exv99w1
Exhibit 99.1
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NEWS
RELEASE |
Transcat, Inc. 35 Vantage Point Drive Rochester NY 14624 Phone: (585) 3527777
Transcat Reports 25% Increase in Net Income on
Record Net Revenue for Fiscal 2011 Fourth Quarter
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Fourth quarter net revenue increased 9.4% to $25.8 million, while operating income
climbed 30.6% to $1.8 million |
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Product segment net sales increased 14.5% in the fourth quarter; up 12.6% for the full
fiscal year |
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Fourth quarter Service segment net revenue was up 1.0%; full fiscal year Service segment
net revenue increased 12.2% |
ROCHESTER, NY, May 19, 2011 Transcat, Inc. (Nasdaq: TRNS) (Transcat or the Company), a
leading distributor of professional grade handheld test and measurement instruments and accredited
provider of calibration, repair and other measurement services, today reported financial results
for its fiscal 2011 fourth quarter ended March 26, 2011. Included are the results of the
calibration and repair services business of ACA TMetrix Inc. (TMetrix), which the Company
acquired on November 1, 2010, and those of Wind Turbine Tools, Inc. (Wind Turbine Tools), a
premier provider of products and services to the wind energy industry, which the Company acquired
effective January 11, 2011.
Net revenue in the fourth quarter of fiscal 2011 was $25.8 million, an increase of 9.4% compared
with net revenue of $23.5 million in the fourth quarter of fiscal 2010. Product segment net sales
were $16.9 million for the fourth quarter of fiscal 2011, an increase of 14.5% compared with $14.7
million in the same period of the prior fiscal year. Service segment net revenue, which
represented 34.6% of total net revenue, increased 1.0% to $8.9 million in the fourth quarter of
fiscal 2011 compared with $8.8 million in the prior fiscal year fourth quarter.
Net income was $1.1 million, or $0.14 per diluted share, in the fourth quarter of fiscal 2011, up
25.0%, or $0.2 million, from net income of $0.9 million, or $0.12 per diluted share, in the same
period of the prior fiscal year. The growth in net income was driven by a 67.0% increase in
operating profits in the Companys Product segment.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, We delivered our sixth
consecutive record quarter as our Product segment grew more than 14 percent reflecting continued
market penetration as a result of expanding our vendor and product portfolio and enhanced marketing
activities. The Service segment growth for the quarter did not meet our expectations, but we are
encouraged with the direction of that business which, in combination with our recent acquisition
activity, should provide additional future growth opportunities.
Mr. Hadeed continued, Fiscal year 2011 was a record year for Transcat, highlighted by solid
financial performance, including record annual revenue and record operating income. The
integration and performance of United Scale and Engineering Corporation (United Scale), acquired
in fiscal 2010, and our two fiscal 2011 acquisitions have gone extremely well. TMetrix was readily
folded into our operations, incrementally adding to our Service business in Canada while enabling
us to leverage our infrastructure. The Wind Turbine Tools acquisition expanded our reach into the
wind energy industry and positions us well to accelerate growth within this industry.
In April 2011, Transcat acquired CMC Instrument Services, Inc. (CMC), a Rochester, New York-based
provider of dimensional calibration and repair services. Mr. Hadeed commented, The CMC
acquisition is strategically well-suited for us. It provides incremental calibration services
market share and, being
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Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
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May 19, 2011 |
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within our existing operating footprint, is a relatively easy fold-in acquisition that allows us to
leverage our existing infrastructure.
Strong Product Sales Combined with Prudent Expense Management and an Improved Pricing Environment
Drive 110 Basis Point Operating Margin Expansion in Fiscal 2011 Fourth Quarter
Fourth quarter 2011 gross profit increased to $6.9 million, or 26.9% of net revenue, compared with
$6.4 million, or 27.3% of net revenue, in the prior year period, reflecting gains in gross profit
from both the Product and Service segments of 11.4% and 2.5%, respectively. The 40 basis point
decline in gross margin was primarily due to market channel mix.
Total operating expenses increased $0.1 million, or 1.6%, to $5.1 million in the fourth quarter of
fiscal 2011, remaining relatively consistent compared with the fourth quarter of fiscal 2010. As a
percentage of net revenue, operating expenses in the fourth quarter of fiscal 2011 were 20.0%, down
from 21.5% in the prior fiscal year fourth quarter. Incremental operating and integration expenses
associated with recently acquired businesses were offset by lower compensation expense and other
spending controls.
