[January 28, 2013] |
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Transcat Reports 3.0% Increase in Revenue for Fiscal 2013 Third Quarter
ROCHESTER, N.Y. --(Business Wire)--
Transcat, Inc. (NASDAQ: TRNS) ("Transcat" or the "Company"), an
accredited provider of calibration, repair, inspection and other
compliance services and a leading distributor of professional grade
handheld test, measurement and control instruments, today reported
financial results for its third quarter ended December 29, 2012.
Included in the reported results are those of Anacor Compliance
Services, Inc., which the Company acquired on July 16, 2012.
Fiscal 2013 third quarter total revenue increased 3.0% to $29.3 million
from $28.5 million in the third quarter of the prior fiscal year driven
by Service segment revenue growth of 8.9%. Product segment sales were
consistent with the prior fiscal year period at $19.4 million.
Net income was $0.8 million, or $0.10 per diluted share, in the third
quarter of fiscal 2013, compared with $1.0 million, or $0.13 per diluted
share, in the prior-year period.
Charles P. Hadeed, CEO of Transcat, commented, "Our acquisition strategy
to expand our Service segment drove our growth in the quarter and helped
to support overall margins in a challenging market environment for our
Product segment. The Anacor acquisition led to 8.9% growth for the
Service segment and also contributed to expanded operating and
contribution margins for the segment. We have completed six acquisitions
in the last three years, including Anacor, and we recently announced the
acquisition of Cal-Matrix. In combination with our organic growth
initiatives, we expect to continue to acquire high quality calibration
labs that further expand our geographic footprint and capabilities."
On January 25, 2013, the Company announced the acquisition of Cal-Matrix
Metrology Inc., a leading Canadian provider of commercial and accredited
calibrations and coordinate measurement inspection services. The
acquisition greatly expands the Company's presence in Canada by adding a
second laboratory in Southern Ontario and a lab in Montreal, Quebec.
Transcat now has 18 strategically located centers of excellence in the
United States, Canada and Puerto Rico.
Service Segment Expansion Muted by Product Segment Declines
Operating income for the third quarter of fiscal 2013 was $1.2 million,
a $0.4 million decrease from the prior fiscal year period. Operating
margin declined 160 basis points to 4.2% in the third quarter of fiscal
2013 compared with 5.8% for the prior-year period. Total operating
expenses in the third quarter of fiscal 2013 increased $0.3 million, or
5.3%, including upfront costs related to the Company's deployment of
Salesforce.com, a customer relationship management ("CRM") software
program which is expected to increase the efficiency of our sales teams.
During the third quarter of fiscal 2013, Transcat generated $1.9 million
of EBITDA (earnings before interest, taxes, depreciation and
amortization), a decrease of $0.5 million when compared with the same
quarter of the prior fiscal year. Service segment EBITDA increased
15.5%, to $0.4 million, which was more than offset by a decrease in
EBITDA attributable to the Product segment. See Note 1 on page 4 for
a description of this non-GAAP financial measure and page 9 for the
EBITDA Reconciliation table.
Service Segment Strengthened by Acquisition
Service Segment: Represents the Company's accredited
calibration, repair, inspection and other compliance services business
(34% of total revenue for the third quarter of fiscal 2013)
"The third quarter Service segment revenue growth can largely be
attributed to furthering our reach into the targeted life sciences
industry with our recent acquisition of Anacor," stated Lee D. Rudow,
President and COO of Transcat. "While we have made strides growing with
acquisitions, we intend to further increase our focus on organic growth
as well, which we expect will lead to enhanced operating leverage and
stronger cash flow generation."
-
Service segment revenue increased 8.9%, or $0.8 million, to $9.9
million in the third quarter of fiscal 2013 compared with the third
quarter of the prior fiscal year.
-
Third quarter fiscal 2013 Service segment gross profit improved $0.3
million, or 16.5%, to $2.1 million compared with the prior fiscal year
period, while gross margin expanded 140 basis points over the same
comparable period to 21.5%.
-
Service segment contribution margin increased $0.3 million, or 65.4%,
to $0.8 million compared with the third quarter of fiscal 2012. See
Note 1 on page 4 for a description of this non-GAAP financial measure
and page 10 for the Contribution Margin Reconciliation in the Business
Segment Data.
-
Operating expenses associated with the Service segment increased 5.9%
to $2.1 million in the third quarter of fiscal 2013 compared with the
third quarter of the prior fiscal year.
-
Service segment operating income was basically break-even for the
third quarter of fiscal 2013, an improvement from an operating loss of
$0.2 million in the third quarter of fiscal 2012. Operating margin
over the same comparable period improved 200 basis points.
-
Service segment EBITDA increased 15.5% to $0.4 million in the fiscal
2013 third quarter compared with the third quarter of fiscal 2012. As
a percentage of Service segment revenue, EBITDA for the Service
segment was 4.1% and 3.8% in the third quarters of fiscal 2013 and
2012, respectively. See Note 1 on page 4 for a description of this
non-GAAP financial measure and page 9 for the EBITDA Reconciliation
table.
