UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported) January 28, 2013
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Transcat, Inc.
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(Exact name of registrant as specified in its charter)
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Ohio
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000-03905
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16-0874418
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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35 Vantage Point Drive, Rochester, New York
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14624
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code 585-352-7777
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
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Transcat, Inc. Press Release dated January 28, 2013
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SIGNATURES
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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.
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TRANSCAT, INC.
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Dated: January 31, 2013
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By:
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/s/ John J. Zimmer
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John J. Zimmer
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Senior Vice President of Finance and Chief Financial Officer
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Transcat, Inc. 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: (585) 352-7777
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· | Service segment revenue grew approximately 9% while Product segment sales were consistent with the prior-year period |
·
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Third quarter Service segment gross and operating margins improve on strong acquisition-related growth; Service segment contribution margin expands 65% to $0.8 million
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·
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Transcat strengthens Canadian service business with acquisition of Cal-Matrix Metrology Inc.
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·
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Service segment revenue increased 8.9%, or $0.8 million, to $9.9 million in the third quarter of fiscal 2013 compared with the third quarter of the prior fiscal year.
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·
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Third quarter fiscal 2013 Service segment gross profit improved $0.3 million, or 16.5%, to $2.1 million compared with the prior fiscal year period, while gross margin expanded 140 basis points over the same comparable period to 21.5%.
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·
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Service segment contribution margin increased $0.3 million, or 65.4%, to $0.8 million compared with the third quarter of fiscal 2012. See Note 1 on page 4 for a description of this non-GAAP financial measure and page 10 for the Contribution Margin Reconciliation in the Business Segment Data.
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·
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Operating expenses associated with the Service segment increased 5.9% to $2.1 million in the third quarter of fiscal 2013 compared with the third quarter of the prior fiscal year.
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·
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Service segment operating income was basically break-even for the third quarter of fiscal 2013, an improvement from an operating loss of $0.2 million in the third quarter of fiscal 2012. Operating margin over the same comparable period improved 200 basis points.
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·
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Service segment EBITDA increased 15.5% to $0.4 million in the fiscal 2013 third quarter compared with the third quarter of fiscal 2012. As a percentage of Service segment revenue, EBITDA for the Service segment was 4.1% and 3.8% in the third quarters of fiscal 2013 and 2012, respectively. See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the EBITDA Reconciliation table.
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·
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Product segment sales were $19.4 million in the third quarter of fiscal 2013, consistent with the prior-year period despite two fewer business days. Average Product segment sales per day increased 3.6% to $319 thousand in the third quarter of fiscal 2013, compared with $308 thousand in the same period of fiscal 2012.
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·
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Online product sales increased 24.5% to $2.3 million in the third quarter of fiscal 2013 from $1.8 million in the prior-year period. Online sales accounted for 11.7% and 9.4% of Product segment sales in the third quarters of 2013 and 2012, respectively
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·
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Third quarter Product segment gross profit decreased $0.5 million to $4.5 million, or 23.2% of Product segment sales, primarily due to competitive pricing pressures and a $0.2 million reduction in volume-based rebate income.
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·
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Product segment operating income decreased $0.6 million to $1.2 million in the third quarter of fiscal 2013 primarily as a result of the contraction in gross profit. Operating margin was 6.4% and 9.6% of Product segment sales in the third quarter of fiscal 2013 and 2012, respectively.
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·
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Product segment EBITDA was $1.5 million, or 7.8% of segment sales, in the third quarter of fiscal 2013, compared with $2.1 million, or 11.0% of segment sales, in the prior-year period. See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the EBITDA Reconciliation table.
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·
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Service segment revenue increased 10.7% to $28.5 million in the first nine months of fiscal 2013, compared with $25.7 million in the first nine months of fiscal 2012. Incremental revenue from recent acquisitions complemented by organic growth was partially offset by the strategic decision not to renew $0.8 million in low margin revenue from the Company outsourcing primarily non-calibration services for a specific customer.
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·
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Product segment sales were $52.8 million in the first nine months of fiscal 2013, a decrease of 1.5% from $53.5 million in the same period of the prior fiscal year. Sales to both direct and reseller customers declined slightly, reflecting general economic conditions.