Operating income for the fourth quarter of fiscal 2011 was $1.8 million, an increase of $0.4
million, or 30.6%, compared with $1.4 million in the fourth quarter of fiscal 2010. Operating
margin was 6.9% in the fourth quarter of fiscal 2011, up 110 basis points from the prior fiscal
year period.
During the fourth quarter of fiscal 2011, Transcat generated $2.4 million of EBITDA (earnings
before interest, taxes, depreciation and amortization), compared with $1.9 million for the same
period of the prior fiscal year. See Note 1 on page 5 for further description of this non-GAAP
financial measure.
The effective tax rate in the fourth quarter of fiscal 2011 was 37.5% compared with 35.4% in the
fourth quarter of fiscal 2010. The fourth quarter of fiscal 2011 tax rate was more indicative of
what the Company expects in the future.
Product and Service Segment Review
Product Segment: Represents the distribution of professional grade handheld test and measurement
instruments business (65.4% of total net revenue)
Product segment net sales increased $2.1 million, or 14.5%, to $16.9 million in the fourth quarter
of fiscal 2011 compared with the same period of the prior fiscal year, driven by the Companys
expanding customer base. Sales to wind energy customers accounted for 7.2% and 5.4% of Product
segment sales in the fourth quarters of fiscal 2011 and 2010, respectively. Fourth quarter 2011
wind energy sales were aided by the acquisition of Wind Turbine Tools in January 2011.
Average Product segment sales per day were $263 thousand in the fourth quarter of fiscal 2011 up
from $230 thousand in the same period of the prior fiscal year. Sales of the Companys products
through its website increased 35.5% to $1.6 million, or 9.4% of product sales, in the fourth
quarter of fiscal 2011 compared with $1.2 million, or 7.9% of product sales, in the same period of
the prior fiscal year. Focused sales efforts within specific product groups and enhanced email
marketing continued to drive the increase in online sales.
Product segment gross profit in the fourth quarter of fiscal 2011 grew to $4.2 million, or 25.0% of
net product sales, compared with $3.8 million, or 25.7% of net product sales, in the fourth quarter
of fiscal 2010. 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. During the fourth quarter of fiscal 2011, Transcat employed aggressive pricing
strategies within its direct channel resulting in market share gains, increased sales and higher
profits. However, the pricing methods employed in our direct channel and an increased mix of
products sold through the Companys reseller channel, compressed gross margin by 70 basis points.
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Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
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May 19, 2011 |
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Product segment operating income was up 67.0% to $1.2 million, or 7.4% of net product sales, in the
fourth quarter of fiscal 2011 compared with $0.7 million, or 5.1% of net product sales, in the same
period of the prior fiscal year.
Service Segment: Represents the accredited calibration, repair and weighing system services
business (34.6% of total net revenue)
Service segment net revenue was $8.9 million in the fourth quarter of fiscal 2011, a $0.1 million,
or 1.0% increase from the $8.8 million reported in the same period of the prior fiscal year. When
comparing year-over-year, higher revenue from non-wind energy customers of $0.6 million was offset
by a $0.5 million decline in services provided to wind energy customers. This decline was primarily
related to the cyclical nature of the wind energy industry and an unusually high volume of
calibration and repair services provided to a key wind energy customer during the fourth quarter of
fiscal 2010. Services provided to wind energy customers represented 6.4% of total service revenue
for the fourth quarter of fiscal 2011 compared with 11.8% of total service revenue in the same
period of the prior fiscal year.
The Companys strategy has been to focus its capital and marketing investments in the electrical,
temperature, pressure and dimensional disciplines. Typically, 15% to 20% of Service segment
revenue has been generated from outsourcing customer equipment to third-party vendors for
calibration beyond the Companys chosen scope of capabilities. In the fourth quarter of fiscal
2011, 19.3% of the Companys Service segment revenue was subcontracted to third-party vendors
compared with 21.6% in the fourth quarter of fiscal 2010. The Company continues to evaluate the
need for capital investments that could provide more in-house capabilities as it deems appropriate.
Service segment gross profit in the fourth quarter of fiscal 2011 was $2.7 million, an increase of
2.5% from $2.6 million in the same period of the prior fiscal year. Gross margin improved 40 basis
points year-over-year as general inflationary increases and incremental costs associated with
recent acquisitions were more than offset by other expense reductions, primarily lower third-party
vendor costs associated with wind energy customers.
Service segment operating income was $0.5 million during the fourth quarter of fiscal 2011 compared
with operating income of $0.6 million in the same period of the prior fiscal year. The decrease in
operating income was primarily due to increased sales and marketing expenses.
