- First quarter consolidated revenue up 10.9% with 160 basis
points gross margin expansion
- First quarter service revenue up 17.6%, service organic revenue
growth of 11.2%
- First quarter service gross profit increased 19.7%; service
gross margin expanded 50 basis points
- First quarter consolidated adjusted EBITDA grew 16.1% with
adjusted EBITDA margin expanding 60 basis points
Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a
leading provider of accredited calibration, repair, inspection and
laboratory instrument services and value-added distributor of
professional grade handheld test, measurement, and control
instrumentation, today reported financial results for its first
quarter ended June 24, 2023 (the “first quarter”) of fiscal year
2024, which ends March 30, 2024 (“fiscal 2024”). Results include
the previously reported acquisitions of Charlton Jeffmont Inc.,
Raitz Inc. and Toolroom Calibration Inc. (d/b/a Alliance
Calibration) (“Alliance”) effective May 31, 2022, e2b Calibration
("e2b"), effective September 27, 2022, Galium Limited (d/b/a
Complete Calibrations) ("Complete Calibrations"), effective
September 28, 2022 and TIC-MS, Inc. ("TIC-MS") effective March 27,
2023.
“We are extremely pleased with our strong first quarter results,
as double-digit organic Service revenue growth of 11% and increased
productivity throughout our network of labs drove higher than
expected Service gross margin. Service segment revenue grew 18% as
demand in our highly regulated end markets, including life
sciences, remained strong and our recent acquisitions continued to
perform at a high level. Consolidated revenue was up 11% with gross
margins expanding 160 basis points year over year as our diverse
and unique value proposition continues to resonate well in the
market and is resilient in times of economic uncertainty” commented
Lee D. Rudow, President and CEO. “The Transcat Team continues to
execute and deliver strong performance over time. Adjusted EBITDA
growth of 16% for the first quarter is a testament to the
successful execution of our automation and process improvement
initiatives and our ability to leverage organic Service revenue
growth.”
“The Distribution segment also performed very well in the first
quarter with gross margins expanding 270 basis points to 27.7%,
driven primarily by strong performance in the high-margin rental
business. The growing rental business has remained strong through
various economic cycles and provides diversification to the
Distribution portfolio. In addition to the strong first quarter
financial performance, the Distribution/Rental business is an
important component of lead generation for the Service segment”
stated Mr. Rudow.
Mr. Rudow added, “Acquisitions continue to be an important part
of our overall growth strategy. We added St. Louis-based TIC-MS,
Inc. at the beginning of the quarter and are very pleased with its
performance-to-date. Our future plan is to co-locate the existing
St. Louis lab with TIC-MS, leveraging the infrastructure synergies
of one lab location to drive efficiencies. Additionally, earlier
this month we acquired SteriQual a provider of expert consulting
services to the life sciences industry that specializes in
commissioning, qualification, and validation (“CQV”). SteriQual is
a strategic “bolt-on” to the NEXA Enterprise Asset Management
business and is the first acquisition that further builds out our
Professional Services footprint.”
First Quarter Fiscal 2024 Review (Results are compared
with the first quarter of the fiscal year ended March 25, 2023
(“fiscal 2023”))
($ in thousands)
Change
FY24 Q1
FY23 Q1
$'s
%
Service Revenue
$
39,853
$
33,876
$
5,977
17.6
%
Distribution Sales
20,745
20,785
(40
)
(0.2
)%
Revenue
$
60,598
$
54,661
$
5,937
10.9
%
Gross Profit
$
18,710
$
16,038
$
2,672
16.7
%
Gross Margin
30.9
%
29.3
%
Operating Income
$
4,640
$
3,604
$
1,036
28.7
%
Operating Margin
7.7
%
6.6
%
Net Income
$
2,949
$
3,072
$
(123
)
(4.0
)%
Net Margin
4.9
%
5.6
%
Adjusted EBITDA*
$
8,481
$
7,307
$
1,174
16.1
%
Adjusted EBITDA* Margin
14.0
%
13.4
%
Diluted EPS
$
0.38
$
0.40
$
(0.02
)
(5.0
)%
Adjusted Diluted EPS*
$
0.52
$
0.54
$
(0.02
)
(3.7
)%
*See Note 1 on page 5 for a description of
these non-GAAP financial measures and pages 10, 11 and 12 for the
reconciliation tables.
Consolidated revenue was $60.6 million, an increase of 10.9%.
