- Consolidated Gross Profit grew 21.1% on
double-digit Revenue growth
- Distribution gross margins expanded 620 basis
points on strength of rentals
- Service gross margins expanded 150 basis
points on organic growth of 6.4% and improved productivity
- Consolidated adjusted EBITDA grew 20.4% with
margins expanding 130 basis points
Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a
leading provider of accredited calibration services, cost control
and optimization services, and distribution and rental of
value-added professional grade handheld test, measurement, and
control instrumentation, today reported financial results for its
first quarter ended June 29, 2024 (the “first quarter”) of fiscal
year 2025, which ends March 29, 2025 (“fiscal 2025”). Results
include the previously reported acquisitions of TIC-MS, Inc.
("TIC-MS") effective March 27, 2023, SteriQual, Inc. ("SteriQual"),
effective July 12, 2023, Axiom Test Equipment, Inc. (“Axiom”),
effective August 8, 2023 and Becnel Rental Tools, LLC ("Becnel")
effective April 15, 2024.
“We are pleased with our strong first quarter results as gross
margins expanded 310 basis points versus prior year from increased
Service productivity and growth in Rentals in the Distribution
segment. Consolidated revenue was up 10% driven by consistent
demand in highly regulated end markets, our successful integration
of acquired companies, and widened breadth of offerings,” commented
Lee D. Rudow, President and CEO. “The Transcat team performed well
during the first quarter as adjusted EBITDA grew 20% and margins
expanded driven by our differentiated value proposition along with
outstanding execution of automation and productivity
enhancements.”
Mr. Rudow added, “Transcat’s positive acquisition momentum
continued in the first quarter with the purchase of Becnel Rental
Tools. Becnel is a well-run business that has cultivated strong
customer relationships, with companies which are high users of
Transcat's core instrumentation and calibration services. Becnel
differentiates our higher margin rental portfolio along with a
growing operator-based service model and has already provided
opportunities for cross-selling of Transcat’s products and
services. Our growing, diversified portfolio enables strong
performance when combined with our team’s commitment to execution
points to a very bright future ahead for Transcat.”
First Quarter Fiscal 2025 Review (Results are compared
with the first quarter of the fiscal year ended March 30, 2024
(“fiscal 2024”))
($ in thousands)
Change
FY25 Q1
FY24 Q1
$'s
%
Service Revenue
$
43,778
$
39,853
$
3,925
9.8
%
Distribution Sales
22,929
20,745
2,184
10.5
%
Revenue
$
66,707
$
60,598
$
6,109
10.1
%
Gross Profit
$
22,655
$
18,710
$
3,945
21.1
%
Gross Margin
34.0
%
30.9
%
Operating Income
$
5,099
$
4,640
$
459
9.9
%
Operating Margin
7.6
%
7.7
%
Net Income
$
4,408
$
2,949
$
1,459
49.5
%
Net Margin
6.6
%
4.9
%
Adjusted EBITDA*
$
10,212
$
8,481
$
1,731
20.4
%
Adjusted EBITDA* Margin
15.3
%
14.0
%
Diluted EPS
$
0.48
$
0.38
$
0.10
26.3
%
Adjusted Diluted EPS*
$
0.68
$
0.52
$
0.16
30.8
%
*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 $66.7 million, an increase of $6.1
million or 10.1%. Consolidated gross profit was $22.7 million, an
increase of $3.9 million, or 21.1%, while gross margin expanded 310
basis points due to improvements in both operating segments.
Operating expenses were $17.6 million, an increase of $3.5 million,
or 24.8%, driven by incremental expenses from acquired businesses
(including stock-based compensation expense) and higher
incentive-based employee costs due to sales growth. Adjusted EBITDA
was $10.2 million which represented an increase of $1.7 million or
20.4%. Net income per diluted share was $0.48 compared to $0.38
last year. Adjusted diluted earnings per share was $0.68 versus
$0.52 last year.
Service segment delivers strong first quarter results
Represents the accredited calibration, repair, inspection and
laboratory instrument services business (65.6% of total revenue for
the third quarter of fiscal 2024).