Twelve-Month Review
Net revenue increased $10.1 million, or 12.5%, to $91.2 million in fiscal 2011, compared with net
revenue of $81.1 million in fiscal 2010. Total annual growth for non-wind energy customers was $11.5 million including $3.1 million in incremental revenue from United Scale, while total wind
energy customer revenue declined $1.4 million for the year in what was considered a weak year in
the wind energy industry.
Product segment net sales were $59.9 million in fiscal 2011, an increase of 12.6%, compared with
$53.1 million in fiscal 2010. Net sales growth for non-wind energy customers, including $1.6
million in incremental sales from United Scale, was partially offset by the decline in wind energy
sales. Sales to wind energy customers accounted for 5.5% and 8.8% of Product segment sales in
fiscal 2011 and fiscal 2010, respectively. Online Product sales were $5.6 million in fiscal 2011,
up 31.8%, compared with $4.2 million in fiscal 2010. Transcats pending product shipments during fiscal year 2011
increased 13.0% to $2.0 million.
Service segment net revenue was $31.3 million in fiscal 2011, up 12.2%, compared with $27.9 million
in fiscal 2010. Services provided to wind energy customers were relatively consistent
year-over-year and represented 6.8% of total service revenue in fiscal 2011, compared with 7.6% of
total service revenue in the prior fiscal year. United Scale contributed $1.5 million of
incremental revenue in fiscal 2011, while revenue growth related to other customers increased $1.9
million for the year.
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Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
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May 19, 2011 |
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Gross margin improved to 25.5% in fiscal 2011, from 23.8% in fiscal 2010. Product segment gross
margin was 25.7% and 23.4% for fiscal 2011 and 2010, respectively. The year-over-year increase was
primarily a result of an improved pricing environment and increased manufacturer rebate income.
Service segment gross margin was 25.3% for fiscal 2011 compared with 24.5% for fiscal 2010. A
large portion of the higher Service segment revenue was acquisition related, which limited
operating leverage opportunities.
Operating expenses increased $1.8 million, or 10.6%, to $18.7 million in fiscal 2011 compared with
$16.9 million in fiscal 2010. As a percentage of net revenue, operating expenses during fiscal
2011 were 20.5%, compared with 20.9% during fiscal 2010. The primary drivers of increased
operating expenses were higher employee-related expenses, including incremental costs for United
Scale and Wind Turbine Tools personnel, and investments in sales and marketing. Operating income
in fiscal 2011 was $4.6 million, or 5.0% of net revenue, compared with $2.4 million, or 2.9% of net
revenue, in fiscal 2010.
Net income was $2.8 million, or $0.37 per diluted share, for fiscal 2011 compared with $1.5
million, or $0.19 per diluted share, for fiscal 2010.
EBITDA was $6.8 million for fiscal 2011, compared with $4.4 million for fiscal 2010. See Note 1 on
page 5 for further description of this non-GAAP financial measure.
Balance Sheet and Cash Management
Net cash generated from operations was $2.6 million in fiscal 2011 compared with $5.6 million in
fiscal 2010. The year-over-year change was the result of working capital requirements and timing.
Inventory at the end of fiscal 2011 was $7.6 million, up from $5.9 million at the end of fiscal
2010, due to the Companys strategic decision to increase inventory levels of specific,
higher-volume products in support of greater sales growth and to maintain high levels of customer
service in response to increased lead times from manufacturers. It is anticipated that inventory
will increase in the first quarter of fiscal 2012 as the Company has made advance purchases of
specific high demand items to ensure availability in the event that the aftermath of the Japanese
earthquake causes part shortages related to those products.
Capital expenditures in fiscal 2011 were $1.6 million compared with $1.1 million in fiscal 2010 and
were primarily used for additional service capabilities and infrastructure improvements that
included facility expansion and investments in information technology. During fiscal 2011, the
Company also spent $3.4 million to acquire TMetrix and Wind Turbine Tools and used an additional $0.6 million for the
repurchase of 80,000 common shares in a private transaction at $6.90 per share.
On January 15, 2011, Transcat entered into an amendment to its credit agreement with JP Morgan
Chase Bank, N.A., which provides for a revolving credit line of $15.0 million. The credit
agreement was extended for 3 years on similar financial terms and conditions. The agreement allows
up to $10.0 million for acquisitions in any 12-month period and dividends and stock repurchases up
to $2.0 million in any 12-month period.