Consolidated gross profit was $18.7 million, an increase of $2.7
million, or 16.7%, while gross margin expanded 160 basis points due
to improvements in both operating segments. Operating expenses were
$14.1 million, an increase of $1.6 million, or 13.2%, driven by
incremental expenses from acquired businesses (including
stock-based compensation expense) and higher incentive-based
employee costs due to higher sales. Adjusted EBITDA was $8.5
million which represented an increase of $1.2 million or 16.1%. Net
income per diluted share was $0.38 compared to $0.40 last year and
adjusted diluted earnings per share was $0.52 versus $0.54 last
year impacted by the stock-based tax benefit move from Q1 of last
year to Q2 this year and higher interest expense.
Service segment delivers strong first quarter results
Represents the accredited calibration, repair, inspection and
laboratory instrument services business (65.8% of total revenue for
the first quarter of fiscal 2024).
($ in thousands)
Change
FY24 Q1
FY23 Q1
$'s
%
Service Segment Revenue
$
39,853
$
33,876
$
5,977
17.6
%
Gross Profit
$
12,971
$
10,835
$
2,136
19.7
%
Gross Margin
32.5
%
32.0
%
Operating Income
$
3,192
$
2,532
$
660
26.1
%
Operating Margin
8.0
%
7.5
%
Adjusted EBITDA*
$
6,232
$
5,473
$
759
13.9
%
Adjusted EBITDA* Margin
15.6
%
16.2
%
*See Note 1 on page 5 for a description of
this non-GAAP financial measure and pages 10 and 11 for the
Adjusted EBITDA Reconciliation tables.
Service segment revenue was $39.9 million, an increase of $6.0
million or 17.6%, and included $2.2 million of incremental revenue
from acquisitions. Organic revenue growth was 11.2% and was driven
by strong end market demand and continued market share gains. The
segment gross margin increased 50 basis points from prior year
primarily due to continued productivity improvements offset by
increased start-up costs from new client-based lab
implementations.
Distribution segment shows continued margin
improvement
Represents the sale and rental of new and used professional
grade handheld test, measurement and control instrumentation (34.2%
of total revenue for the first quarter of fiscal 2024).
($ in thousands)
Change
FY24 Q1
FY23 Q1
$'s
%
Distribution Segment Sales
$
20,745
$
20,785
$
(40
)
(0.2
)%
Gross Profit
$
5,739
$
5,203
$
536
10.3
%
Gross Margin
27.7
%
25.0
%
Operating Income
$
1,448
$
1,072
$
376
35.1
%
Operating Margin
7.0
%
5.2
%
Adjusted EBITDA*
$
2,249
$
1,834
$
415
22.6
%
Adjusted EBITDA* Margin
10.8
%
8.8
%
*See Note 1 on page 5 for a description of
this non-GAAP financial measure and pages 10 and 11 for the
Adjusted EBITDA Reconciliation tables.
Distribution sales were $20.7 million, relatively flat compared
to prior year. Distribution segment gross margin was 27.7%, an
increase of 270 basis points due to a favorable sales mix driven by
strength in the Rentals business.
Balance Sheet and Cash Flow Overview
On June 24, 2023, the Company had $37.5 million available for
borrowing under its secured revolving credit facility. Total debt
of $48.4 million was down $0.8 million from fiscal 2023 year-end
due to increased cash flow from operations. The Company’s leverage
ratio, as defined in the credit agreement, was 1.50 on June 24,
2023, compared with 1.60 on March 25, 2023.
Outlook
Mr. Rudow added, “We have demonstrated our ability to drive
growth through various economic cycles as can be seen over the past
decade and a half, and we are confident that will continue. During
this fiscal year, we expect organic Service revenue growth in the
high-single digit to low double-digit range and gross margin
expansion. We believe our unique value proposition drives a
sustainable competitive advantage in the highly regulated markets
that we serve, particularly the Life Science, Aerospace, and
Defense markets. Strategic, accretive acquisitions drive
synergistic growth opportunities and will be a key component of our
go-forward strategy.”
Transcat expects its income tax rate to range between 21% and
23% in fiscal 2024. This estimate includes Federal, various state,
Canadian and Irish income taxes and reflects the discrete tax
accounting associated with share-based payment awards. Although the
tax rate is consistent with recent years, there will be a
difference in calendarization of the tax benefit from vesting of
share-based payments in fiscal 2024. The tax benefits are normally
realized in the fiscal first quarter, but we will see the benefit
in the second quarter of fiscal 2024, due to a timing difference of
when the awards were granted. This benefit will positively impact
the tax rate by approximately 13% in the second quarter of fiscal
2024.
