- \n
- Consolidated revenue of $47.8 million up 22.8% from prior year <\/i><\/li>\n
- Service segment revenue grew 20% and gross margin expanded 540 basis points to 31.8%; organic revenue grew 16.6%<\/i><\/li>\n
- Distribution segment revenue grew 27% and gross margin expanded 260 basis points to 23.6%<\/i><\/li>\n
- Adjusted EBITDA of $6.1 million, up 75% from prior year<\/i><\/li>\n<\/ul>\n
ROCHESTER, N.Y.–(BUSINESS WIRE<\/a>)–Transcat, Inc.<\/a> (Nasdaq: TRNS) (\u201cTranscat\u201d or the \u201cCompany\u201d), 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 26, 2021 (the \u201cfirst quarter\u201d) of fiscal year 2022, which ends March 26, 2022 (\u201cfiscal 2022\u201d). Results include the previously reported acquisitions of Bio Tek Services, Inc. (\u201cBio Tek\u201d) effective December 16, 2020 and Upstate Metrology (\u201cUpstate\u201d) effective April 29, 2021.\n<\/p>\n
\n\u201cThe start to our fiscal year 2022 was very strong and allowed us to achieve record first quarter revenue, gross margin, operating income and EBITDA,\u201d commented Lee D. Rudow, President and CEO. \u201cOur Service segment continued to perform at a high level, growing revenue 20% and increasing gross margin 540 basis points from the prior-year period. We reported 16.6% organic revenue growth as our highly-regulated end markets, including life sciences, remained strong, and we compared against a COVID-19 impacted prior year quarter. Our gross margin improvement was driven by operating leverage on our fixed costs from the strong organic growth and to a lesser degree continued strong technician productivity\u201d\n<\/p>\n
\n\u201cWe were also pleased with the sequential improvement in our Distribution business, with first quarter revenue increasing 27% on improving order trends and an easier comparison against a prior-year period that was significantly impacted by the onset of the COVID-19 pandemic. Overall, our Service segment performance drove first quarter consolidated operating income of $3.7 million, exceeding our expectations and increasing $2.7 million from prior year.\u201d\n<\/p>\n
\nMr. Rudow added, \u201cCash flow from operations in the first quarter was in line with our expectations and our balance sheet remains strong. We recently announced an amendment to our credit facility which favorably updates certain terms and increases our available revolving line of credit from $40 million to $80 million to support future growth investments and a robust acquisition pipeline.\u201d\n<\/p>\n
First Quarter Fiscal 2022 Review
\n
<\/b>(Results are compared with the first quarter of the fiscal year ended March 27, 2021 (\u201cfiscal 2021\u201d))<\/i><\/p>\n\n
\n \n ($ in thousands)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n FY22 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n FY21 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $’s<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nService Revenue\n<\/p>\n<\/td>\n
\n \n$ 27,557\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 22,967\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,590\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20.0%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDistribution Sales\n<\/p>\n<\/td>\n
\n \n20,233\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15,937\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,296\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n27.0%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Revenue<\/b><\/p>\n<\/td>\n
\n $ 47,790<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $ 38,904<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $ 8,886<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 22.8%<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Profit\n<\/p>\n<\/td>\n
\n \n$ 13,520\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 9,409\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,111\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n43.7%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross Margin<\/i><\/p>\n<\/td>\n
\n 28.3%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 24.2%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n$ 3,689\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 964\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 2,725\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n282.7%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating Margin<\/i><\/p>\n<\/td>\n
\n 7.7%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nNet Income\n<\/p>\n<\/td>\n
\n \n$ 3,688\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 798\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 2,890\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n362.2%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net Margin<\/i><\/p>\n<\/td>\n
\n 7.7%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2.1%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA*\n<\/p>\n<\/td>\n
\n \n$ 6,110\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 3,488\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 2,622\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n75.2%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA* Margin<\/i><\/p>\n<\/td>\n
\n 12.8%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 9.0%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.<\/i><\/p>\n