Product Segment Revenue Steady in a Challenging Market
Product Segment: Represents the Company's distribution of
professional grade handheld test and measurement instruments business
(66% of total revenue for the third quarter of fiscal 2013)
-
Product segment sales were $19.4 million in the third quarter of
fiscal 2013, consistent with the prior-year period despite two fewer
business days. Average Product segment sales per day increased 3.6% to
$319 thousand in the third quarter of fiscal 2013, compared with $308
thousand in the same period of fiscal 2012.
-
Online product sales increased 24.5% to $2.3 million in the third
quarter of fiscal 2013 from $1.8 million in the prior-year period.
Online sales accounted for 11.7% and 9.4% of Product segment sales in
the third quarters of 2013 and 2012, respectively.
-
Third quarter Product segment gross profit decreased $0.5 million to
$4.5 million, or 23.2% of Product segment sales, primarily due to
competitive pricing pressures and a $0.2 million reduction in
volume-based rebate income.
-
Product segment operating income decreased $0.6 million to $1.2
million in the third quarter of fiscal 2013 primarily as a result of
the contraction in gross profit. Operating margin was 6.4% and 9.6% of
Product segment sales in the third quarter of fiscal 2013 and 2012,
respectively.
-
Product segment EBITDA was $1.5 million, or 7.8% of segment sales, in
the third quarter of fiscal 2013, compared with $2.1 million, or 11.0%
of segment sales, in the prior-year period. See Note 1 on page 4
for a description of this non-GAAP financial measure and page 9 for
the EBITDA Reconciliation table.
Nine-Month Review
Total revenue increased to $81.2 million in the first nine months of
fiscal 2013, up 2.5% from total revenue of $79.2 million in the first
nine months of fiscal 2012. Revenue increases in the Service segment
were partially offset by lower sales in the Product segment.
-
Service segment revenue increased 10.7% to $28.5 million in the first
nine months of fiscal 2013, compared with $25.7 million in the first
nine months of fiscal 2012. Incremental revenue from recent
acquisitions complemented by organic growth was partially offset by
the strategic decision not to renew $0.8 million in low margin revenue
from the Company outsourcing primarily non-calibration services for a
specific customer.
-
Product segment sales were $52.8 million in the first nine months of
fiscal 2013, a decrease of 1.5% from $53.5 million in the same period
of the prior fiscal year. Sales to both direct and reseller customers
declined slightly, reflecting general economic conditions.
Gross margin was 23.3% in the first nine months of fiscal 2013 compared
with 24.3% in the same period of the prior fiscal year.
-
Service segment gross margin improved 60 basis points to 22.8% in the
first nine months of fiscal 2013 compared with 22.2% in the same
period of the prior fiscal year. Revenue growth in the Service segment
included incremental revenue from recent acquisitions, which provided
limited short-term gross margin expansion opportunity.
-
Product segment gross margin was 23.6% and 25.3% for the first nine
months of fiscal 2013 and 2012, respectively. The decline was
primarily a result of $0.7 million less in manufacturer rebates as
well as increased price discounts extended to customers, partially
offset by a
$0.3 million increase in cooperative advertising
income.
Operating expenses increased modestly to $15.9 million in the first nine
months of fiscal 2013, compared with the first nine months of the prior
fiscal year. As a percentage of total revenue, operating expenses in the
fiscal 2013 year-to-date period improved to 19.6% from 19.9% in the
prior-year period reflecting lower performance-based compensation and
acquisition-related expenses, partially offset by one-time sales
organization restructuring charges and increased investments in our CRM
software Salesforce.com.
Fiscal 2013 year-to-date operating income declined $0.5 million, or
13.5%, to $3.0 million compared with the same period of fiscal 2012. The
decline reflects lower Product segment operating income partially offset
by improved operating income within the Service segment. Operating
margin for the same comparable period declined 70 basis points to 3.7%.
Net income was $1.9 million, or $0.25 per diluted share, in the first
nine months of fiscal 2013, compared with $2.1 million, or $0.27 per
diluted share, in the prior-year period.
EBITDA was $4.9 million in the first nine months of fiscal 2013,
compared with $5.7 million for the same period in fiscal 2012. See
Note 1 on page 4 for a description of this non-GAAP financial measure
and page 9 for the EBITDA Reconciliation table.
Strong and Flexible Balance Sheet
Net cash provided by operations was $2.4 million for the year-to-date
period of fiscal 2013, compared with $2.5 million in the comparable
period of fiscal 2012. The year-over-year change was the result of
working capital requirements and timing.
Capital expenditures in the first nine months of fiscal 2013 were $2.2
million compared with $1.2 million in the first nine months of fiscal
2012, and were primarily for additional service capabilities, including
implementing Salesforce.com, a larger laboratory in Nashville, TN and an
additional calibration system to expand the Company's pressure
calibration capabilities. Business acquisitions were $3.1 million during
the first nine months of fiscal 2013 and 2012.
As of December 29, 2012, the Company had $13.4 million in remaining
availability under its $20 million secured revolving credit facility.
Outlook
Mr. Hadeed stated, "For the long term, we continue to drive our strategy
to grow the Service segment at a higher rate than our product business,
both through acquisitions and organically, while continuing to expand
the Product segment through increased market penetration. Given the
operating leverage inherent in the Service segment, we expect over time
this growth will strengthen our earnings power.
