0001206774-16-004417.txt : 20160208 0001206774-16-004417.hdr.sgml : 20160208 20160208162523 ACCESSION NUMBER: 0001206774-16-004417 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20151226 FILED AS OF DATE: 20160208 DATE AS OF CHANGE: 20160208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANSCAT INC CENTRAL INDEX KEY: 0000099302 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 160874418 STATE OF INCORPORATION: OH FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03905 FILM NUMBER: 161395921 BUSINESS ADDRESS: STREET 1: 35 VANTAGE POINT DRIVE CITY: ROCHESTER STATE: NY ZIP: 14624 BUSINESS PHONE: 5853527777 MAIL ADDRESS: STREET 1: 35 VANTAGE POINT DRIVE CITY: ROCHESTER STATE: NY ZIP: 14624 FORMER COMPANY: FORMER CONFORMED NAME: TRANSMATION INC DATE OF NAME CHANGE: 19920703 10-Q 1 transcat_10q.htm QUARTERLY REPORT

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

____________________

FORM 10-Q

(Mark one)
	[✓]	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: December 26, 2015

or

	[ ]	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to _______________

Commission File Number: 000-03905

TRANSCAT, INC.
(Exact name of registrant as specified in its charter)

Ohio	16-0874418
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ ✓] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [✓ ] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]		Accelerated filer [ ]
Non-accelerated filer [ ] (Do not check if a smaller reporting company)		Smaller reporting company [✓ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ ✓]

The number of shares of common stock, par value $0.50 per share, of the registrant outstanding as of February 3, 2016 was 6,906,010.

			Page(s)
PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:

		Statements of Income for the Third Quarter and Nine Months Ended December 26,	1
		2015 and December 27, 2014

		Statements of Comprehensive Income for the Third Quarter and Nine Months Ended	2
		December 26, 2015 and December 27, 2014

		Balance Sheets as of December 26, 2015 and March 28, 2015	3

		Statements of Cash Flows for the Nine Months Ended December 26, 2015 and	4
		December 27, 2014

		Statement of Shareholders’ Equity for the Nine Months Ended December 26, 2015	5

		Notes to Consolidated Financial Statements	6-11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		11-19

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		20

Item 4.	Controls and Procedures		20

PART II.	OTHER INFORMATION

Item 1A.	Risk Factors		21

Item 6.	Exhibits		21

SIGNATURES			22

INDEX TO EXHIBITS			23

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)

	(Unaudited)				(Unaudited)
	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Service Revenue	$	13,922	$	12,603	$	41,647	$	37,336
Distribution Sales		16,238		18,449		47,659		53,946
Total Revenue		30,160		31,052		89,306		91,282

Cost of Service Revenue		10,650		9,513		31,383		28,037
Cost of Distribution Sales		12,732		14,545		37,346		42,656
Total Cost of Revenue		23,382		24,058		68,729		70,693

Gross Profit		6,778		6,994		20,577		20,589

Selling, Marketing and Warehouse Expenses		3,199		3,602		9,968		10,506
Administrative Expenses		1,897		2,015		6,530		6,431
Total Operating Expenses		5,096		5,617		16,498		16,937

Operating Income		1,682		1,377		4,079		3,652

Interest and Other Expense, net		62		83		193		266

Income Before Income Taxes		1,620		1,294		3,886		3,386
Provision for Income Taxes		552		481		1,339		1,269

Net Income	$	1,068	$	813	$	2,547	$	2,117

Basic Earnings Per Share	$	0.15	$	0.12	$	0.37	$	0.31
Average Shares Outstanding		6,900		6,823		6,878		6,788

Diluted Earnings Per Share	$	0.15	$	0.11	$	0.36	$	0.30
Average Shares Outstanding		7,137		7,081		7,134		7,061

See accompanying notes to consolidated financial statements.

TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)

	(Unaudited)						(Unaudited)
	Third Quarter Ended						Nine Months Ended
	December 26,			December 27,			December 26,			December 27,
	2015			2014			2015			2014
Net Income	$	1,068		$	813		$	2,547		$	2,117

Other Comprehensive Loss:
Currency Translation Adjustment		(133	)		(166	)		(354	)		(346	)
Unrecognized Prior Service Cost, net of tax effects
of $(6) and $(4) for the third quarters ended
December 26, 2015 and December 27, 2014,
respectively; and $(20) and $(12) for the nine
months ended December 26, 2015 and
December 27, 2014, respectively.		12			7			33			20
Unrealized Loss on Other Asset, net of tax
effects of $5 and $14 for the third quarters
ended December 26, 2015 and December 27,
2014, respectively; and $33 and $14 for the
nine months ended December 26, 2015 and
December 27, 2014, respectively.		(10	)		(21	)		(54	)		(21	)
Total Other Comprehensive Loss		(131	)		(180	)		(375	)		(347	)

Comprehensive Income	$	937		$	633		$	2,172		$	1,770

See accompanying notes to consolidated financial statements.

TRANSCAT, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)

	(Unaudited)			(Audited)
	December 26,			March 28,
	2015			2015
ASSETS
Current Assets:
Cash	$	152		$	65
Accounts Receivable, less allowance for doubtful accounts of $119
and $111 as of December 26, 2015 and March 28, 2015, respectively		14,925			16,899
Other Receivables		1,167			1,171
Inventory, net		5,798			6,750
Prepaid Expenses and Other Current Assets		1,214			1,209
Deferred Tax Assets		1,026			1,048
Total Current Assets		24,282			27,142
Property and Equipment, net		11,813			9,397
Goodwill		22,462			20,923
Intangible Assets, net		3,814			3,554
Deferred Tax Assets		121			-
Other Assets		964			1,133
Total Assets	$	63,456		$	62,149

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	8,776		$	7,695
Accrued Compensation and Other Liabilities		3,423			4,195
Income Taxes Payable		-			43
Total Current Liabilities		12,199			11,933
Long-Term Debt		10,538			12,168
Deferred Tax Liabilities		1,768			1,684
Other Liabilities		1,945			2,046
Total Liabilities		26,450			27,831

Shareholders' Equity:
Common Stock, par value $0.50 per share, 30,000,000 shares authorized;
6,904,442 and 6,835,828 shares issued and outstanding
as of December 26, 2015 and March 28, 2015, respectively		3,452			3,418
Capital in Excess of Par Value		12,835			12,289
Accumulated Other Comprehensive Loss		(518	)		(143	)
Retained Earnings		21,237			18,754
Total Shareholders' Equity		37,006			34,318
Total Liabilities and Shareholders' Equity	$	63,456		$	62,149

See accompanying notes to consolidated financial statements.

TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)

	(Unaudited)
	Nine Months Ended
	December 26,			December 26,
	2015			2014
Cash Flows from Operating Activities:
Net Income	$	2,547		$	2,117
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Loss on Disposal of Property and Equipment		37			4
Deferred Income Tax (Benefit)		(206	)		152
Depreciation and Amortization		2,711			2,268
Provision for Accounts Receivable and Inventory Reserves		129			79
Stock-Based Compensation Expense		284			474
Changes in Assets and Liabilities:
Accounts Receivable and Other Receivables		1,945			916
Inventory		914			(1,059	)
Prepaid Expenses and Other Assets		(122	)		(950	)
Accounts Payable		(271	)		77
Accrued Compensation and Other Liabilities		(1,027	)		(1,953	)
Income Taxes Payable		462			(906	)
Net Cash Provided by Operating Activities		7,403			1,219

Cash Flows from Investing Activities:
Purchases of Property and Equipment, net		(3,731	)		(2,663	)
Business Acquisitions, net of cash acquired		(2,918	)		(6,681	)
Net Cash Used in Investing Activities		(6,649	)		(9,344	)

Cash Flows from Financing Activities:
(Repayment of) Proceeds from Revolving Credit Facility, net		(1,630	)		7,244
Issuance of Common Stock		305			396
Repurchase of Common Stock		(73	)		(71	)
Net Cash (Used in) Provided by Financing Activities		(1,398	)		7,569

Effect of Exchange Rate Changes on Cash		731			552

Net Increase in Cash		87			(4	)
Cash at Beginning of Period		65			23
Cash at End of Period	$	152		$	19

Supplemental Disclosure of Cash Flow Activity:
Cash paid during the period for:
Interest	$	155		$	145
Income Taxes, net	$	1,241		$	2,392

Non-Cash Investing and Financing Activities:
Contingent Consideration Related to Business Acquisition	$	300		$	-
Holdback Amounts Related to Business Acquisitions	$	413		$	-

See accompanying notes to consolidated financial statements.

TRANSCAT, INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(In Thousands, Except Per Share Amounts)
(Unaudited)

						Capital
	Common Stock					In			Accumulated
	Issued					Excess			Other
	$0.50 Par Value					of Par			Comprehensive			Retained
	Shares		Amount			Value			Loss			Earnings			Total
Balance as of March 28, 2015	6,836		$	3,418		$	12,289		$	(143	)	$	18,754		$	34,318
Issuance of Common Stock	50			25			280			-			-			305
Repurchase of Common Stock	(8	)		(4	)		(5	)		-			(64	)		(73	)
Stock-Based Compensation	26			13			271			-			-			284
Other Comprehensive Loss	-			-			-			(375	)		-			(375	)
Net Income	-			-			-			-			2,547			2,547

Balance as of December 26, 2015	6,904		$	3,452		$	12,835		$	(518	)	$	21,237		$	37,006

See accompanying notes to consolidated financial statements.

TRANSCAT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In Thousands, Except Per Share and Per Unit Amounts)
(Unaudited)

NOTE 1 – GENERAL

Description of Business: Transcat, Inc. (“Transcat” or the “Company”) is a leading provider of accredited calibration and compliance services and distributor of professional grade handheld test, measurement and control instrumentation. The Company is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes companies in the pharmaceutical, medical device and biotechnology industries. Additional industries served include industrial manufacturing; energy and utilities, including oil and gas; chemical manufacturing and other industries that require accuracy in their processes and confirmation of the capabilities of their equipment.

Basis of Presentation: Transcat’s unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended March 28, 2015 (“fiscal year 2015”) contained in the Company’s 2015 Annual Report on Form 10-K filed with the SEC.

Fair Value of Financial Instruments: Transcat has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value due to variable interest rate pricing, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company’s non-qualified deferred compensation plan, consist of mutual funds and are valued based on Level 1 inputs. At December 26, 2015 and March 28, 2015, investment assets totaled $0.8 million and $0.9 million, respectively, and are included as a component of other assets (non-current) on the Consolidated Balance Sheets.

Stock-Based Compensation: The Company measures the cost of services received in exchange for all equity awards granted, including stock options and restricted stock units, based on the fair market value of the award as of the grant date. The Company records compensation cost related to unvested equity awards by recognizing, on a straight-line basis, the unamortized grant date fair value over the remaining service period of each award. Excess tax benefits from the exercise of equity awards are presented in the Consolidated Statements of Cash Flows as a financing activity. Excess tax benefits are realized benefits from tax deductions for exercised awards in excess of the deferred tax asset attributable to stock-based compensation costs for such awards. The Company did not capitalize any stock-based compensation costs as part of an asset. The Company estimates forfeiture rates based on its historical experience. During the first nine months of the fiscal year ending March 26, 2016 (“fiscal year 2016”) and the first nine months of fiscal year 2015, the Company recorded non-cash stock-based compensation cost of $0.3 million and $0.5 million, respectively, in the Consolidated Statements of Income.

Foreign Currency Translation and Transactions: The accounts of Transcat Canada Inc., a wholly-owned subsidiary of the Company, are maintained in the local currency and have been translated to U.S. dollars. Accordingly, the amounts representing assets and liabilities have been translated at the period-end rates of exchange and related revenue and expense accounts have been translated at an average rate of exchange during the period. Gains and losses arising from translation of Transcat Canada Inc.’s financial statements into U.S. dollars are recorded directly to the accumulated other comprehensive income (loss) component of shareholders’ equity.

Transcat records foreign currency gains and losses on Canadian business transactions. The net foreign currency loss was less than $0.1 million in the first nine months of fiscal year 2016 and $0.1 million in the first nine months of fiscal year 2015. The Company continually utilizes short-term foreign exchange forward contracts to reduce the risk that its earnings will be adversely affected by changes in currency exchange rates. The Company does not apply hedge accounting and therefore the net change in the fair value of the contracts, which totaled a gain of $0.4 million during the first nine months of fiscal years 2016 and 2015, was recognized as a component of other expense in the Consolidated Statements of Income. The change in the fair value of the contracts is offset by the change in fair value on the underlying accounts receivables denominated in Canadian dollars being hedged. On December 26, 2015, the Company had a foreign exchange contract outstanding in the notional amount of $5.0 million. The Company does not use hedging arrangements for speculative purposes.

Earnings Per Share: Basic earnings per share of common stock are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock reflect the assumed conversion of stock options and unvested restricted stock units using the treasury stock method in periods in which they have a dilutive effect. In computing the per share effect of assumed conversion, funds that would have been received from the exercise of options and unvested restricted stock units and the related tax benefits are considered to have been used to purchase shares of common stock at the average market prices during the period, and the resulting net additional shares of common stock are included in the calculation of average shares of common stock outstanding.

For the third quarter and first nine months of fiscal year 2016, the net additional common stock equivalents had no per share effect and a $.01 per share effect on the calculation of diluted earnings per share, respectively. For both the third quarter and first nine months of fiscal year 2015, the net additional common stock equivalents had a $.01 per share effect on the calculation of diluted earnings per share. The average shares outstanding used to compute basic and diluted earnings per share are as follows:

	Third Quarter Ended		Nine Months Ended
	December 26,	December 27,	December 26,	December 27,
	2015	2014	2015	2014
Average Shares Outstanding – Basic	6,900	6,823	6,878	6,788
Effect of Dilutive Common Stock Equivalents	237	258	256	273
Average Shares Outstanding – Diluted	7,137	7,081	7,134	7,061
Anti-dilutive Common Stock Equivalents		-	-	-

Recently Issued Accounting Pronouncements: In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2015-017 to Topic 740, Income Taxes. This ASU requires entities to record all deferred tax liabilities and assets as noncurrent in the Consolidated Balance Sheet. This ASU is effective for fiscal years beginning after December 15, 2017 and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption of this ASU is permitted. The Company does not expect adoption of this ASU to have a material impact on its Consolidated Financial Statements.

Subsequent Events: On December 30, 2015, the Company entered into Amendment 2 to its secured Credit Agreement, as amended by Amendment 1, (“Credit Agreement”), to amend borrowings available under the Credit Agreement for acquisitions to $17.0 million in the fiscal year ending March 26, 2016 and $15.0 million for each fiscal year ending thereafter.

Effective December 31, 2015, the Company acquired substantially all of the assets of Spectrum Technologies, Inc. ("Spectrum") for a cash purchase price of $11.8 million, pursuant to an Asset Purchase Agreement. The Company paid $10.1 million on the effective date and withheld $1.7 million for typical holdback provisions, as provided by the Asset Purchase Agreement. Headquartered in Paxinos, Pennsylvania, Spectrum provides commercial calibrations, test equipment repair services and product sales throughout North America.

Effective January 18, 2016, the Company acquired Dispersion Laboratory Inc. ("Dispersion"), through its wholly owned subsidiary, Transcat Canada Inc., for less than $1.0 million. Headquartered near Montreal, Quebec, Dispersion provides fully accredited services for the calibration, repair and product sales of weights, balances, temperature instruments and liquid handling devices.

For the above acquisitions, the allocation of the respective purchase prices to the fair value of the net assets acquired has not been completed. The results of operations of these acquisitions will be included with the results of the Company from their respective dates of acquisition.

NOTE 2 – DEBT

Description: Transcat, through its Credit Agreement which matures September 20, 2018, has a revolving credit facility that allows for maximum borrowings of $30.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility is subject to a maximum borrowing restriction based on a 2.75 multiple of earnings before income taxes, depreciation and amortization and non-cash stock-based compensation expense for the preceding four consecutive fiscal quarters. As of December 26, 2015, $30.0 million was available under the Revolving Credit Facility, of which $10.5 million was outstanding and included in long-term debt on the Consolidated Balance Sheet. The Company borrowed $10.1 million to purchase substantially all of the assets of Spectrum on December 31, 2015.

Except as otherwise provided for in Amendment 2 to the Credit Agreement and as described in Note 1, borrowings available under the Credit Agreement for business acquisitions are limited to $15.0 million in any fiscal year. During the first nine months of fiscal year 2016, the Company borrowed $2.9 million for business acquisitions.

Interest and Other Costs: Interest on the Revolving Credit Facility accrues, at Transcat’s election, at either the one-month London Interbank Offered Rate (“LIBOR”), adjusting daily, or a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Commitment fees accrue based on the average daily amount of unused credit available on the Revolving Credit Facility. Interest rate margins and commitment fees are determined on a quarterly basis based upon the Company’s calculated leverage ratio, as defined in the Credit Agreement. The one-month LIBOR as of December 26, 2015 was 0.4%. The Company’s interest rate for the first nine months of fiscal year 2016 ranged from 1.7% to 1.9%.

Covenants: The Credit Agreement has certain covenants with which the Company has to comply, including a fixed charge ratio covenant and a leverage ratio covenant. The Company was in compliance with all loan covenants and requirements during the first nine months of fiscal year 2016 and at December 26, 2015.

Other Terms: The Company has pledged all of its U.S. tangible and intangible personal property, the equity interests of its U.S.-based subsidiaries, and a majority of the common stock of Transcat Canada Inc. as collateral security for the loans made under the Revolving Credit Facility.

NOTE 3 – STOCK-BASED COMPENSATION

The Transcat, Inc. 2003 Incentive Plan, as Amended and Restated (the “2003 Plan”), provides for, among other awards, grants of restricted stock units and stock options to directors, officers and key employees at the fair market value at the date of grant. At December 26, 2015, 1.3 million shares were available for future grant under the 2003 Plan.

Restricted Stock: The Company grants performance-based restricted stock units as a primary component of executive compensation. The units generally vest following the third fiscal year from the date of grant subject to certain cumulative diluted earnings per share growth targets over the eligible period. Compensation cost ultimately recognized for performance-based restricted stock units will equal the grant date fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, the Company records compensation cost based on the estimated level of achievement of the performance conditions.

The Company achieved 75% of the target level for the performance-based restricted stock units granted in the fiscal year ended March 30, 2013 and as a result, issued eighteen thousand shares of common stock to executive officers and certain key employees during the first quarter of fiscal year 2016. The following table summarizes the non-vested performance-based restricted stock units outstanding as of December 26, 2015:

		Total	Grant Date		Estimated
		Number	Fair		Level of
Date	Measurement	of Units	Value		Achievement at
Granted	Period	Granted	Per Unit		December 26, 2015
April 2013	April 2013 - March 2016	99	$	6.17	50% of target level
April 2014	April 2014 - March 2017	61	$	9.28	50% of target level
April 2015	April 2015 – March 2018	73	$	9.59	100% of target level

Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, in the first nine months of fiscal years 2016 and 2015 was $0.2 million and $0.3 million, respectively. As of December 26, 2015, unearned compensation, to be recognized over the grants’ respective service periods, totaled $0.7 million.

During the first quarter of fiscal year 2015, the Company’s Board of Directors granted its Executive Chairman a stock award of ten thousand shares of common stock under the 2003 Plan. The award vested 50% on July 1, 2014, and the remaining 50% vested on July 1, 2015. During the second quarter of fiscal year 2016, the Company’s Board of Directors granted a stock award of two thousand shares of common stock under the 2003 Plan to a retiring board member. The award vested in the second quarter of fiscal year 2016. Total expense relating to these stock awards, based on grant date fair value, was less than $0.1 million in the first nine months of fiscal year 2016.

Stock Options: Options generally vest over a period of up to four years, using either a graded schedule or on a straight-line basis, and expire ten years from the date of grant. The expense relating to options is recognized on a straight-line basis over the requisite service period for the entire award.

The following table summarizes the Company’s options as of and for the nine months ended December 26, 2015:

			Weighted		Weighted
			Average		Average
	Number		Exercise		Remaining	Aggregate
	of		Price Per		Contractual	Intrinsic
	Shares		Share		Term (in years)	Value
Outstanding as of March 28, 2015	561		$	6.83
Exercised	(36	)		4.74
Forfeited	(1	)		4.26
Outstanding as of December 26, 2015	524			6.98	3	$	963
Exercisable as of December 26, 2015	444			6.87	2	$	865

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the third quarter of fiscal year 2016 and the exercise price, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all holders exercised their options on December 26, 2015. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock.

Total expense related to stock options was less than $0.1 million during the first nine months of fiscal years 2016 and 2015. Total unrecognized compensation cost related to non-vested stock options as of December 26, 2015 was $0.2 million, which is expected to be recognized over a weighted average period of two years. The aggregate intrinsic value of stock options exercised in the first nine months of fiscal year 2016 was $0.1 million. Cash received from the exercise of options in the first nine months of fiscal year 2016 was $0.2 million.

NOTE 4 – SEGMENT INFORMATION

Transcat has two reportable segments: Service and Distribution. The Company has no inter-segment sales. The following table presents segment information for the third quarter and nine months ended December 26, 2015 and December 27, 2014:

	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Revenue:
Service	$	13,922	$	12,603	$	41,647	$	37,336
Distribution		16,238		18,449		47,659		53,946
Total		30,160		31,052		89,306		91,282

Gross Profit:
Service		3,272		3,090		10,264		9,299
Distribution		3,506		3,904		10,313		11,290
Total		6,778		6,994		20,577		20,589

Operating Expenses:
Service (1)		2,473		2,528		7,981		7,805
Distribution (1)		2,623		3,089		8,517		9,132
Total		5,096		5,617		16,498		16,937

Operating Income:
Service		799		562		2,283		1,494
Distribution		883		815		1,796		2,158
Total		1,682		1,377		4,079		3,652

Unallocated Amounts:
Interest and Other Expense, net		62		83		193		266
Provision for Income Taxes		552		481		1,339		1,269
Total		614		564		1,532		1,535

Net Income	$	1,068	$	813	$	2,547	$	2,117

(1)	Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management’s estimates.

NOTE 5 – BUSINESS ACQUISITIONS

During the first nine months of fiscal year 2016, the Company completed three business acquisitions.

●	On June 22, 2015, Transcat acquired substantially all of the assets of Calibration Technologies, Inc., a regional provider of analytical instrument services including qualification, validation, repair and installation, headquartered in Morris Plains, New Jersey.
●	Effective August 24, 2015, Transcat acquired Anmar Metrology, Inc. (“Anmar”), a calibration and repair service provider with significant focus on the life science and defense market, headquartered in San Diego, California.
●	On August 25, 2015, Transcat acquired Nordcal Calibration Inc. (“Nordcal”), a provider of radio frequency and electronic calibration and repair services, located in Montreal, Quebec.

These transactions align with the Company’s acquisition strategy of targeting service businesses that expand the Company’s geographic reach and leverage its infrastructure while also increasing the depth and breadth of the Company’s service capabilities.

The acquisitions were accounted for using the acquisition method of accounting. Goodwill, calculated as the excess of the purchase price paid over the fair value of the underlying net assets of the businesses acquired, generally represents expected future economic benefits arising from the reputation of an acquired business, the assembled workforce, expected synergies and other assets acquired that could not be individually identified and separately recognized. Other intangible assets, namely customer bases and covenants not to compete, represent an allocation of a portion of the purchase price to identifiable intangible assets of the acquired businesses. Intangible assets are being amortized for financial reporting purposes on an accelerated basis over an estimated useful life of up to 10 years. Amortization of goodwill and the intangible assets relating to the Anmar and Nordcal acquisitions is not expected to be deductible for tax purposes.

The total purchase price paid for the acquired businesses was approximately $3.6 million, net of $0.2 million cash acquired. The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 inputs, of assets and liabilities acquired:

Goodwill		$	2,032
Intangible Assets – Customer Bases			1,031
Intangible Assets – Covenants Not to Compete			250
Deferred Tax Liabilities			(208	)
			3,105
Plus:	Current Assets		430
	Non-Current Assets		945
Less:	Current Liabilities		(208	)
	Non-Current Liabilities		(641	)
Total Purchase Price		$	3,631

The business acquisitions completed in the first nine months of fiscal year 2016 contain holdback provisions, as defined by the respective purchase agreements. The Company accrues contingent consideration, if any, based on its estimated fair value at the date of acquisition, in addition to other amounts relating to the holdback provisions. No contingent consideration or other holdback amounts were paid during the first nine months of fiscal year 2016. As of December 26, 2015, $0.3 million of contingent consideration and $0.4 million of other holdback amounts were unpaid and reflected in current liabilities on the Consolidated Balance Sheet.

During the first nine months of fiscal year 2016, acquisition costs of $0.4 million were incurred and recorded as administrative expenses in the Consolidated Statement of Income. $0.2 million of these acquisition costs were incurred and recorded in the third quarter of fiscal year 2016.

The results of the acquired businesses are included in Transcat’s consolidated operating results as of the dates the businesses were acquired. The following unaudited pro forma information presents the Company’s results of operations as if the acquisitions had occurred at the beginning of the respective fiscal years. The pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transactions had occurred at the beginning of each period presented or what the Company’s operating results will be in future periods.

	(Unaudited)
	Nine Months Ended
	December 26,		December 27,
	2015		2014
Total Revenue	$	90,680	$	93,894
Net Income		2,710		2,418
Basic Earnings Per Share		0.39		0.36
Diluted Earnings Per Share		0.38		0.34

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements. This report contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These statements relate to expectations, estimates, beliefs, assumptions and predictions of future events and are identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “projects,” “intends,” “could,” “may” and other similar words. Forward-looking statements are not statements of historical fact and thus are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or those expressed in such forward-looking statements. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including but not limited to statements relating to anticipated revenue, profit margins, sales operations, capital expenditures, cash flows, operating income, growth strategy, segment growth, potential acquisitions, market position, customer preferences and changes in market conditions in the industries in which we operate are forward-looking statements. You should evaluate forward-looking statements in light of important risk factors and uncertainties that may affect our operating and financial results and our ability to achieve our financial objectives. These factors include, but are not limited to, our reliance on one vendor to supply a significant amount of inventory purchases, the risks related to current and future indebtedness, the relatively low trading volume of our common stock, risks related to our acquisition strategy and the integration of the businesses we acquire, the impact of economic conditions, the highly competitive nature of our two business segments, cybersecurity risks and foreign currency rate fluctuations. These risk factors and uncertainties are more fully described by us under the heading “Risk Factors” in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 28, 2015. Should one or more of these risks or uncertainties materialize, or should any of our underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. You should not place undue reliance on our forward-looking statements. Except as required by law, we undertake no obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this report, whether as a result of new information, future events or otherwise.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

There have been no material changes to our critical accounting policies and estimates from the information provided in our Annual Report on Form 10-K for the fiscal year ended March 28, 2015.

RESULTS OF OPERATIONS

The following table presents, for the third quarter and first nine months of fiscal years 2016 and 2015, the components of our Consolidated Statements of Income:

	(Unaudited)				(Unaudited)
	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Gross Profit Percentage:
Service Gross Profit	23.5	%	24.5	%	24.6	%	24.9	%
Distribution Gross Profit	21.6	%	21.2	%	21.6	%	20.9	%
Total Gross Profit	22.5	%	22.5	%	23.0	%	22.6	%

As a Percentage of Total Revenue:
Service Revenue	46.2	%	40.6	%	46.6	%	40.9	%
Distribution Sales	53.8	%	59.4	%	53.4	%	59.1	%
Total Revenue	100.0	%	100.0	%	100.0	%	100.0	%

Selling, Marketing and Warehouse Expenses	10.6	%	11.6	%	11.1	%	11.5	%
Administrative Expenses	6.3	%	6.5	%	7.3	%	7.1	%
Total Operating Expenses	16.9	%	18.1	%	18.4	%	18.6	%

Operating Income	5.6	%	4.4	%	4.6	%	4.0	%

Interest and Other Expense, net	0.2	%	0.2	%	0.2	%	0.3	%

Income Before Income Taxes	5.4	%	4.2	%	4.4	%	3.7	%
Provision for Income Taxes	1.9	%	1.6	%	1.6	%	1.4	%

Net Income	3.5	%	2.6	%	2.8	%	2.3	%

THIRD QUARTER ENDED DECEMBER 26, 2015 COMPARED TO THIRD QUARTER ENDED DECEMBER 27, 2014 (dollars in thousands):

Revenue:

	Third Quarter Ended				Change
	December 26,		December 27,
	2015		2014		$			%
Revenue:
Service	$	13,922	$	12,603	$	1,319		10.5	%
Distribution		16,238		18,449		(2,211	)	(12.0	%)
Total	$	30,160	$	31,052	$	(892	)	(2.9	%)

Total revenue declined $0.9 million, or 2.9%, from the third quarter of fiscal year 2015 to the third quarter of fiscal year 2016.