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·
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Service segment gross margin improved 60 basis points to 22.8% in the first nine months of fiscal 2013 compared with 22.2% in the same period of the prior fiscal year. Revenue growth in the Service segment included incremental revenue from recent acquisitions, which provided limited short-term gross margin expansion opportunity.
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·
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Product segment gross margin was 23.6% and 25.3% for the first nine months of fiscal 2013 and 2012, respectively. The decline was primarily a result of $0.7 million less in manufacturer rebates as well as increased price discounts extended to customers, partially offset by a $0.3 million increase in cooperative advertising income.
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TRANSCAT, INC.
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||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||
(In Thousands, Except Per Share Amounts)
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||||||||||||||||
(Unaudited)
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(Unaudited)
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|||||||||||||||
Third Quarter Ended
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Nine Months Ended
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|||||||||||||||
December 29,
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December 24,
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December 29,
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December 24,
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|||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Product Sales
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$ | 19,440 | $ | 19,382 | $ | 52,753 | $ | 53,533 | ||||||||
Service Revenue
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9,884 | 9,078 | 28,456 | 25,715 | ||||||||||||
Total Revenue
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29,324 | 28,460 | 81,209 | 79,248 | ||||||||||||
Cost of Products Sold
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14,937 | 14,420 | 40,317 | 39,992 | ||||||||||||
Cost of Services Sold
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7,757 | 7,252 | 21,977 | 20,017 | ||||||||||||
Total Cost of Products and Services Sold
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22,694 | 21,672 | 62,294 | 60,009 | ||||||||||||
Gross Profit
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6,630 | 6,788 | 18,915 | 19,239 | ||||||||||||
Selling, Marketing and Warehouse Expenses
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3,386 | 3,403 | 9,786 | 10,071 | ||||||||||||
Administrative Expenses
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2,023 | 1,732 | 6,134 | 5,704 | ||||||||||||
Total Operating Expenses
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5,409 | 5,135 | 15,920 | 15,775 | ||||||||||||
Operating Income
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1,221 | 1,653 | 2,995 | 3,464 | ||||||||||||
Interest and Other Expense, net
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37 | 44 | 135 | 127 | ||||||||||||
Income Before Income Taxes
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1,184 | 1,609 | 2,860 | 3,337 | ||||||||||||
Provision for Income Taxes
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402 | 585 | 972 | 1,242 | ||||||||||||
Net Income
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782 | 1,024 | 1,888 | 2,095 | ||||||||||||
Basic Earnings Per Share
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$ | 0.11 | $ | 0.14 | $ | 0.26 | $ | 0.29 | ||||||||
Average Shares Outstanding
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7,417 | 7,325 | 7,399 | 7,301 | ||||||||||||
Diluted Earnings Per Share
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$ | 0.10 | $ | 0.13 | $ | 0.25 | $ | 0.27 | ||||||||
Average Shares Outstanding
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7,562 | 7,680 | 7,575 | 7,647 |
TRANSCAT, INC.