"For the fourth quarter of fiscal 2013, we will have one less sales week
compared with the prior-year period as a result of our 52/53 week fiscal
cycle. In addition, the delay in production tax credits for
manufacturers in the wind industry may affect product sales for the
remainder of the fiscal year. We expect our Service segment operating
income to significantly increase while we face continued margin pressure
within our Product segment."
NOTE 1
In addition to reporting net income, a U.S. generally accepted
accounting principle ("GAAP") measure, we present EBITDA (earnings
before interest, income taxes, depreciation and amortization), which is
a non-GAAP measure. The Company believes EBITDA allows investors to view
its performance in a manner similar to the methods used by management
and provides additional insight into its operating results. EBITDA is
not calculated through the application of GAAP and is not the required
form of disclosure by the Securities and Exchange Commission. As such,
it should not be considered as a substitute for the GAAP measure of net
income and, therefore, should not be used in isolation of, but in
conjunction with, the GAAP measure. The use of any non-GAAP measure may
produce results that vary from the GAAP measure and may not be
comparable to a similarly defined non-GAAP measure used by other
companies. See the attached EBITDA Reconciliation table on page 9.
Contribution margin, a non-GAAP financial measure, consists of gross
profit less sales, marketing and warehouse expenses. We believe
contribution margin provides management and users of the financial
statements information about our ability to cover our operating costs,
such as technology and general and administrative expenses. Contribution
margin is used in addition to and in conjunction with results presented
in accordance with GAAP and should not be relied upon to the exclusion
of GAAP financial measures. The material limitation associated with the
use of contribution margin is that it is an incomplete measure of
profitability as it does not include all operating expenses or
non-operating income and expenses. Management compensates for these
limitations when using this measure by looking at other GAAP measures,
such as operating income (loss) and net income (loss). For further
details on contribution margin, see the calculation of this non-GAAP
financial measure and the reconciliation of contribution margin to gross
profit on pages 10 and 11.
ABOUT TRANSCAT
Transcat, Inc. is a leading provider of accredited calibration, repair,
inspection and compliance services including analytical instrument
qualifications, equipment and process validation. Targeted industries
include life science, biotechnology, medical device, pharmaceutical and
other FDA-regulated industries, industrial manufacturing, energy and
utilities, chemical manufacturing and other industries. Throughout its
18 strategically located centers of excellence in the United States,
Canada and Puerto Rico, Transcat delivers precise services with reliable
turn-around times. The breadth and depth of measurement parameters
addressed by Transcat's ISO/IEC 17025 scopes of accreditation are
believed to be among the best in the industry.
In addition, Transcat operates as a leading distributor of professional
grade handheld test, measurement and control instrumentation. Through
its distribution products segment, Transcat markets and distributes
premier and propriety brand instruments to nearly 15,000 customers. The
Company offers access to more than 25,000 test, measurement and control
products.
Transcat's growth strategy is to expand its product and service platform
comprised of a balanced suite of test products and analytical,
calibration, compliance, and validation services. The goal is to deliver
specialized technical services with a quality assurance approach, which
maximizes document accuracy and on-time job delivery. Transcat answers
the call with cGMP, GLP, and GXP compliant services. Transcat can
provide life science companies with a reliable alternative service and
product solution to the OEMs and to the "generalist" service providers
who cannot meet the client's specialized needs.
More information about Transcat can be found on its website at: transcat.com
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as "expects," "estimates,"
"projects," "anticipates," "believes," "could," and other similar words.
All statements addressing operating performance, events, or developments
that Transcat, Inc. expects or anticipates will occur in the future,
including but not limited to statements relating to anticipated revenue,
profit margins, sales operations, its strategy to build its sales
representative channel, customer preferences and changes in market
conditions in the industries in which Transcat operates are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties are more fully
described in Transcat's Annual and Quarterly Reports filed with the
Securities and Exchange Commission, including under the heading entitled
"Risk Factors." Should one or more of these risks or uncertainties
materialize, or should any of the Company's underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on the
Company's forward-looking statements. Except as required by law, the
Company disclaims any obligation to update or publicly announce any
revisions to any of the forward-looking statements contained in this
press release.