As a result of our Canadian operations, a portion of our revenue is denominated in Canadian dollars and translated to U.S. dollars at the average exchange rate for the period. As such, our total revenue and revenue growth (decline) for any year-over-year period may be affected by fluctuations in the value of the U.S. dollar relative to the Canadian dollar. Included in the $0.9 million year-over-year decline is a $0.5 million negative effect on translation of Canadian revenues, resulting from strengthening of the U.S. dollar relative to the Canadian dollar.

Service revenue, which accounted for 46.2% and 40.6% of our total revenue in the third quarter of fiscal years 2016 and 2015, respectively, increased 10.5% from the third quarter of fiscal year 2015 to the third quarter of fiscal year 2016. This year-over-year increase was the result of organic and acquisition-related growth.

Our fiscal years 2016 and 2015 Service revenue growth, in relation to prior fiscal year quarter comparisons, was as follows:

	FY 2016			FY 2015
	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Service Revenue Growth	10.5%	12.7%	11.5%	7.5%	9.4%	9.8%	3.4%

Within any quarter, while we add new customers, we also have customers from the prior year whose service orders may not repeat for any number of reasons. Among those reasons are variations in the timing of periodic calibrations and other services, levels of customer capital expenditures and customer outsourcing decisions. Because the timing of Service segment orders can vary on a quarter-to-quarter basis, we believe a trailing twelve-month trend provides a better indication of the progress of this segment. The following table presents the trailing twelve-month Service segment revenue for each quarter in fiscal years 2016 and 2015 as well as the trailing twelve-month revenue growth as a comparison to that of the prior fiscal year period:

	FY 2016									FY 2015
	Q3			Q2			Q1			Q4			Q3			Q2			Q1
Trailing Twelve-Month:
Service Revenue	$	56,112		$	54,793		$	53,198		$	51,801		$	50,793		$	49,706		$	48,583
Service Revenue Growth		10.5	%		10.2	%		9.5	%		7.5	%		8.2	%		9.7	%		11.3	%

Within the calibration industry, there is a broad array of measurement disciplines making it costly and inefficient for any one provider to invest the needed capital for the facilities, equipment and uniquely trained personnel necessary to address all measurement disciplines with in-house calibration capabilities. Our strategy has been to focus our investments in the core electrical, temperature, pressure and dimensional disciplines. Accordingly, over the long-term, we expect to outsource 15% to 20% of Service business to third-party vendors for calibration beyond our chosen scope of capabilities. During any individual quarter, we could fluctuate beyond these percentages. We continually evaluate our outsourcing needs and make personnel and capital investments, as deemed necessary, to add more in-house capabilities and reduce the need for third-party vendors. The following table presents the source of our Service revenue and the percentage of Service revenue derived from each source for each quarter of fiscal years 2016 and 2015:

FY 2016 FY 2015

      Q3       Q2       Q1             Q4       Q3       Q2       Q1

Percent of Service Revenue:

       In-House 81.5 % 81.4 % 82.4 % 82.8 % 81.8 % 81.6 %     82.8 %

       Outsourced 16.9 % 16.7 % 15.8 % 15.4 % 16.4 % 16.5 % 15.1 %

       Freight Billed to Customers 1.6 % 1.9 % 1.8 % 1.8 % 1.8 % 1.9 % 2.1 %

100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

Our Distribution sales accounted for 53.8% of our total revenue in the third quarter of fiscal year 2016 and 59.4% of our total revenue in the third quarter of fiscal year 2015. Distribution sales in the third quarter of fiscal year 2016 were $16.2 million, compared to $18.5 million in the third quarter of fiscal year 2015. This year-over-year decline was primarily attributed to reduced demand from the oil and gas and related industries and weaker sales to customers impacted by the strength of the U.S. dollar.

Our fiscal years 2016 and 2015 Distribution sales (decline) growth, in relation to prior fiscal year quarter comparisons, was as follows:

FY 2016 FY 2015

Q3 Q2 Q1 Q4 Q3 Q2 Q1

Distribution Sales (Decline) Growth (12.0%) (17.4%) (5.0%) 5.5% (2.9%) 6.4% 0.1%

Distribution orders include orders for instruments that we routinely stock in our inventory, customized products, and other products ordered less frequently, which we do not stock. Pending product shipments are primarily backorders, but also include products that are requested to be calibrated in our service centers prior to shipment, orders required to be shipped complete or at a future date, and other orders awaiting final credit or management review prior to shipment. Variations in pending product shipments can be impacted by several factors, including the timing of when product orders are placed in relation to the end of the fiscal period, specialized product orders that are not stocked, or production issues experienced by manufacturers. Our total pending product shipments at the end of the third quarter of fiscal year 2016 were $3.4 million, a decrease of $0.4 million from the third quarter of fiscal year 2015. The following table presents our historical trend of total pending product shipments and the percentage of total pending product shipments that were backorders at the end of each quarter of fiscal years 2016 and 2015:

FY 2016 FY 2015

   Q3    Q2    Q1       Q4    Q3    Q2    Q1

Total Pending Product Shipments $      3,421 $      3,124 $      2,858 $      3,215 $      3,838 $      3,383 $      2,860

% of Pending Product Shipments

       that were Backorders 73.8 % 78.4 % 75.8 % 73.9 % 73.9 % 69.0 % 64.1 %

Gross Profit:

	Third Quarter Ended				Change
	December 26,		December 27,
	2015		2014		$			%
Gross Profit:
Service	$	3,272	$	3,090	$	182		5.9	%
Distribution		3,506		3,904		(398	)	(10.2	%)
Total	$	6,778	$	6,994	$	(216	)	(3.1	%)

Total gross profit in the third quarter of fiscal year 2016 decreased $0.2 million, or 3.1%, from the third quarter of fiscal year 2015. As a percentage of total revenue, gross margin in the third quarter of fiscal year 2016 was 22.5%, consistent with the third quarter of fiscal year 2015.

Service gross profit in the third quarter of fiscal year 2016 increased $0.2 million, or 5.9%, from the third quarter of fiscal year 2015. Service gross margin decreased 100 basis points over the same period in the prior fiscal year to 23.5%. Our annual and quarterly Service gross margin is a function of several factors. In general, our Service revenue growth provides incremental gross margin growth due to the operating leverage achieved through our relatively fixed cost structure in this segment. However, other factors, such as percent of Service revenue outsourced to third-party vendors and the amount of Service revenue growth achieved through business acquisitions compared to that achieved organically may moderate or reduce our gross margins in any given quarter.

The following table presents the quarterly historical trend of our Service gross margin as a percent of Service revenue:

FY 2016 FY 2015

Q3 Q2 Q1 Q4 Q3 Q2 Q1

Service Gross Margin 23.5% 24.4% 26.1% 33.2% 24.5% 26.0% 24.2%

We evaluate Distribution gross profit from two perspectives. Channel gross profit includes net sales less the direct cost of inventory sold. Our Distribution gross profit includes channel gross profit as well as the impact of vendor rebates, cooperative advertising income, freight billed to customers, freight expenses and direct shipping costs. In general, our Distribution gross margin can vary based upon the mix of products sold, price discounting and the timing of periodic vendor rebates and cooperative advertising income received from suppliers.

Distribution gross profit was $3.5 million in the third quarter of fiscal year 2016, a $0.4 million decrease when compared to the third quarter of fiscal year 2015. As a percent of Distribution sales, Distribution gross margin was 21.6% in the third quarter of fiscal year 2016, a 40 basis point increase from the third quarter of fiscal year 2015. Vendor rebates accounted for 130 basis points of the segment gross margin in the third quarter of fiscal year 2016. The following table reflects the quarterly historical trend of our Distribution gross margin as a percent of Distribution sales:

	FY 2016						FY 2015
	Q3		Q2		Q1		Q4		Q3		Q2		Q1
Channel Gross Margin (1)	19.1	%	19.4	%	18.6	%	19.2	%	19.6	%	19.8	%	19.5	%
Total Distribution Gross Margin (2)	21.6	%	21.4	%	21.9	%	20.7	%	21.2	%	19.7	%	22.0	%

(1)	Channel gross margin is calculated as net sales less the direct cost of inventory sold divided by net sales.
(2)	Includes vendor rebates, cooperative advertising income, freight billed to customers, freight expenses, and direct shipping costs.

Operating Expenses:

	Third Quarter Ended				Change
	December 26,		December 27,
	2015		2014		$			%
Operating Expenses:
Selling, Marketing and Warehouse	$	3,199	$	3,602	$	(403	)	(11.2	%)
Administrative		1,897		2,015		(118	)	(5.9	%)
Total	$	5,096	$	5,617	$	(521	)	(9.3	%)

Operating expenses decreased by $0.5 million from the third quarter of fiscal year 2015 to the third quarter of fiscal year 2016, primarily due to reduced employee related expenses and reduced expenses for printed marketing programs. As a percentage of total revenue, operating expenses were 16.9% in the third quarter of fiscal year 2016 and 18.1% in the third quarter of fiscal year 2015. Expenses relating to business acquisitions of $0.2 million are included in administrative expenses for the third quarter of both of fiscal years 2016 and 2015.

Interest and Other Expense:

	Third Quarter Ended				Change
	December 26,		December 27,
	2015		2014		$			%
Interest and Other Expense, net	$	62	$	83	$	(21	)	(25.3	%)

Net interest and other expenses decreased by less than $0.1 million in the third quarter of fiscal year 2016 compared to the third quarter of fiscal year 2015, primarily due to reduced year-over-year borrowings from our Revolving Credit Facility.

Taxes:

Third Quarter Ended Change

December 26, December 27,

2015 2014 $ %

Provision for Income Taxes $ 552 $ 481 $ 71 14.8 %

Our effective tax rates for the third quarter of fiscal years 2016 and 2015 were 34.1% and 37.2%, respectively. The decrease largely reflects a change in the mix of taxable income between the U.S. and Canada, which have different income tax rates. We continue to evaluate our tax provision on a quarterly basis and make adjustments, as deemed necessary, to our effective tax rate given changes in facts and circumstances expected for the entire fiscal year.

NINE MONTHS ENDED DECEMBER 26, 2015 COMPARED TO NINE MONTHS ENDED DECEMBER 27, 2014 (dollars in thousands):

Revenue:

Nine Months Ended Change

December 26, December 27,

      2015       2014       $       %

Revenue:

       Service $ 41,647 $ 37,336 $       4,311 11.5 %

       Distribution 47,659 53,946 (6,287 ) (11.7 %)

              Total $      89,306 $      91,282 $ (1,976 ) (2.2 %)

Total revenue decreased $2.0 million, or 2.2%, from the first nine months of fiscal year 2015 to the first nine months of fiscal year 2016. Included in the $2.0 million year-over-year decline is a $1.3 million negative effect on translation of Canadian revenues, resulting from strengthening of the U.S. dollar relative to the Canadian dollar.

Service revenue increased $4.3 million, or 11.5%, from the first nine months of fiscal year 2015 to the first nine months of fiscal year 2016. The year-over-year increase was driven by a combination of organic and acquisition-related growth. Service revenue was 46.6% and 40.9% of our total revenue in the first nine months of fiscal years 2016 and 2015, respectively.

Distribution sales accounted for 53.4% and 59.1% of our total revenue in the first nine months of fiscal years 2016 and 2015, respectively. For the first nine months of fiscal year 2016, Distribution sales decreased $6.3 million, or 11.7%, compared to the first nine months of fiscal year 2015. This year-over-year reduction in sales was primarily due to weakened demand from the oil and gas and related industries and weaker sales to customers impacted by the strength of the U.S. dollar.

Gross Profit:

Nine Months Ended Change

December 26, December 27,

      2015       2014       $       %

Gross Profit:

       Service $ 10,264 $ 9,299     $ 965 10.4 %

       Distribution 10,313 11,290 (977 ) (8.7 %)

              Total $ 20,577 $ 20,589 $      (12 ) (0.1 %)

Total gross profit in the first nine months of fiscal year 2016 was consistent with that of the first nine months of fiscal year 2015. Total gross margin increased 40 basis points to 23.0% of total revenue in the first nine months of fiscal year 2016 compared to 22.6% in the first nine months of fiscal year 2015. The year-over-year increase in gross margin was primarily due to increased Distribution segment vendor rebates which contributed 70 basis points to total gross margin in the first nine months of fiscal year 2016.

Service segment gross profit increased $1.0 million, or 10.4%, from the first nine months of fiscal year 2015 to the first nine months of fiscal year 2016. In the first nine months of fiscal year 2016, Service segment gross margin was 24.6%, a 30 basis points reduction from first nine months of fiscal year 2015.

Distribution segment gross profit decreased $1.0 million in the first nine months of fiscal year 2016 to $10.3 million. Distribution segment gross margin increased 70 basis points to 21.6% in the first nine months of fiscal year 2015 compared to 20.9% in the first nine months of fiscal year 2015. This increase is primarily due to increased vendor rebates which are recorded as a reduction of Cost of Distribution Sales in the Consolidated Statements of Income.

Operating Expenses:
	Nine Months Ended				Change
	December 26,		December 27,
	2015		2014		$			%
Operating Expenses:
Selling, Marketing and Warehouse	$	9,968	$	10,506	$	(538	)	(5.1	%)
Administrative		6,530		6,431		99		1.5	%
Total	$	16,498	$	16,937	$	(439	)	(2.6	%)

Operating expenses for the first nine months of fiscal year 2016 were $16.5 million, a decrease of $0.4 million from the first nine months of fiscal year 2015. The decrease was primarily due to reduced employee related expenses and reduced expenses for printed marketing programs. As a percentage of total revenue, operating expenses during the first nine months of fiscal year 2016 were 18.4%, compared to 18.6% in the first nine months of fiscal year 2015. Expenses relating to business acquisitions of $0.4 million and less than $0.1 million are included in administrative expenses for the first nine months of fiscal years 2016 and 2015, respectively. Performance-based compensation expense, a component of operating expenses, was $0.6 million for the first nine months of fiscal year 2016 and $1.0 million for the first nine months of fiscal year 2015. We expect total performance-based compensation expense for the full fiscal year 2016 to exceed that of the full fiscal year 2015.

Taxes:
	Nine Months Ended				Change
	December 26,		December 27,
	2015		2014		$		%
Provision for Income Taxes	$	1,339	$	1,269	$	70	5.5	%

Our effective tax rates for the first nine months of fiscal years 2016 and 2015 were 34.5% and 37.5%, respectively. The decrease largely reflects a change in the mix of taxable income between the U.S. and Canada, which have different income tax rates. We continue to evaluate our tax provision on a quarterly basis and make adjustments, as deemed necessary, to our effective tax rate given changes in facts and circumstances expected for the entire fiscal year.

Adjusted EBITDA (dollars in thousands):

In addition to other measures, management relies on earnings before interest, income taxes, depreciation and amortization, other income and expenses, and non-cash stock compensation expense (“Adjusted EBITDA”) as an indicator of performance of the business. We believe Adjusted EBITDA allows investors to view our performance in a manner similar to the methods used by management and provides additional insight into our operating results. Adjusted EBITDA is not a measure of financial performance under U.S. generally accepted accounting principles (“US GAAP”) and is not calculated through the application of US GAAP. As such, it should not be considered as a substitute or alternative for the US GAAP measures of net income; operating income or cash flows from operating, financing and investing activities; or a measure of liquidity. Adjusted EBITDA, as presented, may not be comparable to similarly defined non-US GAAP measures used by other companies.

	Third Quarter Ended						Nine Months Ended
	December 26,			December 27,			December 26,			December 27,
	2015			2014			2015			2014
Net Income	$	1,068		$	813		$	2,547		$	2,117
+ Interest Expense		54			77			153			155
+ Other Expense / (Income)		8			6			40			111
+ Tax Provision		552			481			1,339			1,269
Operating Income	$	1,682		$	1,377		$	4,079		$	3,652
+ Depreciation & Amortization		969			897			2,711			2,268
+ Other (Expense) / Income		(8	)		(6	)		(40	)		(111	)
+ Noncash Stock Compensation		4			85			284			474
Adjusted EBITDA	$	2,647		$	2,353		$	7,034		$	6,283

Adjusted EBITDA for the third quarter of fiscal year 2016 was $2.6 million, a 12.5% improvement over the third quarter of fiscal 2015. Adjusted EBITDA for the first nine months of fiscal year 2016 was $7.0 million, up 12.0% from $6.3 million for the first nine months of fiscal year 2015. Improvements in Adjusted EBITDA in the third quarter and first nine months of fiscal year 2016 were primarily driven by increased operating income in the Service segment.

LIQUIDITY AND CAPITAL RESOURCES

Our primary source of working capital is cash flow from operations. We have funded operations and acquisitions in recent periods with operating cash flows and proceeds from our Revolving Credit Facility.

Cash Flows: The following table is a summary of our Consolidated Statements of Cash Flows (dollars in thousands):

	Nine Months Ended
	December 26,			December 27,
	2015			2014
Cash Provided by (Used in):
Operating Activities	$	7,403		$	1,219
Investing Activities		(6,649	)		(9,344	)
Financing Activities		(1,398	)		7,569

Operating Activities: Net cash provided by operations was $7.4 million during the first nine months of fiscal year 2016 compared to $1.2 million during the first nine months of fiscal year 2015.

The year-over-year increase in cash provided by operations is primarily the result of changes in net working capital (defined as current assets less current liabilities). The significant changes in net working capital were:

●

Receivables: Accounts receivable decreased by $2.0 million in the first nine months of fiscal year 2016, compared to a decrease of $0.4 million in the first nine months of fiscal year 2015. While accounts receivable balances typically decrease in the first three quarters of our fiscal year compared to the prior year’s ending balance due to seasonality in our revenue, this year-to-year variability is primarily due to lower revenues in the first nine months of fiscal year 2016 compared with the first nine months of fiscal year 2015. The following table illustrates our days sales outstanding as of December 26, 2015 and December 27, 2014:

	December 26,		December 27,
	2015		2014
Net Sales, for the last two fiscal months	$	21,147	$	21,734
Accounts Receivable, net	$	14,925	$	15,296
Days Sales Outstanding		42		42

	●	Inventory: Our inventory strategy includes making appropriate large quantity, high dollar purchases with key manufacturers for various reasons, including maximizing on-hand availability of key products, reducing backorders for products with long lead times and optimizing vendor volume discounts. As a result, inventory levels may vary from quarter-to-quarter based on the timing of these large orders in relation to our quarter end. Our inventory balance decreased $1.0 during the first nine months of fiscal year 2016, compared to a $1.1 increase during the first nine months of fiscal year 2015. The year-over-year change represents timing of strategic purchases in fiscal year 2015 and a small reduction in on-hand inventory in fiscal year 2016, in response to reduced demand in our Distribution segment.
	●	Accounts Payable: In general, changes in accounts payable may or may not correlate with changes in inventory balances at any given quarter end due to the timing of vendor payments for inventory, as well as the timing of outsourced Service revenues and capital expenditures. Accounts payable increased $1.0 million during the first nine months of fiscal year 2016 compared with an increase of less than $0.1 million in the first nine months of fiscal year 2015.
	●	Accrued Compensation and Other Liabilities: During the first nine months of fiscal year 2016, accrued compensation and other liabilities decreased by $0.8 million, primarily resulting from reductions in accrued payroll and other employee related expenses, including non-equity performance-based compensation. During the first nine months of fiscal year 2015, accrued compensation and other liabilities decreased by $2.1 million, primarily due to the payment of previously accrued non-equity performance-based compensation.

●

Income Taxes Payable: In any given quarter, net working capital may be affected by the timing and magnitude of income tax payments. During the first nine months of fiscal year 2015, income taxes payable decreased by $1.0 million whereas in the first nine months of fiscal year 2016, income taxes payable decreased by less than $0.1 million.

Investing Activities: During the first nine months of fiscal year 2016, we invested $3.7 million in capital expenditures, compared to $2.7 million in the first nine months of fiscal year 2015, primarily for additional Service segment capabilities and assets for our instrument rental program. Also, during the first nine months of fiscal year 2016, we used $2.9 million for business acquisitions, compared to $6.7 million used for a business acquisition in the first nine months of fiscal year 2015. We expect capital expenditures, primarily for service segment and rental business expansion, to total $4.0 million to $4.5 million for fiscal year 2016.

Financing Activities: During the first nine months of fiscal year 2016, approximately $1.6 million in net cash was used for repayment of our Revolving Credit Facility, offset by $0.3 million in cash generated from the issuance of common stock. During the first nine months of fiscal year 2015, cash provided by financing activities included approximately $7.2 million in cash from our Revolving Credit Facility and $0.4 million from the issuance of common stock.

Credit Agreement: Through our credit agreement, as amended (the “Credit Agreement”), which matures on September 20, 2018, we have a revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility allows for maximum borrowings of $30.0 million and limits the amount of borrowings that may be used for business acquisitions to $15.0 million per fiscal year. Amendment 2 to the Credit Agreement, dated December 30, 2015, increased the limit of borrowings that may be used for business acquisitions to $17.0 million for fiscal year 2016. The limit of borrowings that may be used for business acquisitions reverts to $15.0 million in fiscal year 2017.

The Revolving Credit Facility is subject to a maximum borrowing restriction based on a 2.75 multiple of earnings before income taxes, depreciation and amortization, and non-cash stock-based compensation expense for the preceding four consecutive fiscal quarters. As of December 26, 2015, $30.0 million was available under the Revolving Credit Facility, of which $10.5 million was outstanding and included in long-term debt on the Consolidated Balance Sheet. On December 31, 2015, we borrowed $10.1 million under the Revolving Credit Facility in connection with the acquisition of substantially all of the assets of Spectrum Technology, Inc.

The Credit Agreement has certain covenants with which we have to comply, including a fixed charge ratio covenant and a leverage ratio covenant. We were in compliance with all loan covenants and requirements during the first nine months of fiscal year 2016.

We believe that we have, and will continue to have, the liquidity necessary to meet our working capital needs and to execute our business growth strategy.

OUTLOOK

In a weak macro-environment, we continue to navigate well and execute our strategic plan. While we had projected double-digit operating income growth, we now believe our year-over-year operating income is likely to achieve flat to modest growth. Nonetheless, we believe Transcat is well positioned to capitalize on future growth opportunities as the industrial market rebounds. Initiatives we have in place to aid in this positioning include, but are not limited to, our rapid deployment of web-oriented technology upgrades that allow our Distribution business to compete more effectively on the web and our Service segment to strengthen its value proposition; successful completion and transition of numerous strategic acquisitions; and a host of new diversified programs in both segments of our business, including SKU expansion, instrument rentals, and value-added options on many of our products, all of which have generated meaningful operating income.

We have had a great year identifying, closing and transitioning strategic acquisitions, and we strongly believe our current acquisition strategy is the right strategy at the right time. Our recent transactions have strengthened our capabilities and geographic footprint. Spectrum Technologies serves the biomed market throughout North America and Dispersion adds life science capabilities to our already strong presence in Montreal. In addition, we close out fiscal 2016 with a strong acquisition pipeline that should position Transcat well in the coming year.

Through the combination of acquisitions and consistent organic growth, we have achieved our targeted year-over-year double-digit Service growth, despite significant headwinds, Our Distribution segment continues to move toward a more diversified portfolio in tandem with a series of ‘value added’ initiatives. We expect the Distribution segment to perform well in future periods.

Our strategic plan continues to be structured to enable us to grow to $175 million to $200 million in revenue within the next 5 years, but more importantly, our plan has us achieving double-digit EBITDA margins at those levels.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTEREST RATES

Our exposure to changes in interest rates results from our borrowing activities. In the event interest rates were to move by 1%, our yearly interest expense would increase or decrease by approximately $0.1 million assuming our average borrowing levels remained constant. As of December 26, 2015, $30.0 million was available under our Revolving Credit Facility, of which $10.5 million was outstanding and included in long-term debt on the Consolidated Balance Sheet.

We borrow from our Revolving Credit Facility at the one-month LIBOR, adjusting daily, or at a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Our interest rate margin is determined on a quarterly basis based upon our calculated leverage ratio. As of December 26, 2015, the one-month LIBOR was 0.4%. Our interest rate for the first nine months of fiscal year 2016 ranged from 1.7% to 1.9%. On December 26, 2015, we had no hedging arrangements in place to limit our exposure to upward movements in interest rates.

FOREIGN CURRENCY

Approximately 90% of our total revenues for the first six months of fiscal years 2016 and 2015 were denominated in U.S. dollars, with the remainder denominated in Canadian dollars. A 10% change in the value of the Canadian dollar to the U.S. dollar would impact our revenue by approximately 1%. We monitor the relationship between the U.S. and Canadian currencies on a monthly basis and adjust sales prices for products and services sold in Canadian dollars as we believe to be appropriate.

We continually utilize short-term foreign exchange forward contracts to reduce the risk that future earnings would be adversely affected by changes in currency exchange rates. We do not apply hedge accounting and therefore the net change in the fair value of the contracts, which totaled a gain of $0.4 million during the first nine months of both fiscal years 2016 and 2015, was recognized as a component of other expense in the Consolidated Statements of Income. The change in the fair value of the contracts is offset by the change in fair value on the underlying accounts receivables denominated in Canadian dollars being hedged. On December 26, 2015, the Company had a foreign exchange contract outstanding in the notional amount of $5.0 million. The Company does not use hedging arrangements for speculative purposes.

ITEM 4. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures. Our principal executive officer and our principal financial officer evaluated our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this quarterly report. Disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our principal executive officer and principal financial officer to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of such date.

Changes in Internal Control over Financial Reporting. There has been no change in our internal control over financial reporting that occurred during the last fiscal quarter covered by this quarterly report (our third fiscal quarter) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1A. Risk Factors

Except as set forth below, there have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended March 28, 2015 filed with the Securities and Exchange Commission on June 25, 2015.

Volatility in the oil and gas industry has and could continue to negatively impact our operating results. A portion of our products and services customer base is directly or indirectly related to the oil and gas industry. As a result, demand for some of our products is dependent on the level of expenditures by the oil and gas industry. In addition to impacting our Distribution segment, an extended downturn in the oil and gas industry or continued volatility in oil and gas prices could impact customers’ demand for some of our services outside of life sciences, our largest industry customer sector, which could have a material adverse effect on our financial condition, results of operations and cash flows.

ITEM 6. EXHIBITS

See Index to Exhibits.

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 thereunto duly authorized.

	TRANSCAT, INC.


Date: February 8, 2016	/s/ Lee D. Rudow
	Lee D. Rudow
	President and Chief Executive Officer
	(Principal Executive Officer)


Date: February 8, 2016	/s/ John J. Zimmer
	John J. Zimmer
	Senior Vice President of Finance and Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

INDEX TO EXHIBITS

(10)	Material Contracts
	10.1	Credit Facility Agreement Amendment 2 dated as of December 30, 2015 by and among Transcat, Inc. and Manufacturers and Traders Trust Company

	10.2	Asset Purchase Agreement entered into effective as of December 31, 2015 by and among Transcat, Inc., Spectrum Technologies, Inc. and Brian E. Hubler and Kenneth E. Horvath

(31)	Rule 13a-14(a)/15d-14(a) Certifications

	31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(32)	Section 1350 Certifications

	32.1	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(101)	Interactive Data File

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

EX-10.1 2 exhibit10-1.htm CREDIT FACILITY AGREEMENT AMENDMENT 2 DATED AS OF DECEMBER 30, 2015

Exhibit 10.1

CREDIT FACILITY AGREEMENT AMENDMENT 2

This CREDIT FACILITY AGREEMENT AMENDMENT 2 (“Amendment 2”) is made as of December 30, 2015 by and among TRANSCAT, INC. (“Borrower”), a corporation formed under the laws of the State of Ohio with offices at 35 Vantage Point Drive, Rochester, New York 14624, and MANUFACTURERS AND TRADERS TRUST COMPANY (“Lender”), a New York banking corporation, with offices at 255 East Avenue, Rochester, New York 14604.