($ in thousand)
Change
FY25 Q1
FY24 Q1
$'s
%
Service Segment Revenue
$
43,778
$
39,853
$
3,925
9.8
%
Gross Profit
$
14,883
$
12,971
$
1,912
14.7
%
Gross Margin
34.0
%
32.5
%
Operating Income
$
4,090
$
3,192
$
898
28.1
%
Operating Margin
9.3
%
8.0
%
Adjusted EBITDA*
$
6,964
$
6,232
$
732
11.7
%
Adjusted EBITDA* Margin
15.9
%
15.6
%
*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 $43.8 million, an increase of $3.9
million or 9.8%, and included $1.3 million of incremental revenue
from acquisitions. Organic revenue growth was 6.4% and was driven
by strong end-market demand and continued market share gains. The
segment gross margin was 34.0%, an increase of 150 basis points
from prior year primarily due to continued productivity
improvements.
Distribution segment shows continued margin
improvement
Represents the sale and rental of new and used professional
grade handheld test, measurement and control instrumentation (34.4%
of total revenue for the third quarter of fiscal 2024).
($ in thousands)
Change
FY25 Q1
FY24 Q1
$'s
%
Distribution Segment Sales
$
22,929
$
20,745
$
2,184
10.5
%
Gross Profit
$
7,772
$
5,739
$
2,033
35.4
%
Gross Margin
33.9
%
27.7
%
Operating Income
$
1,009
$
1,448
$
(439
)
(30.3
)%
Operating Margin
4.4
%
7.0
%
Adjusted EBITDA*
$
3,248
$
2,249
$
999
44.4
%
Adjusted EBITDA* Margin
14.2
%
10.8
%
*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 $22.9 million, which represented an
increase of $2.2 million or 10.5%, driven by growth in the Rental
business including acquisitions. Distribution segment gross margin
was 33.9%, an increase of 620 basis points due to a favorable sales
mix driven by strength in the Rentals business.
Balance Sheet and Cash Flow Overview
On June 29, 2024, the Company had $22.7 million in cash and cash
equivalents on hand and $80.0 million available for borrowing under
its secured revolving credit facility. Total debt of $3.6 million
versus $4.2 million on March 30, 2024. The Company’s leverage
ratio, as defined in the credit agreement, was 0.08 on June 29,
2024, compared with 0.10 on March 30, 2024.
Outlook
Mr. Rudow concluded, “We are proud of our dedicated team, which
has delivered exceptional results through various economic cycles
as can be seen over the past decade and a half of profitable
growth. We have successfully and consistently delivered organic
Service revenue growth, gross margin expansion, free cash flow, and
expanded our addressable markets through acquisition. 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,
along with a growing Rentals business. We expect another year of
organic Service revenue growth in the high single-digit to low
double-digit range when normalized for the extra week in fiscal
2024 and gross margin expansion. Automation of our calibration
processes and overall productivity improvements will continue to be
key enablers of future margin expansion. We will continue to
leverage our expertise and proven track record of successful
acquisitions to drive synergistic growth opportunities with a sharp
focus on integration. Our robust and diverse acquisition pipeline
enables strategic, accretive acquisitions that will be a key
component of our go-forward strategy.”
Transcat expects its income tax rate to range between 24% and
26% in fiscal 2025. This estimate includes Federal, various state,
Canadian and Irish income taxes and reflects the discrete tax
accounting associated with share-based payment awards.
Webcast and Conference Call
Transcat will host a conference call and webcast on Tuesday,
July 30, 2024 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 6, 2024. To listen to the
archived call, dial (412) 317-6671 and enter conference ID number
13747789, 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;
divided by the average diluted shares outstanding during the
period), 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 29
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 relate to expectations, estimates,
beliefs, assumptions and predictions of future events and are
identified by words such as “aim,” “anticipates,” “believes,”
“can,” “could,” “designed,” “estimates,” “expects,” “focus,”
“goal,” “intends,” “may,” “plan,” “outlook,” “potential,” “seek,”
“strategy,” “strive,” “target,” “will,” “would,” 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 29,
June 24,
2024
2023
Service Revenue
$
43,778
$
39,853
Distribution Sales
22,929
20,745
Total Revenue
66,707
60,598
Cost of Service Revenue
28,895
26,882
Cost of Distribution Sales
15,157
15,006
Total Cost of Revenue
44,052
41,888
Gross Profit
22,655
18,710
Selling, Marketing and Warehouse
Expenses
7,801
6,469
General and Administrative Expenses
9,755
7,601
Total Operating Expenses
17,556
14,070
Operating Income
5,099
4,640
Interest Expense
52
814
Interest Income
(312
)
-
Other Expense
131
64
Total Interest and Other
(129
)
878
Income Before Provision For Income
Taxes
5,228
3,762
Provision for Income Taxes
820
813
Net Income
$
4,408
$
2,949
Basic Earnings Per Share
$
0.49
$
0.39
Average Shares Outstanding
9,064
7,622
Diluted Earnings Per Share
$
0.48
$
0.38
Average Shares Outstanding
9,196
7,762
TRANSCAT, INC.