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TRANSCAT, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(In Thousands, Except Per Share Amounts)
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(Unaudited)
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(Unaudited)
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Third Quarter Ended
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Nine Months Ended
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December 29,
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December 24,
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December 29,
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December 24,
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2012
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2011
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2012
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2011
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Product Sales
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$
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19,440
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$
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19,382
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$
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52,753
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$
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53,533
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Service Revenue
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9,884
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9,078
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28,456
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25,715
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Total Revenue
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29,324
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28,460
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81,209
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79,248
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Cost of Products Sold
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14,937
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14,420
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40,317
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39,992
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Cost of Services Sold
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7,757
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7,252
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21,977
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20,017
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Total Cost of Products and Services Sold
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22,694
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21,672
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62,294
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60,009
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Gross Profit
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6,630
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6,788
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18,915
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19,239
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Selling, Marketing and Warehouse Expenses
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3,386
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3,403
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9,786
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10,071
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Administrative Expenses
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2,023
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1,732
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6,134
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5,704
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Total Operating Expenses
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5,409
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5,135
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15,920
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15,775
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Operating Income
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1,221
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1,653
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2,995
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3,464
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Interest and Other Expense, net
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37
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44
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135
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127
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Income Before Income Taxes
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1,184
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1,609
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2,860
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3,337
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Provision for Income Taxes
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402
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585
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972
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1,242
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Net Income
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782
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1,024
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1,888
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2,095
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Basic Earnings Per Share
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$
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0.11
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$
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0.14
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$
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0.26
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$
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0.29