WHEREAS, Borrower and Lender are parties to a Credit Facility Agreement dated September 20, 2012, as amended by Credit Facility Agreement Amendment 1 dated August 26, 2014 (as amended, modified and supplemented from time to time, the “Credit Agreement”), pursuant to which the Lender has made certain loans and financial accommodations available to Borrower;

WHEREAS, Borrower has requested that the Lender amend the Credit Agreement to increase the limit of permitted acquisitions, and the Lender is willing to accommodate Borrower's request on the terms and conditions hereinafter set forth;

WHEREAS, Borrower is entering into this Amendment 2 with the understanding and agreement that, except as specifically provided herein, none of the Lender’s rights or remedies as set forth in the Credit Agreement or any other Loan Document is being waived or modified by the terms of this Amendment 2;

NOW, THEREFORE, in consideration of the agreements and provisions herein contained, effective on the Amendment 2 Effective Date (defined below), the parties hereby agree as follows:

1. Definitions. Any capitalized term used but not otherwise defined in this Amendment 2 shall have the meaning ascribed to such term in the Credit Agreement, and the interpretations set forth in the Credit Agreement shall apply to this Amendment 2.

2. Amendments to Credit Agreement. Subject to Section 3 below, effective on the Amendment 2 Effective Date, the Credit Agreement is hereby amended as follows:

(a) Section 1.1 of the Credit Agreement is hereby amended to add the following definitions:

“Amendment 2” means Credit Facility Agreement Amendment 2 made between Borrower and Lender effective as of the Amendment 2 Effective Date.

“Amendment 2 Effective Date” means December 30, 2015.

(b) Section 1.1 of the Credit Agreement is hereby amended to modify subsection (k) of the definition of “Permitted Acquisition” to read in its entirety as follows:

(k)

no more than an aggregate of $17,000,000 for the Fiscal Year ending March 31, 2016, and $15,000,000 for each Fiscal Year ending thereafter, of Acquisitions shall have been financed, directly or indirectly, with the Revolving Credit Facility.

3. Conditions to Effectiveness of this Amendment 2. This Amendment 2 is subject to satisfaction of each of the following conditions to the satisfaction of the Lender:

(a) The Lender shall have received such Loan Documents as Lender may request, in form and substance satisfactory to the Lender, including a Reaffirmation of Guaranties and Security Agreements.

(b) The Borrower shall have delivered evidence satisfactory to the Lender of the due authorization, execution, delivery and performance of Amendment 2 and the related Loan Documents.

(c) The Borrower shall have delivered to the Lender a certificate of good standing from appropriate governmental officials to the effect that it is validly subsisting in good standing in its jurisdiction of formation.

4. Representations and Warranties. In order to induce Lender to enter into this Amendment 2 and take the other actions provided for herein, Borrower represents and warrants to each Lender that the following statements are true and correct in all respects:

(a) Authority. Each of the Loan Parties has the requisite corporate power and authority to execute and deliver this Amendment 2 and any other Loan Documents delivered in connection therewith, and to perform its obligations hereunder and under such Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery and performance by each of the Loan Parties of this Amendment 2 and the other Loan Documents delivered in connection herewith have been duly approved by all necessary corporate or company action and no other corporate or company proceedings are necessary to consummate such transactions.

(b) Enforceability. This Amendment 2 and the related Loan Documents have been duly executed and delivered by the Loan Parties. This Amendment 2 and the related Loan Documents are the legal, valid and binding obligations of the Loan Parties, enforceable against each of them respectively in accordance with their terms, and are in full force and effect.

(c) Representations and Warranties. The representations and warranties contained in the Credit Agreement and in this Amendment 2 are correct on and as of the date hereof as though made on and as of the date hereof other than such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof, all of which shall have been true and correct as of the applicable stated date.

(d) Litigation. Except as set forth on Schedule 4(d), as of the date hereof there is no action, suit or proceeding at law or in equity by or before any court or any Governmental Authority pending or, to the knowledge of the Loan Parties threatened against or affecting the Loan Parties.

(e) No Contravention. The execution, delivery and performance of this Amendment 2 by the Borrower have received all necessary governmental approvals, if any, and do not contravene any law of contractual restrictions binding on Borrower.

(f) No Default. No event has occurred and is continuing that constitutes a Default or an Event of Default.

5. General Confirmations and Amendments.

(a) Continuing Effect. Except as specifically provided herein, the Credit Agreement and the other Loan Documents shall remain in full force and effect in accordance with their respective terms and are hereby ratified and confirmed in all respects.

(b) No Waiver. The execution, delivery and effectiveness of this Amendment 2 shall not, except as expressly provided herein, operate as a modification, acceptance or waiver of any right, power or remedy of the Lender under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents, except as specifically set forth herein.

(c) Reference to and Effect on the Loan Documents. Upon and after the effectiveness of this Amendment 2, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.

To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment 2, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.

6. Miscellaneous.

(a) Governing Law. This Amendment 2 shall be governed by, and construed in accordance with, the internal laws of the State of New York.

(b) Severability. The provisions of this Amendment 2 are severable, and if any subsection or provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision in this Amendment 2 in any jurisdiction.

(c) Counterparts. This Amendment 2 may be executed in any number of counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

(d) Binding Effect; Assignment. This Amendment 2 shall be binding upon and inure to the benefit of Borrower and the Lender and their respective successors and assigns; provided, however, that the rights and obligations of Borrower under this Amendment 2 shall not be assigned or delegated without the prior written consent of the Lender.

IN WITNESS WHEREOF, the parties have caused this Amendment 2 to be executed by their duly authorized representatives by their signatures below as of the date first above written.

[Signature Pages Follow]

MANUFACTURERS AND TRADERS TRUST COMPANY

By:	/s/ Curt S. Provenzo
	Curt S. Provenzo
	Vice President

TRANSCAT, INC.

By:	/s/ John J. Zimmer
	John J. Zimmer
	Senior Vice President of Finance,
	Chief Financial Officer and
	Corporate Secretary

SCHEDULE 4(e)
LITIGATION

None

EX-10.2 3 exhibit10-2.htm ASSET PURCHASE AGREEMENT ENTERED INTO EFFECTIVE AS OF DECEMBER 31, 2015

Exhibit 10.2

ASSET PURCHASE AGREEMENT

by and among

TRANSCAT, INC.,

SPECTRUM TECHNOLOGIES, INC.

and

BRIAN E. HUBLER AND KENNETH E. HORVATH

Dated as of December 31, 2015

Table of Contents

Article I. Definitions		1
	1.1 Definitions	1
	1.2 Accounting Terms	6
	1.3 Other Definitional Provisions	6

Article II. Purchase And Sale		7
	2.1 Transfer of Purchased Assets	7
	2.2 Excluded Assets	8
	2.3 Use of Seller’s Name and Phone Numbers	8
	2.4 Purchase Price	8
	2.5 Payment of Purchase Price	8
	2.6 Closing Date Adjustment to Purchase Price	9
	2.7 Security Holdback	10
	2.8 Post-Closing Purchase Price Adjustment	11

Article III. Liabilities and Contracts		12
	3.1 No Assumption of Liabilities or Contracts	12
	3.2 Contracts Assumed	12

Article IV. Seller’s And Shareholders’ Representations And Warranties		12
	4.1 Organization, Standing and Power	12
	4.2 Authority for Transaction	13
	4.3 No Conflict	13
	4.4 Financial Statements	13
	4.5 No Undisclosed Liabilities	14
	4.6 Absence of Certain Changes	14
	4.7 Title	14
	4.8 Compliance with Laws; Permits	14
	4.9 Condition and Sufficiency of Purchased Assets	14
	4.10 Privacy Laws and Data Protection	15
	4.11 Accounts Receivable	15
	4.12 Inventory	15
	4.13 Intellectual Property	15
	4.14 Assigned Contracts	16
	4.15 Other Contracts	16
	4.16 Legal Proceedings	16
	4.17 Tax Matters	17
	4.18 Insurance	17
	4.19 Labor Relations and Employment Issues	17
	4.20 Employee Benefits	18
	4.21 Environmental Matters	20
	4.22 Real Property	21
	4.23 Product and Service Warranties	22
	4.24 Relationship with Customers and Suppliers	22
	4.25 Officers, Directors and Shareholders	22
	4.26 Brokers and Finders	22

	4.27 Material Misstatements or Omissions		22

Article V. Buyer’s Representations And Warranties			22
	5.1	Organization, Standing and Power	22
	5.2	Authority for Transaction	23
	5.3	No Conflict	23
	5.4	Legal Proceedings	23
	5.5	Brokers and Finders	23
	5.6	Material Misstatements or Omissions	23

Article VI. Survival And Indemnification			24
	6.1	Survival or Representations, Warranties and Covenants	24
	6.2	Indemnification by Seller and Shareholders	24
	6.3	Indemnification by Buyer	24
	6.4	Limitations on Indemnification	25
	6.5	Indemnification Claim Procedures	26
	6.6	Recoupment Against Holdback	27
	6.7	Tax Treatment of Indemnification Payments	28
	6.8	Effect of Investigation	28

Article VII. Closing			28
	7.1	Closing	28
	7.2	Closing Deliveries of Seller and Shareholders	28
	7.3	Closing Deliveries of Buyer	29

Article VIII. Further Covenants			30
	8.1	Taxes on Transaction	30
	8.2	Expenses of the Parties	30
	8.3	Confidentiality	30
	8.4	Non-Disclosure; Non-Solicitation and Non-Competition	30
	8.5	Employment of Shareholders	30
	8.6	Notices to and Consents of Third Parties	30
	8.7	Further Assurances	30
	8.8	Employees and COBRA Compliance	31
	8.9	Uncollected Receivables	31

Article IX. General Provisions			31
	9.1	Amendment and Waiver	31
	9.2	Assignment	32
	9.3	Notices	32
	9.4	Binding Effect	32
	9.5	Governing Law; Venue	33
	9.6	Effect of Agreement	33
	9.7	Severability	33
	9.8	Negotiated Transaction	33
	9.9	Headings; Counterparts	33

Asset Purchase Agreement

This Asset Purchase Agreement is entered into effective as of December 31, 2015, by and among Transcat, Inc., an Ohio corporation (“Buyer”), Spectrum Technologies, Inc., a Pennsylvania corporation (“Seller”), and Brian E. Hubler and Kenneth E. Horvath (each individually, a “Shareholder”, and collectively, the “Shareholders”). Buyer, Seller and the Shareholders are collectively referred to herein as the “Parties”, and each is a “Party.”

The Parties agree as follows:

ARTICLE I. DEFINITIONS

1.1 Definitions. As used in this Agreement and, unless the context requires otherwise, in each other agreement, document or instrument delivered under or in connection with this Agreement:

“Accounts Receivable” has the meaning given to it in Section 2.1(d).

“Action” means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

“Adjustment Amount” has the meaning given to it in Section 2.8(a).

“Adjustment Year” means the one year period beginning on January 1, 2016 and ending on December 31, 2016.

“Adjustment Year EBITDA” means the earnings before interest, taxes, depreciation and amortization deriving from Buyer’s conduct of the Business using the Purchased Assets during the Adjustment Year, as all such items are determined in accordance with GAAP, if applicable, but applied in a manner consistent with the EBITDA calculation derived from the Financial Statements for the most recent fiscal year.

“Adverse Effect” means an effect in the condition (financial or otherwise), properties, assets, liabilities, rights, obligations, Business or prospects of Seller, which effect, individually or in the aggregate, is materially adverse to such condition, properties, assets, liabilities, rights, obligations, operations, Business or prospects of Seller, or which is materially adverse to Seller’s ability to consummate the transactions contemplated hereby.

“Affiliate” means, with respect to a Party, any Person that directly or indirectly controls, is controlled by, or under common control with, such Party.

“Agreement” means this Asset Purchase Agreement, together with all Exhibits and Schedules hereto.

“Assigned Contracts” has the meaning given to it in Section 2.1(f).

“Assignment and Assumption Agreement” has the meaning given to it in Section 7.2(d).

“Assumed Leases” means the Existing Leases that Buyer will assume at Closing, as identified in Schedule 2.1(f)

“Assumed Liabilities” has the meaning given to it in Section 3.2.

“Basket” has the meaning given to it in Section 6.4(a).

“Business” means Seller’s business of providing commercial instrument calibration and test equipment repair services and product sales.

“Buyer” has the meaning given to it in the preamble.

“Buyer Indemnified Parties” has the meaning given to it in Section 6.2.

“Cap” has the meaning given to it in Section 6.4(a).

“Closing” means the closing of the purchase and sale hereunder.

“Closing Date” means the date of the Closing, as defined in Section 7.1.

“Closing Date AR Value” means the value, as of the Closing Date, of the Accounts Receivable included in the Assets, as determined in accordance with the provisions of Section 2.6.

“Closing Statement” has the meaning given to it in Section 2.4.

“Closing Statement Adjustment” has the meaning given to it in Section 2.4.

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, Section 4980B of the Code, Title I Part 6 of ERISA, and any similar state group health plan continuation Law.

“Code” means the Internal Revenue Code of 1986, as amended.

“Collection Period” has the meaning given to it in Section 8.9.

“Contracts” means and includes all contracts, subcontracts, agreements, leases, options, notes, bonds, mortgages, indentures, deeds of trust, collateral assignments of lease and rights, guarantees, warranties, licenses, franchises, permits, purchase orders, arrangements, transactions, commitments, undertakings and understandings of every kind, written or oral.

“Customer” has the meaning given to it in Section 4.24.

“Customer Contracts” means and includes those Contracts between the Seller and certain Customers which set forth the general terms and conditions under which calibrations, repair services, and purchases are made on an ongoing basis for multiple jobs or sites for that Customer with, or without, subsequent quotes and purchase orders with respect to each job or site.

“Customer Purchase Orders and Quotes” means and includes the Contracts with Customers that are documented by quotes from Seller and related purchase orders from the Customer for which there is not a separate Customer Contract and which include work that is done on an annual or other periodic basis for the Customer or which may be for a one-time job or a periodically scheduled job.

“Deemed Acceptance” has the meaning given to it in Section 6.5(b).

“Dispute Notice” has the meaning given to it in Section 6.5(b).

“EBITDA Holdback Amount” has the meaning given to it in Section 2.8(c).

“Employee Benefit Plan” has the meaning given to it in Section 4.20.

“Employment Confirmation Letter” has the meaning given to it in Section 8.5.

“Encumbrances” means and includes all liens, options, pledges, mortgages, security interests, charges, adverse claims, rights, restrictions, burdens and encumbrances of every kind.

“Environmental Laws” means any applicable Law, and any Governmental Order or binding agreement with any Governmental Authority: (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or remediation of any Hazardous Substance.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

“ERISA Affiliate” means any Person that is a member of “controlled group of corporations” with, or is under “common control” with, or is a member of the same “affiliated service group” with Seller, as defined in Section 414 of the Code.

“Estimated Closing Date AR Value” has the meaning given to it in Section 2.6(a).

“Estimated Increase Amount” has the meaning given to it in Section 2.6(a).

“Estimated Reduction Amount” has the meaning given to it in Section 2.6(a).

“Excluded Assets” has the meaning given to it in Section 2.2.

“Existing Leases” has the meaning given to it in Section 4.22(b).

“Final Closing Date AR Value” has the meaning given to it in Section 2.6(b).

“Final Increase Amount” has the meaning given to it in Section 2.6(c).

“Final Reduction Amount” has the meaning given to it in Section 2.6(c).

“Financial Statements” has the meaning given to it in Section 4.4.

“GAAP” means, at any time, United States generally accepted accounting principles, methods and practices, consistently maintained and applied throughout the periods referenced.

“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (but only to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority

“Hazardous Substance” means any (a) substance, gas, material or chemical which poses or may pose a hazard to human health or safety, (b) toxic substance or hazardous waste, substance or related material, or any pollutant or contaminant, or (c) asbestos, urea formaldehyde foam insulation, petroleum and petroleum by-products and which, in each case described above in (a), (b) and (c), is now subject to any Environmental Law.

“Holdback Period” means the period beginning on the Closing Date and ending on the first anniversary of the Closing Date.

“Indemnified Party” has the meaning given to it in Section 6.5(a).

“Indemnifying Party” has the meaning given to it in Section 6.5(a).

“Intellectual Property” has the meaning given to it in Section 4.13(a).

“Interim Balance Sheet Date” has the meaning given to it in Section 4.4.

“Inventory” has the meaning given to it in Section 2.1(c).

“Knowledge” means, with respect to a Party, the actual or constructive knowledge of such Party, after due inquiry. When used with respect to Seller, Knowledge shall include only the Knowledge of Kenneth E. Horvath and Brian E. Hubler.

“Landlord” means Hubler and Horvath Realty, a Pennsylvania general partnership, the owner of the Paxinos Property.

“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, or other requirement of any Governmental Authority.

“Leased Real Property” has the meaning given to it in Section 4.22.

“Liability” means any liability, obligation, claim against or Contract of Seller of any kind or nature, at any time existing or asserted, whether or not accrued, whether fixed, contingent or otherwise, whether known or unknown, and whether or not recorded on the books and records of Seller, arising out of or by reason of this or any other transaction or event occurring prior or subsequent to the Closing.

“Losses” means losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder.

“Net Adjustment Payment” has the meaning given to it in Section 2.6(c).

“Notice of Claim” has the meaning given to it in Section 6.5(a).

“Party” or “Parties” have the meanings given to such terms in the preamble.

“Paxinos Lease” means the Lease Agreement, in substantially the form attached hereto as Exhibit A, to be entered into by Buyer and Landlord with respect to the Leased Real Property as of the Closing Date.

“Paxinos Property” means the real property located at 1228 State Road 487, Paxinos, Pennsylvania, which is leased by Seller from Landlord, as more particularly described in Schedule 4.22.

“Permits” means all material permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained, or required to be obtained, from Governmental Authorities.

“Person” means and includes any individual, partnership, corporation, trust, unincorporated organization or other entity or Government Authority.

“Personal Information” means the type information regulated or subject to Privacy Laws and collected, used, disclosed or retained by Seller including information regarding Seller’s clients, customers, suppliers, employees, agents, dependent and independent contractors including an individual’s name, address, age, gender, identification or social insurance number, income, citizenship, employment, assets, liabilities, payment records, credit information, personal and professional references and health and/or medical records.

“Privacy Laws” means all applicable Laws governing the collection, use, disclosure or retention of Personal Information.

“Purchased Assets” means the assets being purchased and sold hereunder, as defined in Section 2.1.

“Purchased IP” has the meaning given to it in Section 4.13(b).

“Purchase Price” has the meaning given to it in Section 2.4.

“Representative” means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other agents of such Person.

“Restrictive Covenant Agreement” has the meaning given to it in Section 8.4.

“Restrictive Covenant Payments” has the meaning given to it in Section 2.5(b).

“Security Holdback Amount” has the meaning given to it in Section 2.7.

“Seller” has the meaning given to it in the preamble.

“Seller Indemnified Parties” has the meaning given to it in Section 6.3.

“Shareholder” or “Shareholders” have the meanings given to such terms in the preamble.

“Target AR Ceiling” means $590,000.

“Target AR Floor” means $540,000.

“Taxes” means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, documentary, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties.

“Tax Return” means any return, declaration, report, claim for refund, information return or statement or other document relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

“Third Party Action” has the meaning given to it in Section 6.5(d).

“Transaction Documents” means this Agreement, the Restrictive Covenant Agreements, the Assignment and Assumption Agreement, Paxinos Lease, the bill of sale and the other agreements, instruments and documents required to be delivered at the Closing.

“Uncollected Receivables” has the meaning given to it in Section 8.9.

1.2 Accounting Terms. As used in this Agreement and, unless the context requires otherwise, in each other agreement, document or instrument delivered under or in connection with this Agreement, all accounting terms not otherwise defined herein or therein shall have the meanings assigned to them in accordance with GAAP.

1.3 Other Definitional Provisions. Unless the context requires otherwise, references to “Articles” and “Sections” are to the Articles or Sections of this Agreement, and references to “Exhibits” and “Schedules” are to the Exhibits and Schedules annexed hereto. Any of the terms defined in this Article I may, unless the context requires otherwise, be used in the singular or the plural depending on the reference. Wherever used herein, the masculine pronoun shall include the feminine and the neuter, as appropriate in the context. With respect to any matter or thing, “including” or “includes” means including but not limited to such matter or thing. All references to currency contained in this Agreement shall be to United States currency.

ARTICLE II. PURCHASE AND SALE

2.1 Transfer of Purchased Assets. Subject to all of the terms and conditions of this Agreement, at the Closing Seller shall sell, transfer, convey, assign and deliver to Buyer, free and clear of all Encumbrances, and Buyer shall purchase and accept from Seller, all of the assets, of every nature and description whatsoever and wherever situated, tangible or intangible, owned by Seller on the Closing Date (collectively, the “Purchased Assets”), including the following (but excluding the Excluded Assets):

(a) Seller’s leasehold interest in the Leased Real Property (subject, in the case of the Paxinos Property, to modification pursuant to the Paxinos Lease);

(b) all of Seller’s tangible personal property, including equipment, machinery, furniture, fixtures, leasehold improvements, vehicles and supplies, including without limitation those described in Schedule 2.1(b), together with related product warranties;

(c) all of Seller’s inventory, raw materials, work in progress and finished goods (collectively, the “Inventory”), including those described in Schedule 2.1(c);

(d) all of Seller’s accounts receivable and notes receivable and interest receivable thereon, all as more particularly described in Schedule 2.1(d) (collectively, the “Accounts Receivable”);

(e) all of Seller’s deposits (including security deposits) and prepaid expenses, all as more particularly described in Schedule 2.1(e);

(f) all of Seller’s interest in and to the Customer Contracts, Customer Purchase Orders and Quotes, Assumed Leases and certain other Contracts, all as more particularly described in Schedule 2.1(f) (collectively, the “Assigned Contracts”);

(g) all of Seller’s interest in and to (1) all patents, applications for patents, copyrights, license agreements (including software license agreements), assumed names, trade names, trademark and/or service mark registrations, applications for trademark and/or service mark registrations, trademarks and service marks of Seller, as more particularly described in Schedule 2.1(g), and all variants thereof, including all of Seller’s rights to use the name “Spectrum Technologies” to the exclusion of Seller; (2) all of Seller’s rights in and to client information, client lists, and candidate/prospect lists; (3) all telephone numbers, fax numbers, telephone directory advertising, web sites, domain names, domain leases, and e-mail addresses used or held for use in the Business, all as identified on Schedule 2.1(g); (4) all of Seller’s other proprietary information, including trade secrets, know-how, product designs and specifications, operating data and other information pertaining to the Business; and (5) the goodwill associated with the Business;

(h) all Permits necessary for or incident to the operation of the Business, to the extent assignable;

(i) all of Seller’s business and operational records relating to the Business, including employee records (to the extent permitted under applicable Law), office and sales records, blueprints, marketing strategies, business plans, studies and inventory lists and records (but expressly excluding Seller’s capital stock records, corporate minute books, bank account records and Tax Returns); and

(j) all other assets of Seller, not described above, which are either (1) reflected on the Financial Statements and not disposed of by Seller in the ordinary course of business between the Interim Balance Sheet Date and the Closing Date, or (2) acquired by Seller in the ordinary course of business between the Interim Balance Sheet Date and the Closing Date.

2.2 Excluded Assets. Notwithstanding the provisions of Section 2.1, the “Purchased Assets” shall not include, and Buyer shall not acquire hereunder (collectively, the “Excluded Assets”): (i) any of the capital stock of Seller, (ii) any Employee Benefit Plan, or any interest therein or right thereunder, (iii) Seller’s capital stock records, corporate minute books, bank account records and Tax Returns, (iv) Seller’s cash, cash-equivalents and securities, or (v) the assets identified on Schedule 2.2.

2.3 Use of Seller’s Name and Phone Numbers. In furtherance of the purchase and sale of the Purchased Assets hereunder, immediately upon the Closing Seller and the Shareholders shall cause Seller’s corporate name to be changed to a name completely dissimilar to “Spectrum Technologies, Inc.”, and thereafter shall not adopt, use, cause to be used, or approve or sanction the use of such name, or any name so similar as to cause confusion therewith, or any other trade name or assumed name listed in Schedule 2.1(g). Promptly after the Closing, Seller shall discontinue use of its existing business telephone numbers and shall take all reasonable action (at no cost to Seller) and sign all documents as may be reasonably necessary to make such telephone numbers available for use by Buyer.

2.4 Purchase Price. Subject to the provisions of this Agreement (including, without limitation, the adjustments set forth in Section 2.6 and Section 2.8), the total purchase price shall be $11,750,000 (the “Purchase Price”) and the Purchase Price shall be allocated among the Purchased Assets and to the Restrictive Covenant Agreement as set forth in Schedule 2.4. The Purchase Price shall be payable to Seller and the Shareholders in accordance with the provisions of Section 2.5. At the Closing, Buyer, Seller and each Shareholder shall execute a closing statement in a form acceptable to the Parties (the “Closing Statement”) that sets forth the calculation of the Closing Cash Payment pursuant to Section 2.5(a), and may include certain other adjustments or credits to the Purchase Price (and the Closing Cash Payment) agreed upon by the Parties (the “Closing Statement Adjustment”).

2.5 Payment of Purchase Price. Subject to the adjustment described in Section 2.6 and all of the terms and conditions of this Agreement, at the Closing:

(a) Buyer shall pay to Seller an amount (the “Closing Cash Payment”) equal to (i) the Purchase Price, (ii) less the Security Holdback Amount, (iii) less the EBITDA Holdback Amount (iv) less the Restrictive Covenant Payment, (v) less the Estimated Reduction Amount, if any, (vi) plus the Estimated Increase Amount, if any, and (vii) plus or less, as the case may be, the Closing Statement Adjustment, by wire transfer of immediately available funds to an account designated in writing by Seller;

(b) Buyer shall pay to each Shareholder the sum of $100,000, by wire transfer of immediately available to an account designated in writing by such Shareholder, in consideration for such Shareholder’s execution and delivery of the Restrictive Covenant Agreement (collectively, the “Restrictive Covenant Payments”); and

(c) Buyer shall hold the Security Holdback Amount in accordance with Section 2.7.

(d) Buyer shall hold the EBITDA Holdback Amount in accordance with Section 2.8(c).

2.6 Closing Date Adjustment to Purchase Price. The Purchase Price shall be subject to adjustment in accordance with the following procedures:

(a) No later than one day prior to the Closing Date, Seller shall deliver to Buyer a good faith estimate of the Closing Date AR Value, which shall be determined in accordance with GAAP and shall be calculated net of the bad debt reserve agreed upon by Buyer and Seller prior to Closing (the “Estimated Closing Date AR Value”). If the Estimated Closing Date AR Value is less than the Target AR Floor, then the Purchase Price and, as provided in Section 2.5(a), the Closing Cash Payment shall be reduced, on a dollar-for-dollar basis, by the amount by which the Estimated Closing Date AR Value is less than the Target AR Floor (the “Estimated Reduction Amount”). If the Estimated Closing Date AR Value is greater than the Target AR Ceiling, then the Purchase Price and, as provided in Section 2.5(a), the Closing Cash Payment, shall be increased, on a dollar-for-dollar basis, by the amount by which the Estimated Closing Date AR Value is greater than the Target AR Ceiling (the “Estimated Increase Amount”). If the Estimated Closing Date AR Value is equal to or greater than the Target AR Floor but less than or equal to the Target AR Ceiling, then neither the Purchase Price nor the Closing Cash Payment shall be adjusted pursuant to this Section 2.6(a).

(b) Within 200 days after the Closing Date, Buyer shall prepare and deliver to Seller the calculation of the Closing Date AR Value. The calculation of Closing Date AR Value shall be prepared in accordance with GAAP and shall not include the amount of any Uncollected Receivables (as provided in Section 8.9), but shall not otherwise be reduced by any bad debt reserve used in calculating the Estimated Closing Date AR Value. Buyer’s calculation of the Closing Date AR Value shall be final and binding on the Parties for purposes of this Section 2.6 unless, within 10 days after delivery thereof to Seller, Seller delivers to Buyer a written notice of dispute specifying in reasonable detail the items in dispute. After delivery of such a dispute notice, Seller and Buyer shall promptly negotiate in good faith with respect to the subject of the dispute notice. The Closing Date AR Value finally determined under this Section 2.6(b) shall be referred to as the “Final Closing Date AR Value”.