Webcast and Conference Call
Transcat will host a conference call and webcast on Tuesday,
August 1, 2023 at 11:00 a.m. ET. Management will review the
financial and operating results for the first quarter, as well as
the Company’s strategy and outlook. A question and answer session
will follow the formal discussion. The review will be accompanied
by a slide presentation, which will be available at
www.transcat.com/investor-relations. The conference call can be
accessed by calling (201) 689-8471. Alternatively, the webcast can
be monitored at www.transcat.com/investor-relations.
A telephonic replay will be available from 2:00 p.m. ET on the
day of the call through Tuesday, August 8, 2023. To listen to the
archived call, dial (412) 317-6671 and enter conference ID number
13740167, access the webcast replay at
www.transcat.com/investor-relations, where a transcript will be
posted once available.
NOTE 1 – Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted
accounting principle (“GAAP”) measure, we present Adjusted EBITDA
(earnings before interest, income taxes, depreciation and
amortization, non-cash stock compensation expense, acquisition
related transaction expenses, non-cash loss on sale of building and
restructuring expense), which is a non-GAAP measure. The Company’s
management believes Adjusted EBITDA is an important measure of
operating performance because it allows management, investors and
others to evaluate and compare the performance of its core
operations from period to period by removing the impact of the
capital structure (interest), tangible and intangible asset base
(depreciation and amortization), taxes, stock-based compensation
expense and other items, which is not always commensurate with the
reporting period in which it is included. As such, the Company uses
Adjusted EBITDA as a measure of performance when evaluating its
business segments and as a basis for planning and forecasting.
Adjusted EBITDA is not a measure of financial performance under
GAAP and is not calculated through the application of GAAP. 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. Adjusted
EBITDA, as presented, 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 pages 10 and 11 for the
Adjusted EBITDA Reconciliation tables.
In addition to reporting Diluted Earnings Per Share, a GAAP
measure, we present Adjusted Diluted Earnings Per Share (net income
plus acquisition related amortization expense, acquisition related
transaction expenses, acquisition related stock-based compensation,
acquisition amortization of backlog and restructuring expense),
which is a non-GAAP measure. Our management believes Adjusted
Diluted Earnings Per Share is an important measure of our operating
performance because it provides a basis for comparison of our
business operations between current, past and future periods by
excluding items that we do not believe are indicative of our core
operating performance. Adjusted Diluted Earnings Per Share is not a
measure of financial performance under GAAP and is not calculated
through the application of GAAP. As such, it should not be
considered as a substitute or alternative for the GAAP measure of
Diluted Earnings Per Share and, therefore, should not be used in
isolation of, but in conjunction with, the GAAP measure. Adjusted
Diluted Earnings Per Share, as presented, 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 page 12 for
the Adjusted Diluted EPS Reconciliation table.
ABOUT TRANSCAT
Transcat, Inc. is a leading provider of accredited calibration,
reliability, maintenance optimization, quality and compliance,
validation, Computerized Maintenance Management System (CMMS), and
pipette services. The Company is focused on providing best-in-class
services and products to highly regulated industries, particularly
the Life Science industry, which includes pharmaceutical,
biotechnology, medical device, and other FDA-regulated businesses,
as well as aerospace and defense, and energy and utilities.
Transcat provides periodic on-site services, mobile calibration
services, pickup and delivery, in-house services at its 27
Calibration Service Centers strategically located across the United
States, Puerto Rico, Canada, and Ireland. In addition, Transcat
operates calibration labs in 21 imbedded customer-site locations.
The breadth and depth of measurement parameters addressed by
Transcat’s ISO/IEC 17025 scopes of accreditation are believed to be
the best in the industry.
Transcat also operates as a leading value-added distributor that
markets, sells and rents new and used national and proprietary
brand instruments to customers primarily in North America. The
Company believes its combined Service and Distribution segment
offerings, experience, technical expertise, and integrity create a
unique and compelling value proposition for its customers.