\nConsolidated revenue increased 22.8% to $47.8 million. Consolidated gross profit was $13.5 million, an increase of $4.1 million, or 43.7%, while gross margin expanded 410 basis points due to strong performance in both the Service and Distribution segments. Operating expenses increased $1.4 million, or 16.4%, driven by incremental expenses from acquired businesses, investments in technology and higher performance-related employee costs. Net income per diluted share increased to $0.49 from $0.11.\n<\/p>\n
Service segment delivers record first quarter results<\/i><\/b><\/p>\n
Represents the accredited calibration, repair, inspection and laboratory instrument services business<\/i><\/p>\n
(58% of total revenue for the first quarter of fiscal 2021). <\/i><\/p>\n
\n
\n \n ($ in thousands)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n FY22 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n FY21 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $’s<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nService Segment Revenue\n<\/p>\n<\/td>\n
\n \n$ 27,557\n<\/p>\n<\/td>\n
\n \n \n$ 22,967\n<\/p>\n<\/td>\n
\n \n \n$ 4,590\n<\/p>\n<\/td>\n
\n \n \n20.0%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Profit\n<\/p>\n<\/td>\n
\n \n$ 8,752\n<\/p>\n<\/td>\n
\n \n \n$ 6,069\n<\/p>\n<\/td>\n
\n \n \n$ 2,683\n<\/p>\n<\/td>\n
\n \n \n44.2%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross Margin<\/i><\/p>\n<\/td>\n
\n 31.8%<\/i><\/p>\n<\/td>\n
\n \n 26.4%<\/i><\/p>\n<\/td>\n
\n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n \n <\/tr>\n \n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n$ 2,974\n<\/p>\n<\/td>\n
\n \n \n$ 1,129\n<\/p>\n<\/td>\n
\n \n \n$ 1,845\n<\/p>\n<\/td>\n
\n \n \n163.5%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating Margin<\/i><\/p>\n<\/td>\n
\n 10.8%<\/i><\/p>\n<\/td>\n
\n \n 4.9%<\/i><\/p>\n<\/td>\n
\n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA*\n<\/p>\n<\/td>\n
\n \n$ 4,721\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 2,863\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 1,858\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n64.9%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA* Margin<\/i><\/p>\n<\/td>\n
\n 17.1%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 12.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table. <\/i><\/p>\n
\nService segment revenue increased 20.0% to a record $27.6 million and included $0.8 million of incremental revenue from acquisitions. Organic revenue growth was 16.6% and was driven by improvement in end market conditions, continued market share gains and an easier comparison over the prior-year quarter, which was impacted by the COVID-19 pandemic.\n<\/p>\n
\nContinued strong technician productivity and operating leverage on fixed costs resulted in an increase of Service gross margin by 540 basis points over prior year.\n<\/p>\n
Distribution segment revenue and margins rebounded in the first quarter<\/i><\/b><\/p>\n
Represents the sale and rental of new and used professional grade handheld test, measurement and control instrumentation (42% of total revenue for the first quarter of fiscal 2022).<\/i><\/p>\n
\n
\n \n ($ in thousands)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n FY22 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n FY21 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $’s<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nDistribution Segment Sales\n<\/p>\n<\/td>\n
\n \n$ 20,233\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 15,937\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,296\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n27.0%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Profit\n<\/p>\n<\/td>\n
\n \n$ 4,768\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 3,340\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 1,428\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n42.8%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross Margin<\/i><\/p>\n<\/td>\n
\n 23.6%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 21.0%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Income (Loss)\n<\/p>\n<\/td>\n
\n \n$ 715\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ (165)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 880\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(533.3%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating Margin<\/i><\/p>\n<\/td>\n
\n 3.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n (1.0%)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA*\n<\/p>\n<\/td>\n
\n \n$ 1,389\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 625\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 764\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n122.0%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA* Margin<\/i><\/p>\n<\/td>\n
\n 6.9%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 3.9%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table. <\/i><\/p>\n
\nDistribution sales increased 27.0% on improving order trends and an easier comparison to the prior year period, which was significantly impacted by the COVID-19 pandemic. Distribution gross margin increased 260 basis points on a favorable mix of products sold.\n<\/p>\n
Balance Sheet Highlights<\/b><\/p>\n
