8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)      July 17, 2003

Transcat, Inc.
(Exact name of registrant as specified in charter)

Ohio	000-03905	16-0874418
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

35 Vantage Point Drive, Rochester, New York	14624
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code      585-352-7777

(Former name or former address, if changed since last report)

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (c)  Exhibit 99.1 – Transcat, Inc. Press Release dated July 17, 2003

Item 9. Regulation FD Disclosure. (Information furnished under Item 12 - Results of Operations and Financial Condition)

Pursuant to Securities and Exchange Commission Release Nos. 33-8216 and 34-47583, the information contained in this Item 9 is being furnished pursuant to Item 12, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act.

     On July 17, 2003, Transcat, Inc. (the “Company”) issued a press release regarding its financial results for the first quarter ended June 28, 2003. The Company’s press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		TRANSCAT, INC.
Dated: July 18, 2003	By:	/s/  Carl E. Sassano   Carl E. Sassano   President and Chief Executive Officer

INDEX TO EXHIBITS

(99) Additional Exhibits

Exhibit 99.1 Transcat, Inc. Press Release dated July 17, 2003

EX-99.1 3 l02166aexv99w1.htm EX-99.1 TRANSCAT, INC. PRESS RELEASE DATED 7/17/3

Exhibit 99.1

Transcat Announces Fiscal 2004 First Quarter Results;
Reports Net Profit In The First Quarter

ROCHESTER, NY – July 17, 2003 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for its first quarter ended June 28, 2003.

Commenting on the fiscal year 2004 first quarter results, Carl E. Sassano, President and Chief Executive Officer, stated: “We are very pleased to report our fourth consecutive net profitable quarter and continued improvement over the prior fiscal year in the face of a sustained challenging economic environment.

“We continued to achieve profitability despite an 11.5% decrease in sales compared to the prior year fiscal quarter. 90% of the sales decrease in the fiscal year 2004 first quarter came from our distribution products segment, which continues to be impacted by economic factors. The 3.5% reduction in our calibration services sales was in line with our expectations, having closed four calibration laboratories in fiscal year 2003.

“We believe that our results are in line with our strategy of executing and sustaining a consistent, profitable business model, regardless of economic conditions.”

Net sales for the fiscal year 2004 first quarter were $12.6 million compared with net sales of $14.2 million during the fiscal year 2003 first quarter. Distribution products net sales for the current quarter were $8.0 million compared with net sales of $9.5 million in the prior fiscal year quarter. Calibration services sales for the current quarter were $4.6 million compared with net sales of $4.7 million in the prior fiscal year quarter.

Net income for the fiscal year 2004 first quarter was $0.2 million, or $0.03 per share, as compared with a net loss before cumulative effect of a change in accounting principle of $0.1 million, or $0.02 per share in the prior fiscal year quarter.

The Company also indicated that the following factors be considered in evaluating the fiscal year 2004 first quarter results:

• Distribution products gross profit percentage decreased to 24.8%, or one margin point, from the prior fiscal year quarter, as a result of increased promotional activity in a weak economic environment;

• Calibration services gross profit percentage increased to 24.5%, or nine margin points, from the prior fiscal year quarter, benefiting from the actions taken in the prior year;

• Operating expenses remained relatively consistent as a percent of net sales with the prior fiscal year quarter; and,

• Interest expense decreased by 58.0% compared to the prior fiscal year quarter as a result of: 1) debt restructuring in the third quarter of fiscal year 2003; and, 2) operating cash flow driven through inventory control and strong cash collections.

About Transcat, Inc.

Transcat, Inc. is a leading distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services primarily throughout the process, life science, and manufacturing industries.

Through the Company’s distribution products segment, Transcat markets and distributes national and proprietary brand instruments to approximately 10,000 global customers. Transcat’s Master Catalog offers easy access to more than 25,000 instruments, such as: calibrators, deadweight testers, temperature devices, multimeters, oscilloscopes, pressure pumps, testers, recorders, and related accessories, from nearly 250 of the industry’s leading manufacturers including Fluke, Hart Scientific, Agilent, Ametek, and GE-Druck. In addition, Transcat is the exclusive worldwide distributor for Altek and Transmation products. The majority of this instrumentation requires expert calibration service to ensure that it maintains the most exacting measurements.

Through the Company’s calibration services segment, Transcat offers precise, reliable, fast calibration services through ten Calibration Centers of Excellence strategically located across the United States and Canada to approximately 8,000 customers. To support the Company’s customers calibration service needs, Transcat delivers the industry’s highest quality calibration services and repairs. Each of the calibration laboratories is ISO-9000: 2000 registered with Underwriter’s Laboratories, Inc. and the scope of accreditation to ISO/IEC 17025 is the widest in the industry.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, which are subject to various risks and uncertainties. The Company’s actual results could differ from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company’s control.