Transcat’s strategy is to leverage its strong brand and unique
value proposition that includes its comprehensive instrument
service capabilities, enterprise asset management, and leading
distribution platform to drive organic sales growth. The Company
will also look to expand its addressable calibration market through
acquisitions and capability investments to further realize the
inherent leverage of its business model. More information about
Transcat can be found at: Transcat.com.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not statements of historical fact
and thus are subject to risks, uncertainties and assumptions.
Forward-looking statements are identified by words such as
“expects,” “estimates,” “projects,” “anticipates,” “believes,”
“could,” “plans,” “aims” and other similar words. All statements
addressing operating performance, events or developments that
Transcat expects or anticipates will occur in the future, including
but not limited to statements relating to anticipated revenue,
profit margins, the commercialization of software projects, sales
operations, capital expenditures, cash flows, operating income,
growth strategy, segment growth, potential acquisitions,
integration of acquired businesses, market position, customer
preferences, outlook and changes in market conditions in the
industries in which Transcat operates are forward-looking
statements. Forward-looking statements should be evaluated in light
of important risk factors and uncertainties. These risk factors and
uncertainties include those more fully described in Transcat’s
Annual Report 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, which speak
only as of the date they are made. Except as required by law, the
Company disclaims any obligation to update, correct or publicly
announce any revisions to any of the forward-looking statements
contained in this news release, whether as the result of new
information, future events or otherwise.
FINANCIAL TABLES FOLLOW.
TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(In Thousands, Except Per Share
Amounts)
(Unaudited)
First Quarter Ended
June 24,
June 25,
2023
2022
Service Revenue
$
39,853
$
33,876
Distribution Sales
20,745
20,785
Total Revenue
60,598
54,661
Cost of Service Revenue
26,882
23,041
Cost of Distribution Sales
15,006
15,582
Total Cost of Revenue
41,888
38,623
Gross Profit
18,710
16,038
Selling, Marketing and Warehouse
Expenses
6,469
5,820
General and Administrative Expenses
7,601
6,614
Total Operating Expenses
14,070
12,434
Operating Income
4,640
3,604
Interest and Other Expense, net
878
156
Income Before Income Taxes
3,762
3,448
Provision for Income Taxes
813
376
Net Income
$
2,949
$
3,072
Basic Earnings Per Share
$
0.39
$
0.41
Average Shares Outstanding
7,622
7,535
Diluted Earnings Per Share
$
0.38
$
0.40
Average Shares Outstanding
7,762
7,629
TRANSCAT, INC.
CONSOLIDATED BALANCE
SHEETS
(In Thousands, Except Share and
Per Share Amounts)
(Unaudited)
(Audited)
June 24,
March 25,
2023
2023
ASSETS
Current Assets:
Cash
$
2,149
$
1,531
Accounts Receivable, less allowance for
doubtful accounts of $515 and $457 as of June 24, 2023 and March
25, 2023, respectively
42,356
44,698
Other Receivables
527
506
Inventory, net
15,177
16,929
Prepaid Expenses and Other Current
Assets
3,393
3,935
Total Current Assets
63,602
67,599
Property and Equipment, net
30,186
29,064
Goodwill
77,051
69,360
Intangible Assets, net
15,144
13,799
Right To Use Assets, net
16,280
14,876
Other Assets
1,066
1,051
Total Assets
$
203,329
$
195,749
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Accounts Payable
$
11,564
$
15,869
Accrued Compensation and Other Current
Liabilities
9,290
10,201
Income Taxes Payable
601
-
Current Portion of Long-Term Debt
2,270
2,248
Total Current Liabilities
23,725
28,318
Long-Term Debt
46,090
46,869
Deferred Tax Liabilities, net
7,184
6,538
Lease Liabilities
14,170
12,960
Other Liabilities
1,440
1,434
Total Liabilities
92,609
96,119
Shareholders' Equity:
Common Stock, par value $0.50 per share,
30,000,000 shares authorized; 7,643,099 and 7,562,604 shares issued