(c) Subject to the provisions of this Section 2.6(c), (i) if the Final Closing Date AR Value is less than the Target AR Floor, then the Purchase Price shall be reduced, on a dollar-for-dollar basis, by the amount by which the Final Closing Date AR Value is less than the Target AR Floor (the “Final Reduction Amount”); (ii) if the Final Closing Date AR Value is greater than the Target AR Ceiling, then the Purchase Price shall be increased, on a dollar-for-dollar basis, by the amount by which the Final Closing Date AR Value is greater than the Target AR Ceiling (the “Final Increase Amount”); and (iii) if the Final Closing Date AR Value is equal to or greater than the Target AR Floor but less than or equal to the Target AR Ceiling, then the Purchase Price shall not be adjusted pursuant to this Section 2.6(c). Notwithstanding the foregoing, for purposes of determining the amount, if any, due from Buyer or Seller as a result of the adjustments set forth in this Section 2.6(c) (the “Net Adjustment Payment”), any Estimated Reduction Amount or Estimated Increase Amount paid under Section 2.6(a) shall be applied to or offset or netted against, as applicable, the Final Reduction Amount or Final Increase Amount, as appropriate, so that the Net Adjustment Payment shall result in the net aggregate amount of payments or adjustments made pursuant to Section 2.6(a) and Section 2.6(c) reflecting the adjustment, if any, that would be due pursuant to this Section 2.6(c) based on the Final Closing Date AR Value and Buyer or Seller, as applicable, shall pay to the other the Net Adjustment Payment so calculated, as provided in Section 2.6(d). For purposes of clarification, if the Final Closing Date AR Value is greater than the Target AR Floor but less than the Target AR Ceiling (resulting in there being no adjustment to the Purchase Price pursuant to this Section 2.6(c)), but there was an adjustment to the Purchase Price made at Closing pursuant to Section 2.6(a), then the Net Adjustment Payment shall be equal to the Estimated Reduction Amount (which shall be returned and paid by Buyer to Seller) or Estimated Increase Amount (which shall be returned and paid by Seller to Buyer), as the case may be, calculated under Section 2.6(a).

(d) If the Purchase Price is reduced (or the Net Adjustment Payment is otherwise due from Seller) pursuant to Section 2.6(c), then, within 10 days after determination of the Final Closing Date AR Value, Seller and the Shareholders, jointly and severally, shall pay to Buyer in cash the full amount of the Net Adjustment Payment (or authorize Buyer in writing to offset such amount against the Security Holdback Amount in accordance with Section 6.6). If Seller and the Shareholders fail to pay when due the amount of the Net Reduction Payment, if any, due from them then, in addition to any other rights and remedies available to Buyer (and notwithstanding any failure by Seller and the Shareholders to authorize such offset as provided above), Buyer shall have the right to offset such amounts against the Security Holdback Amount, subject to and in accordance with the terms of Section 6.6. If the Purchase Price is increased (or the Net Adjustment Payment is otherwise due from Buyer) pursuant to Section 2.6(c), then Buyer shall pay to Seller, in cash, within 10 days after determination of the Final Closing Date AR Value, the full amount of the Net Adjustment Payment. Any reduction or increase in the Purchase Price made pursuant to this Section 2.6 shall be treated by the Parties as an adjustment to the Purchase Price for income tax purposes. For purposes of clarification, a Final Reduction Amount shall be treated as a reduction of the Purchase Price and a reduction of the portion of the Purchase Price allocated to Accounts Receivable.

2.7 Security Holdback. As security for the obligations of Seller and the Shareholders pursuant to Section 6.2 and Section 8.9, at the Closing, Buyer shall withhold from the Purchase Price the sum of $1,175,000 (the “Security Holdback Amount”). Buyer shall hold the Security Holdback Amount during the Holdback Period, pursuant to the terms of this Agreement. Subject to and in accordance with the provisions of Section 6.6, Buyer shall have the right to deduct from and set off against the Security Holdback Amount (A) any Losses for which Buyer is entitled to indemnification from Seller and the Shareholders pursuant to Section 6.2, and (B) any amounts due to Buyer from Seller or the Shareholders with respect to the Net Adjustment Amount pursuant to Section 2.6(d) (and not otherwise paid by Seller or the Shareholders pursuant to Section 2.6(d)). Upon expiration of the Holdback Period, Buyer shall pay to Seller, in immediately available funds, an amount equal to (i) the Security Holdback Amount, less (ii) any amounts set off against the Security Holdback Amount pursuant to this Section 2.6 or Section 6.6, less (iii) any amounts that Buyer is permitted to continue to hold pursuant to Section 6.6, plus (iv) interest, at the rate of 0.5% per annum, on the portion of the Security Holdback Amount payable to Seller (not including amounts that Buyer is permitted to set off or continue to hold, as described in clauses (ii) and (iii)) from the Closing Date to the date of payment.

2.8 Post-Closing Purchase Price Adjustment. The Purchase Price shall be subject to adjustment after the Closing as provided in this Section 2.8.

(a) If the Adjustment Year EBITDA (as determined in accordance with Section 2.8(b)) is less than $1,808,000, then the Purchase Price shall be reduced by an amount (the “Adjustment Amount”) equal to the product of (i) an amount equal to (A) $1,808,000 minus (B) the Adjustment Year EBITDA, multiplied by (ii) 6.5; provided, however, that in no event shall the Purchase Price be reduced by an amount greater than the EBITDA Holdback Amount. If the Adjustment Year EBITDA (as determined in accordance with Section 2.8(b)) equals or exceeds $1,808,000, then the Purchase Price shall not be adjusted pursuant to this Section. If the Purchase Price is reduced pursuant to this Section, then Buyer may retain from the EBITDA Holdback Amount an amount equal to the Adjustment Amount. Any reduction of the Purchase Price made pursuant to this Section 2.8 shall be treated by the Parties as an adjustment to the Purchase Price for income tax purposes.

(b) On or before January 31, 2017, Buyer shall prepare and deliver to Seller a written statement setting forth in reasonable detail Buyer’s determination of Adjustment Year EBITDA and its calculation of the resulting Adjustment Amount, if any. Buyer’s calculation of the Adjustment Year EBITDA and the resulting Adjustment Amount shall be final and binding on the Parties for purposes of this Section 2.8 unless, within 10 days after delivery thereof to Seller, Seller delivers to Buyer a written notice of dispute specifying in reasonable detail the items in dispute. After delivery of such a dispute notice, Seller and Buyer shall promptly negotiate in good faith with respect to the subject of the dispute notice and the calculation of the Adjustment Amount. Within 30 days after the end of each of the first three fiscal quarters during the Adjustment Year, Buyer shall provide Seller with a written calculation of its estimate of the Adjustment Year EBITDA through the end of such quarter, which estimate shall be for informational purposes only and shall not be binding on the Parties for purposes of the calculation of the Adjustment Year EBITDA pursuant to this Section 2.8(b).

(c) As security for the payment of the Adjustment Amount, if any, at the Closing, Buyer shall withhold from the Purchase Price the sum of $500,000 (the “EBITDA Holdback Amount”). Within 10 days after the final determination of the Adjustment Amount pursuant to Section 2.8(b), Buyer shall pay to Seller an amount equal to (i) the EBITDA Holdback Amount, less (ii) the Adjustment Amount, if any, plus (iii) interest, at the rate of 0.5% per annum, on the portion of the EBITDA Holdback Amount payable to Seller (not including the Adjustment Amount) from the Closing Date to the date of payment. Buyer shall retain the Adjustment Amount, as a reduction to the Purchase Price, in accordance with Section 2.8(a).

(d) After the Closing, Buyer shall have sole discretion with regard to all matters relating to the operation of its business and the Purchased Assets. Notwithstanding the foregoing, during the Adjustment Period, Buyer shall: (i) operate the Business in a manner consistent in all material respects with Seller’s operation of the Business prior to the Closing; (ii) not, directly or indirectly, take any actions in bad faith that would have the purpose of reducing the Adjustment Year EBITDA; and (iii) not include in the calculation of Adjustment Year EBITDA expenses of the type that were not incurred in the Business for the most recent fiscal year as reflected in the Financial Statements and the supporting general ledger and trial balance. For clarification, for example, the calculation shall not include expenses allocated or charged to the Business for (1) publicly traded company compliance costs, (2) corporate overhead expenses or other intercompany charges, or (3) administration, legal and accounting costs materially in excess of those historically incurred in the operation of the Business.

ARTICLE III. LIABILITIES AND CONTRACTS

3.1 No Assumption of Liabilities or Contracts. It is expressly understood and agreed that Buyer does not assume nor shall it be liable for any Liability unless such Liability is expressly assumed by Buyer under Section 3.2. Seller shall pay or make adequate provision for the payment of all of the Liabilities of every kind and nature not so assumed by Buyer, and Seller and the Shareholders shall jointly and severally indemnify Buyer, as provided by Section 6.2, with respect to all such Liabilities not assumed by Buyer under Section 3.2.

3.2 Contracts Assumed. Subject to all of the terms and conditions of this Agreement, at the Closing Buyer shall assume and become responsible to perform and discharge when due, to the extent the same have not been performed or discharged by Seller prior to the Closing, the Liabilities arising after the Closing Date under the Assigned Contracts, but only to the extent that such Liabilities do not relate to any breach, default or violation by Seller of the Assigned Contracts on or prior to the Closing Date (collectively, the “Assumed Liabilities”). Upon assumption by Buyer of the Assigned Contracts at Closing, Buyer shall be entitled to all of Seller’s rights and benefits thereunder and shall relieve Seller of its obligations to perform the same; provided, however, that nothing herein contained shall relieve Seller of its obligations or Liabilities arising thereunder or in connection therewith prior to such assumption by Buyer at the Closing. Buyer shall indemnify Seller, as provided by Section 6.3, with respect to all of the Assumed Liabilities from and after the Closing Date.

ARTICLE IV. SELLER’S AND SHAREHOLDERS’ REPRESENTATIONS AND WARRANTIES

Seller and each Shareholder hereby jointly and severally represent and warrant to Buyer, as of the Closing Date, as follows:

4.1 Organization, Standing and Power. Seller is a corporation duly organized, validly existing and in good standing under the Laws of the State of Pennsylvania. Seller has all necessary corporate power and authority to own, use and transfer its properties and assets and to transact the Business as now being conducted. Schedule 4.1 sets forth each jurisdiction in which Seller is licensed or qualified to do business and, except as set forth in Schedule 4.1, Seller is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the ownership of the Purchased Assets or the operation of the Business as currently conducted makes such licensing or qualification necessary. Seller has no subsidiaries. Schedule 4.1 includes a list of all of the holders of the outstanding capital stock of Seller, and the number of shares held by each such holder.

4.2 Authority for Transaction. Seller’s execution and delivery of this Agreement and all other Transaction Documents to which it is a party, its compliance with the provisions hereof and thereof and the consummation of all of the transactions contemplated hereby and thereby, have all been duly and validly authorized by all necessary corporate action on the part of Seller, and this Agreement and all other Transaction Documents to which Seller is a party are valid and binding upon Seller in accordance with their respective terms. Each Shareholder has full power and authority to execute and deliver this Agreement and all other Transaction Documents to which such Shareholder is a party, to comply with the provisions hereof and thereof and to consummate the transactions contemplated hereby and thereby. This Agreement and all other Transaction Documents to which each Shareholder is a party are valid and binding upon such Shareholder in accordance with their respective terms.

4.3 No Conflict. Neither the execution and delivery of this Agreement or any other Transaction Document by Seller or either Shareholder, nor compliance by Seller or either Shareholder with any of the provisions hereof or thereof, nor the consummation of the transactions contemplated hereby or thereby, will:

(a) conflict with or result in a breach of any provision of Seller’s certificate of incorporation or by-laws;

(b) except as set forth in Schedule 4.3, result in a default, or give rise to any right of termination, cancellation or acceleration, under any term, condition or provision of any Contract, Encumbrance or other instrument or obligation to which Seller or either Shareholder is a party or by which they or any of their respective properties or assets may be bound;

(c) violate any Governmental Order or Law applicable to Seller or any of its properties or assets; or

(d) require any consent, waiver or approval by, notice to or filing with any Person, except for such consents, waivers, approvals, notices or filings set forth in Schedule 4.3, all of which have been obtained, given or made.

4.4 Financial Statements. Seller has heretofore delivered to Buyer a true, correct and complete copy of the following (collectively, the “Financial Statements”): ( i) the unaudited compiled balance sheets and related statements of income for Seller for the fiscal years ended December 31, 2012, December 31, 2013 and December 31, 2014, respectively; and (ii) the unaudited balance sheet of Seller as of October 31, 2015 (the “Interim Balance Sheet Date”), and related unaudited statement of income for the 10-month period then ended. The Financial Statements are compilation statements compiled from the books of account and records of Seller and have been compiled in accordance with GAAP, except that the Financial Statements do not contain notes, do not contain reserves for bad debts and accruals of certain non-material items, and may be subject to normal audit and GAAP adjustments of the type that are not required for compilations, none of which adjustments are expected to be material. The Financial Statements fairly present Seller’s financial position as at the dates thereof and the results of Seller’s operations, changes in Seller’s financial position and other information of Seller included therein for the periods or as at the dates therein set forth.

4.5 No Undisclosed Liabilities. Seller has no Liabilities with respect to the Business, except (a) those which are adequately reflected or reserved against in the Financial Statements as of the Interim Balance Sheet Date, and (b) those which have been incurred in the ordinary course of business consistent with past practice since the Interim Balance Sheet Date and which are not, individually in excess of $20,000 or in the aggregate in excess of $50,000.

4.6 Absence of Certain Changes. Except as disclosed in Schedule 4.6, since the Interim Balance Sheet Date, (a) Seller has conducted the Business only in the ordinary course of business consistent with past practice, (b) there has not been any aggregate net material adverse change in the condition (financial or otherwise), assets, Liabilities or Business of Seller, or any damage, destruction or loss, whether or not covered by insurance, materially adversely affecting its properties or the Business, and (c) Seller has not experienced any other change in the Business resulting in or which could have an Adverse Effect.

4.7 Title. Seller has, and shall transfer to Buyer at the Closing, good title to each item comprising the Purchased Assets, free and clear of all Encumbrances.

4.8 Compliance with Laws; Permits.

(a) Seller has complied, and is now complying, in all material respects with all Laws applicable to ownership and use of the Purchased Assets or the operation of the Business and, to the Knowledge of Seller and the Shareholders, there is no basis for any Action arising out of or in connection therewith. Seller has not received any notice of any violation of any Law, and Seller is not party to any settlement agreement or consent decree with continuing obligations or restrictions on Seller. To the Knowledge of Seller and the Shareholders, each item comprising the Purchased Assets and the current uses thereof conform in all material respects to all applicable Laws.

(b) All Permits required for Seller to conduct the Business as currently conducted or for the ownership and use of the Purchased Assets have been obtained by Seller and are valid and in full force and effect. All fees and charges with respect to such Permits as of the date hereof have been paid in full. Schedule 4.8(b) lists all current Permits issued to Seller which are related to the conduct of the Business as currently conducted or the ownership and use of the Purchased Assets, including the names of the Permits and their respective dates of issuance and expiration. No event has occurred that, with or without notice or lapse of time or both, would reasonably be expected to result in the revocation, suspension, lapse or limitation of any Permit set forth in Schedule 4.8(b).

4.9 Condition and Sufficiency of Purchased Assets. Each item of tangible property included in the Purchased Assets is in good condition and repair, ordinary wear and tear excepted, and none of such tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not in the aggregate material in nature or cost. The Purchased Assets (i) constitute all of the rights, property and assets used to conduct the Business as currently conducted, except for the Excluded Assets, and (ii) include all of the operating assets of Seller. None of the assets used or useful in the operation of the Business are owned by the Shareholders.

4.10 Privacy Laws and Data Protection. Seller has complied in all respects with all applicable Privacy Laws. There are no restrictions on the collection, use, disclosure and retention of Personal Information by Seller except as provided by Privacy Laws. With respect to the Business, Seller has established, implemented, updated, maintained and enforced such policies, programs, procedures, contracts and systems with respect to the collection, use, storage, transfer, retention, deletion, destruction, disclosure and other forms of processing of any and all Personal Information as are consistent and compliant with practice and standards typical for companies of comparable size to Seller that conduct businesses similar to the Business. Seller and the Shareholders do not have any Knowledge of any actual, suspected or threatened (i) breach, misappropriation, or unauthorized disclosure, access, use, dissemination or modification of any Personal Information ; or (ii) breach or violation of any of Seller’s policies, programs, procedures, contracts and systems described in this Section 4.10.

4.11 Accounts Receivable. The Accounts Receivable (a) have arisen from bona fide transactions entered into by Seller involving the sale of goods or the rendering of services in the ordinary course of business consistent with past practice; (b) constitute only valid claims of Seller that, to the Knowledge of Seller, are not subject to any claims of set-off or other defenses or counterclaims or disputes, other than normal cash discounts or volume discounts or other discounts specified in the Customer Contract or Customer Purchase Order and Quote and accrued in the ordinary course of business consistent with past practice; and (c) are required by the terms of the invoice to be paid in full within 90 days after the date of invoice.

4.12 Inventory. All of the Inventory (i) consists of inventories of the kind, quality and quantity regularly and currently used in the Business, and (ii) is in good and saleable condition and fit for Seller’s purposes.

4.13 Intellectual Property.

(a) “Intellectual Property” means any and all of the following in any jurisdiction throughout the world: (A) trademarks and service marks, including all applications and registrations and the goodwill connected with the use of and symbolized by the foregoing; (B) copyrights, including all applications and registrations related to the foregoing; (C) trade secrets and confidential know-how; (D) patents and patent applications; (E) websites and internet domain name registrations; and (F) other intellectual property and related proprietary rights, interests and protections (including all rights to sue and recover and retain damages, costs and attorneys' fees for past, present and future infringement and any other rights relating to any of the foregoing).

(b) Schedule 2.1(g) lists all Intellectual Property included in the Purchased Assets (“Purchased IP”). Seller is the sole and exclusive legal and beneficial owner of all of the Purchased IP, free and clear of all Encumbrances, and has the valid right to use all other Intellectual Property used in or necessary for the conduct of the Business as currently conducted.

(c) Seller’s prior and current use of the Purchased IP, and Seller’s conduct of the Business as currently conducted, has not and does not infringe, violate, dilute or misappropriate the Intellectual Property of any Person. To the Knowledge of Seller and the Shareholders, no Person is infringing, misappropriating, diluting or otherwise violating any of the Purchased IP.

(d) There are no Actions (including any oppositions, interferences or reexaminations) settled, pending or, to the Knowledge of Seller and the Shareholders, threatened (including in the form of offers to obtain a license): (i) alleging any infringement, misappropriation, dilution or violation of the Intellectual Property of any Person by Seller in connection with the Business; ; (ii) challenging the validity, enforceability, registrability or ownership of any of the Purchased IP or Seller’s rights with respect to any Purchased IP; or (iii) by Seller or any other Person alleging any infringement, misappropriation, dilution or violation by any Person of any Purchased IP. Seller is not subject to any outstanding or prospective Governmental Order (including any motion or petition therefor) that does or would restrict or impair the use of any Purchased IP or restrict the licensing thereof to any Person.

(e) None of the past or present employees, officers, directors or shareholders of Seller has any rights in any of the Purchased IP or in any inventions, whether or not patented, which have been or are used by Seller in the Business or which pertain to the Business.

4.14 Assigned Contracts. Each of the Assigned Contracts is valid and binding, in full force and effect and, except for obtaining any consents, waivers or approvals or giving any notice listed in Schedule 4.3, is fully assignable to and assumable by Buyer, so that immediately after the Closing, Buyer will be entitled to the full benefits thereof. None of Seller or, to the Knowledge of Seller and the Shareholders, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under), or has provided or received any notice of any intention to terminate, any Assigned Contract, except as disclosed in Schedule 4.14. To the Knowledge of Seller and the Shareholders, no event or circumstance has occurred that, with or without notice or lapse of time or both, would constitute an event of default under any Assigned Contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of benefit thereunder. Seller has made available to Buyer complete and correct copies of each Assigned Contract. There are no disputes pending or, to the Knowledge of Seller and the Shareholders, threatened under any Assigned Contract.

4.15 Other Contracts. Other than the Assigned Contracts, Seller is not a party to, or otherwise bound by, any Contract or other instrument which is material or necessary to the ownership of the Purchased Assets or the operation of the Business or which has an Adverse Effect on any of the Purchased Assets or the Business.

4.16 Legal Proceedings. Except as set forth in Schedule 4.16, there are no Actions pending or, to the Knowledge of Seller and the Shareholders, threatened against or by Seller (a) relating to or affecting the Business, the Purchased Assets or the Assumed Liabilities; or (b) that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. To the Knowledge of Seller and the Shareholders, no event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action. There are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against, relating to or affecting the Business.

4.17 Tax Matters. Seller has filed all federal, state, county and local Tax Returns which are required to be filed prior to the date of this Agreement and has paid or has reserved for the payment of all Taxes which have become due and payable. All such Tax Returns are complete and accurate and disclose all Taxes required to be paid. No event has occurred which could impose on Buyer any successor or transferee liability for any Taxes in respect of Seller, except as may occur by operation of law under any Laws which provide for such liability upon the transfer of all or substantially all of the assets of Seller. No examination or audit of any Tax Return is currently in progress and no Governmental Authority is asserting, or has threatened in writing to assert, against Seller any deficiency, proposed deficiency or claim for additional Taxes or any adjustment thereof with respect to any period for which a Tax Return has been filed, for which Tax Returns have not yet been filed or for which Taxes are not yet due and payable. All amounts required to be withheld by Seller (including from employees for income Taxes and social security and other payroll Taxes) have been collected or withheld, and either paid to the respective Taxing authorities, set aside in accounts for such purpose, or accrued, reserved against and entered upon the books of Seller.

4.18 Insurance. Schedule 4.18 contains (a) a list and general description of all fire, theft, casualty, liability, life, hospitalization, medical reimbursement and other insurance coverage insuring the Purchased Assets, Seller and its personnel and Business operations; and (b) with respect to workmen’s compensation, liability insurance and property insurance claims, a copy of the claims history obtained from Seller’s insurance providers for the period described on Schedule 4.18. There are no claims related to the Business, the Purchased Assets or the Assumed Liabilities pending under any such insurance policies as to which coverage has been questioned, denied or disputed or in respect of which there is an outstanding reservation of rights. Seller has provided to Buyer true, correct and complete copies of the insurance policies identified on Schedule 4.18.

4.19 Labor Relations and Employment Issues.

(a) Seller has made available to Buyer a true, correct and complete list setting forth the names, date of hire, the rate of compensation (and the portions thereof attributable to salary and bonuses, respectively), the amount of accrued but unused vacation time as of the date of this Agreement, and work location of all current employees of Seller. Seller has made available to Buyer a true, correct and complete list setting forth the names of all employees of Seller currently on short-term or long-term disability leave, workers’ compensation leave, leave under the Family Medical Leave Act, and any other leave.

(b) Except as set forth in Schedule 4.19, (1) Seller has not entered into any collective bargaining agreement or other contract with any employee, union, labor organization or other employee representative or group of employees and, to the Knowledge of Seller and the Shareholders, no such organization or Person has made or is making any attempt to organize or represent employees of Seller; (2) there is no pending grievance or arbitration and no unsatisfied or unremedied grievance or arbitration award against Seller or any agent, representative or employee of Seller and, to the Knowledge of Seller and the Shareholders, there is no basis for any such grievance or arbitration; (3) there is no unfair labor practice charge, pending trial of unfair labor practice charges, unremedied unfair labor practice finding or adverse decision of the National Labor Relations Board or administrative law judge thereof, against Seller or any agent, representative or employee of Seller and, to the Knowledge of Seller and the Shareholders, there is no basis for any such unfair labor practice charge; and (4) there is not pending or, to the Knowledge of Seller and the Shareholders, threatened with respect to Seller or its employees any labor dispute, strike or work stoppage.

(c) Without limiting the generality of Section 4.8, Seller is in compliance in all material respects with all applicable Laws, standards and Contracts relating to employment, and the payment and withholding of Taxes and other similar obligations, and Seller has not received any notice of any violation of any such Law, standard or Contract.

(d) Except as set forth in Schedule 4.19, no current or former employee of Seller is owed by Seller overtime pay (other than overtime pay for the current payroll period), wages or salary for any period other than the current payroll period, vacation, holiday or other time off or pay in lieu thereof (other than time off or pay in lieu thereof earned in respect of the current year), or any amount arising from any violation of any Law, or Contract relating to the payment of wages, fringe benefits, wage supplements or hours of work.

4.20 Employee Benefits.

(a) Schedule 4.20 lists all employee benefit plans and collective bargaining, employment or severance agreements or other similar arrangements which Seller or any ERISA Affiliate, has sponsored, or maintained after July 1, 1999, or to which contributions are made or have been made after July 1, 1999, or for which obligations have been incurred, for the benefit of employees or former employees of Seller or any ERISA Affiliate, or with respect to which Seller or any ERISA Affiliate could have any Liability including, without limitation, (1) any “employee benefit plan” (within the meaning of Section 3(3) of ERISA), (2) any profit-sharing, stock bonus, deferred compensation, bonus, stock option, stock purchase, restricted stock, equity incentive, phantom equity, pension, retirement, retainer, compensation, consulting, severance, retention, indemnification, welfare or incentive plan, agreement or arrangement, (3) any plan, agreement or arrangement providing for “fringe benefits” or perquisites to employees, officers, directors or agents, including but not limited to benefits relating to automobiles, clubs, vacation, child care, parenting, sabbatical, sick leave, tuition reimbursement, medical, dental, hospitalization, life insurance, disability insurance and other types of insurance, whether written or unwritten, and (4) any employment agreement. The plans, agreements and arrangements described in this Section 4.20 are referred to herein as “Employee Benefit Plans.”

(b) None of the Employee Benefit Plans is, and neither Seller nor any ERISA Affiliate has ever contributed to or had any obligation to contribute to: (i) a plan subject to Title IV of ERISA or Section 412 of the Code; (ii) a “multiemployer plan” (within the meaning of Section 3(37) of ERISA); (iii) a “multiple employer plan” (within the meaning of Section 413(c) of the Code); (iv) any “voluntary employees’ beneficiary association” (within the meaning of Section 501(c)(9) of the Code); or (v) any “multiple employer welfare arrangement” (within the meaning of Section 3(40) of ERISA).

(c) Seller has delivered to Buyer copies of all documents and summary plan descriptions of the Employee Benefit Plans or summary descriptions of any such Employee Benefit Plan not otherwise in writing, which documents and descriptions are true, correct and complete in all respects. Seller has delivered to Buyer true, correct and complete copies of the most recent determination letters, advisory letters and opinion letters and the Forms 5500 filed in the most recent three plan years with respect to any Employee Benefit Plan, including all schedules thereto and financial statements with attached opinions of independent accountants. Seller has delivered to Buyer summaries of material modifications distributed since the most recent summary plan description and material communications distributed within the last year to the participants of each Employee Benefit Plan.

(d) Each Employee Benefit Plan (and any related trust agreement, insurance contract or fund) has been maintained, funded and administered in accordance with its terms and any applicable collective bargaining agreement, and each Employee Benefit Plan, Seller and each ERISA Affiliate, is in compliance with the applicable provisions of ERISA, the Code and all Laws applicable thereto. Seller has not incurred and could not reasonably be expected to incur an employer shared responsibility penalty under Section 4980H of the Code. None of Seller, any ERISA Affiliate, nor any Employee Benefit Plan fiduciary has, with respect to the Employee Benefit Plans, engaged in a breach of fiduciary duty or a non-exempt “prohibited transaction,” as such term is defined in Section 4975 of the Code or Section 406 of ERISA.

