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)            October 20, 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 October 20, 2003

Item 12. Results of Operations and Financial Condition.

      On October 20, 2003, Transcat, Inc. (the “Company”) issued a press release regarding its financial results for the second quarter ended September 27, 2003. The Company’s press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

     The information in this Form 8-K, including Exhibit 99.1, is being furnished and 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, except as shall be expressly set forth by specific reference in such a filing.

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: October 22, 2003	By: /s/ Charles P. Hadeed Charles P. Hadeed Vice President - Finance

INDEX TO EXHIBITS

(99)      Additional Exhibits

Exhibit 99.1 Transcat, Inc. Press Release dated October 20, 2003

EX-99.1 3 l03630aexv99w1.htm EX-99.1 PRESS RELEASE

Exhibit 99.1

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

ROCHESTER, NY – October 20, 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 second quarter ended September 27, 2003.

Commenting on the fiscal year 2004 second quarter results, Carl E. Sassano, President and Chief Executive Officer, stated: “We are pleased to report another quarter of solid performance. We believe that our results are in line with our strategy of executing and sustaining a consistent, profitable business model, regardless of the economic conditions.

“We have sustained our operating profitability despite an 18% decrease in sales compared to the prior year fiscal quarter. Consistent with last quarter, more than 85% of the sales decrease in the fiscal year 2004 second quarter came from our distribution products segment, which again continues to be adversely impacted, on a comparative basis, by the lingering economic downturn.

“Our calibration services sales performance was in line with our expectations. A sixteen point increase in calibration gross profit as a percent of sales over the prior year fiscal quarter directly contributed to our profitability. This increase was largely derived from the consolidation in fiscal 2003 of our calibration operations into ten strategically located Calibration Centers of Excellence.”

Net sales for the fiscal year 2004 second quarter were $11.9 million compared with net sales of $14.4 million during the fiscal year 2003 second quarter. Distribution products net sales for the current quarter were $7.6 million compared with net sales of $9.8 million in the prior year fiscal quarter. Calibration services net sales for the current quarter were $4.3 million compared with net sales of $4.6 million in the prior year fiscal quarter.

Net income for the fiscal year 2004 second quarter was $0.4 million, or $0.05 per share on a fully diluted basis, as compared with a net income of $0.5 million, or $0.08 per share in the prior year fiscal quarter.

For the first six months of fiscal year 2004, net sales were $24.5 million compared with net sales of $28.7 million for the first six months of fiscal year 2003. Distribution products net sales for the first six months of fiscal year 2004 were $15.6 million compared with net sales of $19.3 million in the first six months of fiscal year 2003. Calibration services net sales for the first six months of fiscal year 2004 were $8.9 million compared with net sales of $9.3 million in the first six months of fiscal year 2003.

Net income for the first six months of fiscal year 2004 was $0.5 million, or $0.08 per share on a fully diluted basis, as compared with a net income before cumulative effect of a change in accounting principle of $0.4 million, or $0.06 per share in the first six months of fiscal year 2003.

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 Per Share Amounts)

			(Unaudited)						(Unaudited)
			Second Quarter Ended						Six Months Ended
			September			September			September			September
			27, 2003			30, 2002			27, 2003			30, 2002
Product Sales			$	7,620		$	9,832		$	15,632		$	19,331
Service Sales				4,276			4,613			8,859			9,348
	Net Sales			11,896			14,445			24,491			28,679
Cost of Products Sold				5,427			7,197			11,389			14,221
Cost of Services Sold				2,986			3,939			6,420			7,954
	Total Cost of Products and Services Sold			8,413			11,136			17,809			22,175
Gross Profit				3,483			3,309			6,682			6,504
Selling, Marketing, and Warehouse Expenses				1,984			1,935			4,154			4,034
Administrative Expenses				1,283			973			2,122			1,976
	Total Operating Expenses			3,267			2,908			6,276			6,010
Operating Income				216			401			406			494
Interest Expense				64			138			143			383
Other Income				(34	)		-			(105	)		(7	)
	Total Other Expense			30			138			38			376
Income Before Income Taxes and Cumulative Effect of a Change in Accounting Principle				186			263			368			118
Benefit for Income Taxes				(169	)		(246	)		(162	)		(246	)
Income Before Cumulative Effect of a Change in Accounting Principle				355			509			530			364
Cumulative Effect of a Change in Accounting Principle				-			-			-			(6,472	)
Net Income (Loss)			$	355		$	509		$	530		$	(6,108	)
Basic Earnings (Loss) Per Share:
	Before Cumulative Effect of a Change in Accounting Principle		$	0.06		$	0.08		$	0.09		$	0.06
	From Cumulative Effect of a Change in Accounting Principle			-			-			-			(1.06	)
		Total Basic Earnings (Loss) Per Share	$	0.06		$	0.08		$	0.09		$	(1.00	)
		Average Shares Outstanding (in thousands)		6,255			6,136			6,234			6,132
Diluted Earnings (Loss) Per Share:
	Before Cumulative Effect of a Change in Accounting Principle		$	0.05		$	0.08		$	0.08		$	0.06
	From Cumulative Effect of a Change in Accounting Principle			-			-			-			(1.06	)
		Total Diluted Earnings (Loss) Per Share	$	0.05		$	0.08		$	0.08		$	(1.00	)
		Average Shares Outstanding (in thousands)		6,726			6,136			6,624			6,132