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||||||||
CONSOLIDATED BALANCE SHEETS
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||||||||
(In Thousands, Except Share and Per Share Amounts)
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||||||||
(Unaudited)
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||||||||
December 29,
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March 31,
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|||||||
2012
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2012
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|||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash
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$ | 459 | $ | 32 | ||||
Accounts Receivable, less allowance for doubtful accounts of $100
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||||||||
and $99 as of December 29, 2012 and March 31, 2012, respectively
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13,868 | 13,800 | ||||||
Other Receivables
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1,350 | 845 | ||||||
Inventory, net
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6,753 | 6,396 | ||||||
Prepaid Expenses and Other Current Assets
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1,307 | 1,064 | ||||||
Deferred Tax Asset
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901 | 1,041 | ||||||
Total Current Assets
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24,638 | 23,178 | ||||||
Property and Equipment, net
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6,609 | 5,306 | ||||||
Goodwill
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15,294 | 13,390 | ||||||
Intangible Assets, net
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2,458 | 2,449 | ||||||
Deferred Tax Asset
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332 | - | ||||||
Other Assets
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1,010 | 654 | ||||||
Total Assets
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$ | 50,341 | $ | 44,977 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts Payable
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$ | 8,839 | $ | 7,516 | ||||
Accrued Compensation and Other Liabilities
|
3,750 | 5,171 | ||||||
Income Taxes Payable
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- | 366 | ||||||
Total Current Liabilities
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12,589 | 13,053 | ||||||
Long-Term Debt
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6,642 | 3,365 | ||||||
Deferred Tax Liability
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- | 139 | ||||||
Other Liabilities
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1,538 | 1,042 | ||||||
Total Liabilities
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20,769 | 17,599 | ||||||
Shareholders' Equity:
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||||||||
Common Stock, par value $0.50 per share, 30,000,000 shares authorized;
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||||||||
7,417,294 and 7,840,994 shares issued as of December 29, 2012 and
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||||||||
March 31, 2012, respectively; 7,417,294 and 7,341,007 shares
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||||||||
outstanding as of December 29, 2012 and March 31, 2012, respectively
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3,709 | 3,920 | ||||||
Capital in Excess of Par Value
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10,680 | 10,810 | ||||||
Accumulated Other Comprehensive Income
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402 | 448 | ||||||
Retained Earnings
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14,781 | 14,394 | ||||||
Less: Treasury Stock, at cost, 498,782 shares as of March 31, 2012
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- | (2,194 | ) | |||||