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Average Shares Outstanding
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7,417
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7,325
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7,399
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7,301
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Diluted Earnings Per Share
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$
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0.10
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$
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0.13
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$
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0.25
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$
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0.27
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Average Shares Outstanding
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7,562
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7,680
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7,575
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7,647
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TRANSCAT, INC.
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CONSOLIDATED BALANCE SHEETS
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(In Thousands, Except Share and Per Share Amounts)
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(Unaudited)
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December 29,
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March 31,
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2012
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2012
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ASSETS
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Current Assets:
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Cash
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$
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459
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$
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32
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Accounts Receivable, less allowance for doubtful accounts of $100
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and $99 as of December 29, 2012 and March 31, 2012, respectively
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13,868
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13,800
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Other Receivables
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1,350
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845
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Inventory, net
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6,753
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6,396
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Prepaid Expenses and Other Current Assets
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|
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1,307
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|
|
|
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1,064
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Deferred Tax Asset
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901
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1,041
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Total Current Assets
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24,638
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23,178
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Property and Equipment, net
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6,609
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5,306
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Goodwill
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15,294
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13,390
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Intangible Assets, net
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2,458
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2,449
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Deferred Tax Asset
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332
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-
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Other Assets
|
|
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1,010
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|
|
|
|
654
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Total Assets
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|
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$
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50,341
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$
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44,977
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current Liabilities:
|
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Accounts Payable
|
|
|
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$
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8,839
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$
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7,516
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Accrued Compensation and Other Liabilities
|
|
|
|
|
3,750
|
|
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|
|
5,171
|
|
Income Taxes Payable
|
|
|
|
|
-
|
|
|
|
|
366
|
|
Total Current Liabilities
|
|
|
|
|
12,589
|
|
|
|
|
13,053
|
|
Long-Term Debt
|
|
|
|
|
6,642
|
|
|
|
|
3,365
|
|
Deferred Tax Liability
|
|
|
|
|
-
|
|
|
|
|
139
|
|
Other Liabilities
|
|
|
|
|
1,538
|
|
|
|
|
1,042
|
|
Total Liabilities
|
|
|
|
|
20,769
|
|
|
|
|
17,599
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
Common Stock, par value $0.50 per share, 30,000,000 shares
authorized;
|
|
|
|
|
|
|
|
|
7,417,294 and 7,840,994 shares issued as of December 29, 2012 and
|
|
|
|
|
|
|
|
|
March 31, 2012, respectively; 7,417,294 and 7,341,007 shares
|
|
|
|
|
|
|
|
|
outstanding as of December 29, 2012 and March 31, 2012,
respectively
|
|
|
|
|
3,709
|
|
|
|
|
3,920
|
|
Capital in Excess of Par Value
|
|
|
|
|
10,680
|
|
|
|
|
10,810
|
|
Accumulated Other Comprehensive Income
|
|
|
|
|
402
|
|
|
|
|
448
|
|
Retained Earnings
|
|
|
|
|
14,781
|
|
|
|
|
14,394
|
|