CONSOLIDATED BALANCE
SHEETS
(In Thousands, Except Share and
Per Share Amounts)
(Unaudited)
(Audited)
June 29,
March 30,
2024
2024
ASSETS
Current Assets:
Cash and Cash Equivalents
$
22,657
$
19,646
Marketable Securities
-
$
15,533
Accounts Receivable, less allowance for
credit losses of $492 and $544 as of June 29, 2024 and March 30,
2024, respectively
48,156
47,779
Other Receivables
242
506
Inventory, net
18,128
17,418
Prepaid Expenses and Other Current
Assets
5,070
4,276
Total Current Assets
94,253
105,158
Property and Equipment, net
45,954
38,944
Goodwill
138,146
105,585
Intangible Assets, net
26,254
19,987
Right to Use Assets, net
17,996
16,823
Other Assets
1,049
1,055
Total Assets
$
323,652
$
287,552
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Accounts Payable
$
13,076
$
11,495
Accrued Compensation and Other Current
Liabilities
12,677
16,739
Income Taxes Payable
3,687
2,926
Current Portion of Long-Term Debt
2,362
2,339
Total Current Liabilities
31,802
33,499
Long-Term Debt
1,218
1,817
Deferred Tax Liabilities, net
9,287
9,291
Lease Liabilities
15,400
14,873
Other Liabilities
3,657
2,903
Total Liabilities
61,364
62,383
Shareholders' Equity:
Common Stock, par value $0.50 per share,
30,000,000 shares authorized; 9,144,731 and 8,839,299 shares issued
and outstanding as of June 29, 2024 and March 30, 2024,
respectively
4,572
4,420
Capital in Excess of Par Value
175,299
141,624
Accumulated Other Comprehensive Loss
(1,104
)
(949
)
Retained Earnings
83,521
80,074
Total Shareholders' Equity
262,288
225,169
Total Liabilities and Shareholders'
Equity
$
323,652
$
287,552
TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended
June 29,
June 24,
2024
2023
Cash Flows from Operating
Activities:
Net Income
$
4,408
$
2,949
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Net (Gain)/Loss on Disposal of Property
and Equipment
(4
)
8
Deferred Income Taxes
(4
)
44
Depreciation and Amortization
4,113
2,790
(Recovery of)/Provision for Accounts
Receivable and Inventory Reserves
(89
)
138
Stock-Based Compensation Expense
697
930
Changes in Assets and Liabilities, net of
acquisitions:
Accounts Receivable and Other
Receivables
2,814
3,115
Inventory
(235
)
1,950
Prepaid Expenses and Other Current
Assets
(687
)
531
Accounts Payable
1,425
(4,315
)
Accrued Compensation and Other Current
Liabilities
(4,273
)
(1,203
)
Income Taxes Payable
759
599
Net Cash Provided by Operating
Activities
8,924
7,536
Cash Flows from Investing
Activities:
Purchase of Property and Equipment
(3,674
)
(2,767
)
Proceeds from Sale of Property and
Equipment
-
-
Business Acquisitions, net of cash
acquired
(15,953
)
(2,869
)
Sales of Marketable Securities
15,533
-
Net Cash Used in Investing Activities
(4,094
)
(5,636
)
Cash Flows from Financing
Activities:
Repayment of Revolving Credit Facility,
net
-
(204
)
Repayments of Term Loan
(576
)
(553
)
Issuance of Common Stock, net of direct
costs
260
199
Repurchase of Common Stock
(1,619
)
(301
)
Net Cash Used in Financing Activities
(1,935
)
(859
)
Effect of Exchange Rate Changes on Cash
and Cash Equivalents
116
(423
)
Net Increase in Cash and Cash
Equivalents
3,011
618
Cash and Cash Equivalents at Beginning of
Period
19,646
1,531
Cash and Cash Equivalents at End of
Period
$
22,657
$
2,149
TRANSCAT, INC.