(e) No Actions (other than routine claims for benefits in the ordinary course) are pending or, to the Knowledge of Seller and the Shareholders, threatened with respect to any Employee Benefit Plan. No audits, inquiries, reviews, proceedings, claims, or demands are pending with any Governmental Authority with respect to any Employee Benefit Plan. There are no facts which could give rise to any Liability in the event of any such Action, audit, review, or other proceeding.

(f) Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter (or an opinion or advisory letter on which it is entitled to rely) from the Internal Revenue Service that such Employee Benefit Plan is qualified under Section 401(a) of the Code, and such determination letter, opinion letter or advisory letter has not expired as of the date hereof (or, in the case of an expired determination letter, the Employee Benefit Plan’s sponsor has a timely filed application for an updated determination letter pending with the Internal Revenue Service and has no reason to believe that a favorable determination letter will not be issued). Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been timely amended to reflect the provisions of all statutory or regulatory changes requiring amendments for which the deadline for amendment has passed. No event has occurred that will or could give rise to the revocation of any applicable determination letter or the loss of the right to rely on any applicable opinion or advisory letter, or the disqualification or loss of tax-exempt status of any such Employee Benefit Plan or trust under Sections 401(a) or 501(a) of the Code.

(g) Except as set forth in Schedule 4.20, no Employee Benefit Plan provides for or continues medical or health benefits, or life insurance or other welfare benefits (through insurance or otherwise) for any person or any dependent or beneficiary of any person after such person’s retirement or other termination of employment except as may be required by COBRA or applicable state Law, and there has been no communication to any person that could reasonably be expected to promise or guarantee any such benefits.

(h) No condition exists as a result of which Seller or any ERISA Affiliate would have any Liability, whether absolute or contingent, including any obligations under the Employee Benefit Plans, with respect to any misclassification of a Person performing services for Seller or an ERISA Affiliate as an independent contractor or the employee of another entity rather than as an employee of Seller or an ERISA Affiliate.

(i) Since January 1, 2015, Seller and its ERISA Affiliates have offered minimum essential coverage (as described in Section 4980H of the Code) to their common law employees who must be treated as “full-time employees” under Section 4980H of the Code and its implementing regulations, and such coverage has satisfied the affordability and minimum value standards under Section 4980H of the Code and its implementing regulations.

(j) No common law employee of Seller or any ERISA Affiliate has been awarded an applicable premium tax credit or cost-sharing reduction, as such terms are defined under Section 4980H of the Code, with respect to health insurance coverage purchased in a state or federal health insurance marketplace (also known as an “exchange”) and neither Seller nor any ERISA Affiliate has heretofore been and reasonably does not expect to be subject to any penalty under Section 4980H of the Code with respect to any period prior to the Closing.

(k) Neither the execution of this Agreement nor the consummation of the transactions contemplated by this Agreement will (either alone or upon the occurrence of any additional or subsequent events): (i) entitle any individual to severance pay or any other payment; (ii) accelerate the time of payment, funding or vesting (other than vesting required due to the termination of tax-qualified retirement plans, which shall not require an additional contribution to such plans), or increase the amount of compensation due to any such individual; (iii) increase the amount payable under or result in any other material obligation pursuant to any Employee Benefit Plan; or (iv) result in “excess parachute payments” within the meaning of Section 280G(b) of the Code. No person is entitled to receive any additional payment (including any tax gross-up or other payment) as a result of the imposition of the excise Taxes required by Section 4999 of the Code.

(l) Each Employee Benefit Plan that is a “nonqualified deferred compensation plan” (as defined in Section 409A(d)(1) of the Code) has been operated since January 1, 2005, in compliance with the applicable provisions of Section 409A of the Code, and since January 1, 2009 has been in documentary compliance with the applicable provisions of Section 409A of the Code; and neither Seller nor any ERISA Affiliate is or has been required to report any Taxes due as a result of a failure of an Employee Benefit Plan to comply with Section 409A of the Code. With respect to each Employee Benefit Plan, neither Seller nor any ERISA Affiliate has any indemnity obligation for any Taxes or interest imposed or accelerated under Section 409A of the Code.

4.21 Environmental Matters. Seller is in compliance in all material respects with all applicable Environmental Laws. Neither Seller nor either Shareholder has received any notice of any violation of Environmental Laws. Seller has not used the Leased Real Property in any manner at any previous time for the storage, disposal, treatment, processing, production, refinement, generation or other handling of, any Hazardous Substances, except such Hazardous Substances that are used in the ordinary course of Seller’s Business in compliance with all applicable Environmental Laws. Neither Seller nor any of its employees or agents, has ever disposed of liquid, solid or semi-solid wastes on the Leased Real Property or on any other premises on which the Business is or was conducted. To the Knowledge of Seller and the Shareholders, no portion of the Paxinos Property contains, or has been used in any manner at any previous time for the storage, disposal, treatment, processing, production, refinement, generation or other handling of (except in the ordinary course of business in compliance with applicable Environmental Laws), any Hazardous Substances.

4.22 Real Property.

(a) Except for its interest in the Leased Real Property, Seller does not own any right, title or interest in any real property nor has Seller ever owned any real property.

(b) Schedule 4.22 contains a list of all of the real property leased (or otherwise used) by Seller in connection with the Business (collectively, the “Leased Real Property”), and identifies each Contract under which such real property is leased (the “Existing Leases”). Seller has delivered to Buyer true, correct and complete copies of the written Existing Leases, including all amendments, modifications, notices or memoranda of lease thereto, and a written description of the terms of all oral Existing Leases.

(c) With respect to each parcel of the Leased Real Property, except as limited to the Paxinos Property below or as set forth in Schedule 4.22, (i) the buildings and improvements included in the Paxinos Property (including, without limitation, the roof, the walls and all plumbing, wiring, electrical, heating, air conditioning, fire protection and other systems, as well as all paved areas, included therein or located thereat) are in good working order, condition and repair, reasonable wear and tear excepted, and are not in need of maintenance or repairs except for maintenance or repairs which are routine, ordinary and are not material in costs; (ii) Seller has received all approvals of all Governmental Authorities (including Permits) required in connection with Seller’s use and operation of the Leased Real Property, and Seller has operated and maintained the Leased Real Property in accordance with all applicable Laws; (iii) there are no Contracts granting to any person or entity (other than Seller) the right of use or occupancy of any portion of the Leased Real Property, and there are no Persons (other than Seller) in possession of any of the Leased Real Property, excepting home offices or Leased Real Property that is shared use or multi-tenant property; and (iv) there are no outstanding options or rights of first refusal or similar rights to purchase any of the Leased Real Property or any portion thereof or interest therein. To the Knowledge of Seller and the Shareholders, no event or condition currently exists which would create a legal or other impediment to the use of any of the Leased Real Property as currently used, or would increase the additional charges or other sums payable by the tenant under any Existing Lease (including, without limitation, any pending Tax reassessment or other special assessment affecting the Leased Real Property). Neither Seller nor either Shareholder has received notice from any Governmental Authority of any violations of any Law affecting any portion of the Leased Real Property. The Leased Real Property is sufficient for the continued conduct of the Business after the Closing in substantially the same manner as conducted prior to the Closing and constitutes all of the real property necessary to conduct the Business as currently conducted.

4.23 Product and Service Warranties. Except as set forth in Schedule 4.23, and except for warranties under applicable Law (if any) or warranties set forth in the Customer Contracts or Customer Purchase Orders and Quotes that Buyer made available to Seller prior to Closing, (a) there are no warranties, express or implied, written or oral, with respect to the products and services of the Business, and (b) there are no pending or, to the Knowledge of Seller and the Shareholders, threatened claims or Liabilities with respect to any such warranties. Schedule 4.23 described the terms and conditions of any standard warranties made by Buyer in the Customer Contracts and Customer Purchase Orders and Quotes.

4.24 Relationship with Customers and Suppliers. Seller has delivered to Buyer a true, correct and complete list of each customer of Seller to whom Seller sold products or services during the year ended December 31, 2013, the year ended December 31, 2014, or the current year, together with, in each case, the amount billed during such periods (each, a “Customer”). Seller and the Shareholders have not received notice from any Customer that such Customer is canceling or otherwise materially reducing its usage or purchase of the products and services of Seller, except as set forth in Schedule 4.24. To the Knowledge of Seller and the Shareholders, no current supplier to Seller of items material to the conduct of the Business has threatened to terminate or change the terms of its business relationship with Seller for any reason.

4.25 Officers, Directors and Shareholders. Except as set forth on Schedule 4.25, Seller does not have any business relationship, whether under any Contract or otherwise, with any Person who is an officer, director or shareholder of Seller, or any of their respective spouses, children or Affiliates, other than employment relationships in the ordinary course of business. Except as set forth on Schedule 4.25, no officer, director or shareholder of Seller, nor any spouse, child or Affiliate thereof, has any interest in any competitor, supplier or customer of Seller, except for immaterial interests in publicly held companies.

4.26 Brokers and Finders. Except as set forth on Schedule 4.26, neither Seller nor either Shareholder nor any of their respective officers, directors, employees or agents has employed any broker or finder or incurred any Liability for any brokerage fees, commissions or finders’ fees in connection with the transactions contemplated hereby.

4.27 Material Misstatements or Omissions. No representation or warranty of Seller or either Shareholder made in this Agreement, nor any Schedule, document, statement, certificate or other information furnished or to be furnished to Buyer by or on behalf of Seller or either Shareholder pursuant hereto or in connection with the transactions contemplated hereby, contains (or will when furnished contain) any untrue statement of a material fact, or omits (or will then omit) to state a material fact necessary in order to make the statement of facts made therein not misleading.

ARTICLE V. BUYER’S REPRESENTATIONS AND WARRANTIES

Buyer represents and warrants to Seller and each Shareholder, as of the Closing Date, as follows:

5.1 Organization, Standing and Power. Buyer is a corporation duly formed, validly existing and in good standing under the Laws of the State of Ohio. Buyer has all necessary corporate power and authority to execute and deliver this Agreement and each other Transaction Document to which Buyer is a party, to comply with the provisions hereof and thereof and to consummate the transactions contemplated hereby and thereby.

5.2 Authority for Transaction. Buyer’s execution and delivery of this Agreement and each other Transaction Document to which Buyer is a party, its compliance with the provisions hereof and thereof and the consummation of all of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action on the part of Buyer, and this Agreement and each other Transaction Document to which Buyer is a party is valid and binding upon Buyer in accordance with their respective terms.

5.3 No Conflict. Neither the execution and delivery of this Agreement or any other Transaction Document by Buyer, nor compliance by Buyer with any of the provisions hereof or thereof, nor the consummation of the transactions contemplated hereby or thereby will:

(a) conflict with or result in a breach of any provision of Buyer’s articles of incorporation or code of regulations;

(b) result in a default, or give rise to any right of termination, cancellation or acceleration, under any term, condition or provision of any Contract, Encumbrance or other instrument or obligation to which Buyer is a party or by which it or any of its properties or assets may be bound;

(c) violate any Governmental Order or Law applicable to Buyer or any of its properties or assets; or

(d) require any consent, waiver or approval by, notice to or filing with any Person, except for such consents, waivers, approvals, notices or filings set forth in Schedule 5.3, all of have been obtained, given or made.

5.4 Legal Proceedings. There is no Action pending or, to the Knowledge of Buyer, threatened against or affecting Buyer or any of its assets which, if adversely determined, would adversely affect the ability of Buyer to consummate the transactions contemplated hereby.

5.5 Brokers and Finders. Neither Buyer nor any of its officers, directors, employees or agents has employed any broker or finder or incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the transactions contemplated hereby.

5.6 Material Misstatements or Omissions. No representation or warranty of Buyer made in this Agreement, nor any Schedule, document, statement, certificate or other information furnished or to be furnished to Seller or either Shareholder by or on behalf of Buyer pursuant hereto or in connection with the transactions contemplated hereby, contains (or will when furnished contain) any untrue statement of a material fact, or omits (or will then omit) to state a material fact necessary in order to make the statement of facts made therein not misleading.

ARTICLE VI. SURVIVAL AND INDEMNIFICATION

6.1 Survival or Representations, Warranties and Covenants. Subject to the provisions of this Agreement, the representations and warranties contained in this Agreement shall survive the Closing and shall remain in full force and effect until the date that is 18 months from the Closing Date; provided, however, that the representations and warranties in Section 4.1, Section 4.2, Section 4.7, Section 4.17, Section 4.20, Section 4.21, Section 5.1 and Section 5.2 (collectively, the “Fundamental Representations”) shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension thereof). All covenants and agreements of the Parties contained herein shall survive the Closing indefinitely or for the period explicitly specified therein.

6.2 Indemnification by Seller and Shareholders. Subject to all of the terms and conditions of this Agreement including, without limitation, Section 6.4, Seller and each Shareholder jointly and severally agree to defend, indemnify and hold harmless each of Buyer and its Affiliates and their respective Representatives, successors and assigns (collectively, the “Buyer Indemnified Parties”), from and against any and all Losses suffered, sustained, incurred or required to be paid by any Buyer Indemnified Party arising out of, based upon, in connection with or as a result of:

(a) any Liability, other than the Assumed Liabilities;

(b) any failure or breach of any representation or warranty of Seller or either Shareholder made in this Agreement or any other Transaction Document;

(c) any breach or nonfulfillment of any covenant or agreement of Seller or either Shareholder made in this Agreement or in any other Transaction Document;

(d) any Excluded Asset;

(e) any arrangements or agreements made or alleged to have been made by Seller or either Shareholder with any broker, finder or other agent in connection with the transactions contemplated by this Agreement; or

(f) the Parties’ non-compliance with any applicable Laws of the State of Pennsylvania pertaining to “bulk transfers” including, without limitation, the Pennsylvania Fiscal Bulk Sales Act, 72 P.S. §1403.

6.3 Indemnification by Buyer. Subject to all of the terms and conditions of this Agreement including, without limitation, Section 6.4, Buyer shall be responsible for, and hereby agrees to defend, indemnify and hold harmless Seller and each Shareholder and their respective Representatives, successors and assigns (collectively, “Seller Indemnified Parties”), from and against any and all Losses suffered, sustained, incurred or required to be paid by any Seller Indemnified Party arising out of, based upon, in connection with or as a result of:

(a) any Assumed Liability;

(b) any failure or breach of any representation or warranty of Buyer made in this Agreement or any other Transaction Document; or

(c) any breach or nonfulfillment of any covenant or agreement of Buyer made in this Agreement or any other Transaction Document.

6.4 Limitations on Indemnification.

(a) Notwithstanding the provisions of Section 6.2 and except as provided in Section 6.4(b), Sellers and the Shareholders shall have no liability for indemnification for breaches of representations and warranties (other than the Fundamental Representations) pursuant to Section 6.2(b) unless and until the aggregate amount of Losses incurred by the Buyer Indemnified Parties relating to claims for breaches of such representations and warranties exceed $25,000 (the “Basket”), at which time Seller and the Shareholders shall be obligated to indemnify the Buyer Indemnified Parties for all such Losses from the first dollar, and not merely Losses in excess of the Basket. Notwithstanding the provisions of Section 6.2 and except as provided in Section 6.4(b), the aggregate liability of Seller and the Shareholders under 6.2(b) for Losses arising from breaches of representations and warranties (other than the Fundamental Representations) shall not exceed, in the aggregate, an amount equal to 25% of the Purchase Price (the “Cap”).

(b) Notwithstanding the provisions of Section 6.4(a), neither the Basket nor the Cap shall apply to (i) Seller’s and Shareholders’ indemnification obligations with respect to the matters set forth in Section 6.2(a), Section 6.2(c), Section 6.2(d), Section 6.2(e), or Section 6.2(f), (ii) any breach of the Fundamental Representations; (iii) any amounts payable with respect to the Uncollected Receivables pursuant to Section 8.9; or (iv) any facts or circumstances which constitute fraud, intentional misrepresentation or willful misconduct by Seller or the Shareholders.

(c) The obligation of Seller and Shareholders to indemnify Buyer Indemnified Parties under Section 6.2(b) shall expire, with respect to any representation or warranty, on the date on which the survival of such representation or warranty shall expire in accordance with Section 6.1, except with respect to any Notice of Claim which any Buyer Indemnified Parties have delivered to Seller and the Shareholders prior to such date, in which case the obligation of Seller and the Shareholders to indemnify Buyer Indemnified Parties shall continue until any Losses payable to Buyer Indemnified Parties with respect to such Notice of Claim are finally determined. Notwithstanding anything in this Agreement to the contrary, any claims based on any facts or circumstances which constitute fraud, intentional misrepresentation or willful misconduct by Seller or the Shareholders shall not be subject to the time limitations set forth in this Section.

(d) The obligation of Buyer to indemnify Seller Indemnified Parties under Section 6.3(b) shall expire, with respect to any representation or warranty, on the date on which the survival of such representation or warranty shall expire in accordance with Section 6.1, except with respect to any Notice of Claim which any Seller Indemnified Parties have delivered to Buyer prior to such date, in which case the obligation Buyer to indemnify Seller Indemnified Parties shall continue until any Losses payable to Seller Indemnified Parties with respect to such Notice of Claim are finally determined. Notwithstanding anything in this Agreement to the contrary, any claims based on any facts or circumstances which constitute fraud, intentional misrepresentation or willful misconduct by Buyer shall not be subject to the time limitations set forth in this Section.

(e) Except as otherwise provided in this Section 6.4(e), the rights and remedies that a Party may have against another Party for claims for a breach of any representation, warranty, covenant or obligation under this Agreement are exclusively governed by this Agreement. Except as otherwise provided in this Section 6.4(e), to the extent permitted by applicable Law, any further claims and remedies, irrespective of the nature, amount or legal basis, are hereby expressly waived and excluded; provided, however, that nothing in this Section 6.4(e) shall limit any Person’s right to seek and obtain (a) any equitable relief (including claims for specific performance, injunctive relief or other equitable remedy) to which any Person shall be entitled or (b) any remedy on account of any Party’s fraud, intentional misrepresentation or willful misconduct; or (c) any rights or remedies available to any Party under or in respect of the other Transaction Documents.

6.5 Indemnification Claim Procedures.

(a) If any Buyer Indemnified Party or Seller Indemnified Party (an “Indemnified Party”) believes that it has suffered or incurred or will suffer or incur any Losses for which it is entitled to indemnification under this Article VI, such Indemnified Party shall deliver to the Party or Parties from whom indemnification is being claimed (an “Indemnifying Party”) reasonably prompt written notice of such claim setting forth, in reasonable detail, the nature and basis of the claim and the amount thereof, to the extent known, and any other relevant information in the possession of the Indemnified Party (a “Notice of Claim”). The Notice of Claim shall be accompanied by any relevant documents in the possession of the Indemnified Party relating to the claim. Subject to the provisions of this Agreement including, without limitation, 6.4(c) and Section 6.4(d), the failure of an Indemnified Party to give any Notice of Claim required by this Section shall not affect any of such Party’s rights under this Article VI or otherwise except and to the extent that such failure is actually prejudicial to the rights and obligations of the Indemnifying Party. Notwithstanding anything herein to the contrary, if any Notice of Claim relates to a Third Party Action, the procedures of Section 6.5(d) shall apply to such Third Party Action.

(b) After an Indemnified Party has delivered a Notice of Claim requesting payment from an Indemnifying Party for any Losses, the Indemnifying Party shall, within 30 days of receipt of such Notice of Claim, (i) pay to the Indemnified Party, in immediately available funds, the amount of Losses, or (ii) deliver to the Indemnified Party written notice (a “Dispute Notice”) advising the Indemnified Party that it disputes the claim for indemnification. If, within 30 days of receipt of such Notice of Claim, the Indemnifying Party fails to pay said amount to the Indemnified Party or deliver to the Indemnified Party a Dispute Notice the Indemnifying Party shall be deemed to have accepted and agreed to such claim for indemnification (a “Deemed Acceptance”) and the Indemnified Party may exercise any and all legal or equitable remedies available to the Indemnified Party under this Agreement or otherwise with respect to such Losses.

(c) If, within such 30 day period following receipt of the Notice of Claim, the Indemnifying Party delivers a Dispute Notice with respect to the Indemnified Party’s claim for indemnification for Losses, the Indemnifying Party and the Indemnified Party agree that, prior to commencing any litigation or other proceedings against the other concerning any matter in which such Party intends to claim a right of indemnification, they will negotiate in good faith to resolve any dispute with respect to such claim and to provide each other with all relevant information relating to such dispute. If the Indemnifying Party and the Indemnified Party are unable to resolve any such dispute within 30 days of the delivery of a Dispute Notice (or such longer period as the Parties may agree upon), the Indemnifying Party or the Indemnified Party may thereafter commence litigation or other proceedings to resolve such dispute. The successful Party in any such proceeding shall be entitled to reimbursement from the non-successful Party for any and all of the successful Party’s costs and expenses including, without limitation, reasonable attorneys’ fees, incurred in connection with such proceeding.

(d) If any Notice of Claim relates to any Action against any Indemnified Party by a third party (a “Third Party Action”), the Indemnifying Party shall be entitled to participate in the such Third Party Action and, at its option, assume the defense thereof with its own counsel (to be reasonably satisfactory to the Indemnified Party), at the Indemnifying Party’s sole expense, by providing written notice to the Indemnified Party delivered within 30 days after the Indemnifying Party receives the Notice of Claim; provided, however, that the Indemnifying Party shall not have the right to assume the defense of any Third Party Action if the Indemnified Party shall have one or more legal or equitable defenses available to the Indemnified Party which are different from or in addition to those available to the Indemnifying Party, and, in the reasonable opinion of counsel for the Indemnified Party, counsel for the Indemnifying Party could not adequately represent the interests of the Indemnified Party because such interests could be in conflict with those of the Indemnifying Party. If the Indemnifying Party shall assume the defense of any Third Party Action, the Indemnified Party shall be entitled to participate in any Third Party Action at its expense. The Indemnifying Party shall not consent to the entry of a judgment with respect to the Third Party Action or enter into any settlement that involves anything other than the payment of money by the Indemnified Party without the Indemnified Party’s prior written consent (which shall not be unreasonably withheld or delayed). Whether or not the Indemnifying Party assumes the defense of any Third Party Action, the Indemnified Party shall not admit any liability with respect to, or settle, compromise or discharge, such Third Party Action without the Indemnifying Party’s prior written consent (which consent shall not be unreasonably withheld). The Indemnified Party shall provide the Indemnifying Party with access to its records and personnel relating to any such Third Party Action during normal business hours and shall otherwise cooperate with the Indemnifying Party in the defense or settlement thereof.

6.6 Recoupment Against Holdback. Subject to the notice, dispute and other procedures in Section 6.5, Seller and the Shareholders agree that any payments which may be due to Seller from Buyer pursuant to Section 2.7 with respect to the Security Holdback Amount may be used by Buyer to satisfy (i) Seller’s indemnification obligations with respect to any claim for Losses required to be paid by Seller or the Shareholders pursuant to Section 6.2; and (ii) any obligation of Seller or the Shareholders to pay Buyer the Net Adjustment Amount pursuant to Section 2.6(d), which right may be exercised at any time after the Net Adjustment Amount is determined in accordance with Section 2.6(b) (provided Seller and the Shareholders do not otherwise timely pay the Net Adjustment Amount to Buyer pursuant to Section 2.6(d)). If, at the time payment of the Security Holdback Amount is due to Seller pursuant to Section 2.7, there is a pending claim by Buyer against Seller or the Shareholders for indemnification pursuant to Section 6.2 or a claim by Buyer for payment of the Net Adjustment Amount under Section 2.6(d), then Buyer may withhold from the payment of the Security Holdback Amount then due to Seller an amount that Buyer reasonably deems necessary to fully satisfy such claim, and instead hold such amount until there is a final resolution of such claim (at which time Buyer may set off the amount necessary to satisfy the claim, and pay the balance, if any, to Seller). Any portion of the Security Holdback Amount not so set-off or held pursuant to this Section 6.6 shall be timely paid to Seller when due pursuant to Section 2.7.

6.7 Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by the Parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law. For example, indemnification payments made by Seller or the Shareholders shall be treated as a reduction of the Purchase Price.

6.8 Effect of Investigation. The representations, warranties and covenants of the Indemnifying Party, and the Indemnified Party’s right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation made by or on behalf of the Indemnified Party (including by any of its Representatives).

ARTICLE VII. CLOSING

7.1 Closing. The Closing shall take place simultaneously with the execution of this Agreement on the date of this Agreement; provided, however, that the Closing shall be deemed to have occurred on, and to be effective as of, December 31, 2015 (the “Closing Date”). For all purposes hereunder the Closing shall be deemed effective as of 11:59 p.m. on the Closing Date. The Closing shall take place at a location acceptable to the Parties, and may be completed remotely through the exchange of signature pages by electronic means. The Parties shall take such actions, including the delivery of documents in escrow or by facsimile or e-mail, in order to facilitate completion on the Closing Date of all of the transactions contemplated hereby. Each Party’s obligations to consummate the transactions contemplated pursuant to this Agreement shall be conditioned on the other Party delivering at the Closing each of the documents or items required to be delivered by such other Party under Section 7.2 or Section 7.3, as applicable.

7.2 Closing Deliveries of Seller and Shareholders. At (or prior to) the Closing, Seller and the Shareholders shall deliver to Buyer the following:

(a) A certificate, duly executed by the Secretary of Seller, containing true, correct and complete copies of the following:

(i) Certificate of the Secretary of the State of Pennsylvania, attesting to the good standing of Seller in such jurisdiction as of a date reasonably proximate to the Closing Date;

(ii) A copy of the certificate of incorporation of Seller and of all amendments thereto, certified by the Secretary of the State of Pennsylvania;

(iii) A copy of the by-laws of the Seller as amended through the Closing Date; and

(iv) a copy of all actions taken by Seller’s Board of Directors and by the Shareholders approving this Agreement and the transactions contemplated hereby;

(b) A Bill of Sale, duly executed by Seller, in a form reasonably acceptable to Buyer and Seller, conveying the Purchased Assets to Buyer free and clear of all Encumbrances;

(c) Certificates of title for all title motor vehicles included in the Purchased Assets, duly endorsed for transfer to Buyer;

(d) An Assignment and Assumption Agreement, duly executed by Seller, with respect to each of the Assigned Contracts, in a form reasonably acceptable to Buyer and Seller (the “Assignment and Assumption Agreement”), together with all consents and approvals as may be required in connection with the assignment by Seller and the assumption by Buyer of the Assigned Contracts;

(e) A written acceptance of an Employment Confirmation Letter, duly executed by each Shareholder, as provided in Section 8.5;

(f) A Restrictive Covenant Agreement, duly executed by Seller and each Shareholder;

(g) The Paxinos Lease, duly executed by the Landlord;

(h) The Closing Statement, duly executed by Seller and each Shareholder; and

(i) Such other instruments and documents necessary to transfer title in the Purchased Assets to the Buyer or to consummate any of the other transactions contemplated hereby as shall have been reasonably requested by counsel to Buyer on or before the Closing Date.

7.3 Closing Deliveries of Buyer. At (or prior to) the Closing, Buyer shall deliver to Seller and the Shareholders the following:

(a) The Closing Cash Payment;

(b) The Paxinos Lease, duly executed by Buyer;

(c) The Assignment and Assumption Agreement, duly executed by Buyer;

(d) An Employment Confirmation Letter for each Shareholder, duly executed by Buyer, as provided in Section 8.5;

(e) The Closing Statement, duly executed by Buyer; and

(f) Such other instruments and documents necessary to consummate any of the transactions contemplated hereby as shall have been reasonably requested by counsel to Seller on or before the Closing Date.

ARTICLE VIII. FURTHER COVENANTS

8.1 Taxes on Transaction. All sales or use Taxes payable by reason of the sale and transfer of any of the Purchased Assets hereunder shall be paid by Buyer.

8.2 Expenses of the Parties. Except as otherwise expressly provided in this Agreement, all expenses involved in the preparation, negotiation, authorization and consummation of this Agreement and the transactions contemplated hereby, including all fees and expenses of Representatives, shall be borne solely by the Party who shall have incurred the same, and no other Party shall have any responsibility with respect thereto.