Less: Treasury Stock, at cost, 498,782 shares as of March 31, 2012
|
|
|
|
|
-
|
|
|
|
|
(2,194
|
)
|
Total Shareholders' Equity
|
|
|
|
|
29,572
|
|
|
|
|
27,378
|
|
Total Liabilities and Shareholders' Equity
|
|
|
|
$
|
50,341
|
|
|
|
$
|
44,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSCAT, INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
December 29,
|
|
|
|
December 24,
|
|
|
|
|
2012
|
|
|
|
2011
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
$
|
1,888
|
|
|
|
|
$
|
2,095
|
|
Adjustments to Reconcile Net Income to Net Cash
|
|
|
|
|
|
|
|
|
Provided by Operating Activities:
|
|
|
|
|
|
|
|
|
Deferred Income Taxes
|
|
|
|
|
(250
|
)
|
|
|
|
|
(105
|
)
|
Depreciation and Amortization
|
|
|
|
|
1,945
|
|
|
|
|
|
2,241
|
|
Provision for Accounts Receivable and Inventory Reserves
|
|
|
|
|
167
|
|
|
|
|
|
157
|
|
Stock-Based Compensation Expense
|
|
|
|
|
220
|
|
|
|
|
|
407
|
|
Changes in Assets and Liabilities:
|
|
|
|
|
|
|
|
|
Accounts Receivable and Other Receivables
|
|
|
|
|
(252
|
)
|
|
|
|
|
(2,387
|
)
|
Inventory
|
|
|
|
|
(349
|
)
|
|
|
|
|
(1,347
|
)
|
Prepaid Expenses and Other Assets
|
|
|
|
|
(909
|
)
|
|
|
|
|
(627
|
)
|
Accounts Payable
|
|
|
|
|
1,337
|
|
|
|
|
|
1,270
|
|
Accrued Compensation and Other Liabilities
|
|
|
|
|
(1,038
|
)
|
|
|
|
|
873
|
|
Income Taxes Payable
|
|
|
|
|
(409
|
)
|
|
|
|
|
(42
|
)
|
Net Cash Provided by Operating Activities
|
|
|
|
|
2,350
|
|
|
|
|
|
2,535
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase of Property and Equipment
|
|
|
|
|
(2,189
|
)
|
|
|
|
|
(1,233
|
)
|
Business Acquisitions
|
|
|
|
|
(3,129
|
)
|
|
|
|
|
(3,122
|
)
|
Net Cash Used in Investing Activities
|
|
|
|
|
(5,318
|
)
|
|
|
|
|
(4,355
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
Revolving Line of Credit, net
|
|
|
|
|
3,277
|
|
|
|
|
|
1,606
|
|
Payments on Other Debt Obligations
|
|
|
|
|
-
|
|
|
|
|
|
(11
|
)
|
Payments of Contingent Consideration
|
|
|
|
|
(14
|
)
|
|
|
|
|
(88
|
)
|
Issuance of Common Stock
|
|
|
|
|
199
|
|
|
|
|
|
350
|
|
Repurchase of Common Stock
|
|
|
|
|
(110
|
)
|
|
|
|
|
(61
|
)
|
Excess Tax Benefits Related to Stock-Based Compensation
|
|
|
|
|
43
|
|
|
|
|
|
39
|
|
Net Cash Provided by Financing Activities
|
|
|
|
|
3,395
|
|
|
|
|
|
1,835
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash
|
|
|
|
|
-
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash
|
|
|
|
|
427
|
|
|
|
|
|
25
|
|
Cash at Beginning of Period
|
|
|
|
|
32
|
|
|
|
|
|
32
|
|
Cash at End of Period
|
|
|
|
$
|
459
|
|
|
|
|
$
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSCAT, INC.
|
Fiscal Year 2013 and Fiscal Year 2012
|
Additional Information
|
|
EBITDA Reconciliation
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2013
|
|
|
|
|
|
|
|
Q1
|
|
|
|
Q2
|
|
|
|
Q3
|
|
|
|
YTD
|
Net Income
|
|
|
|
|
|
$
|
361
|
|
|
|
|
$
|
745
|
|
|
|
|
$
|
782
|
|
|
|
|
$
|
1,888
|
|
|
+ Interest Expense
|
|
|
|
|
|
|
21
|
|
|
|
|
|
38
|
|
|
|
|
|
20
|
|
|
|
|
|
79
|
|
|
+ Other Expense / (Income)
|
|
|
|
|
|
|
26
|
|
|
|
|
|
13
|
|
|
|
|
|
17
|
|
|
|
|
|
56
|
|
|
+ Tax Provision
|
|
|
|
|
|
|
186
|
|
|
|
|
|
384
|
|
|
|
|
|
402
|
|
|
|
|
|
972
|
|
Operating Income
|
|
|
|
|
|
$
|
594
|
|
|
|
|
$
|
1,180
|
|
|
|
|
$
|
1,221
|
|
|
|
|
$
|
2,995
|
|
|
+ Depreciation & Amortization
|
|
|
|
|
|
|
600
|
|
|
|
|
|
621
|
|
|
|
|
|
724
|
|
|
|
|
|
1,945
|
|
|
+ Other (Expense) / Income
|
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
(13
|
)
|
|
|
|
|
(17
|
)
|
|
|
|
|
(56
|
)
|
EBITDA
|
|
|
|
|
|
$
|
1,168
|
|
|
|
|
$
|
1,788
|
|
|
|
|
$
|
1,928
|
|
|
|
|
$
|
4,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Operating Income (Loss)
|
|
|
|
|
|
$
|
(258
|
)
|
|
|
|
$
|
333
|
|
|
|
|
$
|
(19
|
)
|
|
|
|
$
|
56
|
|
|
+ Depreciation & Amortization
|
|
|
|
|
|
|
359
|
|
|
|
|
|
422
|
|
|
|
|
|
439
|
|
|
|
|
|
1,220
|
|
|
+ Other (Expense) / Income
|
|
|
|
|
|
|
(18
|
)
|
|
|
|
|
(14
|
)
|
|
|
|
|
(18
|
)
|
|
|
|
|
(50
|
)
|
Service EBITDA
|
|
|
|
|
|
$
|
83
|
|
|
|
|
$
|
741
|
|
|
|
|
$
|
402
|
|
|
|
|
$
|
1,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Operating Income
|
|
|
|
|
|
$
|
852
|
|
|
|
|
$
|
847
|
|
|
|
|
$
|
1,240
|
|
|
|
|
$
|
2,939
|
|
|
+ Depreciation & Amortization
|
|
|
|
|
|
|
241
|
|
|
|
|
|
199
|
|
|
|
|
|
285
|
|
|
|
|
|
725
|
|
|
+ Other (Expense) / Income
|
|
|
|
|
|
|
(8
|
)
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
|
|
|
|
(6
|
)
|
Product EBITDA
|
|
|
|
|
|
$
|
1,085
|
|
|
|
|
$
|
1,047
|
|
|
|
|
$
|
1,526
|
|
|
|
|
$
|
3,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2012
|
|
|
|
|
|
|
|
Q1
|
|
|
|
Q2
|
|
|
|
Q3
|
|
|
|
YTD
|
Net Income
|
|
|
|
|
|
$
|
325
|
|
|
|
|
$
|
746
|
|
|
|
|
$
|
1,024
|
|
|
|
|
$
|
2,095
|
|
|
+ Interest Expense
|
|
|
|
|
|
|
28
|
|
|
|
|
|
28
|
|
|
|
|
|
35
|
|
|
|
|
|
91
|
|
|
+ Other Expense / (Income)
|
|
|
|
|
|
|
17
|
|
|
|
|
|
10
|
|
|
|
|
|
9
|
|
|
|
|
|
36
|
|
|
+ Tax Provision
|
|
|
|
|
|
|
200
|
|
|
|
|
|
457
|
|
|
|
|
|
585
|
|
|
|
|
|
1,242
|
|
Operating Income
|
|
|
|
|
|
$
|
570
|
|
|
|
|
$
|
1,241
|
|
|
|
|
$
|
1,653
|
|
|
|
|
$
|
3,464
|
|
|
+ Depreciation & Amortization
|
|
|
|
|
|
|
670
|
|
|
|
|
|
738
|
|
|
|
|
|
833
|
|
|
|
|
|
2,241
|
|
|
+ Other (Expense) / Income
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
|
(10
|
)
|
|
|
|
|
(9
|
)
|
|
|
|
|
(36
|
)
|
EBITDA
|
|
|
|
|
|
$
|
1,223
|
|
|
|
|
$
|
1,969
|
|
|
|
|
$
|
2,477
|
|
|
|
|
$
|
5,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Operating Income
|
|
|
|
|
|
$
|
(251
|
)
|
|
|
|
$
|
(216
|
)
|
|
|
|
$
|
(201
|
)
|
|
|
|
$
|
(668
|
)
|
|
+ Depreciation & Amortization
|
|
|
|
|
|
|
474
|
|
|
|
|
|
511
|
|
|
|
|
|
557
|
|
|
|
|
|
1,542
|
|
|
+ Other (Expense) / Income
|
|
|
|
|
|
|
(11
|
)
|
|
|
|
|
(9
|
)
|
|
|
|
|
(8
|
)
|
|
|
|
|
(28
|
)
|
Service EBITDA
|
|
|
|
|
|
$
|
212
|
|
|
|
|
$
|
286
|
|
|
|
|
$
|
348
|
|
|
|
|
$
|
846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Operating Income
|
|
|
|
|
|
$
|
821
|
|
|
|
|
$
|
1,457
|
|
|
|
|
$
|
1,854
|
|
|
|
|
$
|
4,132
|
|
|
+ Depreciation & Amortization
|
|
|
|
|
|
|
196
|
|
|
|
|
|
227
|
|
|
|
|
|
276
|
|
|
|
|
|
699
|
|
|
+ Other (Expense) / Income
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
(1
|
)
|
|
|
|
|
(1
|
)
|
|
|
|
|
(8
|
)
|
Product EBITDA
|
|
|
|
|
|
$
|
1,011
|
|
|
|
|
$
|
1,683
|
|
|
|
|
$
|
2,129
|
|
|
|
|
$
|
4,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSCAT, INC.