Total Shareholders' Equity
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29,572 | 27,378 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 50,341 | $ | 44,977 |
TRANSCAT, INC.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(In Thousands)
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(Unaudited)
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||||||||
Nine Months Ended
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||||||||
December 29,
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December 24,
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|||||||
2012
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2011
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|||||||
Cash Flows from Operating Activities:
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||||||||
Net Income
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$ | 1,888 | $ | 2,095 | ||||
Adjustments to Reconcile Net Income to Net Cash
|
||||||||
Provided by Operating Activities:
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||||||||
Deferred Income Taxes
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(250 | ) | (105 | ) | ||||
Depreciation and Amortization
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1,945 | 2,241 | ||||||
Provision for Accounts Receivable and Inventory Reserves
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167 | 157 | ||||||
Stock-Based Compensation Expense
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220 | 407 | ||||||
Changes in Assets and Liabilities:
|
||||||||
Accounts Receivable and Other Receivables
|
(252 | ) | (2,387 | ) | ||||
Inventory
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(349 | ) | (1,347 | ) | ||||
Prepaid Expenses and Other Assets
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(909 | ) | (627 | ) | ||||
Accounts Payable
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1,337 | 1,270 | ||||||
Accrued Compensation and Other Liabilities
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(1,038 | ) | 873 | |||||
Income Taxes Payable
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(409 | ) | (42 | ) | ||||
Net Cash Provided by Operating Activities
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2,350 | 2,535 | ||||||
Cash Flows from Investing Activities:
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||||||||
Purchase of Property and Equipment
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(2,189 | ) | (1,233 | ) | ||||
Business Acquisitions
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(3,129 | ) | (3,122 | ) | ||||
Net Cash Used in Investing Activities
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(5,318 | ) | (4,355 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Revolving Line of Credit, net
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3,277 | 1,606 | ||||||
Payments on Other Debt Obligations
|
- | (11 | ) | |||||
Payments of Contingent Consideration
|
(14 | ) | (88 | ) | ||||
Issuance of Common Stock
|
199 | 350 | ||||||
Repurchase of Common Stock
|
(110 | ) | (61 | ) | ||||
Excess Tax Benefits Related to Stock-Based Compensation
|
43 | 39 | ||||||
Net Cash Provided by Financing Activities
|
3,395 | 1,835 | ||||||
Effect of Exchange Rate Changes on Cash
|
- | 10 | ||||||
Net Increase in Cash
|
427 | 25 | ||||||
Cash at Beginning of Period
|
32 | 32 | ||||||
Cash at End of Period
|
$ | 459 | $ | 57 |
FY2013
|
|||||||||||||
Q1 | Q2 | Q3 |
YTD
|
||||||||||
Net Income
|
$ | 361 | $ | 745 | $ | 782 | $ | 1,888 | |||||
+ Interest Expense
|
21 | 38 | 20 | 79 | |||||||||
+ Other Expense / (Income)
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26 | 13 | 17 | 56 | |||||||||
+ Tax Provision
|
186 | 384 | 402 | 972 | |||||||||
Operating Income
|
$ | 594 | $ | 1,180 | $ | 1,221 | $ | 2,995 | |||||
+ Depreciation & Amortization
|
600 | 621 | 724 | 1,945 | |||||||||
