ROCHESTER, NY—Transcat, Inc., a leading provider of accredited calibration, repair, inspection and compliance services and distributor of professional grade handheld test, measurement and control instrumentation, reported financial results for its fourth quarter and fiscal year ended March 30, 2013 “fiscal 2013”. The fourth quarters of fiscal years 2013 and 2012 were 13-week and 14-week periods, respectively. Included in reported results were those of Anacor Compliance Services, Inc., acquired on July 16, 2012, and Cal-Matrix Metrology Inc., acquired on January 25, 2013.
Fiscal 2013 fourth quarter total revenue increased 1.0% to $31.1 million from $30.8 million in the fourth quarter of the prior fiscal year driven by Service segment revenue growth of 14.1%. Distribution segment sales declined 5.9% from the prior fiscal year period.
Operating income for the fourth quarter of fiscal 2013 was $3.0 million, a $1.0 million increase from the prior fiscal year period. Operating margin improved 310 basis points to 9.5% in the fourth quarter of fiscal 2013 compared with 6.4% for the prior-year period. Total operating expenses in the fourth quarter of fiscal 2013 declined $0.4 million, or 6.5%, primarily driven by a year-over-year decline in performance-based compensation.
Net income was $1.8 million, or $0.24 per diluted share, in the fourth quarter of fiscal 2013, compared with $1.2 million, or $0.16 per diluted share, in the fourth quarter of fiscal 2012.
Lee D. Rudow, president and chief operating officer of Transcat, said, “Our strategic acquisitions in the Service segment provided $1.5 million in fourth quarter revenue, resulting in a record quarter and more than offset the decrease in distribution sales. Coming off a robust fiscal 2012 and despite the record revenue and net income, the challenging economic environment in fiscal 2013 was a major factor in achieving less than expected results, which reduced performance-based compensation.”