Outlook
Mr. Hadeed concluded, Our objective continues to be to grow our Service segment at a greater rate
than our Product segment. In addition, our focus is long-term and not quarter to quarter. We will
continue to both proactively and reactively address near-term challenges such as extended vendor
supply chain issues, declining international sales as a result of end of life products and wind
energy industry cyclicality. We believe we are well prepared to deal with these challenges and
perform for the long-term.
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Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
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May 19, 2011 |
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NOTE 1
In addition to reporting net income, a U.S. generally accepted accounting principle (GAAP)
measure, we present EBITDA (earnings before interest, taxes, depreciation, and amortization), which
is a non-GAAP measure. The Company believes EBITDA allows investors to view its performance in a
manner similar to the methods used by management and provides additional insight into its operating
results. EBITDA is not calculated through the application of GAAP and is not the required form of
disclosure by the Securities and Exchange Commission. As such, it should not be considered as a
substitute for the GAAP measure of net income and, therefore, should not be used in isolation of,
but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results
that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure
used by other companies. See attached EBITDA Reconciliation table on page 9.
ABOUT TRANSCAT
Transcat, Inc. is a leading distributor of professional grade handheld test and measurement
instruments and accredited provider of calibration, repair and other measurement services primarily
for the pharmaceutical and FDA-regulated, industrial manufacturing, energy and utilities, chemical
manufacturing, and other industries. Through its distribution products segment, Transcat markets
and distributes national and proprietary brand instruments to nearly 15,000 customers. The Company
offers access to more than 25,000 test and measurement instruments. Transcat delivers precise,
reliable, fast calibration, and repair services across the United States, Canada and Puerto Rico
through its 14 strategically located Calibration Centers of Excellence. The breadth and depth of
parameters covered by Transcats ISO/IEC 17025 scopes of accreditation are believed to be among the
best in the industry.
Transcats 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: 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 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 Transcats 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 Companys underlying assumptions prove
incorrect, actual results may vary materially from those currently anticipated. In addition, undue
reliance should not be placed on the Companys 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 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
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Page 6 |
May 19, 2011 |
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TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
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(Unaudited) |
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Fourth Quarter Ended |
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For the Years Ended |
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March 26, |
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March 27, |
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March 26, |
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March 27, |
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2011 |
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2010 |
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2011 |
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2010 |
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Product Sales |
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$ |
16,853 |
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$ |
14,719 |
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$ |
59,862 |
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$ |
53,143 |
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Service Revenue |
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8,904 |
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8,816 |
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31,324 |
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27,918 |
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Net Revenue |
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25,757 |
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23,535 |
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91,186 |
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81,061 |
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Cost of Products Sold |
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12,633 |
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10,932 |
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44,496 |
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|
40,701 |
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Cost of Services Sold |
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|
6,194 |
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|
|
6,172 |
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23,392 |
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21,066 |
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Total Cost of Products and Services Sold |
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18,827 |
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17,104 |
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67,888 |
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61,767 |
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Gross Profit |
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6,930 |
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6,431 |
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23,298 |
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19,294 |
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Selling, Marketing and Warehouse Expenses |
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3,179 |
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3,151 |
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11,756 |
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10,682 |
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Administrative Expenses |
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1,962 |
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|
1,910 |
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6,955 |
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6,231 |
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Total Operating Expenses |
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5,141 |
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5,061 |
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18,711 |
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16,913 |
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Operating Income |
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1,789 |
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1,370 |
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4,587 |
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2,381 |
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Interest Expense |
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32 |
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29 |
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73 |
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63 |
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Other Expense (Income), net |
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19 |
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(4 |
) |
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32 |
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35 |
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Total Other Expense |
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51 |
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25 |
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105 |
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|
98 |
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Income Before Income Taxes |
