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Transcat Reports 25% Increase in Net Income

May 23, 2011
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ROCHESTER, NY- Transcat Inc.., a distributor of handheld test and measurement instruments and a provider of calibration, repair and other measurement services, eported financial results for its fiscal 2011 fourth quarter ended March 26, 2011. Included are the results of the calibration and repair services business of ACA TMetrix Inc., which the company acquired on November 1, 2010, and those of Wind Turbine Tools, , a provider of products and services to the wind energy industry, which the company acquired effective January 11, 2011.

Net revenue in the fourth quarter of fiscal 2011 was $25.8 million, an increase of 9.4% compared with net revenue of $23.5 million in the fourth quarter of fiscal 2010. Product segment net sales were $16.9 million for the fourth quarter of fiscal 2011, an increase of 14.5% compared with $14.7 million in the same period of the prior fiscal year. Service segment net revenue, which represented 34.6% of total net revenue, increased 1.0% to $8.9 million in the fourth quarter of fiscal 2011 compared with $8.8 million in the prior fiscal year fourth quarter.

Net income was $1.1 million, or $0.14 per diluted share, in the fourth quarter of fiscal 2011, up 25.0%, or $0.2 million, from net income of $0.9 million, or $0.12 per diluted share, in the same period of the prior fiscal year. The growth in net income was driven by a 67.0% increase in operating profits in the company's product segment.

"We delivered our sixth consecutive record quarter as our product segment grew more than 14% reflecting continued market penetration as a result of expanding our vendor and product portfolio and enhanced marketing activities,” says Charles P. Hadeed, president, CEO and COO of Transcat.

In April 2011, Transcat acquired CMC Instrument Services, a Rochester, NY-based provider of dimensional calibration and repair services.

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