|
Additional Information - Business Segment Data
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
SERVICE
|
|
|
|
FY 2013 Q3
|
|
|
|
FY 2012 Q3
|
|
|
|
$'s
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Revenue
|
|
|
|
$
|
9,884
|
|
|
|
|
$
|
9,078
|
|
|
|
|
$
|
806
|
|
|
|
|
8.9
|
%
|
Cost of Services Sold
|
|
|
|
$
|
7,757
|
|
|
|
|
$
|
7,252
|
|
|
|
|
$
|
505
|
|
|
|
|
7.0
|
%
|
Gross Profit
|
|
|
|
$
|
2,127
|
|
|
|
|
$
|
1,826
|
|
|
|
|
$
|
301
|
|
|
|
|
16.5
|
%
|
Gross Margin
|
|
|
|
|
21.5
|
%
|
|
|
|
|
20.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses
|
|
|
|
$
|
1,313
|
|
|
|
|
$
|
1,334
|
|
|
|
|
$
|
(21
|
)
|
|
|
|
(1.6
|
%)
|
Contribution Margin
|
|
|
|
$
|
814
|
|
|
|
|
$
|
492
|
|
|
|
|
$
|
322
|
|
|
|
|
65.4
|
%
|
% of Revenue
|
|
|
|
|
8.2
|
%
|
|
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses
|
|
|
|
$
|
833
|
|
|
|
|
$
|
693
|
|
|
|
|
$
|
140
|
|
|
|
|
20.2
|
%
|
Operating Loss
|
|
|
|
$
|
(19
|
)
|
|
|
|
$
|
(201
|
)
|
|
|
|
$
|
182
|
|
|
|
|
90.5
|
%
|
% of Revenue
|
|
|
|
|
(0.2
|
%)
|
|
|
|
|
(2.2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
PRODUCT
|
|
|
|
FY 2013 Q3
|
|
|
|
FY 2012 Q3
|
|
|
|
$'s
|
|
|
|
%
|
Product Sales
|
|
|
|
$
|
19,440
|
|
|
|
|
$
|
19,382
|
|
|
|
|
$
|
58
|
|
|
|
|
0.3
|
%
|
Cost of Products Sold
|
|
|
|
$
|
14,937
|
|
|
|
|
$
|
14,420
|
|
|
|
|
$
|
517
|
|
|
|
|
3.6
|
%
|
Gross Profit
|
|
|
|
$
|
4,503
|
|
|
|
|
$
|
4,962
|
|
|
|
|
$
|
(459
|
)
|
|
|
|
(9.3
|
%)
|
Gross Margin
|
|
|
|
|
23.2
|
%
|
|
|
|
|
25.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses
|
|
|
|
$
|
2,073
|
|
|
|
|
$
|
2,069
|
|
|
|
|
$
|
4
|
|
|
|
|
0.2
|
%
|
Contribution Margin
|
|
|
|
$
|
2,430
|
|
|
|
|
$
|
2,893
|
|
|
|
|
$
|
(463
|
)
|
|
|
|
(16.0
|
%)
|
% of Sales
|
|
|
|
|
12.5
|
%
|
|
|
|
|
14.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses
|
|
|
|
$
|
1,190
|
|
|
|
|
$
|
1,039
|
|
|
|
|
$
|
151
|
|
|
|
|
14.5
|
%
|
Operating Income
|
|
|
|
$
|
1,240
|
|
|
|
|
$
|
1,854
|
|
|
|
|
$
|
(614
|
)
|
|
|
|
(33.1
|
%)
|
% of Sales
|
|
|
|
|
6.4
|
%
|
|
|
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
TOTAL
|
|
|
|
FY 2013 Q3
|
|
|
|
FY 2012 Q3
|
|
|
|
$'s
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
|
|
$
|
29,324
|
|
|
|
|
$
|
28,460
|
|
|
|
|
$
|
864
|
|
|
|
|
3.0
|
%
|
Total Cost of Products and Services Sold
|
|
|
|
$
|
22,694
|
|
|
|
|
$
|
21,672
|
|
|
|
|
$
|
1,022
|
|
|
|
|
4.7
|
%
|
Gross Profit
|
|
|
|
$
|
6,630
|
|
|
|
|
$
|
6,788
|
|
|
|
|
$
|
(158
|
)
|
|
|
|
(2.3
|
%)
|
Gross Margin
|
|
|
|
|
22.6
|
%
|
|
|
|
|
23.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses
|
|
|
|
$
|
3,386
|
|
|
|
|
$
|
3,403
|
|
|
|
|
$
|
(17
|
)
|
|
|
|
(0.5
|
%)
|
Contribution Margin
|
|
|
|
$
|
3,244
|
|
|
|
|
$
|
3,385
|
|
|
|
|
$
|
(141
|
)
|
|
|
|
(4.2
|
%)
|
% of Revenue
|
|
|
|
|
11.1
|
%
|
|
|
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses
|
|
|
|
$
|
2,023
|
|
|
|
|
$
|
1,732
|
|
|
|
|
$
|
291
|
|
|
|
|
16.8
|
%
|
Operating Income
|
|
|
|
$
|
1,221
|
|
|
|
|
$
|
1,653
|
|
|
|
|
$
|
(432
|
)
|
|
|
|
(26.1
|
%)
|
% of Revenue
|
|
|
|
|
4.2
|
%
|
|
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSCAT, INC.