8.3 Confidentiality. Except for necessary disclosure to such Party’s directors, officers, employees, counsel, accountants, bankers and other agents, and except for the disclosure contemplated by Section 8.6 or this Section 8.3, each Party shall keep the provisions of this Agreement confidential both prior and subsequent to the Closing Date. Without limiting the generality of the foregoing, no Party shall make any press release or announcement with respect to the transactions contemplated hereby without the prior consent of Buyer and Seller, unless such Party determines, upon the advice of counsel, that such action is required by Law or the rules or regulations of any stock exchange or relevant Governmental Authority to which such party is subject.

8.4 Non-Disclosure; Non-Solicitation and Non-Competition. At the Closing, Seller and each Shareholder shall execute a Non-Competition, Non-Solicitation and Non-Disclosure Agreement in favor of Buyer in the form attached hereto as Exhibit B (each, a “Restrictive Covenant Agreement”).

8.5 Employment of Shareholders. At the Closing, Buyer and each Shareholder shall execute an employment confirmation letter on terms mutually acceptable to Buyer and such Shareholder, whereby such Shareholder will agree to become an employee of Buyer after the Closing (the “Employment Confirmation Letters”).

8.6 Notices to and Consents of Third Parties. Each of Buyer, Seller and the Shareholders shall in a timely fashion give all notices to and make all filings with all governmental authorities and other Persons required to be given or made by such Party under any license, authorization, Contract or other instrument or otherwise in connection with the transactions contemplated by this Agreement including, without limitation, those described on Schedule 4.3 and Schedule 5.3.

8.7 Further Assurances. Each Party shall cooperate with the others, take such further action, and execute and deliver such further documents, as may be reasonably requested by any other Party in order to carry out the terms and purposes of this Agreement. Without limiting the generality of the foregoing, from and after the Closing Date:

(a) Each Party shall file all Tax Returns consistent with the allocation of the Purchase Price set forth in Schedule 2.4, and no Party shall take any position on audit or in litigation which is inconsistent with such allocation if such position would result in the payment of any additional Tax by, or the disallowance of any deduction or credit to, any other Party; and

(b) On the request of Buyer, Seller and the Shareholders shall take such action and deliver to Buyer such further instruments of assignment, conveyance or transfer and other documents of further assurance as in the reasonable opinion of counsel to Buyer may be reasonably desirable to assure, complete and evidence the full and effective transfer, conveyance and assignment of the Purchased Assets and possession thereof to Buyer, its successors and assigns, and the performance of this Agreement by Seller and the Shareholders in all respects. In addition, on the request of Buyer, Seller and the Shareholders shall provide Buyer with such advice and assistance as may be reasonably necessary or appropriate to convey to Buyer the proprietary information, know-how and other intellectual property included in the Purchased Assets.

8.8 Employees and COBRA Compliance. Whether or not Buyer hires after the Closing any employees of Seller (including the Shareholders), Seller shall be responsible for all compensation and benefits (including, without limitation, salary, bonus, accrued vacation, any benefits attributable to compensation and service earned prior to the Closing, and sick pay) accruing prior to the Closing Date. Without limiting the generality of Section 3.2, Buyer is not assuming any obligations or Liability (i) to any of Seller’s employees for sick or vacation pay or other benefits, or (ii) under any Employee Benefit Plan. Seller agrees and acknowledges that all COBRA obligations arising with respect to the Purchased Assets or Seller’s Business prior to or in connection with the transactions contemplated by this Agreement are and shall remain the sole responsibility of Seller, regardless of which Party is responsible under the COBRA regulations. Notwithstanding the foregoing, in no event will Seller have any Cobra obligations with respect to an individual who experiences a COBRA qualifying event under Buyer’s group health plan.

8.9 Uncollected Receivables. If, during the 180 day period beginning on the day immediately following the Closing Date (the “Collection Period”), Buyer does not collect in full any of the Accounts Receivable of Seller (as reduced by the amounts of any applicable discounts that the Customer is entitled to pursuant to the applicable Customer Contracts or Customer Purchase Orders and Quotes) included in the Purchased Assets, then Buyer shall deliver to Seller and the Shareholders written notice identifying all such Accounts Receivable that were not so collected (“Uncollected Receivables”). The Uncollected Receivables shall not be included in the Closing Date AR Value for purposes of calculating the Final Closing Date AR Value pursuant to Section 2.6(b). Buyer shall assign, without recourse, the Uncollected Receivables to Seller, and Seller and the Shareholders shall thereafter be entitled to take reasonable actions to collect, for Seller’s and the Shareholders’ benefit, the Uncollected Receivables. During the Collection Period, Buyer shall use commercially reasonable efforts to collect the Accounts Receivable (but Buyer shall not be obligated to bring collection actions to collect any such accounts from an account debtor). Buyer shall apply amounts received during the Collection Period from customers in payment of accounts receivables (including the Accounts Receivable) to the specific outstanding invoice to which such payment relates.

ARTICLE IX. GENERAL PROVISIONS

9.1 Amendment and Waiver. This Agreement may be amended only by a writing executed by each of the Parties. No waiver of compliance with any provision or condition hereof, and no consent provided for herein, shall be effective unless evidenced by an instrument in writing duly executed by the Party sought to be charged therewith. No failure on the part of any Party to exercise, and no delay in exercising, any of its rights hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by any Party of any right preclude any other or future exercise thereof or the exercise of any other right.

9.2 Assignment. No Party shall assign or attempt to assign any of its rights or obligations under this Agreement without the prior written consent of each of the other Parties.

9.3 Notices. Each notice, report, demand, waiver, consent and other communication required or permitted to be given hereunder shall be in writing and shall be sent either by registered or certified first-class mail, postage prepaid and return receipt requested, or by Facsimile or e-mail, addressed as follows:

If to Buyer:		Transcat, Inc.
		35 Vantage Point Drive
		Rochester, New York 14624
		Attention: John J. Zimmer, CFO
		Fax: (585) 352-7788
		e-mail: jzimmer@transcat.com

with a copy to:		Harter, Secrest & Emery LLP
		1600 Bausch & Lomb Place
		Rochester, New York 14604
		Attention: James M. Jenkins, Esq.
		Fax: (585) 232-2152
		e-mail: jjenkins@hselaw.com

If to Seller:		Spectrum Technologies, Inc.
		3045 Irish Valley Road
		Paxinos PA 17860
		Attention: Brian Hubler, President
		e-mail: dives@ptd.net

If to the Shareholders, to their addresses identified on Schedule 4.1:

	in the case of Seller and each Shareholder,
	with a copy to:	Williamson, Friedberg & Jones
		10 Westwood Rd
		Pottsville, Pennsylvania 17901
		Attention: David Rattigan, Esq.
		Fax: (570) 622-5033
		e-mail: drattigan@wfjlaw.net

Each such notice and other communication given by mail shall be deemed to have been given when it is deposited in the United States mail in the manner specified herein, and each such notice and other communication given by e-mail shall be deemed to have been given when it is so transmitted and the appropriate answerback is received. Any Party may change its address for the purpose hereof by giving notice in accordance with the provisions of this Section 9.3.

9.4 Binding Effect. Subject to the provisions of Section 9.2, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. This Agreement creates no rights of any nature in any Person not a party hereto.

9.5 Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York applicable to agreements made and to be performed entirely within such State. Any legal suit, action or proceeding arising out of or related to this Agreement or the matters contemplated hereunder shall be instituted exclusively in the federal courts of the United States or the courts of the State of New York in each case located in the City of Rochester and County of Monroe, and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding and waives any objection based on improper venue or forum non conveniens. Service of process, summons, notice or other document by mail to such Party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. Each Party hereby waives the right to a trial by jury.

9.6 Effect of Agreement. This Agreement sets forth the entire understanding of the Parties with respect to the subject matter hereof, and supersedes any and all prior agreements, arrangements and understandings, written or oral, relating to the subject matter hereof.

9.7 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement shall be prohibited or invalid under applicable Law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement.

9.8 Negotiated Transaction. The provisions of this Agreement were negotiated by the Parties hereto and this Agreement shall be deemed to have been drafted by all the Parties hereto, notwithstanding any presumptions at law to the contrary. Each of the Parties hereto has had the opportunity to seek legal and/or other professional counsel in connection with the negotiation and drafting of this Agreement and with respect to the consummation of the transactions contemplated hereby.

9.9 Headings; Counterparts. The Article and Section headings of this Agreement are for convenience of reference only and do not form a part hereof and do not in any way modify, interpret or construe the intention of the Parties. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature page follows]

In Witness Whereof, the Parties have duly executed this Agreement on the date first written above.

	Transcat, Inc.


	By:	/s/ John J. Zimmer
		John J. Zimmer, Vice President, Finance and CFO


	Spectrum Technologies, Inc.


	By:	/s/ Brian E. Hubler
		Brian E. Hubler, President


		/s/ Brian E. Hubler
		Brian E. Hubler


		/s/ Kenneth E. Horvath
		Kenneth E. Horvath

Table of Schedules and Exhibits

Upon request, Transcat, Inc. will furnish supplementally a copy of any schedule or exhibit to this Asset Purchase Agreement to the Securities and Exchange Commission.

Schedules
Schedule 2.1(b) – Tangible Personal Property
Schedule 2.1(c) – Inventory
Schedule 2.1(d) – Accounts Receivable
Schedule 2.1(e) - Deposits and Prepaid Expenses
Schedule 2.1(f) - Assigned Contracts
Schedule 2.1(g) – Intellectual Property
Schedule 2.2 – Excluded Assets
Schedule 2.4 – Purchase Price Allocation
Schedule 4.1– Shareholders
Schedule 4.3 – Seller Conflicts; Rights to Terminate; Consents Required
Schedule 4.6 – Absence of Change
Schedule 4.8(b) – Compliance with Laws (Permits)
Schedule 4.14 – Breach or Default Notices
Schedule 4.16 – Legal Proceedings
Schedule 4.18 – Insurance
Schedule 4.19 – Labor Relations
Schedule 4.20 – Employee Benefits
Schedule 4.21 – Environmental Matters
Schedule 4.22 – Leased Real Property; Existing Leases; Paxinos Property
Schedule 4.23 – Product and Service Warranties Provided; Known Warranty Claims
Schedule 4.24 - Customers and Suppliers
Schedule 4.25 – Officers, Directors and Shareholders
Schedule 4.26 - Brokers and Finders
Schedule 5.3 – Buyer Conflicts

Exhibits

Exhibit A –Form of Lease Agreement
Exhibit B - Form of Restrictive Covenant Agreement

EX-31.1 4 exhibit31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lee D. Rudow, President and Chief Executive Officer of Transcat, Inc., certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Transcat, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 8, 2016	/s/ Lee D. Rudow
	Lee D. Rudow
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 5 exhibit31-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John J. Zimmer, Senior Vice President of Finance and Chief Financial Officer of Transcat, Inc., certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Transcat, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 8, 2016	/s/ John J. Zimmer
	John J. Zimmer
	Senior Vice President of Finance and Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

EX-32.1 6 exhibit32-1.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.1

CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this quarterly report on Form 10-Q of Transcat, Inc., Lee D. Rudow, the Chief Executive Officer of Transcat, Inc. and John J. Zimmer, the Chief Financial Officer of Transcat, Inc. certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of their knowledge, that:

	1.	This quarterly report on Form 10-Q for the third quarter ended December 26, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	The information contained in this quarterly report on Form 10-Q for the third quarter ended December 26, 2015 fairly presents, in all material respects, the financial condition and results of operations of Transcat, Inc.

Date: February 8, 2016	/s/ Lee D. Rudow
	Lee D. Rudow
	President and Chief Executive Officer
	(Principal Executive Officer)



Date: February 8, 2016	/s/ John J. Zimmer
	John J. Zimmer
	Senior Vice President of Finance and Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> NOTE 1 GENERAL   <div> Description of Business: Transcat, Inc. (Transcat or the Company) is a leading provider of accredited calibration and compliance services and distributor of professional grade handheld test, measurement and control instrumentation. The Company is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes companies in the pharmaceutical, medical device and biotechnology industries. Additional industries served include industrial manufacturing; energy and utilities, including oil and gas; chemical manufacturing and other industries that require accuracy in their processes and confirmation of the capabilities of their equipment. </div>   <div> Basis of Presentation: Transcat's unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, the Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company's management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended March 28, 2015 (fiscal year 2015) contained in the Company's 2015 Annual Report on Form 10-K filed with the SEC. </div>   <div> Fair Value of Financial Instruments: Transcat has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value due to variable interest rate pricing, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company's non-qualified deferred compensation plan, consist of mutual funds and are valued based on Level 1 inputs. At December 26, 2015 and March 28, 2015, investment assets totaled $0.8 million and $0.9 million, respectively, and are included as a component of other assets (non-current) on the Consolidated Balance Sheets. </div>   <div> Stock-Based Compensation: The Company measures the cost of services received in exchange for all equity awards granted, including stock options and restricted stock units, based on the fair market value of the award as of the grant date. The Company records compensation cost related to unvested equity awards by recognizing, on a straight-line basis, the unamortized grant date fair value over the remaining service period of each award. Excess tax benefits from the exercise of equity awards are presented in the Consolidated Statements of Cash Flows as a financing activity. Excess tax benefits are realized benefits from tax deductions for exercised awards in excess of the deferred tax asset attributable to stock-based compensation costs for such awards. The Company did not capitalize any stock-based compensation costs as part of an asset. The Company estimates forfeiture rates based on its historical experience. During the first nine months of the fiscal year ending March 26, 2016 (fiscal year 2016) and the first nine months of fiscal year 2015, the Company recorded non-cash stock-based compensation cost of $0.3 million and $0.5 million, respectively, in the Consolidated Statements of Income. </div>   <div> Foreign Currency Translation and Transactions: The accounts of Transcat Canada Inc., a wholly-owned subsidiary of the Company, are maintained in the local currency and have been translated to U.S. dollars. Accordingly, the amounts representing assets and liabilities have been translated at the period-end rates of exchange and related revenue and expense accounts have been translated at an average rate of exchange during the period. Gains and losses arising from translation of Transcat Canada Inc.'s financial statements into U.S. dollars are recorded directly to the accumulated other comprehensive income (loss) component of shareholders' equity.   Transcat records foreign currency gains and losses on Canadian business transactions. The net foreign currency loss was less than $0.1 million in the first nine months of fiscal year 2016 and $0.1 million in the first nine months of fiscal year 2015. The Company continually utilizes short-term foreign exchange forward contracts to reduce the risk that its earnings will be adversely affected by changes in currency exchange rates. The Company does not apply hedge accounting and therefore the net change in the fair value of the contracts, which totaled a gain of $0.4 million during the first nine months of fiscal years 2016 and 2015, was recognized as a component of other expense in the Consolidated Statements of Income. The change in the fair value of the contracts is offset by the change in fair value on the underlying accounts receivables denominated in Canadian dollars being hedged. On December 26, 2015, the Company had a foreign exchange contract outstanding in the notional amount of $5.0 million. The Company does not use hedging arrangements for speculative purposes. </div>   <div> Earnings Per Share: Basic earnings per share of common stock are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock reflect the assumed conversion of stock options and unvested restricted stock units using the treasury stock method in periods in which they have a dilutive effect. In computing the per share effect of assumed conversion, funds that would have been received from the exercise of options and unvested restricted stock units and the related tax benefits are considered to have been used to purchase shares of common stock at the average market prices during the period, and the resulting net additional shares of common stock are included in the calculation of average shares of common stock outstanding.   For the third quarter and first nine months of fiscal year 2016, the net additional common stock equivalents had no per share effect and a $.01 per share effect on the calculation of diluted earnings per share, respectively. For both the third quarter and first nine months of fiscal year 2015, the net additional common stock equivalents had a $.01 per share effect on the calculation of diluted earnings per share. The average shares outstanding used to compute basic and diluted earnings per share are as follows:   <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom;"> <td style="width: 50%;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;" colspan="7">Third Quarter Ended</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> <td colspan="7" style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="3">December 26,</td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="3">December 27,</td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">December 26,</td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">December 27,</td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';" colspan="3">2015</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';" colspan="3">2014</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">2015</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">2014</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="width: 62%; font-family: 'Times New Roman'; background-color: #c0c0c0;">Average Shares Outstanding Basic</td> <td style="width: 5%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 5%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; text-align: right; padding: 0px; background-color: #c0c0c0;">6,900</td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; text-align: right; padding: 0px; background-color: #c0c0c0;">6,823</td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">6,878</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">6,788</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1px; ;font-family: 'Times New Roman';">Effect of Dilutive Common Stock Equivalents</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">237</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">258</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';">256</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';">273</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; background-color: #c0c0c0;">Average Shares Outstanding Diluted</td> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; width: 20px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;">7,137</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;">7,081</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">7,134</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">7,061</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 3px; ;font-family: 'Times New Roman';">Anti-dilutive Common Stock Equivalents</td> <td style="padding-bottom: 3px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; width: 20px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">-</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">-</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman';">-</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman';">-</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman';"> </td> </tr> </table> </div> </div> </div>   <div>Recently Issued Accounting Pronouncements: In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2015-017 to Topic 740, Income Taxes. This ASU requires entities to record all deferred tax liabilities and assets as noncurrent in the Consolidated Balance Sheet. This ASU is effective for fiscal years beginning after December 15, 2017 and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption of this ASU is permitted. The Company does not expect adoption of this ASU to have a material impact on its Consolidated Financial Statements.</div>   <div> Subsequent Events: On December 30, 2015, the Company entered into Amendment 2 to its secured Credit Agreement, as amended by Amendment 1, (Credit Agreement), to amend borrowings available under the Credit Agreement for acquisitions to $17.0 million in the fiscal year ending March 26, 2016 and $15.0 million for each fiscal year ending thereafter.   Effective December 31, 2015, the Company acquired substantially all of the assets of Spectrum Technologies, Inc. ("Spectrum") for a cash purchase price of $11.8 million, pursuant to an Asset Purchase Agreement. The Company paid $10.1 million on the effective date and withheld $1.7 million for typical holdback provisions, as provided by the Asset Purchase Agreement. Headquartered in Paxinos, Pennsylvania, Spectrum provides commercial calibrations, test equipment repair services and product sales throughout North America.                                        Effective January 18, 2016, the Company acquired Dispersion Laboratory Inc. ("Dispersion"), through its wholly owned subsidiary, Transcat Canada Inc., for less than $1.0 million. Headquartered near Montreal, Quebec, Dispersion provides fully accredited services for the calibration, repair and product sales of weights, balances, temperature instruments and liquid handling devices.   For the above acquisitions, the allocation of the respective purchase prices to the fair value of the net assets acquired has not been completed. The results of operations of these acquisitions will be included with the results of the Company from their respective dates of acquisition. </div>   </div>

800000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Description of Business: Transcat, Inc. (Transcat or the Company) is a leading provider of accredited calibration and compliance services and distributor of professional grade handheld test, measurement and control instrumentation. The Company is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes companies in the pharmaceutical, medical device and biotechnology industries. Additional industries served include industrial manufacturing; energy and utilities, including oil and gas; chemical manufacturing and other industries that require accuracy in their processes and confirmation of the capabilities of their equipment. </div>

0.01

256000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Basis of Presentation: Transcat's unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, the Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company's management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended March 28, 2015 (fiscal year 2015) contained in the Company's 2015 Annual Report on Form 10-K filed with the SEC. </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Fair Value of Financial Instruments: Transcat has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value due to variable interest rate pricing, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company's non-qualified deferred compensation plan, consist of mutual funds and are valued based on Level 1 inputs. At December 26, 2015 and March 28, 2015, investment assets totaled $0.8 million and $0.9 million, respectively, and are included as a component of other assets (non-current) on the Consolidated Balance Sheets. </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Stock-Based Compensation: The Company measures the cost of services received in exchange for all equity awards granted, including stock options and restricted stock units, based on the fair market value of the award as of the grant date. The Company records compensation cost related to unvested equity awards by recognizing, on a straight-line basis, the unamortized grant date fair value over the remaining service period of each award. Excess tax benefits from the exercise of equity awards are presented in the Consolidated Statements of Cash Flows as a financing activity. Excess tax benefits are realized benefits from tax deductions for exercised awards in excess of the deferred tax asset attributable to stock-based compensation costs for such awards. The Company did not capitalize any stock-based compensation costs as part of an asset. The Company estimates forfeiture rates based on its historical experience. During the first nine months of the fiscal year ending March 26, 2016 (fiscal year 2016) and the first nine months of fiscal year 2015, the Company recorded non-cash stock-based compensation cost of $0.3 million and $0.5 million, respectively, in the Consolidated Statements of Income. </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Foreign Currency Translation and Transactions: The accounts of Transcat Canada Inc., a wholly-owned subsidiary of the Company, are maintained in the local currency and have been translated to U.S. dollars. Accordingly, the amounts representing assets and liabilities have been translated at the period-end rates of exchange and related revenue and expense accounts have been translated at an average rate of exchange during the period. Gains and losses arising from translation of Transcat Canada Inc.'s financial statements into U.S. dollars are recorded directly to the accumulated other comprehensive income (loss) component of shareholders' equity.   Transcat records foreign currency gains and losses on Canadian business transactions. The net foreign currency loss was less than $0.1 million in the first nine months of fiscal year 2016 and $0.1 million in the first nine months of fiscal year 2015. The Company continually utilizes short-term foreign exchange forward contracts to reduce the risk that its earnings will be adversely affected by changes in currency exchange rates. The Company does not apply hedge accounting and therefore the net change in the fair value of the contracts, which totaled a gain of $0.4 million during the first nine months of fiscal years 2016 and 2015, was recognized as a component of other expense in the Consolidated Statements of Income. The change in the fair value of the contracts is offset by the change in fair value on the underlying accounts receivables denominated in Canadian dollars being hedged. On December 26, 2015, the Company had a foreign exchange contract outstanding in the notional amount of $5.0 million. The Company does not use hedging arrangements for speculative purposes. </div>

273000

-100000

0.01

237000

258000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Earnings Per Share: Basic earnings per share of common stock are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock reflect the assumed conversion of stock options and unvested restricted stock units using the treasury stock method in periods in which they have a dilutive effect. In computing the per share effect of assumed conversion, funds that would have been received from the exercise of options and unvested restricted stock units and the related tax benefits are considered to have been used to purchase shares of common stock at the average market prices during the period, and the resulting net additional shares of common stock are included in the calculation of average shares of common stock outstanding.   For the third quarter and first nine months of fiscal year 2016, the net additional common stock equivalents had no per share effect and a $.01 per share effect on the calculation of diluted earnings per share, respectively. For both the third quarter and first nine months of fiscal year 2015, the net additional common stock equivalents had a $.01 per share effect on the calculation of diluted earnings per share. The average shares outstanding used to compute basic and diluted earnings per share are as follows:   <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom;"> <td style="width: 50%;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;" colspan="7">Third Quarter Ended</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> <td colspan="7" style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="3">December 26,</td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="3">December 27,</td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">December 26,</td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">December 27,</td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';" colspan="3">2015</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';" colspan="3">2014</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">2015</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">2014</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="width: 62%; font-family: 'Times New Roman'; background-color: #c0c0c0;">Average Shares Outstanding Basic</td> <td style="width: 5%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 5%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; text-align: right; padding: 0px; background-color: #c0c0c0;">6,900</td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; text-align: right; padding: 0px; background-color: #c0c0c0;">6,823</td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">6,878</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">6,788</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1px; ;font-family: 'Times New Roman';">Effect of Dilutive Common Stock Equivalents</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">237</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">258</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';">256</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';">273</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; background-color: #c0c0c0;">Average Shares Outstanding Diluted</td> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; width: 20px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;">7,137</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;">7,081</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">7,134</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;">7,061</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 3px; ;font-family: 'Times New Roman';">Anti-dilutive Common Stock Equivalents</td> <td style="padding-bottom: 3px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 3px; font-family: 'Times New Roman'; width: 20px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">-</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">-</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman';">-</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman';">-</td> <td style="padding: 0px; text-align: left; border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman';"> </td> </tr> </table> </div> </div> </div>

900000

300000

-100000

400000

5000000

500000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> Subsequent Events: On December 30, 2015, the Company entered into Amendment 2 to its secured Credit Agreement, as amended by Amendment 1, (Credit Agreement), to amend borrowings available under the Credit Agreement for acquisitions to $17.0 million in the fiscal year ending March 26, 2016 and $15.0 million for each fiscal year ending thereafter.   Effective December 31, 2015, the Company acquired substantially all of the assets of Spectrum Technologies, Inc. ("Spectrum") for a cash purchase price of $11.8 million, pursuant to an Asset Purchase Agreement. The Company paid $10.1 million on the effective date and withheld $1.7 million for typical holdback provisions, as provided by the Asset Purchase Agreement. Headquartered in Paxinos, Pennsylvania, Spectrum provides commercial calibrations, test equipment repair services and product sales throughout North America.                                        Effective January 18, 2016, the Company acquired Dispersion Laboratory Inc. ("Dispersion"), through its wholly owned subsidiary, Transcat Canada Inc., for less than $1.0 million. Headquartered near Montreal, Quebec, Dispersion provides fully accredited services for the calibration, repair and product sales of weights, balances, temperature instruments and liquid handling devices.   For the above acquisitions, the allocation of the respective purchase prices to the fair value of the net assets acquired has not been completed. The results of operations of these acquisitions will be included with the results of the Company from their respective dates of acquisition. </div>

0.00 0.01 2.75 4

6.98

P3Y

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> NOTE 2 DEBT   Description: Transcat, through its Credit Agreement which matures September 20, 2018, has a revolving credit facility that allows for maximum borrowings of $30.0 million (the Revolving Credit Facility). The Revolving Credit Facility is subject to a maximum borrowing restriction based on a 2.75 multiple of earnings before income taxes, depreciation and amortization and non-cash stock-based compensation expense for the preceding four consecutive fiscal quarters. As of December 26, 2015, $30.0 million was available under the Revolving Credit Facility, of which $10.5 million was outstanding and included in long-term debt on the Consolidated Balance Sheet. The Company borrowed $10.1 million to purchase substantially all of the assets of Spectrum on December 31, 2015.   Except as otherwise provided for in Amendment 2 to the Credit Agreement and as described in Note 1, borrowings available under the Credit Agreement for business acquisitions are limited to $15.0 million in any fiscal year. During the first nine months of fiscal year 2016, the Company borrowed $2.9 million for business acquisitions.   Interest and Other Costs: Interest on the Revolving Credit Facility accrues, at Transcat's election, at either the one-month London Interbank Offered Rate (LIBOR), adjusting daily, or a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Commitment fees accrue based on the average daily amount of unused credit available on the Revolving Credit Facility. Interest rate margins and commitment fees are determined on a quarterly basis based upon the Company's calculated leverage ratio, as defined in the Credit Agreement. The one-month LIBOR as of December 26, 2015 was 0.4%.  The Company's interest rate for the first nine months of fiscal year 2016 ranged from 1.7% to 1.9%.   Covenants: The Credit Agreement has certain covenants with which the Company has to comply, including a fixed charge ratio covenant and a leverage ratio covenant.  The Company was in compliance with all loan covenants and requirements during the first nine months of fiscal year 2016 and at December 26, 2015.   Other Terms: The Company has pledged all of its U.S. tangible and intangible personal property, the equity interests of its U.S.-based subsidiaries, and a majority of the common stock of <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 20px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Transcat Canada Inc. as collateral security for the loans made under the Revolving Credit Facility. </div>