and outstanding as of June 24, 2023 and March 25, 2023,
respectively
3,822
3,781
Capital in Excess of Par Value
35,717
27,886
Accumulated Other Comprehensive Loss
(718
)
(1,200
)
Retained Earnings
71,899
69,163
Total Shareholders' Equity
110,720
99,630
Total Liabilities and Shareholders'
Equity
$
203,329
$
195,749
TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
(Unaudited)
First Quarter Ended
June 24,
June 25,
2023
2022
Cash Flows from Operating
Activities:
Net Income
$
2,949
$
3,072
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Net Loss on Disposal of Property and
Equipment
8
10
Deferred Income Taxes
44
(23
)
Depreciation and Amortization
2,790
2,641
Provision for Accounts Receivable and
Inventory Reserves
138
88
Stock-Based Compensation Expense
930
828
Changes in Assets and Liabilities, net of
acquisitions:
Accounts Receivable and Other
Receivables
3,115
1,578
Inventory
1,950
(2,118
)
Prepaid Expenses and Other Current
Assets
531
432
Accounts Payable
(4,315
)
(1,218
)
Accrued Compensation and Other Current
Liabilities
(1,203
)
(3,247
)
Income Taxes Payable
599
-
Net Cash Provided by Operating
Activities
7,536
2,043
Cash Flows from Investing
Activities:
Purchases of Property and Equipment
(2,767
)
(2,399
)
Proceeds from Sale of Property and
Equipment
-
10
Business Acquisitions, net of cash
acquired
(2,869
)
(4,040
)
Net Cash Used in Investing Activities
(5,636
)
(6,429
)
Cash Flows from Financing
Activities:
(Repayments of) Proceeds from Revolving
Credit Facility, net
(204
)
3,816
Repayments of Term Loan
(553
)
(490
)
Issuance of Common Stock
199
221
Repurchase of Common Stock
(301
)
(437
)
Net Cash (Used in) Provided by Financing
Activities
(859
)
3,110
Effect of Exchange Rate Changes on
Cash
(423
)
323
Net Increase (Decrease) in Cash
618
(953
)
Cash at Beginning of Period
1,531
1,396
Cash at End of Period
$
2,149
$
443
TRANSCAT, INC.
Adjusted EBITDA Reconciliation
Table
(In thousands)
(Unaudited)
Fiscal 2024
Q1
Q2
Q3
Q4
YTD
Net Income
$
2,949
$
2,949
+ Interest Expense
814
814
+ Other Expense / (Income)
64
64
+ Tax Provision
813
813
Operating Income
$
4,640
$
-
$
-
$
-
$
4,640
+ Depreciation & Amortization
2,790
2,790
+ Transaction Expense
185
185
+ Other (Expense) / Income
(64
)
(64
)
+ Noncash Stock Compensation
930
930
Adjusted EBITDA
$
8,481
$
-
$
-
$
-
$
8,481
Segment
Breakdown
Service Operating Income
$
3,192
$
3,192
+ Depreciation & Amortization
2,226
2,226
+ Transaction Expense
185
185
+ Other (Expense) / Income
(47
)
(47
)
+ Noncash Stock Compensation
676
676
Service Adjusted EBITDA
$
6,232
$
-
$
-
$
-
$
6,232
Distribution Operating Income
$
1,448
$
1,448
+ Depreciation & Amortization
564
564
+ Other (Expense) / Income
(17
)
(17
)
+ Noncash Stock Compensation
254
254
Distribution Adjusted EBITDA
$
2,249
$
-
$
-
$
-
$
2,249
TRANSCAT, INC.
Adjusted EBITDA Reconciliation
Table
(In thousands)
(Unaudited)
Fiscal 2023
Q1
Q2
Q3
Q4
YTD
Net Income
$
3,072
$
2,357
$
1,601
$
3,658
$
10,688
+ Interest Expense
360
550
726
781
2,417
+ Other Expense / (Income)
(204
)
(13
)
313
248
344
+ Tax Provision
376
732
523
1,168
2,799
Operating Income
$
3,604
$
3,626
$
3,163
$
5,855
$
16,248
+ Depreciation & Amortization
2,641
2,778
2,824
2,712
10,955
+ Transaction Expense
30
-
96
59
185
+ Other (Expense) / Income
204
13
(313
)
(248
)
(344
)
+ Noncash Stock Compensation
828
1,114
815
620
3,377
Adjusted EBITDA
$
7,307
$
7,531
$
6,585
$
8,998
$
30,421
Segment
Breakdown
Service Operating Income
$
2,532
$
2,507
$
1,836
$
4,547
$
11,422
+ Depreciation & Amortization
2,139
2,246
2,268
2,147
8,800
+ Transaction Expense
30
-
96
59
185
+ Other (Expense) / Income
134
3
(214
)
(170
)
(247
)
+ Noncash Stock Compensation
638
793
576
456
2,463
Service Adjusted EBITDA
$
5,473
$
5,549
$
4,562
$
7,039
$
22,623
Distribution Operating Income
$
1,072
$
1,119
$
1,327
$
1,308
$
4,826
+ Depreciation & Amortization
502
532
556
565
2,155
+ Other (Expense) / Income
70
10
(99
)
(78
)
(97
)
+ Noncash Stock Compensation
190
321
239
164
914
Distribution Adjusted EBITDA
$
1,834
$
1,982
$
2,023
$
1,959
$
7,798
TRANSCAT, INC.