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1,738 |
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|
1,345 |
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4,482 |
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|
2,283 |
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Provision for Income Taxes |
|
|
652 |
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|
|
476 |
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1,694 |
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|
832 |
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Net Income |
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$ |
1,086 |
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$ |
869 |
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$ |
2,788 |
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$ |
1,451 |
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Basic Earnings Per Share |
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$ |
0.15 |
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$ |
0.12 |
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$ |
0.38 |
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$ |
0.20 |
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Average Shares Outstanding |
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|
7,256 |
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|
7,279 |
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|
7,290 |
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7,352 |
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Diluted Earnings Per Share |
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$ |
0.14 |
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$ |
0.12 |
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$ |
0.37 |
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$ |
0.19 |
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Average Shares Outstanding |
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|
7,522 |
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|
|
7,476 |
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|
7,521 |
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|
7,549 |
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Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
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Page 7 |
May 19, 2011 |
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TRANSCAT, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
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March 26, |
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March 27, |
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2011 |
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2010 |
|
ASSETS |
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Current Assets: |
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Cash |
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$ |
32 |
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$ |
123 |
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Accounts Receivable, less allowance for doubtful accounts of $73
and $82 as of March 26, 2011 and March 27, 2010, respectively |
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|
12,064 |
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11,439 |
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Other Receivables |
|
|
617 |
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|
418 |
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Inventory, net |
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|
7,571 |
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|
5,906 |
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Prepaid Expenses and Other Current Assets |
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|
840 |
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|
915 |
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Deferred Tax Asset |
|
|
631 |
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|
566 |
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Total Current Assets |
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21,755 |
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|
19,367 |
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Property and Equipment, net |
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|
5,253 |
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|
4,163 |
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Goodwill |
|
|
11,666 |
|
|
|
10,038 |
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Intangible Assets, net |
|
|
1,982 |
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|
|
1,234 |
|
Deferred Tax Asset |
|
|
296 |
|
|
|
533 |
|
Other Assets |
|
|
408 |
|
|
|
378 |
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
41,360 |
|
|
$ |
35,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
8,241 |
|
|
$ |
8,798 |
|
Accrued Compensation and Other Liabilities |
|
|
3,579 |
|
|
|
3,171 |
|
Income Taxes Payable |
|
|
208 |
|
|
|
251 |
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
12,028 |
|
|
|
12,220 |
|
Long-Term Debt |
|
|
5,253 |
|
|
|
2,532 |
|
Other Liabilities |
|
|
750 |
|
|
|
704 |
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
18,031 |
|
|
|
15,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders Equity: |
|
|
|
|
|
|
|
|
Common Stock, par value $0.50 per share, 30,000,000 shares authorized;
7,759,580 and 7,698,450 shares issued as of March 26, 2011 and
March 27, 2010, respectively; 7,260,798 and 7,279,668 shares
outstanding as of March 26, 2011 and March 27, 2010, respectively |
|
|
3,880 |
|
|
|
3,849 |
|
Capital in Excess of Par Value |
|
|
10,066 |
|
|
|
9,357 |
|
Accumulated Other Comprehensive Income |
|
|
485 |
|
|
|
382 |
|
Retained Earnings |
|
|
11,092 |
|
|
|
8,304 |
|
Less: Treasury Stock, at cost, 498,782 and 418,782 shares as of March 26, 2011 and March 27, 2010, respectively |
|
|
(2,194 |
) |
|
|
(1,635 |
) |
|
|
|
|
|
|
|
Total Shareholders Equity |
|
|
23,329 |
|
|
|
20,257 |
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders Equity |
|
$ |
41,360 |
|
|
$ |
35,713 |
|
|
|
|
|
|
|
|
- MORE -
|
|
|
|
|
|
Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
|
|
Page 8 |
May 19, 2011 |
|
|
TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
|
|
March 26, |
|
|
March 27, |
|
|
|
2011 |
|
|
2010 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
2,788 |
|
|
$ |
1,451 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
Deferred Income Taxes |
|
|
138 |
|
|
|
35 |
|
Depreciation and Amortization |
|
|
2,293 |
|
|
|
2,080 |
|
Provision for Accounts Receivable and Inventory Reserves |
|
|
158 |
|
|
|
133 |
|
Stock-Based Compensation Expense |
|
|
428 |
|
|
|
579 |
|
Change in Contingent Consideration |
|
|
(97 |
) |
|
|
|
|
Changes in Assets and Liabilities: |
|
|
|
|
|
|
|
|
Accounts Receivable and Other Receivables |
|
|
(357 |
) |
|
|
(2,453 |
) |
Inventory |
|
|
(1,269 |
) |
|
|
(669 |
) |
Prepaid Expenses and Other Assets |
|
|
(458 |
) |
|
|
(707 |
) |
Accounts Payable |
|
|
(1,720 |
) |
|
|
3,639 |
|
Accrued Compensation and Other Liabilities |
|
|
724 |
|
|
|
1,529 |
|
Income Taxes Payable |
|
|
(55 |
) |
|
|
32 |
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities |
|
|
2,573 |
|
|
|
5,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of Property and Equipment |
|
|
(1,647 |
) |
|
|
(1,128 |
) |
Payments of Contingent Consideration |
|
|
|
|
|
|
(1,094 |
) |
Business Acquisitions, net of cash acquired |
|
|
(3,427 |
) |
|
|
(1,917 |
) |
|
|
|
|
|
|
|
Net Cash Used in Investing Activities |
|
|
(5,074 |
) |
|
|
(4,139 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Revolving Line of Credit, net |
|
|
2,740 |
|
|
|
(1,001 |
) |
Payments on Other Debt Obligations |
|
|
(19 |
) |
|
|
(26 |
) |
Payment of Contingent Consideration |
|
|
(52 |
) |
|
|
|
|
Issuance of Common Stock |
|
|
300 |
|
|
|
201 |
|
Repurchase of Common Stock |
|
|
(559 |
) |
|
|
(647 |
) |
Excess Tax Benefits Related to Stock-Based Compensation |
|
|
12 |
|
|
|
4 |
|
|
|
|
|
|
|
|
Net Cash Provided by (Used in) Financing Activities |
|
|
2,422 |
|
|
|
(1,469 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash |
|
|
(12 |
) |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in Cash |
|
|
(91 |
) |
|
|
64 |
|
Cash at Beginning of Period |
|
|
123 |
|
|
|
59 |
|
|
|
|
|
|
|
|
Cash at End of Period |
|
$ |
32 |
|
|
$ |
123 |
|
|
|
|
|
|
|
|
- MORE -
|
|
|
|
|
|
Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
|
|
Page 9 |
May 19, 2011 |
|
|
Transcat, Inc.
