0.09  
Average Shares Outstanding
     7,611       7,511       7,609       7,453  
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Seven – October 26, 2009
TRANSCAT, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
                 
    (Unaudited)        
    September 26,     March 28,  
    2009     2009  
ASSETS
                
Current Assets:
                
Cash
   $ 36     $ 59  
Accounts Receivable, less allowance for doubtful accounts of $100 and $75 as of September 26, 2009 and
March 28, 2009, respectively
     8,279       8,981  
Other Receivables
     510       119  
Inventory, net
     4,865       4,887  
Prepaid Expenses and Other Current Assets
     1,024       774  
Deferred Tax Asset
     482       380  
 
            
Total Current Assets
     15,196       15,200  
Property and Equipment, net
     4,157       4,174  
Goodwill
     9,016       7,923  
Intangible Asset, net
     996       1,091  
Deferred Tax Asset
     608       635  
Other Assets
     385       368  
 
            
Total Assets
   $ 30,358     $ 29,391  
 
            
 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
Current Liabilities:
                
Accounts Payable
   $ 7,038     $ 4,748  
Accrued Compensation and Other Liabilities
     1,787       1,757  
Income Taxes Payable
     94       215  
 
            
Total Current Liabilities
     8,919       6,720  
Long-Term Debt
     1,592       3,559  
Other Liabilities
     568       493  
 
            
Total Liabilities
     11,079       10,772  
 
            
 
                
Shareholders’ Equity:
                
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 7,682,617 and 7,656,358 shares issued as of September 26, 2009 and March 28, 2009, respectively; 7,406,835 and 7,380,576 shares outstanding as of September 26, 2009 and March 28, 2009, respectively
     3,841       3,828  
Capital in Excess of Par Value
     9,082       8,606  
Accumulated Other Comprehensive Income
     392       320  
Retained Earnings
     6,952       6,853  
Less: Treasury Stock, at cost, 275,782 shares as of September 26, 2009 and March 28, 2009
     (988 )     (988 )
 
            
Total Shareholders’ Equity
     19,279       18,619  
 
            
Total Liabilities and Shareholders’ Equity
   $ 30,358     $ 29,391  
 
            
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Eight – October 26, 2009
TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
                 
    (Unaudited)  
    Second Quarter Ended  
    September 26,     September 27,  
    2009     2008  
Cash Flows from Operating Activities:
                
Net Income
   $ 99     $ 658  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
                
Deferred Income Taxes
     (68 )     55  
Depreciation and Amortization
     959       772  
Provision for Accounts Receivable and Inventory Reserves
     25       84  
Stock-Based Compensation Expense
     370       355  
Changes in Assets and Liabilities:
                
Accounts Receivable and Other Receivables
     333       654  
Inventory
     27       (40 )
Prepaid Expenses and Other Assets
     (511 )     (710 )
Accounts Payable
     2,290       (269 )
Accrued Compensation and Other Liabilities
     114       (601 )
Income Taxes Payable
     (131 )     45  
 
            
Net Cash Provided by Operating Activities
     3,507       1,003  
 
            
 
                
Cash Flows from Investing Activities:
                
Purchase of Property and Equipment
     (603 )     (587 )
Payments of Contingent Consideration
     (1,093 )     –  
Purchase of Westcon, Inc., net of cash acquired
     –       (4,625 )
 
            
Net Cash Used in Investing Activities
     (1,696 )     (5,212 )
 
            
 
                
Cash Flows from Financing Activities:
                
Revolving Line of Credit, net
     (1,955 )     4,026  
Payments on Other Debt Obligations
     (12 )     –  
Issuance of Common Stock
     109       119  
Excess Tax Benefits Related to Stock-Based Compensation
     10       41  
 
            
Net Cash (Used in) Provided by Financing Activities
     (1,848 )     4,186  
 
            
 
                
Effect of Exchange Rate Changes on Cash
     14       (1 )
 
            
 
                
Net Decrease in Cash
     (23 )     (24 )
Cash at Beginning of Period
     59       208  
 
            
Cash at End of Period
   $ 36     $ 184  
 
            
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Nine – October 26, 2009
TRANSCAT INC.
FISCAL 2010 SECOND QUARTER
ADDITIONAL INFORMATION
BUSINESS SEGMENT DATA
(Dollars in thousands)
                                 
    (Unaudited)   (Unaudited)        
    Quarter ended   Quarter ended        
    September 26, 2009   September 27, 2008   $ Change   % Change
Products
                                
Net sales
   $ 11,970     $ 12,959     $ (989 )     (7.6 %)
 
                                
Gross profit
     2,662       3,365       (703 )     (20.9 %)
Margin
     22.2 %     26.0 %                
 
                                
Operating income
     364       1,071       (707 )     (66.0 %)
Margin
     3.0 %     8.3 %                
 
                                
Services
                                
Net revenue
   $ 6,525     $ 5,651     $ 874       15.5 %
 
                                
Gross profit
     1,468       1,170       298       25.5 %
Margin
     22.5 %     20.7 %                
 
                                
Operating loss
     (28 )     (332 )     304       91.6 %
Margin
     (0.4 %)     (5.9 %)                
 
                                
Consolidated
                                
Net revenue
   $ 18,495     $ 18,610     $ (115 )     (0.6 %)
 
                                
Gross profit
     4,130       4,535       (405 )     (8.9 %)
Margin
     22.3 %     24.4 %                
 
                                
Operating income
     336       739       (403 )     (54.5 %)
Margin
     1.8 %     4.0 %                
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Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Ten – October 26, 2009
TRANSCAT INC.
FISCAL 2010 SIX MONTHS
ADDITIONAL INFORMATION
BUSINESS SEGMENT DATA
(Dollars in thousands)
                                 