+ Other (Expense) / Income
|
(26 | ) | (13 | ) | (17 | ) | (56 | ) | |||||
EBITDA
|
$ | 1,168 | $ | 1,788 | $ | 1,928 | $ | 4,884 | |||||
Segment Breakdown
|
|||||||||||||
Service Operating Income (Loss)
|
$ | (258 | ) | $ | 333 | $ | (19 | ) | $ | 56 | |||
+ Depreciation & Amortization
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359 | 422 | 439 | 1,220 | |||||||||
+ Other (Expense) / Income
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(18 | ) | (14 | ) | (18 | ) | (50 | ) | |||||
Service EBITDA
|
$ | 83 | $ | 741 | $ | 402 | $ | 1,226 | |||||
Product Operating Income
|
$ | 852 | $ | 847 | $ | 1,240 | $ | 2,939 | |||||
+ Depreciation & Amortization
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241 | 199 | 285 | 725 | |||||||||
+ Other (Expense) / Income
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(8 | ) | 1 | 1 | (6 | ) | |||||||
Product EBITDA
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$ | 1,085 | $ | 1,047 | $ | 1,526 | $ | 3,658 | |||||
FY2012
|
|||||||||||||
Q1 | Q2 | Q3 |
YTD
|
||||||||||
Net Income
|
$ | 325 | $ | 746 | $ | 1,024 | $ | 2,095 | |||||
+ Interest Expense
|
28 | 28 | 35 | 91 | |||||||||
+ Other Expense / (Income)
|
17 | 10 | 9 | 36 | |||||||||
+ Tax Provision
|
200 | 457 | 585 | 1,242 | |||||||||
Operating Income
|
$ | 570 | $ | 1,241 | $ | 1,653 | $ | 3,464 | |||||
+ Depreciation & Amortization
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670 | 738 | 833 | 2,241 | |||||||||
+ Other (Expense) / Income
|
(17 | ) | (10 | ) | (9 | ) | (36 | ) | |||||
EBITDA
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$ | 1,223 | $ | 1,969 | $ | 2,477 | $ | 5,669 | |||||
Segment Breakdown
|
|||||||||||||
Service Operating Income
|
$ | (251 | ) | $ | (216 | ) | $ | (201 | ) | $ | (668 | ) | |
+ Depreciation & Amortization
|
474 | 511 | 557 | 1,542 | |||||||||
+ Other (Expense) / Income
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(11 | ) | (9 | ) | (8 | ) | (28 | ) | |||||
Service EBITDA
|
$ | 212 | $ | 286 | $ | 348 | $ | 846 | |||||
Product Operating Income
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$ | 821 | $ | 1,457 | $ | 1,854 | $ | 4,132 | |||||
+ Depreciation & Amortization
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196 | 227 | 276 | 699 | |||||||||
+ Other (Expense) / Income
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(6 | ) | (1 | ) | (1 | ) | (8 | ) | |||||
Product EBITDA
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$ | 1,011 | $ | 1,683 | $ | 2,129 | $ | 4,823 |
Change
|
||||||||||||||||
SERVICE
|
FY 2013 Q3
|
FY 2012 Q3
|
$'s
|
%
|
||||||||||||
Service Revenue
|
$ | 9,884 | $ | 9,078 | $ | 806 | 8.9 | % | ||||||||
Cost of Services Sold
|
$ | 7,757 | $ | 7,252 | $ | 505 | 7.0 | % | ||||||||
Gross Profit
|
$ | 2,127 | $ | 1,826 | $ | 301 | 16.5 | % | ||||||||
Gross Margin
|
21.5 | % | 20.1 | % | ||||||||||||
Selling, Marketing & Warehouse Expenses
|
$ | 1,313 | $ | 1,334 | $ | (21 | ) | (1.6 | %) | |||||||
Contribution Margin
|
$ | 814 | $ | 492 | $ | 322 | 65.4 | % | ||||||||
% of Revenue
|
8.2 | % | 5.4 | % | ||||||||||||
Administrative Expenses
|
$ | 833 | $ | 693 | $ | 140 | 20.2 | % | ||||||||
Operating Loss
|
$ | (19 | ) | $ | (201 | ) | $ | 182 | 90.5 | % | ||||||
% of Revenue
|
(0.2 | %) | (2.2 | %) | ||||||||||||
Change
|
||||||||||||||||
PRODUCT
|
FY 2013 Q3
|
FY 2012 Q3
|
$'s
|
%
|
||||||||||||
Product Sales
|
$ | 19,440 | $ | 19,382 | $ | 58 | 0.3 | % | ||||||||
Cost of Products Sold
|
$ | 14,937 | $ | 14,420 | $ | 517 | 3.6 | % | ||||||||
Gross Profit
|
$ | 4,503 | $ | 4,962 | $ | (459 | ) | (9.3 | %) | |||||||
Gross Margin
|
23.2 | % | 25.6 | % | ||||||||||||
Selling, Marketing & Warehouse Expenses
|
$ | 2,073 | $ | 2,069 | $ | 4 | 0.2 | % | ||||||||
Contribution Margin
|
$ | 2,430 | $ | 2,893 | $ | (463 | ) | (16.0 | %) | |||||||
% of Sales
|
12.5 | % | 14.9 | % | ||||||||||||
Administrative Expenses
|