Fiscal 2011 Fourth Quarter and Fiscal Year
Additional Information
EBITDA Reconciliation
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2011 |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Net Income |
|
$ |
278 |
|
|
$ |
$527 |
|
|
$ |
897 |
|
|
$ |
1,086 |
|
|
$ |
2,788 |
|
+ Interest Expense |
|
|
12 |
|
|
|
16 |
|
|
|
13 |
|
|
|
32 |
|
|
|
73 |
|
+ Income Tax Provision |
|
|
166 |
|
|
|
347 |
|
|
|
529 |
|
|
|
652 |
|
|
|
1,694 |
|
+ Depreciation & Amortization |
|
|
496 |
|
|
|
529 |
|
|
|
597 |
|
|
|
671 |
|
|
|
2,293 |
|
EBITDA |
|
$ |
952 |
|
|
$ |
1,419 |
|
|
$ |
2,036 |
|
|
$ |
2,441 |
|
|
$ |
6,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2010 |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Net Income (Loss) |
|
$ |
(89 |
) |
|
$ |
188 |
|
|
$ |
483 |
|
|
$ |
869 |
|
|
$ |
1,451 |
|
+ Interest Expense |
|
|
14 |
|
|
|
11 |
|
|
|
9 |
|
|
|
29 |
|
|
|
63 |
|
+ Income Tax Provision (Benefit) |
|
|
(56 |
) |
|
|
120 |
|
|
|
292 |
|
|
|
476 |
|
|
|
832 |
|
+ Depreciation & Amortization |
|
|
461 |
|
|
|
498 |
|
|
|
565 |
|
|
|
556 |
|
|
|
2,080 |
|
EBITDA |
|
$ |
330 |
|
|
$ |
817 |
|
|
$ |
1,349 |
|
|
$ |
1,930 |
|
|
$ |
4,426 |
|
- MORE -
|
|
|
|
|
|
Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
|
|
Page 10 |
May 19, 2011 |
|
|
Transcat, Inc.
Fiscal 2011 Fourth Quarter
Additional Information
Business Segment Data
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
Quarter ended |
|
Quarter ended |
|
|
|
% |
|
|
March 26, 2011 |
|
March 27, 2010 |
|
$ Change |
|
Change |
Product |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
16,853 |
|
|
$ |
14,719 |
|
|
$ |
2,134 |
|
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
4,220 |
|
|
|
3,787 |
|
|
|
433 |
|
|
|
11.4 |
% |
Margin |
|
|
25.0 |
% |
|
|
25.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,246 |
|
|
|
746 |
|
|
|
500 |
|
|
|
67.0 |
% |
Margin |
|
|
7.4 |
% |
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
8,904 |
|
|
$ |
8,816 |
|
|
$ |
88 |
|
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
2,710 |
|
|
|
2,644 |
|
|
|
66 |
|
|
|
2.5 |
% |
Margin |
|
|
30.4 |
% |
|
|
30.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
543 |
|
|
|
624 |
|
|
|
(81 |
) |
|
|
(13.0 |
%) |
Margin |
|
|
6.1 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
25,757 |
|
|
$ |
23,535 |
|
|
$ |
2,222 |
|
|
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
6,930 |
|
|
|
6,431 |
|
|
|
499 |
|
|
|
7.8 |
% |
Margin |
|
|
26.9 |
% |
|
|
27.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,789 |
|
|
|
1,370 |
|
|
|
419 |
|
|
|
30.6 |
% |
Margin |
|
|
6.9 |
% |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
- MORE -
|
|
|
|
|
|
Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
|
|
Page 11 |
May 19, 2011 |
|
|
Transcat, Inc.