    (Unaudited)   (Unaudited)        
    Six months ended   Six months ended        
    September 26, 2009   September 27, 2008   $ Change   % Change
Products
                                
Net sales
   $ 23,238     $ 25,270     $ (2,032 )     (8.0 %)
 
                                
Gross profit
     5,308       6,727       (1,419 )     (21.1 %)
Margin
     22.8 %     26.6 %                
 
                                
Operating income
     660       2,019       (1,359 )     (67.3 %)
Margin
     2.8 %     8.0 %                
 
                                
Services
                                
Net revenue
   $ 12,465     $ 11,193     $ 1,272       11.4 %
 
                                
Gross profit
     2,665       2,333       332       14.2 %
Margin
     21.4 %     20.8 %                
 
                                
Operating loss
     (440 )     (892 )     452       50.7 %
Margin
     (3.5 %)     (8.0 %)                
 
                                
Consolidated
                                
Net revenue
   $ 35,703     $ 36,463     $ (760 )     (2.1 %)
 
                                
Gross profit
     7,973       9,060       (1,087 )     (12.0 %)
Margin
     22.3 %     24.8 %                
 
                                
Operating income
     220       1,127       (907 )     (80.5 %)
Margin
     0.6 %     3.1 %                
- MORE -

 

 

Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Eleven – October 26, 2009
TRANSCAT INC.
ADDITIONAL INFORMATION
PRODUCT SEGMENT SALES BY MARKET CHANNEL
(Amounts in thousands)
(Unaudited)
                                                 
    FY 2010  
                                    FY 2010     % of  
    Q1     Q2                     YTD Total     Total  
Direct
   $ 9,069     $ 10,079                     $ 19,148       82.4 %
Reseller
     2,028       1,724                       3,752       16.1 %
Freight Billed to Customers
     171       167                       338       1.5 %
 
                                          
Total Product Sales
   $ 11,268     $ 11,970                     $ 23,238          
 
                                          
                                                 
    FY 2009  
                                    FY 2009     % of  
    Q1     Q2     Q3     Q4     Total     Total  
Direct
   $ 10,074     $ 10,051     $ 11,147     $ 10,140     $ 41,412       80.4 %
Reseller
     2,039       2,699       2,675       1,906       9,319       18.1 %
Freight Billed to Customers
     198       209       173       169       749       1.5 %
 
                                      
Total Product Sales
   $ 12,311     $ 12,959     $ 13,995     $ 12,215     $ 51,480          
 
                                      
PRODUCT SEGMENT SALES PER BUSINESS DAY
(Dollars in thousands)
(Unaudited)
                                         
    FY 2010  
                                    FY 2010  
    Q1     Q2                     YTD Total  
Number of business days
     64       63                       127  
Total product sales
   $ 11,268     $ 11,970                     $ 23,238  
Sales per day
   $ 176     $ 190                     $ 183  
 
    FY 2009  
                                    FY 2009  
    Q1     Q2     Q3     Q4     Total  
Number of business days
     64       63       62       64       253  
Total product sales
   $ 12,311     $ 12,959     $ 13,995     $ 12,215     $ 51,480  
Sales per day
   $ 192     $ 206     $ 226     $ 191     $ 203  
- MORE -

 

 

Transcat Reports Second Quarter Fiscal 2010 Financial Results
Page Twelve – October 26, 2009
PRODUCT SEGMENT SALES BY REGION
(Amounts in thousands)
(Unaudited)
                                                 
    FY 2010  
                                    FY 2010     % of  
    Q1     Q2                     YTD Total     Total  
United States
   $ 9,349     $ 9,713                     $ 19,062       82.0 %
Canada
     637       773                       1,410       6.1 %
Other International
     1,111       1,317                       2,428       10.4 %
Freight Billed to Customers
     171       167                       338       1.5 %
 
                                          
Total
   $ 11,268     $ 11,970                     $ 23,238          
 
                                          
                                                 
    FY 2009  
                                    FY 2009     % of  
    Q1     Q2     Q3     Q4     Total     Total  
United States
   $ 9,484     $ 10,066     $ 11,540     $ 9,853     $ 40,943       79.5 %
Canada
     784       999       866       797       3,446       6.7 %
Other International
     1,845       1,685       1,416       1,396       6,342       12.3 %
Freight Billed to Customers
     198       209       173       169       749       1.5 %
 
                                    
Total
   $ 12,311     $ 12,959     $ 13,995     $ 12,215     $ 51,480          
 
                                      
SERVICE SEGMENT REVENUE BY TYPE
(Amounts in thousands)
(Unaudited)
                                                 
    FY 2010  
                                    FY 2010     % of  
    Q1     Q2                     YTD Total     Total  
Depot/On-site
   $ 4,710     $ 5,045                     $ 9,755       78.3 %
Outsourced
     1,079       1,319                       2,398       19.2 %
Freight Billed to Customers
     151       161                       312       2.5 %
 
                                        
Total Service Revenue
   $ 5,940     $ 6,525                     $ 12,465          
 
                                    
                                                 
    FY 2009  
                                    FY 2009        
    Q1     Q2     Q3     Q4     Total     % of Total  
Depot/On-site
   $ 4,478     $ 4,441     $ 4,705     $ 5,482     $ 19,106       79.8 %
Outsourced
     911       1,065       1,093       1,064       4,133       17.3 %
Freight Billed to Customers
     153       145       199       203       700       2.9 %
 
                                      
Total Service Revenue
   $ 5,542     $ 5,651     $ 5,997     $ 6,749     $ 23,939          
 
                                      
- END -