Adjusted EBITDA Reconciliation
Table
(In thousands)
(Unaudited)
Fiscal 2025
Q1
Q2
Q3
Q4
YTD
Net Income
$
4,408
$
4,408
+ Interest Income
(260
)
(260
)
+ Other Expense / (Income)
131
131
+ Tax Provision
820
820
Operating Income
$
5,099
$
-
$
-
$
-
$
5,099
+ Depreciation & Amortization
4,113
4,113
+ Transaction Expenses
434
434
+ Acquisition Earn-Out Adjustment
-
-
+ Other (Expense) / Income
(131
)
(131
)
+ Noncash Stock Compensation
697
697
Adjusted EBITDA
$
10,212
$
-
$
-
$
-
$
10,212
Segment
Breakdown
Service Operating Income
$
4,091
$
4,091
+ Depreciation & Amortization
2,402
2,402
+ Transaction Expenses
146
146
+ Other (Expense) / Income
(96
)
(96
)
+ Noncash Stock Compensation
421
421
Service Adjusted EBITDA
$
6,964
$
-
$
-
$
-
$
6,964
Distribution Operating Income
$
1,008
$
1,008
+ Depreciation & Amortization
1,711
1,711
+ Transaction Expenses
288
288
+ Other (Expense) / Income
(35
)
(35
)
+ Noncash Stock Compensation
276
276
Distribution Adjusted EBITDA
$
3,248
$
-
$
-
$
-
$
3,248
TRANSCAT, INC.
Adjusted EBITDA Reconciliation
Table
(In thousands)
(Unaudited)
Fiscal 2024
Q1
Q2
Q3
Q4
YTD
Net Income
$
2,949
$
460
$
3,348
$
6,890
$
13,647
+ Interest Expense / (Income)
814
890
(266
)
(411
)
1,027
+ Other Expense / (Income)
64
(49
)
289
11
315
+ Tax Provision
813
342
923
2,714
4,792
Operating Income
$
4,640
$
1,643
$
4,294
$
9,204
$
19,781
+ Depreciation & Amortization
2,790
3,269
3,783
3,635
13,477
+ Transaction Expenses
185
328
78
37
628
+ Acquisition Earn-Out Adjustment
-
2,800
87
(2,357
)
530
+ Other (Expense) / Income
(64
)
49
(289
)
(11
)
(315
)
+ Noncash Stock Compensation
930
1,241
1,167
1,174
4,512
Adjusted EBITDA
$
8,481
$
9,330
$
9,120
$
11,682
$
38,613
Segment
Breakdown
Service Operating Income
$
3,192
$
742
$
2,966
$
8,144
$
15,044
+ Depreciation & Amortization
2,226
2,325
2,362
2,280
9,193
+ Transaction Expenses
185
76
30
(44
)
247
+ Acquisition Earn-Out Adjustment
-
2,800
87
(2,357
)
530
+ Other (Expense) / Income
(47
)
29
(203
)
(18
)
(239
)
+ Noncash Stock Compensation
676
826
737
736
2,975
Service Adjusted EBITDA
$
6,232
$
6,798
$
5,979
$
8,741
$
27,750
Distribution Operating Income
$
1,448
$
901
$
1,328
$
1,060
$
4,737
+ Depreciation & Amortization
564
944
1,421
1,355
4,284
+ Transaction Expenses
-
252
48
81
381
+ Other (Expense) / Income
(17
)
20
(86
)
7
(76
)
+ Noncash Stock Compensation
254
415
430
438
1,537
Distribution Adjusted EBITDA
$
2,249
$
2,532
$
3,141
$
2,941
$
10,863
TRANSCAT, INC.