Fiscal 2011 Twelve Months
Additional Information
Business Segment Data
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
Year ended |
|
Year ended |
|
|
|
% |
|
|
March 26, 2011 |
|
March 27, 2010 |
|
$ Change |
|
Change |
Product |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
59,862 |
|
|
$ |
53,143 |
|
|
$ |
6,719 |
|
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
15,366 |
|
|
|
12,442 |
|
|
|
2,924 |
|
|
|
23.5 |
% |
Margin |
|
|
25.7 |
% |
|
|
23.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
4,395 |
|
|
|
2,287 |
|
|
|
2,108 |
|
|
|
92.2 |
% |
Margin |
|
|
7.3 |
% |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
31,324 |
|
|
$ |
27,918 |
|
|
$ |
3,406 |
|
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
7,932 |
|
|
|
6,852 |
|
|
|
1,080 |
|
|
|
15.8 |
% |
Margin |
|
|
25.3 |
% |
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
192 |
|
|
|
94 |
|
|
|
98 |
|
|
|
104.3 |
% |
Margin |
|
|
0.6 |
% |
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
91,186 |
|
|
$ |
81,061 |
|
|
$ |
10,125 |
|
|
|
12.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
23,298 |
|
|
|
19,294 |
|
|
|
4,004 |
|
|
|
20.8 |
% |
Margin |
|
|
25.5 |
% |
|
|
23.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
4,587 |
|
|
|
2,381 |
|
|
|
2,206 |
|
|
|
92.7 |
% |
Margin |
|
|
5.0 |
% |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
- MORE -
|
|
|
|
|
|
Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
|
|
Page 12 |
May 19, 2011 |
|
|
Transcat, Inc.
Additional Information
In the following tables, certain customers have been reclassified in prior periods to conform
to the current period presentation
PRODUCT SEGMENT SALES BY MARKET CHANNEL
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
% of |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
|
Total |
Direct |
|
$ |
9,640 |
|
|
$ |
9,906 |
|
|
$ |
12,462 |
|
|
$ |
12,389 |
|
|
$ |
44,397 |
|
|
|
74.2 |
% |
Reseller |
|
|
3,133 |
|
|
|
3,352 |
|
|
|
3,861 |
|
|
|
4,199 |
|
|
|
14,545 |
|
|
|
24.3 |
% |
Freight Billed to Customers |
|
|
202 |
|
|
|
214 |
|
|
|
239 |
|
|
|
265 |
|
|
|
920 |
|
|
|
1.5 |
% |
Total Product Sales |
|
$ |
12,975 |
|
|
$ |
13,472 |
|
|
$ |
16,562 |
|
|
$ |
16,853 |
|
|
$ |
59,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
% of |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
|
Total |
Direct |
|
$ |
8,469 |
|
|
$ |
9,282 |
|
|
$ |
10,757 |
|
|
$ |
11,072 |
|
|
$ |
39,580 |
|
|
|
74.5 |
% |
Reseller |
|
|
2,628 |
|
|
|
2,521 |
|
|
|
4,226 |
|
|
|
3,411 |
|
|
|
12,786 |
|
|
|
24.1 |
% |
Freight Billed to Customers |
|
|
171 |
|
|
|
167 |
|
|
|
203 |
|
|
|
236 |
|
|
|
777 |
|
|
|
1.4 |
% |
Total Product Sales |
|
$ |
11,268 |
|
|
$ |
11,970 |
|
|
$ |
15,186 |
|
|
$ |
14,719 |
|
|
$ |
53,143 |
|
|
|
|
|
PRODUCT SALES PER BUSINESS DAY
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
Number of business days |
|
|
64 |
|
|
|
63 |
|
|
|
62 |
|
|
|
64 |
|
|
|
253 |
|
Total product sales |
|
$ |
12,975 |
|
|
$ |
13,472 |
|
|
$ |
16,562 |
|
|