TRANSCAT, INC.
Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)

			First Quarter Ended
			June 28,			June 30,
			2003			2002
Product Sales			$	8,024		$	9,499
Service Sales				4,570			4,735
	Net Sales			12,594			14,234
Cost of Products Sold				6,036			7,024
Cost of Services Sold				3,450			4,015
	Total Cost of Products and Services Sold			9,486			11,039
Gross Profit				3,108			3,195
Selling, Marketing, and Warehouse Expenses				2,076			2,099
Administrative Expenses				838			1,003
	Total Operating Expenses			2,914			3,102
Operating Income				194			93
Interest Expense				103			245
Other Income				(95	)		(7	)
	Total Other Expense			8			238
Income (Loss) Before Income Taxes and Cumulative Effect of a Change in Accounting Principle				186			(145	)
Provision for Income Taxes				8			–
Income (Loss) Before Cumulative Effect of a Change in Accounting Principle				178			(145	)
Cumulative Effect of a Change in Accounting Principle				–			(6,472	)
Net Income (Loss)			$	178		$	(6,617	)
Basic and Diluted Earnings (Loss) Per Share:
	Before Cumulative Effect of a Change in
	Accounting Principle		$	0.03		$	(0.02	)
	From Cumulative Effect of a Change in Accounting Principle			–			(1.06	)
		Total Basic and Diluted Earnings (Loss) Per Share	$	0.03		$	(1.08	)
		Average Shares Outstanding (in thousands)		6,180			6,127

Certain reclassifications of prior year quarter financial information have been
made to conform to current quarter presentation.

TRANSCAT, INC.
Consolidated Balance Sheets
(In Thousands, Except Per Share Amounts)

				(Unaudited)
				June 28,			March 31,
				2003			2003
ASSETS
Current Assets:
	Cash			$	135		$	114
	Accounts Receivable, less allowance for doubtful accounts of $118 and $114 as of June 28, 2003 and March 31, 2003, respectively				6,158			6,879
	Other Receivables				162			159
	Finished Goods Inventory, net				2,732			2,842
	Income Taxes Receivable				314			799
	Prepaid Expenses and Deferred Charges				581			454
		Total Current Assets			10,082			1,247
Property, Plant and Equipment, net					2,439			2,556
Goodwill					2,524			2,524
Deferred Charges					165			197
Other Assets					234			234
		Total Assets		$	15,444		$	16,758
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
	Current Portion of Long-Term Debt			$	666		$	666
	Accounts Payable				4,215			3,738
	Accrued Payrolls, Commissions and Other				1,188			1,862
	Income Taxes Payable				100			100
	Deposits				64			64
		Total Current Liabilities			6,233			6,430
Long-Term Debt, less current portion					4,532			5,916
Deferred Compensation					156			170
Deferred Gain on TPG Divestiture					1,544			1,544
		Total Liabilities			12,465			14,060
Stockholders’ Equity:
	Common Stock, par value $0.50 per share, 30,000,000 shares authorized;
		6,301,689 and 6,296,000 shares issued as of June 28, 2003 and March 31, 2003, respectively; 6,182,331 and 6,176,642 shares outstanding as of June 28, 2003 and March 31, 2003, respectively			3,151			3,148
		Capital in Excess of Par Value			3,035			3,031
		Warrants			518			518
		Accumulated Other Comprehensive Loss			(139	)		(235	)
		Retained Deficit			(3,133	)		(3,311	)
		Less: Treasury Stock, at cost, 119,358 shares			(453	)		(453	)
			Total Stockholders’ Equity		2,979			2,698
			Total Liabilities and Stockholders’ Equity	$	15,444		$	16,758

TRANSCAT, INC.
Consolidated Statements of Cash Flows
(In Thousands)

				(Unaudited)
				First Quarter Ended
				June 28,			June 30,
				2003			2002
Cash Flows from Operating Activities:
	Net Income (Loss)			$	178		$	(6,617	)
	Cumulative Effect of a Change in Accounting Principle				–			6,472
	Net Income (Loss) Before Cumulative Effect of a Change in Accounting Principle				178			(145	)
	Adjustments to Reconcile Net Income (Loss) Before Cumulative Effect of a Change in Accounting Principle to Net Cash Provided by Operating Activities:
		Depreciation and Amortization			436			521
		Provision for Doubtful Accounts Receivable and Returns			(70	)		–
		Common Stock Expense			7			–
		Other			–			18
	Changes in Assets and Liabilities:
		Accounts Receivable and Other Receivables			718			1,661
		Inventories			110			167
		Income Taxes Receivable / Payable			485			1
		Prepaid Expenses, Deferred Charges, and Other			(280	)		(101	)
		Accounts Payable			477			(1,079	)
		Accrued Payrolls, Commissions, and Other			(604	)		(715	)
		Deposits			–			(64	)
		Deferred Compensation			(14	)		(14	)
			Net Cash Provided by Operating Activities		1,443			250
Cash Flows from Investing Activities:
	Purchase of Property, Plant and Equipment				(134	)		(195	)
		Net Cash Used in Investing Activities			(134	)		(195	)
Cash Flows from Financing Activities:
	Revolving Line of Credit, net				(1,259	)		201
	Payments on Long-Term Borrowings				(125	)		(675	)
		Net Cash Used in Financing Activities			(1,384	)		474	)
Effect of Exchange Rate Changes on Cash					96			85
Net Increase (Decrease) in Cash					21			(334	)
Cash at Beginning of Period					114			508
Cash at End of Period				$	135		$	174

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EX-99.1

EX-99.1  TRANSCAT, INC. PRESS RELEASE DATED 7/17/3