|
Additional Information - Business Segment Data
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
SERVICE
|
|
|
|
FY 2013 YTD
|
|
|
|
FY 2012 YTD
|
|
|
|
$'s
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Revenue
|
|
|
|
$
|
28,456
|
|
|
|
$
|
25,715
|
|
|
|
$
|
2,741
|
|
|
|
10.7%
|
Cost of Services Sold
|
|
|
|
$
|
21,977
|
|
|
|
$
|
20,017
|
|
|
|
$
|
1,960
|
|
|
|
9.8%
|
Gross Profit
|
|
|
|
$
|
6,479
|
|
|
|
$
|
5,698
|
|
|
|
$
|
781
|
|
|
|
13.7%
|
Gross Margin
|
|
|
|
|
22.8%
|
|
|
|
|
22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses
|
|
|
|
$
|
3,748
|
|
|
|
$
|
3,966
|
|
|
|
$
|
(218)
|
|
|
|
(5.5%)
|
Contribution Margin
|
|
|
|
$
|
2,731
|
|
|
|
$
|
1,732
|
|
|
|
$
|
999
|
|
|
|
57.7%
|
% of Revenue
|
|
|
|
|
9.6%
|
|
|
|
|
6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses
|
|
|
|
$
|
2,675
|
|
|
|
$
|
2,400
|
|
|
|
$
|
275
|
|
|
|
11.5%
|
Operating Income (Loss)
|
|
|
|
$
|
56
|
|
|
|
$
|
(668)
|
|
|
|
$
|
724
|
|
|
|
108.4%
|
% of Revenue
|
|
|
|
|
0.2%
|
|
|
|
|
(2.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
PRODUCT
|
|
|
|
FY 2013 YTD
|
|
|
|
FY 2012 YTD
|
|
|
|
$'s
|
|
|
|
%
|
Product Sales
|
|
|
|
$
|
52,753
|
|
|
|
$
|
53,533
|
|
|
|
$
|
(780)
|
|
|
|
(1.5%)
|
Cost of Products Sold
|
|
|
|
$
|
40,317
|
|
|
|
$
|
39,992
|
|
|
|
$
|
325
|
|
|
|
0.8%
|
Gross Profit
|
|
|
|
$
|
12,436
|
|
|
|
$
|
13,541
|
|
|
|
$
|
(1,105)
|
|
|
|
(8.2%)
|
Gross Margin
|
|
|
|
|
23.6%
|
|
|
|
|
25.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses
|
|
|
|
$
|
6,038
|
|
|
|
$
|
6,105
|
|
|
|
$
|
(67)
|
|
|
|
(1.1%)
|
Contribution Margin
|
|
|
|
$
|
6,398
|
|
|
|
$
|
7,436
|
|
|
|
$
|
(1,038)
|
|
|
|
(14.0%)
|
% of Sales
|
|
|
|
|
12.1%
|
|
|
|
|
13.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses
|
|
|
|
$
|
3,459
|
|
|
|
$
|
3,304
|
|
|
|
$
|
155
|
|
|
|
4.7%
|
Operating Income
|
|
|
|
$
|
2,939
|
|
|
|
$
|
4,132
|
|
|
|
$
|
(1,193)
|
|
|
|
(28.9%)
|
% of Sales
|
|
|
|
|
5.6%
|
|
|
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
TOTAL
|
|
|
|
FY 2013 YTD
|
|
|
|
FY 2012 YTD
|
|
|
|
$'s
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
|
|
$
|
81,209
|
|
|
|
$
|
79,248
|
|
|
|
$
|
1,961
|
|
|
|
2.5%
|
Total Cost of Products and Services Sold
|
|
|
|
$
|
62,294
|
|
|
|
$
|
60,009
|
|
|
|
$
|
2,285
|
|
|
|
3.8%
|
Gross Profit
|
|
|
|
$
|
18,915
|
|
|
|
$
|
19,239
|
|
|
|
$
|
(324)
|
|
|
|
(1.7%)
|
Gross Margin
|
|
|
|
|
23.3%
|
|
|
|
|
24.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses
|
|
|
|
$
|
9,786
|
|
|
|
$
|
10,071
|
|
|
|
$
|
(285)
|
|
|
|
(2.8%)
|
Contribution Margin
|
|
|
|
$
|
9,129
|
|
|
|
$
|
9,168
|
|
|
|
$
|
(39)
|
|
|
|
(0.4%)
|
% of Revenue
|
|
|
|
|
11.2%
|
|
|
|
|
11.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses
|
|
|
|
$
|
6,134
|
|
|
|
$
|
5,704
|
|
|
|
$
|
430
|
|
|
|
7.5%
|
Operating Income
|
|
|
|
$
|
2,995
|
|
|
|
$
|
3,464
|
|
|
|
$
|
(469)
|
|
|
|
(13.5%)
|
% of Revenue
|
|
|
|
|
3.7%
|
|
|
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRODUCT SALES PER BUSINESS DAY
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
FY 2013 Q3
|
|
|
|
|
|
|
|
FY 2012 Q3
|
|
|
|
$'s
|
|
|
|
%
|
Product Sales
|
|
|
|
$
|
19,440
|
|
|
|
|
|
|
|
$
|
19,382
|
|
|
|
$
|
58
|
|
|
|
0.3%
|
Business Days
|
|
|
|
|
61
|
|
|
|
|
|
|
|
|
63
|
|
|
|
|
(2)
|
|
|
|
|
Sales Per Business Day
|
|
|
|
$
|
319
|
|
|
|
|
|
|
|
$
|
308
|
|
|
|
$
|
11
|
|
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
FY 2013 YTD
|
|
|
|
FY 2012 YTD
|
|
|
|
$'s
|
|
|
|
%
|
Product Sales
|
|
|
|
$
|
52,753
|
|
|
|
$
|
53,533
|
|
|
|
$
|
(780)
|
|
|
|
(1.5%)
|
Business Days
|
|
|
|
|
187
|
|
|
|
|
190
|
|
|
|
|
(3)
|
|
|
|
|
Sales Per Business Day
|
|
|
|
$
|
282
|
|
|
|
$
|
282
|
|
|
|
$
|
0
|
|
|
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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