2018-09-20

30000000

10500000

15000000

2900000

0.004

0.017

0.019

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div style="display: block;"> NOTE 3 STOCK-BASED COMPENSATION   The Transcat, Inc. 2003 Incentive Plan, as Amended and Restated (the 2003 Plan), provides for, among other awards, grants of restricted stock units and stock options to directors, officers and key employees at the fair market value at the date of grant. At December 26, 2015, 1.3 million shares were available for future grant under the 2003 Plan.   Restricted Stock: The Company grants performance-based restricted stock units as a primary component of executive compensation. The units generally vest following the third fiscal year from the date of grant subject to certain cumulative diluted earnings per share growth targets over the eligible period. Compensation cost ultimately recognized for performance-based restricted stock units will equal the grant date fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, the Company records compensation cost based on the estimated level of achievement of the performance conditions.   The Company achieved 75% of the target level for the performance-based restricted stock units granted in the fiscal year ended March 30, 2013 and as a result, issued eighteen thousand shares of common stock to executive officers and certain key employees during the first quarter of fiscal year 2016. The following table summarizes the non-vested performance-based restricted stock units outstanding as of December 26, 2015:   <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 10%;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Total</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Grant Date</td> <td> </td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';">Estimated</td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Number</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Fair</td> <td> </td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';">Level of</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';">Date</td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';">Measurement</td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">of Units</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Value</td> <td> </td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';">Achievement at</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Granted</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Period</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Granted</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Per Unit</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">December 26, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="width: 15%; text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">April 2013</td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 25%; text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">April 2013 - March 2016</td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 8%; text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">99</td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 2%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="width: 10%; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">6.17</td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 25%; text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">50% of target level</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';">April 2014</td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';">April 2014 - March 2017</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; ;font-family: 'Times New Roman';">61</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">$</td> <td style="text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';">9.28</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: center; ;font-family: 'Times New Roman';">50% of target level</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">April 2015</td> <td style="background-color: #c0c0c0;"> </td> <td style="text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">April 2015 March 2018</td> <td style="background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">73</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">9.59</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="background-color: #c0c0c0;"> </td> <td style="text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">100% of target level</td> </tr> </table> </div>   Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, in the first nine months of fiscal years 2016 and 2015 was $0.2 million and $0.3 million, respectively. As of December 26, 2015, unearned compensation, to be recognized over the grants' respective service periods, totaled $0.7 million.   During the first quarter of fiscal year 2015, the Company's Board of Directors granted its Executive Chairman a stock award of ten thousand shares of common stock under the 2003 Plan. The award vested 50% on July 1, 2014, and the remaining 50% vested on July 1, 2015. During the second quarter of fiscal year 2016, the Company's Board of Directors granted a stock award of two thousand shares of common stock under the 2003 Plan to a retiring board member. The award vested in the second quarter of fiscal year 2016. Total expense relating to these stock awards, based on grant date fair value, was less than $0.1 million in the first nine months of fiscal year 2016.     Stock Options: Options generally vest over a period of up to four years, using either a graded schedule or on a straight-line basis, and expire ten years from the date of grant. The expense relating to options is recognized on a straight-line basis over the requisite service period for the entire award.   The following table summarizes the Company's options as of and for the nine months ended December 26, 2015:   <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 10%;" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">Number</td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Remaining</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Aggregate</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">of</td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Price Per</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Intrinsic</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Shares</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Share</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Term (in years)</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Value</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="width: 38%; font-family: 'Times New Roman'; background-color: #c0c0c0;">Outstanding as of March 28, 2015</td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">561</td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="width: 10%; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">6.83 </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 12%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 10%; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 10pt; ;font-family: 'Times New Roman';">Exercised</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';">(36</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';">4.74</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">Forfeited</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">(1</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">)</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">4.26</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';">Outstanding as of December 26, 2015</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: right; ;font-family: 'Times New Roman';">524</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';">6.98</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: center; ;font-family: 'Times New Roman';">3</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: right; ;font-family: 'Times New Roman';">$</td> <td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';">963</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;">Exercisable as of December 26, 2015</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">444</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">6.87</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">2</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">865</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> </table> </div>   The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the third quarter of fiscal year 2016 and the exercise price, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all holders exercised their options on December 26, 2015. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock.   Total expense related to stock options was less than $0.1 million during the first nine months of fiscal years 2016 and 2015. Total unrecognized compensation cost related to non-vested stock options as of December 26, 2015 was $0.2 million, which is expected to be recognized over a weighted average period of two years. The aggregate intrinsic value of stock options exercised in the first nine months of fiscal year 2016 was $0.1 million. Cash received from the exercise of options in the first nine months of fiscal year 2016 was $0.2 million. <div> </div> </div> </div> </div>

1300000

0.75

18000

99000

6.17

0.50

61000

9.28

0.50

73000

9.59

1.00

200000

700000

10000

0.50

P4Y

P10Y

561000

6.83

36000

4.74

524000

963000

444000

6.87

P2Y

865000

100000

200000

P2Y

100000

200000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 10%;" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">Number</td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Remaining</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Aggregate</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td> </td> <td colspan="3" style="text-align: center; ;font-family: 'Times New Roman';">of</td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Price Per</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; ;font-family: 'Times New Roman';">Intrinsic</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Shares</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Share</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Term (in years)</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';">Value</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="width: 38%; font-family: 'Times New Roman'; background-color: #c0c0c0;">Outstanding as of March 28, 2015</td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">561</td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="width: 10%; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">6.83 </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 12%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 3%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 10%; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 10pt; ;font-family: 'Times New Roman';">Exercised</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';">(36</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';">4.74</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">Forfeited</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">(1</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">)</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">4.26</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';">Outstanding as of December 26, 2015</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: right; ;font-family: 'Times New Roman';">524</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';">6.98</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: center; ;font-family: 'Times New Roman';">3</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1px solid; text-align: right; ;font-family: 'Times New Roman';">$</td> <td style="border-bottom: Black 1px solid; text-align: right; padding-right: 5pt; ;font-family: 'Times New Roman';">963</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;">Exercisable as of December 26, 2015</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">444</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">6.87</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: center; font-family: 'Times New Roman'; background-color: #c0c0c0;">2</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">865</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> </table> </div>

10313000

11290000

100000

300000

2000

100000

1000

4.26

7981000

7805000

8517000

9132000

2283000

1494000

1796000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> NOTE 4 SEGMENT INFORMATION   Transcat has two reportable segments: Service and Distribution. The Company has no inter-segment sales. The following table presents segment information for the third quarter and nine months ended December 26, 2015 and December 27, 2014:   <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom;"> <td style="width: 50%;" width="100%"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;" colspan="6">Third Quarter Ended</td> <td style="width: 1%;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> <td colspan="6" style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;">Nine Months Ended</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px;" width="100%"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;" colspan="2">December 26,</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;" colspan="2">December 27,</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;">December 26,</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;">December 27,</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px;" width="100%"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" colspan="2" align="right">2015</td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" colspan="2" align="right">2014</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" align="right">2015</td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" align="right">2014</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td width="100%" style="vertical-align: bottom; background-color: #c0c0c0;">Revenue:</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="width: 20px; text-align: right; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 62%; text-align: left; padding-left: 10pt; ;font-family: 'Times New Roman';" width="100%">Service</td> <td style="width: 62px; text-align: left; padding: 0px; font-family: 'Times New Roman';" align="left">$</td> <td style="width: 62px; padding: 0px; font-family: 'Times New Roman'; text-align: right;" align="right">13,922 </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="width: 62px; text-align: left; padding: 0px; font-family: 'Times New Roman';" align="left">$</td> <td style="width: 62px; padding: 0px; font-family: 'Times New Roman'; text-align: right;" align="right">12,603</td> <td style="width: 62px; text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="width: 5%; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;" align="left">$</td> <td style="width: 11%; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">41,647 </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="width: 5%; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;" align="left">$</td> <td style="width: 11%; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">37,336</td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">16,238</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">18,449</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">47,659</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">53,946</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; ;font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">30,160</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">31,052</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">89,306</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">91,282</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Gross Profit:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Service</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">3,272</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">3,090</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">10,264</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">9,299</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">3,506</td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">3,904</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">10,313</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">11,290</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">6,778</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">6,994</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">20,577</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">20,589</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Operating Expenses:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Service (1)</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">2,473</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">2,528</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">7,981</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">7,805</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution (1)</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">2,623</td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">3,089</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">8,517</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">9,132</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">5,096</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">5,617</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">16,498</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">16,937</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Operating Income:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Service </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">799</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">562</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">2,283</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">1,494</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">883</td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">815</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">1,796</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">2,158</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">1,682</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">1,377</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">4,079</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">3,652</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Unallocated Amounts:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Interest and Other Expense, net</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">62</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">83</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">193</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">266</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Provision for Income Taxes</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">552</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">481</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">1,339</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">1,269</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">614</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">564</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">1,532</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">1,535</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 3px; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Net Income</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">1,068 </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">813</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;" align="left">$</td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">2,547 </td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;" align="left">$</td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">2,117</td> <td style="padding-bottom: 3px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> </table> </div>   <table cellspacing="0" cellpadding="0" style="width: 98%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 10pt;" width="100%"> <tr> <td style="vertical-align: top; width: 3%; ;font-family: 'Times New Roman';">(1)</td> <td style="vertical-align: bottom; width: 97%; ;font-family: 'Times New Roman';"> <div>Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.</div> </td> </tr> </table> </div>    </div>

41647000

37336000

47659000

53946000

10264000

9299000

2158000

-193000

-266000

1339000

1269000

1532000

1535000

3904000

2473000

2528000

2623000

3089000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom;"> <td style="width: 50%;" width="100%"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;" colspan="6">Third Quarter Ended</td> <td style="width: 1%;"> </td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> <td colspan="6" style="text-align: center; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 0%;">Nine Months Ended</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px;" width="100%"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;" colspan="2">December 26,</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;" colspan="2">December 27,</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;">December 26,</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;">December 27,</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px;" width="100%"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" colspan="2" align="right">2015</td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" colspan="2" align="right">2014</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" align="right">2015</td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="font-family: 'Times New Roman'; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; white-space: nowrap; margin: 0pt; vertical-align: bottom; text-align: center;" align="right">2014</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td width="100%" style="vertical-align: bottom; background-color: #c0c0c0;">Revenue:</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="width: 20px; text-align: right; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding-right: 5pt; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 62%; text-align: left; padding-left: 10pt; ;font-family: 'Times New Roman';" width="100%">Service</td> <td style="width: 62px; text-align: left; padding: 0px; font-family: 'Times New Roman';" align="left">$</td> <td style="width: 62px; padding: 0px; font-family: 'Times New Roman'; text-align: right;" align="right">13,922 </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="width: 62px; text-align: left; padding: 0px; font-family: 'Times New Roman';" align="left">$</td> <td style="width: 62px; padding: 0px; font-family: 'Times New Roman'; text-align: right;" align="right">12,603</td> <td style="width: 62px; text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="width: 5%; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;" align="left">$</td> <td style="width: 11%; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">41,647 </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="width: 5%; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;" align="left">$</td> <td style="width: 11%; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">37,336</td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">16,238</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">18,449</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">47,659</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">53,946</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; ;font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">30,160</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">31,052</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">89,306</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">91,282</td> <td style="padding-bottom: 1px; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Gross Profit:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Service</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">3,272</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">3,090</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">10,264</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">9,299</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">3,506</td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">3,904</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">10,313</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">11,290</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">6,778</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">6,994</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">20,577</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">20,589</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Operating Expenses:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Service (1)</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">2,473</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">2,528</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">7,981</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">7,805</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution (1)</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">2,623</td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">3,089</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">8,517</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">9,132</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">5,096</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">5,617</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">16,498</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">16,937</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Operating Income:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Service </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">799</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">562</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">2,283</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">1,494</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Distribution </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">883</td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">815</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">1,796</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">2,158</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">1,682</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">1,377</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">4,079</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">3,652</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Unallocated Amounts:</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; width: 20px; text-align: right; padding: 0px; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; background-color: #c0c0c0;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 10pt; font-family: 'Times New Roman';" width="100%">Interest and Other Expense, net</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">62</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman';"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px; text-align: right;" align="right">83</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">193</td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px;"> </td> <td style="padding: 0px;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">266</td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Provision for Income Taxes</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">552</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">481</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">1,339</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">1,269</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1px; padding-left: 20pt; font-family: 'Times New Roman';" width="100%">Total</td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">614</td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" align="right">564</td> <td style="padding: 0px; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">1,532</td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman';"> </td> <td style="padding: 0px; font-family: 'Times New Roman';"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; padding: 0px; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; padding: 0px; font-family: 'Times New Roman';" align="right">1,535</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ffffff;"> <td style="vertical-align: bottom; margin: 0pt; padding-right: 8px; background-color: #ffffff;" width="100%"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"></td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; text-align: right; padding: 0px; background-color: #ffffff;"> </td> <td style="width: 20px; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"></td> <td style="text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #ffffff;"> </td> <td style="padding: 0px; background-color: #ffffff;"> </td> <td style="font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #ffffff;"> </td> <td style="text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #ffffff;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 3px; font-family: 'Times New Roman'; background-color: #c0c0c0;" width="100%">Net Income</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">1,068 </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="left">$</td> <td style="padding: 0px; font-family: 'Times New Roman'; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #c0c0c0;" align="right">813</td> <td style="text-align: left; padding: 0px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;" align="left">$</td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">2,547 </td> <td style="padding: 0px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; font-family: 'Times New Roman'; padding: 0px; text-align: left; background-color: #c0c0c0;" align="left">$</td> <td style="border-bottom-color: black; border-bottom-width: 3px; border-bottom-style: double; text-align: right; padding: 0px; font-family: 'Times New Roman'; background-color: #c0c0c0;" align="right">2,117</td> <td style="padding-bottom: 3px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> </table> </div>   <table cellspacing="0" cellpadding="0" style="width: 98%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 10pt;" width="100%"> <tr> <td style="vertical-align: top; width: 3%; ;font-family: 'Times New Roman';">(1)</td> <td style="vertical-align: bottom; width: 97%; ;font-family: 'Times New Roman';"> <div>Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.</div> </td> </tr> </table> </div>

13922000

12603000

16238000

18449000

3272000

3090000

3506000

799000

562000

883000

815000

-62000

-83000

552000

481000

614000

564000

3631000

300000

400000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> NOTE 5 BUSINESS ACQUISITIONS   During the first nine months of fiscal year 2016, the Company completed three business acquisitions.            On June 22, 2015, Transcat acquired substantially all of the assets of Calibration Technologies, Inc., a regional provider of analytical instrument services including qualification, validation, repair and installation, headquartered in Morris Plains, New Jersey.            Effective August 24, 2015, Transcat acquired Anmar Metrology, Inc. (Anmar), a calibration and repair service provider with significant focus on the life science and defense market, headquartered in San Diego, California.            On August 25, 2015, Transcat acquired Nordcal Calibration Inc. (Nordcal), a provider of radio frequency and electronic calibration and repair services, located in Montreal, Quebec.   These transactions align with the Company's acquisition strategy of targeting service businesses that expand the Company's geographic reach and leverage its infrastructure while also increasing the depth and breadth of the Company's service capabilities.   The acquisitions were accounted for using the acquisition method of accounting. Goodwill, calculated as the excess of the purchase price paid over the fair value of the underlying net assets of the businesses acquired, generally represents expected future economic benefits arising from the reputation of an acquired business, the assembled workforce, expected synergies and other assets acquired that could not be individually identified and separately recognized. Other intangible assets, namely customer bases and covenants not to compete, represent an allocation of a portion of the purchase price to identifiable intangible assets of the acquired businesses. Intangible assets are being amortized for financial reporting purposes on an accelerated basis over an estimated useful life of up to 10 years. Amortization of goodwill and the intangible assets relating to the Anmar and Nordcal acquisitions is not expected to be deductible for tax purposes.   The total purchase price paid for the acquired businesses was approximately $3.6 million, net of $0.2 million cash acquired. The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 inputs, of assets and liabilities acquired:   <div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="width: 81%; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">Goodwill</td> <td style="width: 5%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 2%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">2,032 </td> <td style="width: 2%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 10pt; ;font-family: 'Times New Roman';">Intangible Assets Customer Bases</td> <td> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">1,031</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">Intangible Assets Covenants Not to Compete</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">250</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px;">Deferred Tax Liabilities</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px;"></td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;">(208</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="background-color: #c0c0c0;"> </td> <td style="background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">3,105</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 10pt; ;font-family: 'Times New Roman';">Plus: Current Assets</td> <td> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">430</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">         Non-Current Assets</td> <td style="width: 20px; background-color: #c0c0c0;"></td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">945</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; ;font-family: 'Times New Roman';">Less: Current Liabilities</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';">(208</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">         Non-Current Liabilities</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"></td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">(641</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 3px; ;font-family: 'Times New Roman';">Total Purchase Price</td> <td style="padding-bottom: 3px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 3px double; text-align: right; ;font-family: 'Times New Roman';">$</td> <td style="border-bottom: Black 3px double; text-align: right; ;font-family: 'Times New Roman';">3,631 </td> <td style="padding-bottom: 3px; text-align: left; border-bottom: Black 3px double; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> </div>   The business acquisitions completed in the first nine months of fiscal year 2016 contain holdback provisions, as defined by the respective purchase agreements. The Company accrues contingent consideration, if any, based on its estimated fair value at the date of acquisition, in addition to other amounts relating to the holdback provisions. No contingent consideration or other holdback amounts were paid during the first nine months of fiscal year 2016. As of December 26, 2015, $0.3 million of contingent consideration and $0.4 million of other holdback amounts were unpaid and reflected in current liabilities on the Consolidated Balance Sheet.   During the first nine months of fiscal year 2016, acquisition costs of $0.4 million were incurred and recorded as administrative expenses in the Consolidated Statement of Income. $0.2 million of these acquisition costs were incurred and recorded in the third quarter of fiscal year 2016.   The results of the acquired businesses are included in Transcat's consolidated operating results as of the dates the businesses were acquired.  The following unaudited pro forma information presents the Company's results of operations as if the acquisitions had occurred at the beginning of the respective fiscal years.  The pro forma results do not purport to represent what the Company's results of operations actually would have been if the transactions had occurred at the beginning of each period presented or what the Company's operating results will be in future periods.   <div> <div> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; border: none; margin-left: 0.1px;"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td colspan="6" valign="top" style="width: 148.15pt; padding: 0in 5.4pt 0in 5.4pt;"> (Unaudited) </td> </tr> <tr style="mso-yfti-irow: 1;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td colspan="6" valign="top" style="width: 148.15pt; border-top-style: none; border-right-style: none; border-left-style: none; padding: 0in 5.4pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> Nine Months Ended </td> </tr> <tr style="mso-yfti-irow: 2;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" style="width: 69.55pt; padding: 0in 5.4pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"> December 26, 2015 </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt;">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt;"> </td> <td valign="bottom" style="width: 66.8pt; padding: 0in 5.4pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"> December 27, 2014 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 69.55pt; padding: 0in 5.4pt;"> </td> <td valign="top" style="width: 69.55pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 66.8pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;"> </td> <td valign="top" style="width: 66.8pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr style="background-color: #c0c0c0;"> <td valign="top" style="vertical-align: bottom; background-color: #c0c0c0;" width="100%"> Total Revenue </td> <td valign="top" style="margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> $ </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 90,680 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="padding-right: 8px; white-space: nowrap; margin: 0px; vertical-align: bottom; background-color: #c0c0c0;" align="left"> $ </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 93,894 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td valign="top" style="vertical-align: bottom;" width="100%"> Net Income </td> <td valign="top" style="vertical-align: bottom; margin: 0pt; padding-right: 8px;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 2,710 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 2,418 </td> </tr> <tr style="background-color: #c0c0c0;"> <td valign="top" style="vertical-align: bottom; background-color: #c0c0c0;" width="100%"> Basic Earnings Per Share </td> <td valign="top" style="margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 0.39 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 0.36 </td> </tr> <tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes;"> <td valign="top" style="vertical-align: bottom;" width="100%"> Diluted Earnings Per Share </td> <td valign="top" style="vertical-align: bottom; margin: 0pt; padding-right: 8px;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 0.38 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 0.34 </td> </tr> </table> </div> </div>   </div> </div>

P10Y

3600000

2032000

1031000

250000

3105000

430000

208000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="width: 81%; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">Goodwill</td> <td style="width: 5%; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="width: 2%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">$</td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">2,032 </td> <td style="width: 2%; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 10pt; ;font-family: 'Times New Roman';">Intangible Assets Customer Bases</td> <td> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">1,031</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #c0c0c0;">Intangible Assets Covenants Not to Compete</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">250</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px;">Deferred Tax Liabilities</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px;"></td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;">(208</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="background-color: #c0c0c0;"> </td> <td style="background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #c0c0c0;">3,105</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 10pt; ;font-family: 'Times New Roman';">Plus: Current Assets</td> <td> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">430</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">         Non-Current Assets</td> <td style="width: 20px; background-color: #c0c0c0;"></td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">945</td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; ;font-family: 'Times New Roman';">Less: Current Liabilities</td> <td style="padding-bottom: 1px; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';">(208</td> <td style="padding-bottom: 1px; text-align: left; font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #c0c0c0;"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">         Non-Current Liabilities</td> <td style="padding-bottom: 1px; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"></td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">(641</td> <td style="padding-bottom: 1px; text-align: left; border-bottom-color: black; border-bottom-width: 1px; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px; background-color: #c0c0c0;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 3px; ;font-family: 'Times New Roman';">Total Purchase Price</td> <td style="padding-bottom: 3px; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 3px double; text-align: right; ;font-family: 'Times New Roman';">$</td> <td style="border-bottom: Black 3px double; text-align: right; ;font-family: 'Times New Roman';">3,631 </td> <td style="padding-bottom: 3px; text-align: left; border-bottom: Black 3px double; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> </div>

200000

208000

945000

641000

90680000

93894000

2710000

2418000

0.39

0.36

0.38

0.34

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; border: none; margin-left: 0.1px;"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td colspan="6" valign="top" style="width: 148.15pt; padding: 0in 5.4pt 0in 5.4pt;"> (Unaudited) </td> </tr> <tr style="mso-yfti-irow: 1;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td colspan="6" valign="top" style="width: 148.15pt; border-top-style: none; border-right-style: none; border-left-style: none; padding: 0in 5.4pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> Nine Months Ended </td> </tr> <tr style="mso-yfti-irow: 2;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" style="width: 69.55pt; padding: 0in 5.4pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"> December 26, 2015 </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt;">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt;"> </td> <td valign="bottom" style="width: 66.8pt; padding: 0in 5.4pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"> December 27, 2014 </td> </tr> <tr style="mso-yfti-irow: 3;"> <td valign="top" style="width: 239.4pt; padding: 0in 5.4pt 0in 5.4pt;" width="100%">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 69.55pt; padding: 0in 5.4pt;"> </td> <td valign="top" style="width: 69.55pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 11.8pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" style="width: 66.8pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;"> </td> <td valign="top" style="width: 66.8pt; border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr style="background-color: #c0c0c0;"> <td valign="top" style="vertical-align: bottom; background-color: #c0c0c0;" width="100%"> Total Revenue </td> <td valign="top" style="margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> $ </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 90,680 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="padding-right: 8px; white-space: nowrap; margin: 0px; vertical-align: bottom; background-color: #c0c0c0;" align="left"> $ </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 93,894 </td> </tr> <tr style="mso-yfti-irow: 5;"> <td valign="top" style="vertical-align: bottom;" width="100%"> Net Income </td> <td valign="top" style="vertical-align: bottom; margin: 0pt; padding-right: 8px;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 2,710 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 2,418 </td> </tr> <tr style="background-color: #c0c0c0;"> <td valign="top" style="vertical-align: bottom; background-color: #c0c0c0;" width="100%"> Basic Earnings Per Share </td> <td valign="top" style="margin: 0pt; padding-right: 8px; vertical-align: bottom; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 0.39 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap; background-color: #c0c0c0;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom; background-color: #c0c0c0;" align="right"> 0.36 </td> </tr> <tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes;"> <td valign="top" style="vertical-align: bottom;" width="100%"> Diluted Earnings Per Share </td> <td valign="top" style="vertical-align: bottom; margin: 0pt; padding-right: 8px;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 0.38 </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;">   </td> <td valign="top" style="vertical-align: bottom; white-space: nowrap;"> </td> <td valign="top" style="white-space: nowrap; margin: 0pt; vertical-align: bottom;" align="right"> 0.34 </td> </tr> </table> </div>

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">Recently Issued Accounting Pronouncements: In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2015-017 to Topic 740, Income Taxes. This ASU requires entities to record all deferred tax liabilities and assets as noncurrent in the Consolidated Balance Sheet. This ASU is effective for fiscal years beginning after December 15, 2017 and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption of this ASU is permitted. The Company does not expect adoption of this ASU to have a material impact on its Consolidated Financial Statements.</div>

Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 26, 2015	Feb. 03, 2016
Document and Entity Information [Abstract]
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		6,906,010
Entity Central Index Key	0000099302
Current Fiscal Year End Date	--03-26
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Entity Registrant Name	TRANSCAT INC
Document Fiscal Year Focus	2016
Trading Symbol	TRNS
Amendment Flag	false
Document Period End Date	Dec. 26, 2015

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CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Service Revenue	$ 13,922	$ 12,603	$ 41,647	$ 37,336
Distribution Sales	16,238	18,449	47,659	53,946
Total Revenue	30,160	31,052	89,306	91,282
Cost of Service Revenue	10,650	9,513	31,383	28,037
Cost of Distribution Sales	12,732	14,545	37,346	42,656
Total Cost of Revenue	23,382	24,058	68,729	70,693
Gross Profit	6,778	6,994	20,577	20,589
Selling, Marketing and Warehouse Expenses	3,199	3,602	9,968	10,506
Administrative Expenses	1,897	2,015	6,530	6,431
Total Operating Expenses	5,096	5,617	16,498	16,937
Operating Income	1,682	1,377	4,079	3,652
Interest and Other Expense, net	62	83	193	266
Income Before Income Taxes	1,620	1,294	3,886	3,386
Provision for Income Taxes	552	481	1,339	1,269
Net Income	$ 1,068	$ 813	$ 2,547	$ 2,117
Basic Earnings Per Share (in Dollars per share)	$ 0.15	$ 0.12	$ 0.37	$ 0.31
Average Shares Outstanding (in Shares)	6,900	6,823	6,878	6,788
Diluted Earnings Per Share (in Dollars per share)	$ 0.15	$ 0.11	$ 0.36	$ 0.30
Average Shares Outstanding (in Shares)	7,137	7,081	7,134	7,061

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net Income	$ 1,068	$ 813	$ 2,547	$ 2,117
Other Comprehensive Loss:
Currency Translation Adjustment	(133)	(166)	(354)	(346)
Unrecognized Prior Service Cost, net of tax effects of $(6) and $(4) for the third quarters ended December 26, 2015 and December 27, 2014, respectively; and $(20) and $(12) for the nine months ended December 26, 2015 and December 27, 2014, respectively.	12	7	33	20
Unrealized Loss on Other Asset, net of tax effects of $5 and $14 for the third quarters ended December 26, 2015 and December 27, 2014, respectively; and $33 and $14 for the nine months ended December 26, 2015 and December 27, 2014, respectively.	(10)	(21)	(54)	(21)
Total Other Comprehensive Loss	(131)	(180)	(375)	(347)
Comprehensive Income	$ 937	$ 633	$ 2,172	$ 1,770

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Unrecognized Prior Service Cost, tax (expense) benefit	$ (6)	$ (4)	$ (20)	$ (12)
Unrealized (Loss) Gain on Other Asset, tax expense (benefit)	$ 5	$ 14	$ 33	$ 14

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Current Assets:
Cash	$ 152	$ 65
Accounts Receivable, less allowance for doubtful accounts of $119 and $111 as of December 26, 2015 and March 28, 2015, respectively	14,925	16,899
Other Receivables	1,167	1,171
Inventory, net	5,798	6,750
Prepaid Expenses and Other Current Assets	1,214	1,209
Deferred Tax Assets	1,026	1,048
Total Current Assets	24,282	27,142
Property and Equipment, net	11,813	9,397
Goodwill	22,462	20,923
Intangible Assets, net	3,814	$ 3,554
Deferred Tax Assets	121
Other Assets	964	$ 1,133
Total Assets	63,456	62,149
Current Liabilities:
Accounts Payable	8,776	7,695
Accrued Compensation and Other Liabilities	$ 3,423	4,195
Income Taxes Payable		43
Total Current Liabilities	$ 12,199	11,933
Long-Term Debt	10,538	12,168
Deferred Tax Liabilities	1,768	1,684
Other Liabilities	1,945	2,046
Total Liabilities	26,450	27,831
Shareholders' Equity:
Common Stock, par value $0.50 per share, 30,000,000 shares authorized; 6,904,442 and 6,835,828 shares issued and outstanding as of December 26, 2015 and March 28, 2015, respectively	3,452	3,418
Capital in Excess of Par Value	12,835	12,289
Accumulated Other Comprehensive Loss	(518)	(143)
Retained Earnings	21,237	18,754
Total Shareholders' Equity	37,006	34,318
Total Liabilities and Shareholders' Equity	$ 63,456	$ 62,149

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CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
CONSOLIDATED BALANCE SHEETS [Abstract]
Accounts Receivable, allowance for doubtful accounts (in Dollars)	$ 119	$ 111
Common Stock, par value per share (in Dollars per share)	$ 0.50	$ 0.50
Common Stock, shares authorized	30,000,000	30,000,000
Common Stock, shares issued	6,904,442	6,835,828
Common Stock, shares outstanding	6,904,442	6,835,828

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
Cash Flows from Operating Activities:
Net Income	$ 2,547	$ 2,117
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Loss on Disposal of Property and Equipment	37	4
Deferred Income Tax (Benefit)	(206)	152
Depreciation and Amortization	2,711	2,268
Provision for Accounts Receivable and Inventory Reserves	129	79
Stock-Based Compensation Expense	284	474
Changes in Assets and Liabilities:
Accounts Receivable and Other Receivables	1,945	916
Inventory	914	(1,059)
Prepaid Expenses and Other Assets	(122)	(950)
Accounts Payable	(271)	77
Accrued Compensation and Other Liabilities	(1,027)	(1,953)
Income Taxes Payable	462	(906)
Net Cash Provided by Operating Activities	7,403	1,219
Cash Flows from Investing Activities:
Purchases of Property and Equipment, net	(3,731)	(2,663)
Business Acquisitions, net of cash acquired	(2,918)	(6,681)
Net Cash Used in Investing Activities	(6,649)	(9,344)
Cash Flows from Financing Activities:
(Repayment of) Proceeds from Revolving Credit Facility, net	(1,630)	7,244
Issuance of Common Stock	305	396
Repurchase of Common Stock	(73)	(71)
Net Cash (Used in) Provided by Financing Activities	(1,398)	7,569
Effect of Exchange Rate Changes on Cash	731	552
Net Increase in Cash	87	(4)
Cash at Beginning of Period	65	23
Cash at End of Period	152	19
Cash paid during the period for:
Interest	155	145
Income Taxes, net	1,241	$ 2,392
Non-Cash Investing and Financing Activities:
Contingent Consideration Related to Business Acquisition	300
Holdback Amounts Related to Business Acquisitions	$ 413

XML 20 R8.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 9 months ended Dec. 26, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Capital In Excess of Par Value [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]
Balance at Mar. 28, 2015	$ 34,318	$ 3,418	$ 12,289	$ (143)	$ 18,754
Balance (in Shares) at Mar. 28, 2015	6,835,828	6,836,000
Issuance of Common Stock	$ 305	$ 25	280
Issuance of Common Stock (in Shares)		50,000
Repurchase of Common Stock	(73)	$ (4)	(5)		$ (64)
Repurchase of Common Stock (in shares)		(8,000)
Stock-Based Compensation	284	$ 13	$ 271
Stock-Based Compensation (in Shares)		26,000
Other Comprehensive Loss	(375)			$ (375)
Net Income	2,547				$ 2,547
Balance at Dec. 26, 2015	$ 37,006	$ 3,452	$ 12,835	$ (518)	$ 21,237
Balance (in Shares) at Dec. 26, 2015	6,904,442	6,904,000

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GENERAL

9 Months Ended

Dec. 26, 2015

GENERAL [Abstract]

GENERAL

NOTE 1 – GENERAL

Basis of Presentation: Transcat's unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company's management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended March 28, 2015 (“fiscal year 2015”) contained in the Company's 2015 Annual Report on Form 10-K filed with the SEC.