$ |
16,853 |
|
|
$ |
59,862 |
|
Sales per day |
|
$ |
203 |
|
|
$ |
214 |
|
|
$ |
267 |
|
|
$ |
263 |
|
|
$ |
237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
Number of business days |
|
|
64 |
|
|
|
63 |
|
|
|
61 |
|
|
|
64 |
|
|
|
252 |
|
Total product sales |
|
$ |
11,268 |
|
|
$ |
11,970 |
|
|
$ |
15,186 |
|
|
$ |
14,719 |
|
|
$ |
53,143 |
|
Sales per day |
|
$ |
176 |
|
|
$ |
190 |
|
|
$ |
249 |
|
|
$ |
230 |
|
|
$ |
211 |
|
- MORE -
|
|
|
|
|
|
Transcat Reports 25% Increase in Net Income on Record Net Revenue for Fiscal 2011 Fourth Quarter
|
|
Page 13 |
May 19, 2011 |
|
|
PRODUCT SEGMENT SALES BY REGION
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
% of |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
|
Total |
United States |
|
$ |
11,124 |
|
|
$ |
11,589 |
|
|
$ |
14,254 |
|
|
$ |
14,565 |
|
|
$ |
51,532 |
|
|
|
86.1 |
% |
Canada |
|
|
1,079 |
|
|
|
957 |
|
|
|
1,377 |
|
|
|
1,387 |
|
|
|
4,800 |
|
|
|
8.0 |
% |
Other International |
|
|
570 |
|
|
|
712 |
|
|
|
692 |
|
|
|
636 |
|
|
|
2,610 |
|
|
|
4.4 |
% |
Freight Billed to Customers |
|
|
202 |
|
|
|
214 |
|
|
|
239 |
|
|
|
265 |
|
|
|
920 |
|
|
|
1.5 |
% |
Total |
|
$ |
12,975 |
|
|
$ |
13,472 |
|
|
$ |
16,562 |
|
|
$ |
16,853 |
|
|
$ |
59,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
% of |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
|
Total |
United States |
|
$ |
9,732 |
|
|
$ |
10,324 |
|
|
$ |
13,121 |
|
|
$ |
12,410 |
|
|
$ |
45,587 |
|
|
|
85.8 |
% |
Canada |
|
|
811 |
|
|
|
872 |
|
|
|
1,164 |
|
|
|
1,515 |
|
|
|
4,362 |
|
|
|
8.2 |
% |
Other International |
|
|
554 |
|
|
|
607 |
|
|
|
698 |
|
|
|
558 |
|
|
|
2,417 |
|
|
|
4.5 |
% |
Freight Billed to Customers |
|
|
171 |
|
|
|
167 |
|
|
|
203 |
|
|
|
236 |
|
|
|
777 |
|
|
|
1.5 |
% |
Total |
|
$ |
11,268 |
|
|
$ |
11,970 |
|
|
$ |
15,186 |
|
|
$ |
14,719 |
|
|
$ |
53,143 |
|
|
|
|
|
SERVICE SEGMENT REVENUE BY TYPE
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
|
% of |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
|
Total |
Depot/On-site |
|
$ |
5,689 |
|
|
$ |
5,800 |
|
|
$ |
5,677 |
|
|
$ |
6,963 |
|
|
$ |
24,129 |
|
|
|
77.0 |
% |
Outsourced |
|
|
1,786 |
|
|
|
1,473 |
|
|
|
1,466 |
|
|
|
1,720 |
|
|
|
6,445 |
|
|
|
20.6 |
% |
Freight Billed to Customers |
|
|
178 |
|
|
|
175 |
|
|
|
176 |
|
|
|
221 |
|
|
|
750 |
|
|
|
2.4 |
% |
Total Service Revenue |
|
$ |
7,653 |
|
|
$ |
7,448 |
|
|
$ |
7,319 |
|
|
$ |
8,904 |
|
|
$ |
31,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2010 |
|
% of |
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD Total |
|
Total |
Depot/On-site |
|
$ |
4,710 |
|
|
$ |
5,045 |
|
|
$ |
4,877 |
|
|
$ |
6,688 |
|
|
$ |
21,320 |
|
|
|
76.4 |
% |
Outsourced |
|
|
1,079 |
|
|
|
1,319 |
|
|
|
1,591 |
|
|
|
1,907 |
|
|
|
5,896 |
|
|
|
21.1 |
% |
Freight Billed to Customers |
|
|
151 |
|
|
|
161 |
|
|
|
169 |
|
|
|
221 |
|
|
|
702 |
|
|
|
2.5 |
% |
Total Service Revenue |
|
$ |
5,940 |
|
|
$ |
6,525 |
|
|
$ |
6,637 |
|
|
$ |
8,816 |
|
|
$ |
27,918 |
|
|
|
|
|
- END -