$ | 1,190 | $ | 1,039 | $ | 151 | 14.5 | % | ||||||||
Operating Income
|
$ | 1,240 | $ | 1,854 | $ | (614 | ) | (33.1 | %) | |||||||
% of Sales
|
6.4 | % | 9.6 | % | ||||||||||||
Change
|
||||||||||||||||
TOTAL
|
FY 2013 Q3
|
FY 2012 Q3
|
$'s
|
%
|
||||||||||||
Total Revenue
|
$ | 29,324 | $ | 28,460 | $ | 864 | 3.0 | % | ||||||||
Total Cost of Products and Services Sold
|
$ | 22,694 | $ | 21,672 | $ | 1,022 | 4.7 | % | ||||||||
Gross Profit
|
$ | 6,630 | $ | 6,788 | $ | (158 | ) | (2.3 | %) | |||||||
Gross Margin
|
22.6 | % | 23.9 | % | ||||||||||||
Selling, Marketing & Warehouse Expenses
|
$ | 3,386 | $ | 3,403 | $ | (17 | ) | (0.5 | %) | |||||||
Contribution Margin
|
$ | 3,244 | $ | 3,385 | $ | (141 | ) | (4.2 | %) | |||||||
% of Revenue
|
11.1 | % | 11.9 | % | ||||||||||||
Administrative Expenses
|
$ | 2,023 | $ | 1,732 | $ | 291 | 16.8 | % | ||||||||
Operating Income
|
$ | 1,221 | $ | 1,653 | $ | (432 | ) | (26.1 | %) | |||||||
% of Revenue
|
4.2 | % | 5.8 | % |
Change | ||||||||||||||||
SERVICE
|
FY 2013 YTD
|
FY 2012 YTD
|
$'s
|
%
|
||||||||||||
Service Revenue
|
$ | 28,456 | $ | 25,715 | $ | 2,741 | 10.7 | % | ||||||||
Cost of Services Sold
|
$ | 21,977 | $ | 20,017 | $ | 1,960 | 9.8 | % | ||||||||
Gross Profit
|
$ | 6,479 | $ | 5,698 | $ | 781 | 13.7 | % | ||||||||
Gross Margin
|
22.8 | % | 22.2 | % | ||||||||||||
Selling, Marketing & Warehouse Expenses
|
$ | 3,748 | $ | 3,966 | $ | (218 | ) | (5.5 | %) | |||||||
Contribution Margin
|
$ | 2,731 | $ | 1,732 | $ | 999 | 57.7 | % | ||||||||
% of Revenue
|
9.6 | % | 6.7 | % | ||||||||||||
Administrative Expenses
|
$ | 2,675 | $ | 2,400 | $ | 275 | 11.5 | % | ||||||||
Operating Income (Loss)
|
$ | 56 | $ | (668 | ) | $ | 724 | 108.4 | % | |||||||
% of Revenue
|
0.2 | % | (2.6 | %) |
Change | ||||||||||||||||
PRODUCT
|
FY 2013 YTD
|
FY 2012 YTD
|
$'s
|
%
|
||||||||||||
Product Sales
|
$ | 52,753 | $ | 53,533 | $ | (780 | ) | (1.5 | %) | |||||||
Cost of Products Sold
|
$ | 40,317 | $ | 39,992 | $ | 325 | 0.8 | % | ||||||||
Gross Profit
|
$ | 12,436 | $ | 13,541 | $ | (1,105 | ) | (8.2 | %) | |||||||
Gross Margin
|
23.6 | % | 25.3 | % | ||||||||||||
Selling, Marketing & Warehouse Expenses
|
$ | 6,038 | $ | 6,105 | $ | (67 | ) | (1.1 | %) | |||||||
Contribution Margin
|
$ | 6,398 | $ | 7,436 | $ | (1,038 | ) | (14.0 | %) | |||||||
% of Sales
|
12.1 | % | 13.9 | % | ||||||||||||
Administrative Expenses
|
$ | 3,459 | $ | 3,304 | $ | 155 | 4.7 | % | ||||||||
Operating Income
|
$ | 2,939 | $ | 4,132 | $ | (1,193 | ) | (28.9 | %) | |||||||
% of Sales
|
5.6 | % | 7.7 | % | ||||||||||||
Change | ||||||||||||||||
TOTAL
|
FY 2013 YTD
|
FY 2012 YTD
|
$'s |
%
|
||||||||||||
Total Revenue
|
$ | 81,209 | $ | 79,248 | $ | 1,961 | 2.5 | % | ||||||||
Total Cost of Products and Services Sold
|
$ | 62,294 | $ | 60,009 | $ | 2,285 | 3.8 | % | ||||||||
Gross Profit
|
$ | 18,915 | $ | 19,239 | $ | (324 | ) | (1.7 | %) | |||||||
Gross Margin
|
23.3 | % | 24.3 | % | ||||||||||||
Selling, Marketing & Warehouse Expenses
|
$ | 9,786 | $ | 10,071 | $ | (285 | ) | (2.8 | %) | |||||||
Contribution Margin
|
$ | 9,129 | $ | 9,168 | $ | (39 | ) | (0.4 | %) | |||||||
% of Revenue
|
11.2 | % | 11.6 | % | ||||||||||||
Administrative Expenses
|
$ | 6,134 | $ | 5,704 | $ | 430 | 7.5 | % | ||||||||
Operating Income
|
$ | 2,995 | $ | 3,464 | $ | (469 | ) | (13.5 | %) | |||||||
% of Revenue
|
3.7 | % | 4.4 | % |
Change
|
||||||||||||||||
FY 2013 Q3
|
FY 2012 Q3
|
$'s
|
%
|
|||||||||||||
Product Sales
|
$ | 19,440 | $ | 19,382 | $ | 58 | 0.3 | % | ||||||||
Business Days
|
61 | 63 | (2 | ) | ||||||||||||
Sales Per Business Day
|
$ | 319 | $ | 308 | $ | 11 | 3.6 | % |
Change
|
||||||||||||||||
FY 2013 YTD
|
FY 2012 YTD
|
$'s
|
%
|
|||||||||||||
Product Sales
|
$ | 52,753 | $ | 53,533 | $ | (780 | ) | (1.5 | %) | |||||||
Business Days
|
187 | 190 | (3 | ) | ||||||||||||
Sales Per Business Day
|
$ | 282 | $ | 282 | $ | 0 | 0.1 | % |