Adjusted Diluted EPS
Reconciliation Table
(In Thousands, Except Per Share
Amounts)
(Unaudited)
Fiscal 2024
Q1
Q2
Q3
Q4
YTD
Net Income
$
2,949
$
2,949
+ Amortization of Intangible Assets
1,093
1,093
+ Acquisition Deal Costs
367
367
+ Income Tax Effect at 25%
(365
)
(365
)
Adjusted Net Income
$
4,044
$
-
$
-
$
-
$
4,044
Average Diluted Shares Outstanding
7,762
7,762
Diluted Earnings Per Share
$
0.38
$
-
$
-
$
-
$
0.38
Adjusted Diluted Earnings Per Share
$
0.52
$
-
$
-
$
-
$
0.52
Fiscal 2023
Q1
Q2
Q3
Q4
YTD
Net Income
$
3,072
$
2,357
$
1,601
$
3,658
$
10,688
+ Amortization of Intangible Assets
1,084
1,147
1,180
1,043
4,454
+ Acquisition Deal Costs
299
239
254
226
1,018
+ Income Tax Effect at 25%
(346
)
(346
)
(359
)
(317
)
(1,368
)
Adjusted Net Income
$
4,109
$
3,397
$
2,676
$
4,610
$
14,792
Average Diluted Shares Outstanding
7,629
7,646
7,666
7,688
7,645
Diluted Earnings Per Share
$
0.40
$
0.31
$
0.21
$
0.48
$
1.40
Adjusted Diluted Earnings Per Share
$
0.54
$
0.44
$
0.35
$
0.60
$
1.93
TRANSCAT, INC.
Additional Information -
Business Segment Data
(Dollars in thousands)
(Unaudited)
Change
SERVICE
FY 2024 Q1
FY 2023 Q1
$'s
%
Service Revenue
$
39,853
$
33,876
$
5,977
17.6
%
Cost of Revenue
26,882
23,041
3,841
16.7
%
Gross Profit
$
12,971
$
10,835
$
2,136
19.7
%
Gross Margin
32.5
%
32.0
%
Selling, Marketing & Warehouse
Expenses
$
4,107
$
3,583
$
524
14.6
%
General and Administrative Expenses
5,672
4,720
952
20.2
%
Operating Income
$
3,192
$
2,532
$
660
26.1
%
% of Revenue
8.0
%
7.5
%
Change
DISTRIBUTION
FY 2024 Q1
FY 2023 Q1
$'s
%
Distribution Sales
$
20,745
$
20,785
$
(40
)
(0.2
)%
Cost of Sales
15,006
15,582
(576
)
(3.7
)%
Gross Profit
$
5,739
$
5,203
$
536
10.3
%
Gross Margin
27.7
%
25.0
%
Selling, Marketing & Warehouse
Expenses
$
2,362
$
2,237
$
125
5.6
%
General and Administrative Expenses
1,929
1,894
35
1.8
%
Operating Income
$
1,448
$
1,072
$
376
35.1
%
% of Sales
7.0
%
5.2
%
Change
TOTAL
FY 2024 Q1
FY 2023 Q1
$'s
%
Total Revenue
$
60,598
$
54,661
$
5,937
10.9
%
Total Cost of Revenue
41,888
38,623
3,265
8.5
%
Gross Profit
$
18,710
$
16,038
$
2,672
16.7
%
Gross Margin
30.9
%
29.3
%
Selling, Marketing & Warehouse
Expenses
$
6,469
$
5,820
$
649
11.2
%
General and Administrative Expenses
7,601
6,614
987
14.9
%
Operating Income
$
4,640
$
3,604
$
1,036
28.7
%
% of Revenue
7.7
%
6.6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230731601774/en/
For more information contact: Tom Barbato Phone: (585)
505-6530 Email: Thomas.Barbato@transcat.com
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