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

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

			(Unaudited)
			September			March
			27, 2003			31, 2003
ASSETS
Current Assets:
	Cash		$	102		$	114
	Accounts Receivable, less allowance for doubtful accounts of $116 and $114 as of September 27, 2003 and March 31, 2003, respectively			6,100			6,879
	Other Receivables			378			159
	Finished Goods Inventory, net			3,216			2,842
	Income Taxes Receivable			484			799
	Prepaid Expenses and Deferred Charges			594			454
		Total Current Assets		10,874			11,247
Property, Plant and Equipment, net				2,293			2,556
Goodwill				2,524			2,524
Deferred Charges				129			197
Other Assets				244			234
	Total Assets		$	16,064		$	16,758
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
	Current Portion of Long-Term Debt		$	761		$	666
	Accounts Payable			3,655			3,738
	Accrued Payrolls, Commissions and Other			1,273			1,812
	Income Taxes Payable			100			100
	Deposits			64			64
		Total Current Liabilities		5,853			6,380
Long-Term Debt, less current portion				5,050			5,916
Deferred Compensation				307			220
Deferred Gain on TPG Divestiture				1,544			1,544
	Total Liabilities			12,754			14,060
Stockholders’ Equity:
	Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 6,304,915 and 6,296,000 shares issued as of September 27, 2003 and March 31, 2003, respectively; 6,185,557 and 6,176,642 shares outstanding as of September 27, 2003 and March 31, 2003, respectively			3,152			3,148
	Capital in Excess of Par Value			3,038			3,031
	Warrants			518			518
	Accumulated Other Comprehensive Loss			(164	)		(235	)
	Retained Deficit			(2,781	)		(3,311	)
	Less: Treasury Stock, at cost, 119,358 shares			(453	)		(453	)
		Total Stockholders’ Equity		3,310			2,698
		Total Liabilities and Stockholders’ Equity	$	16,064		$	16,758

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

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

				(Unaudited)
				Six Months Ended
				September			September
				27, 2003			30, 2002
Cash Flows from Operating Activities:
	Net Income (Loss)			$	530		$	(6,108	)
	Cumulative Effect of a Change in Accounting Principle				-			6,472
	Net Income Before Cumulative Effect of a Change in Accounting Principle				530			364
	Adjustments to Reconcile Net Income Before Cumulative Effect of a Change in Accounting Principle to Net Cash Provided by Operating Activities:
			Depreciation and Amortization		833			801
			Provision for Doubtful Accounts Receivable and Returns		(72	)		88
			Common Stock Expense		11			14
			Deferred Revenue – MAC		-			(107	)
	Changes in Assets and Liabilities:
		Accounts Receivable and Other Receivables			560			1,325
		MAC Escrow and Holdback			-			75
		Inventories			(374	)		578
		Income Taxes Receivable / Payable			315			(245	)
		Prepaid Expenses, Deferred Charges, and Other			(415	)		(53	)
		Accounts Payable			(83	)		(858	)
		Accrued Payrolls, Commissions, and Other			(467	)		(653	)
		Deposits			-			(239	)
		Deferred Compensation			87			(28	)
			Net Cash Provided by Operating Activities		925			1,062
Cash Flows from Investing Activities:
	Purchase of Property, Plant and Equipment				(237	)		(207	)
			Net Cash Used in Investing Activities		(237	)		(207	)
Cash Flows from Financing Activities:
	Revolving Line of Credit, net				(354	)		(795	)
	Payments on Long-Term Borrowings				(417	)		(334	)
			Net Cash Used in Financing Activities		(771	)		(1,129	)
Effect of Exchange Rate Changes on Cash					71			(5	)
Net Decrease in Cash					(12	)		(279	)
Cash at Beginning of Period					114			508
Cash at End of Period				$	102		$	229

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

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EX-99.1

EX-99.1 Press Release