Adjusted Diluted EPS
Reconciliation Table
(In Thousands, Except Per Share
Amounts)
(Unaudited)
Fiscal 2025
Q1
Q2
Q3
Q4
YTD
Net Income
$
4,408
$
4,408
+ Amortization of Intangible Assets
1,749
1,749
+ Acquisition Amortization of Backlog
24
24
+ Acquisition Deal Costs
434
434
+ Acquisition Stock Expense
234
234
+ Income Tax Effect at 25%
(610
)
(610
)
+ Acquisition Earn-Out Adjustment
-
-
Adjusted Net Income
$
6,239
$
-
$
-
$
-
$
6,239
Average Diluted Shares Outstanding
9,196
9,196
Diluted Earnings Per Share
$
0.48
$
-
$
-
$
-
$
0.48
Adjusted Diluted Earnings Per Share
$
0.68
$
-
$
-
$
-
$
0.68
Fiscal 2024
Q1
Q2
Q3
Q4
YTD
Net Income
$
2,949
$
460
$
3,348
$
6,890
$
13,647
+ Amortization of Intangible Assets
1,093
1,416
1,674
1,447
5,630
+ Acquisition Amortization of Backlog
-
19
24
24
67
+ Acquisition Deal Costs
185
328
78
81
672
+ Acquisition Stock Expense
182
274
265
258
979
+ Income Tax Effect at 25%
(365
)
(509
)
(532
)
(431
)
(1,837
)
+ Acquisition Earn-Out Adjustment
-
2,800
87
(2,358
)
529
Adjusted Net Income
$
4,044
$
4,788
$
4,944
$
5,911
$
19,687
Average Diluted Shares Outstanding
7,762
7,948
8,752
8,972
8,352
Diluted Earnings Per Share
$
0.38
$
0.06
$
0.38
$
0.77
$
1.63
Adjusted Diluted Earnings Per Share
$
0.52
$
0.60
$
0.56
$
0.66
$
2.36
TRANSCAT, INC.
Additional Information -
Business Segment Data
(Dollars in thousands)
(Unaudited)
Change
SERVICE
FY 2025 Q1
FY 2024 Q1
$'s
%
Service Revenue
$
43,778
$
39,853
$
3,925
9.8
%
Cost of Revenue
28,895
26,882
2,013
7.5
%
Gross Profit
$
14,883
$
12,971
$
1,912
14.7
%
Gross Margin
34.0
%
32.5
%
Selling, Marketing & Warehouse
Expenses
$
4,303
$
4,106
$
197
4.8
%
General and Administrative Expenses
6,490
5,673
817
14.4
%
Operating Income
$
4,090
$
3,192
$
898
28.1
%
% of Revenue
9.3
%
8.0
%
Change
DISTRIBUTION
FY 2025 Q1
FY 2024 Q1
$'s
%
Distribution Sales
$
22,929
$
20,745
$
2,184
10.5
%
Cost of Sales
15,157
15,006
151
1.0
%
Gross Profit
$
7,772
$
5,739
$
2,033
35.4
%
Gross Margin
33.9
%
27.7
%
Selling, Marketing & Warehouse
Expenses
$
3,498
$
2,363
$
1,135
48.0
%
General and Administrative Expenses
3,265
1,928
1,337
69.3
%
Operating Income
$
1,009
$
1,448
$
(439
)
(30.3
)%
% of Sales
4.4
%
7.0
%
Change
TOTAL
FY 2025 Q1
FY 2024 Q1
$'s
%
Total Revenue
$
66,707
$
60,598
$
6,109
10.1
%
Total Cost of Revenue
44,052
41,888
2,164
5.2
%
Gross Profit
$
22,655
$
18,710
$
3,945
21.1
%
Gross Margin
34.0
%
30.9
%
Selling, Marketing & Warehouse
Expenses
$
7,801
$
6,469
$
1,332
20.6
%
General and Administrative Expenses
9,755
7,601
2,154
28.3
%
Operating Income
$
5,099
$
4,640
$
459
9.9
%
% of Revenue
7.6
%
7.7
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240729780719/en/
Tom Barbato (585) 505-6530 Thomas.Barbato@transcat.com
Transcat (NASDAQ:TRNS)
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