Fair Value of Financial Instruments: Transcat has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value due to variable interest rate pricing, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company's non-qualified deferred compensation plan, consist of mutual funds and are valued based on Level 1 inputs. At December 26, 2015 and March 28, 2015, investment assets totaled $0.8 million and $0.9 million, respectively, and are included as a component of other assets (non-current) on the Consolidated Balance Sheets.

Foreign Currency Translation and Transactions: The accounts of Transcat Canada Inc., a wholly-owned subsidiary of the Company, are maintained in the local currency and have been translated to U.S. dollars. Accordingly, the amounts representing assets and liabilities have been translated at the period-end rates of exchange and related revenue and expense accounts have been translated at an average rate of exchange during the period. Gains and losses arising from translation of Transcat Canada Inc.'s financial statements into U.S. dollars are recorded directly to the accumulated other comprehensive income (loss) component of shareholders' equity.

	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Average Shares Outstanding – Basic		6,900		6,823		6,878		6,788
Effect of Dilutive Common Stock Equivalents		237		258		256		273
Average Shares Outstanding – Diluted		7,137		7,081		7,134		7,061
Anti-dilutive Common Stock Equivalents		-		-		-		-

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DEBT	9 Months Ended
DEBT	Dec. 26, 2015
DEBT [Abstract]
DEBT	NOTE 2 – DEBT Description: Transcat, through its Credit Agreement which matures September 20, 2018, has a revolving credit facility that allows for maximum borrowings of $30.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility is subject to a maximum borrowing restriction based on a 2.75 multiple of earnings before income taxes, depreciation and amortization and non-cash stock-based compensation expense for the preceding four consecutive fiscal quarters. As of December 26, 2015, $30.0 million was available under the Revolving Credit Facility, of which $10.5 million was outstanding and included in long-term debt on the Consolidated Balance Sheet. The Company borrowed $10.1 million to purchase substantially all of the assets of Spectrum on December 31, 2015. Except as otherwise provided for in Amendment 2 to the Credit Agreement and as described in Note 1, borrowings available under the Credit Agreement for business acquisitions are limited to $15.0 million in any fiscal year. During the first nine months of fiscal year 2016, the Company borrowed $2.9 million for business acquisitions. Interest and Other Costs: Interest on the Revolving Credit Facility accrues, at Transcat's election, at either the one-month London Interbank Offered Rate (“LIBOR”), adjusting daily, or a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Commitment fees accrue based on the average daily amount of unused credit available on the Revolving Credit Facility. Interest rate margins and commitment fees are determined on a quarterly basis based upon the Company's calculated leverage ratio, as defined in the Credit Agreement. The one-month LIBOR as of December 26, 2015 was 0.4%. The Company's interest rate for the first nine months of fiscal year 2016 ranged from 1.7% to 1.9%. Covenants: The Credit Agreement has certain covenants with which the Company has to comply, including a fixed charge ratio covenant and a leverage ratio covenant. The Company was in compliance with all loan covenants and requirements during the first nine months of fiscal year 2016 and at December 26, 2015. Other Terms: The Company has pledged all of its U.S. tangible and intangible personal property, the equity interests of its U.S.-based subsidiaries, and a majority of the common stock of Transcat Canada Inc. as collateral security for the loans made under the Revolving Credit Facility.

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STOCK-BASED COMPENSATION

9 Months Ended

Dec. 26, 2015

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION

NOTE 3 – STOCK-BASED COMPENSATION

Total

Grant Date

Estimated

Number

Fair

Level of

Date

Measurement

of Units

Value

Achievement at

Granted

Period

Granted

Per Unit

December 26, 2015

April 2013

April 2013 - March 2016

6.17

50% of target level

April 2014

April 2014 - March 2017

9.28

50% of target level

April 2015

April 2015 – March 2018

9.59

100% of target level

Total expense relating to performance-based restricted stock units, based on grant date fair value and the achievement criteria, in the first nine months of fiscal years 2016 and 2015 was $0.2 million and $0.3 million, respectively. As of December 26, 2015, unearned compensation, to be recognized over the grants' respective service periods, totaled $0.7 million.

During the first quarter of fiscal year 2015, the Company's Board of Directors granted its Executive Chairman a stock award of ten thousand shares of common stock under the 2003 Plan. The award vested 50% on July 1, 2014, and the remaining 50% vested on July 1, 2015. During the second quarter of fiscal year 2016, the Company's Board of Directors granted a stock award of two thousand shares of common stock under the 2003 Plan to a retiring board member. The award vested in the second quarter of fiscal year 2016. Total expense relating to these stock awards, based on grant date fair value, was less than $0.1 million in the first nine months of fiscal year 2016.

The following table summarizes the Company's options as of and for the nine months ended December 26, 2015:

				Weighted		Weighted
				Average		Average
	Number			Exercise		Remaining		Aggregate
	of			Price Per		Contractual		Intrinsic
	Shares			Share		Term (in years)		Value
Outstanding as of March 28, 2015		561		$	6.83
Exercised		(36	)		4.74
Forfeited		(1	)		4.26
Outstanding as of December 26, 2015		524			6.98		3	$	963
Exercisable as of December 26, 2015		444			6.87		2	$	865

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the third quarter of fiscal year 2016 and the exercise price, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all holders exercised their options on December 26, 2015. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock.

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SEGMENT INFORMATION

9 Months Ended

Dec. 26, 2015

SEGMENT INFORMATION [Abstract]

SEGMENT INFORMATION

NOTE 4 – SEGMENT INFORMATION

	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Revenue:
Service	$	13,922	$	12,603	$	41,647	$	37,336
Distribution		16,238		18,449		47,659		53,946
Total		30,160		31,052		89,306		91,282

Gross Profit:
Service		3,272		3,090		10,264		9,299
Distribution		3,506		3,904		10,313		11,290
Total		6,778		6,994		20,577		20,589

Operating Expenses:
Service (1)		2,473		2,528		7,981		7,805
Distribution (1)		2,623		3,089		8,517		9,132
Total		5,096		5,617		16,498		16,937

Operating Income:
Service		799		562		2,283		1,494
Distribution		883		815		1,796		2,158
Total		1,682		1,377		4,079		3,652

Unallocated Amounts:
Interest and Other Expense, net		62		83		193		266
Provision for Income Taxes		552		481		1,339		1,269
Total		614		564		1,532		1,535

Net Income	$	1,068	$	813	$	2,547	$	2,117

(1)	Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

BUSINESS ACQUISITIONS

9 Months Ended

Dec. 26, 2015

BUSINESS ACQUISITIONS [Abstract]

BUSINESS ACQUISITIONS

NOTE 5 – BUSINESS ACQUISITIONS

During the first nine months of fiscal year 2016, the Company completed three business acquisitions.

• On June 22, 2015, Transcat acquired substantially all of the assets of Calibration Technologies, Inc., a regional provider of analytical instrument services including qualification, validation, repair and installation, headquartered in Morris Plains, New Jersey.

• Effective August 24, 2015, Transcat acquired Anmar Metrology, Inc. (“Anmar”), a calibration and repair service provider with significant focus on the life science and defense market, headquartered in San Diego, California.

• On August 25, 2015, Transcat acquired Nordcal Calibration Inc. (“Nordcal”), a provider of radio frequency and electronic calibration and repair services, located in Montreal, Quebec.

These transactions align with the Company's acquisition strategy of targeting service businesses that expand the Company's geographic reach and leverage its infrastructure while also increasing the depth and breadth of the Company's service capabilities.

Goodwill	$	2,032
Intangible Assets – Customer Bases		1,031
Intangible Assets – Covenants Not to Compete		250
Deferred Tax Liabilities		(208	)
		3,105
Plus: Current Assets		430
Non-Current Assets		945
Less: Current Liabilities		(208	)
Non-Current Liabilities		(641	)
Total Purchase Price	$	3,631

The results of the acquired businesses are included in Transcat's consolidated operating results as of the dates the businesses were acquired. The following unaudited pro forma information presents the Company's results of operations as if the acquisitions had occurred at the beginning of the respective fiscal years. The pro forma results do not purport to represent what the Company's results of operations actually would have been if the transactions had occurred at the beginning of each period presented or what the Company's operating results will be in future periods.

	(Unaudited)
	Nine Months Ended
	December 26, 2015		December 27, 2014

Total Revenue	$	90,680	$	93,894
Net Income		2,710		2,418
Basic Earnings Per Share		0.39		0.36
Diluted Earnings Per Share		0.38		0.34

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

XML 26 R14.htm IDEA: XBRL DOCUMENT

GENERAL (Policy)

9 Months Ended

Dec. 26, 2015

GENERAL [Abstract]

Description of Business

Basis of Presentation

Fair Value of Financial Instruments

Fair Value of Financial Instruments: Transcat has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value due to variable interest rate pricing, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company's non-qualified deferred compensation plan, consist of mutual funds and are valued based on Level 1 inputs. At December 26, 2015 and March 28, 2015, investment assets totaled $0.8 million and $0.9 million, respectively, and are included as a component of other assets (non-current) on the Consolidated Balance Sheets.

Stock-Based Compensation

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions: The accounts of Transcat Canada Inc., a wholly-owned subsidiary of the Company, are maintained in the local currency and have been translated to U.S. dollars. Accordingly, the amounts representing assets and liabilities have been translated at the period-end rates of exchange and related revenue and expense accounts have been translated at an average rate of exchange during the period. Gains and losses arising from translation of Transcat Canada Inc.'s financial statements into U.S. dollars are recorded directly to the accumulated other comprehensive income (loss) component of shareholders' equity.

Earnings Per Share

	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Average Shares Outstanding – Basic		6,900		6,823		6,878		6,788
Effect of Dilutive Common Stock Equivalents		237		258		256		273
Average Shares Outstanding – Diluted		7,137		7,081		7,134		7,061
Anti-dilutive Common Stock Equivalents		-		-		-		-

Recently Issued Accounting Pronouncements

Subsequent Events

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GENERAL (Tables)

9 Months Ended

Dec. 26, 2015

GENERAL [Abstract]

Schedule of Weighted Average Number of Shares

	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Average Shares Outstanding – Basic		6,900		6,823		6,878		6,788
Effect of Dilutive Common Stock Equivalents		237		258		256		273
Average Shares Outstanding – Diluted		7,137		7,081		7,134		7,061
Anti-dilutive Common Stock Equivalents		-		-		-		-

XML 28 R16.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Dec. 26, 2015

STOCK-BASED COMPENSATION [Abstract]

Schedule of Restricted Stock Units Award Activity

Total

Grant Date

Estimated

Number

Fair

Level of

Date

Measurement

of Units

Value

Achievement at

Granted

Period

Granted

Per Unit

December 26, 2015

April 2013

April 2013 - March 2016

6.17

50% of target level

April 2014

April 2014 - March 2017

9.28

50% of target level

April 2015

April 2015 – March 2018

9.59

100% of target level

Schedule of Stock Options Activity

				Weighted		Weighted
				Average		Average
	Number			Exercise		Remaining		Aggregate
	of			Price Per		Contractual		Intrinsic
	Shares			Share		Term (in years)		Value
Outstanding as of March 28, 2015		561		$	6.83
Exercised		(36	)		4.74
Forfeited		(1	)		4.26
Outstanding as of December 26, 2015		524			6.98		3	$	963
Exercisable as of December 26, 2015		444			6.87		2	$	865

XML 29 R17.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Tables)

9 Months Ended

Dec. 26, 2015

SEGMENT INFORMATION [Abstract]

Schedule of Segment Information

	Third Quarter Ended				Nine Months Ended
	December 26,		December 27,		December 26,		December 27,
	2015		2014		2015		2014
Revenue:
Service	$	13,922	$	12,603	$	41,647	$	37,336
Distribution		16,238		18,449		47,659		53,946
Total		30,160		31,052		89,306		91,282

Gross Profit:
Service		3,272		3,090		10,264		9,299
Distribution		3,506		3,904		10,313		11,290
Total		6,778		6,994		20,577		20,589

Operating Expenses:
Service (1)		2,473		2,528		7,981		7,805
Distribution (1)		2,623		3,089		8,517		9,132
Total		5,096		5,617		16,498		16,937

Operating Income:
Service		799		562		2,283		1,494
Distribution		883		815		1,796		2,158
Total		1,682		1,377		4,079		3,652

Unallocated Amounts:
Interest and Other Expense, net		62		83		193		266
Provision for Income Taxes		552		481		1,339		1,269
Total		614		564		1,532		1,535

Net Income	$	1,068	$	813	$	2,547	$	2,117

(1)	Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.

XML 30 R18.htm IDEA: XBRL DOCUMENT

BUSINESS ACQUISITIONS (Tables)

9 Months Ended

Dec. 26, 2015

BUSINESS ACQUISITIONS [Abstract]

Schedule of Purchase Price Allocation

Goodwill	$	2,032
Intangible Assets – Customer Bases		1,031
Intangible Assets – Covenants Not to Compete		250
Deferred Tax Liabilities		(208	)
		3,105
Plus: Current Assets		430
Non-Current Assets		945
Less: Current Liabilities		(208	)
Non-Current Liabilities		(641	)
Total Purchase Price	$	3,631

Schedule of Pro Forma Information

	(Unaudited)
	Nine Months Ended
	December 26, 2015		December 27, 2014

Total Revenue	$	90,680	$	93,894
Net Income		2,710		2,418
Basic Earnings Per Share		0.39		0.36
Diluted Earnings Per Share		0.38		0.34

XML 31 R19.htm IDEA: XBRL DOCUMENT

GENERAL (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
GENERAL (Narrative) (Details) - USD ($)	Dec. 31, 2015	Jan. 18, 2016	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014	Mar. 27, 2016	Dec. 30, 2015	Mar. 28, 2015
General [Line Items]
Investments			$ 800,000		$ 800,000				$ 900,000
Allocated Share-based Compensation Expense					300,000	$ 500,000
Foreign Currency Transaction Gain (Loss), Realized					(100,000)	(100,000)
Foreign Currency Transaction Gain (Loss), Unrealized					400,000	$ 400,000
Derivative Asset, Notional Amount			$ 5,000,000		$ 5,000,000
Dilutive Securities Effect Per Share on Earnings (in Dollars per share)			$ 0.00	$ 0.01	$ 0.01	$ 0.01
Cash paid					$ 2,918,000	$ 6,681,000
Revolving Credit Facility [Member]
General [Line Items]
Amount available			$ 30,000,000		$ 30,000,000
Subsequent Event [Member] \| Spectrum Technologies, Inc. [Member]
General [Line Items]
Total Purchase Price	$ 11,800,000
Cash paid	10,100,000
Other holdback amounts unpaid	$ 1,700,000
Subsequent Event [Member] \| Dispersion Laboratory Inc. [Member]
General [Line Items]
Total Purchase Price		$ 1,000
Subsequent Event [Member] \| Borrowings for Business Acquisitions [Member] \| Revolving Credit Facility [Member]
General [Line Items]
Amount available							$ 15,000,000	$ 17,000,000

XML 32 R20.htm IDEA: XBRL DOCUMENT

GENERAL (Average Shares Outstanding Used to Compute Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
GENERAL [Abstract]
Average Shares Outstanding - Basic	6,900	6,823	6,878	6,788
Effect of Dilutive Common Stock Equivalents	237	258	256	273
Average Shares Outstanding - Diluted	7,137	7,081	7,134	7,061
Anti-dilutive Common Stock Equivalents

XML 33 R21.htm IDEA: XBRL DOCUMENT

DEBT (Details) $ in Millions		9 Months Ended
DEBT (Details) $ in Millions	Dec. 31, 2015 USD ($)	Dec. 26, 2015 USD ($) item	Mar. 27, 2016 USD ($)	Dec. 30, 2015 USD ($)
Spectrum Technologies, Inc. [Member] \| Subsequent Event [Member]
DEBT [Line Items]
Proceeds from Lines of Credit	$ 10.1
Revolving Credit Facility [Member]
DEBT [Line Items]
Maximum borrowing capacity		$ 30.0
Ratio of consolidated EBITDA subject to a maximum borrowing restriction		2.75
Number of consecutive quarters for which ratio of EBITDA subject to maximum borrowing restriction is required to be maintained under financial covenants \| item		4
Debt Instrument, Interest Rate, Stated Percentage		0.40%
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum		1.70%
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum		1.90%
Maturity date		Sep. 20, 2018
Amount available		$ 30.0
Amount outstanding		10.5
Revolving Credit Facility [Member] \| Borrowings for Business Acquisitions [Member]
DEBT [Line Items]
Maximum borrowing capacity		15.0
Proceeds from Lines of Credit		$ 2.9
Revolving Credit Facility [Member] \| Borrowings for Business Acquisitions [Member] \| Subsequent Event [Member]
DEBT [Line Items]
Amount available			$ 15.0	$ 17.0

XML 34 R22.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions			3 Months Ended	9 Months Ended
	Jul. 01, 2015	Jul. 01, 2014	Sep. 26, 2015	Dec. 26, 2015	Dec. 27, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				$ 0.3	$ 0.5
2003 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)				1,300
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock or Unit Expense				$ 0.2	$ 0.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 0.7
Performance Shares [Member] \| Awards Granted in 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of Target Level Achieved				75.00%
Number of Shares Issued				18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)				99
Restricted Stock [Member] \| Board of Directors [Member] \| 2003 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)					10
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%	50.00%
Restricted Stock [Member] \| Retiring Board Member [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock or Unit Expense				$ 0.1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)			2
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				$ 0.1	$ 0.1
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options				$ 0.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				$ 0.1
Proceeds from Stock Options Exercised				$ 0.2
Employee Stock Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years

XML 35 R23.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Non-Vested Performance-Based Restricted Stock Units) (Details) - Performance Shares [Member] shares in Thousands	9 Months Ended
	Dec. 26, 2015 $ / shares shares
Awards Granted in 2013 [Member]
Schedule of Stock Based Compensation Details Non Vested Performance Based Restricted Stock Units [Line Items]
Total Number of Units Granted \| shares	99
Grant Date Fair Value Per Unit (in Dollars per share) \| $ / shares	$ 6.17
Estimated Level of Achievement	50.00%
Awards Granted in 2014 [Member]
Schedule of Stock Based Compensation Details Non Vested Performance Based Restricted Stock Units [Line Items]
Total Number of Units Granted \| shares	61
Grant Date Fair Value Per Unit (in Dollars per share) \| $ / shares	$ 9.28
Estimated Level of Achievement	50.00%
Awards Granted in 2015 [Member]
Schedule of Stock Based Compensation Details Non Vested Performance Based Restricted Stock Units [Line Items]
Total Number of Units Granted \| shares	73
Grant Date Fair Value Per Unit (in Dollars per share) \| $ / shares	$ 9.59
Estimated Level of Achievement	100.00%

XML 36 R24.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Dec. 26, 2015 USD ($) $ / shares shares
Number of Shares
Outstanding, beginning balance \| shares	561
Exercised \| shares	(36)
Forfeited \| shares	(1)
Outstanding, ending balance \| shares	524
Exercisable \| shares	444
Weighted Average Exercise Price Per Share
Outstanding, beginning balance \| $ / shares	$ 6.83
Exercised \| $ / shares	4.74
Forfeited \| $ / shares	4.26
Outstanding, ending balance \| $ / shares	6.98
Exercisable \| $ / shares	$ 6.87
Weighted Average Remaining Contractual Term (in Years)
Outstanding	3 years
Exercisable	2 years
Aggregate Intrinsic Value
Outstanding \| $	$ 963
Exercisable \| $	$ 865

XML 37 R25.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 26, 2015

USD ($)

Dec. 27, 2014

USD ($)

Dec. 26, 2015

USD ($)

item

Dec. 27, 2014

USD ($)

SEGMENT INFORMATION [Abstract]

Number of Reportable Segments | item

Revenue:

Revenue

$ 30,160

$ 31,052

$ 89,306

$ 91,282

Gross Profit:

Gross Profit

6,778

6,994

20,577

20,589

Operating Expenses:

Operating Expenses

5,096

5,617

16,498

16,937

Operating Income:

Operating Income

1,682

1,377

4,079

3,652

Unallocated Amounts:

Interest and Other Expense, net

193

266

Provision for Income Taxes

552

481

1,339

1,269

Net Income

1,068

813

2,547

2,117

Segment Reconciling Items [Member]

Unallocated Amounts:

Interest and Other Expense, net

193

266

Provision for Income Taxes

552

481

1,339

1,269

Unallocated Amounts

614

564

1,532

1,535

Service Segment [Member]

Revenue:

Revenue

13,922

12,603

41,647

37,336

Gross Profit:

Gross Profit

3,272

3,090

10,264

9,299

Operating Expenses:

Operating Expenses

^[1]

2,473

2,528

7,981

7,805

Operating Income:

Operating Income

799

562

2,283

1,494

Distribution [Member]

Revenue:

Revenue

16,238

18,449

47,659

53,946

Gross Profit:

Gross Profit

3,506

3,904

10,313

11,290

Operating Expenses:

Operating Expenses

^[1]

2,623

3,089

8,517

9,132

Operating Income:

Operating Income

$ 883

$ 815

$ 1,796

$ 2,158

[1]	Operating expense allocations between segments are based on actual amounts, a percentage of revenues, headcount, and management's estimates.

XML 38 R26.htm IDEA: XBRL DOCUMENT

BUSINESS ACQUISITIONS (Narrative) (Details) - Fiscal 2016 Acquisitions [Member] $ in Millions	3 Months Ended	9 Months Ended
	Sep. 26, 2015 USD ($)	Dec. 26, 2015 USD ($) item
BUSINESS ACQUISITIONS [Line Items]
Number of Businesses Acquired \| item		3
Finite-Lived Intangible Asset, Useful Life		10 years
Business Combination, Consideration Transferred		$ 3.6
Cash Acquired from Acquisition		0.2
Business Combination, Contingent Consideration, Liability, Current		0.3
Other holdback amounts unpaid		0.4
Business Combination, Acquisition Related Costs	$ 0.2	$ 0.4

XML 39 R27.htm IDEA: XBRL DOCUMENT

BUSINESS ACQUISITIONS (Purchase Price Paid for Businesses Acquired) (Details) - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Allocation of Purchase Price:
Goodwill	$ 22,462	$ 20,923
Fiscal 2016 Acquisitions [Member]
Allocation of Purchase Price:
Goodwill	2,032
Deferred Tax Liabilities	(208)
Total	3,105
Plus: Current Assets	430
Non-Current Assets	945
Less: Current Liabilities	(208)
Non-Current Liabilities	(641)
Total Purchase Price	3,631
Customer Bases [Member] \| Fiscal 2016 Acquisitions [Member]
Allocation of Purchase Price:
Intangible Assets	1,031
Covenants Not To Compete [Member] \| Fiscal 2016 Acquisitions [Member]
Allocation of Purchase Price:
Intangible Assets	$ 250

XML 40 R28.htm IDEA: XBRL DOCUMENT

BUSINESS ACQUISITIONS (Proforma Information for Business Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
BUSINESS ACQUISITIONS [Abstract]
Total Revenue	$ 90,680	$ 93,894
Net Income	$ 2,710	$ 2,418
Basic Earnings Per Share	$ 0.39	$ 0.36
Diluted Earnings Per Share	$ 0.38	$ 0.34

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A0#% @ 18-(2%Y7O+94 M"@ !6 !$ ( !T'H '1R;G,M,C Q-3$R,C8N>'-D4$L! M A0#% @ 18-(2*@?_;+)#@ MP !4 ( !4X4 '1R M;G,M,C Q-3$R,C9?8V%L+GAM;%!+ 0(4 Q0 ( $6#2$AE+=/1EA\ %47 M @ 5 " 4^4 !T

	FY 2016						FY 2015
	Q3		Q2		Q1		Q4		Q3		Q2		Q1
Percent of Service Revenue:
In-House	81.5	%	81.4	%	82.4	%	82.8	%	81.8	%	81.6	%	82.8	%
Outsourced	16.9	%	16.7	%	15.8	%	15.4	%	16.4	%	16.5	%	15.1	%
Freight Billed to Customers	1.6	%	1.9	%	1.8	%	1.8	%	1.8	%	1.9	%	2.1	%
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	FY 2016			FY 2015
	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Distribution Sales (Decline) Growth	(12.0%)	(17.4%)	(5.0%)	5.5%	(2.9%)	6.4%	0.1%

	FY 2016									FY 2015
	Q3			Q2			Q1			Q4			Q3			Q2			Q1
Total Pending Product Shipments	$	3,421		$	3,124		$	2,858		$	3,215		$	3,838		$	3,383		$	2,860
% of Pending Product Shipments
that were Backorders		73.8	%		78.4	%		75.8	%		73.9	%		73.9	%		69.0	%		64.1	%

	FY 2016			FY 2015
	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Service Gross Margin	23.5%	24.4%	26.1%	33.2%	24.5%	26.0%	24.2%