\nAt June 26, 2021, the Company had $27.9 million available for borrowing under its secured revolving credit facility. Total debt of $22.2 million was up $2.6 million from fiscal 2021 year-end. The Company\u2019s leverage ratio, as defined in the credit agreement, was 0.96 at June 26, 2021, compared with 0.94 at March 27, 2021.\n<\/p>\n
\nOn July 7, 2021, the Company amended its revolving credit facility to include a $40.0 million increase in borrowing capacity, a reduced LIBOR floor on its revolving line of credit borrowings, a reduced interest rate on its Term Loan and certain financial covenant modifications, among other customary provisions.\n<\/p>\n
Outlook <\/b><\/p>\n
\nMr. Rudow concluded, \u201cThe results of the first quarter were excellent and we are pleased with the continued strong performance of our Service segment and improving trends in our Distribution segment. We have a strong balance sheet, sustainable Service segment gross margins and an active M&A pipeline. We are confident that the strength of our unique value proposition and our new customer pipeline positions us well for continued strong organic growth.\n<\/p>\n
\n\u201cFor the second quarter of fiscal 2022, we expect Service organic growth to be similar to what we achieved in the first quarter. We expect more modest improvement in Service gross margin than we have experienced over the last several quarters, largely due to a more difficult technician productivity comparison versus the second quarter of fiscal 2021. Distribution is expected to achieve high teens growth in the second quarter on improved order trends and a prior-year comparison that includes lower levels of demand due to the COVID-19 pandemic.\u201d\n<\/p>\n
\nTranscat revised its fiscal year 2022 income tax rate to a range between 16% and 18% from the previous estimated range of 20% to 22%. This estimate includes Federal, various state, and Canadian income taxes and reflects the discrete tax benefit associated with share-based payment and stock option activity.\n<\/p>\n
\nThe Company anticipates total capital expenditures to be approximately $7.5 million to $8.5 million in fiscal 2022, with the majority of the capital expenditures planned for growth-oriented opportunities within both operating segments.\n<\/p>\n
Webcast and Conference Call<\/b><\/p>\n
\nTranscat will host a conference call and webcast on Wednesday, July 28, 2021 at 11:00 a.m. ET. Management will review the financial and operating results for the first quarter, as well as the Company\u2019s strategy and outlook. A question and answer session will follow the formal discussion. The review will be accompanied by a slide presentation, which will be available at www.transcat.com\/investor-relations<\/a>. The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.transcat.com\/investor-relations<\/a>.\n<\/p>\n
\n
\n \n TRANSCAT, INC.
\n
CONSOLIDATED STATEMENTS OF INCOME
\n
<\/b>(In Thousands, Except Per Share Amounts)\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n First Quarter Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n June 26,<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n June 27,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n 2021<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nService Revenue\n<\/p>\n<\/td>\n
\n \n$ 27,557\n<\/p>\n<\/td>\n
\n \n \n$ 22,967\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDistribution Sales\n<\/p>\n<\/td>\n
\n \n20,233\n<\/p>\n<\/td>\n
\n \n \n15,937\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nTotal Revenue\n<\/p>\n<\/td>\n
\n \n47,790\n<\/p>\n<\/td>\n
\n \n \n38,904\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nCost of Service Revenue\n<\/p>\n<\/td>\n
\n \n18,805\n<\/p>\n<\/td>\n
\n \n \n16,898\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of Distribution Sales\n<\/p>\n<\/td>\n
\n \n15,465\n<\/p>\n<\/td>\n
\n \n \n12,597\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nTotal Cost of Revenue\n<\/p>\n<\/td>\n
\n \n34,270\n<\/p>\n<\/td>\n
\n \n \n29,495\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nGross Profit\n<\/p>\n<\/td>\n
\n \n13,520\n<\/p>\n<\/td>\n
\n \n \n9,409\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \nSelling, Marketing and Warehouse Expenses\n<\/p>\n<\/td>\n
\n \n4,997\n<\/p>\n<\/td>\n
\n \n \n4,074\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and Administrative Expenses\n<\/p>\n<\/td>\n
\n \n4,834\n<\/p>\n<\/td>\n
\n \n \n4,371\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nTotal Operating Expenses\n<\/p>\n<\/td>\n
\n \n9,831\n<\/p>\n<\/td>\n
\n \n \n8,445\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n3,689\n<\/p>\n<\/td>\n
\n \n \n964\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \nInterest and Other Expense, net\n<\/p>\n<\/td>\n
\n \n195\n<\/p>\n<\/td>\n
\n \n \n243\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nIncome Before Income Taxes\n<\/p>\n<\/td>\n
\n \n3,494\n<\/p>\n<\/td>\n
\n \n \n721\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBenefit from Income Taxes\n<\/p>\n<\/td>\n
\n \n(194)\n<\/p>\n<\/td>\n
\n \n \n(77)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nNet Income\n<\/p>\n<\/td>\n
\n \n$ 3,688\n<\/p>\n<\/td>\n
\n \n \n$ 798\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nBasic Earnings Per Share\n<\/p>\n<\/td>\n
\n \n$ 0.49\n<\/p>\n<\/td>\n
\n \n \n$ 0.11\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAverage Shares Outstanding\n<\/p>\n<\/td>\n
\n \n7,464\n<\/p>\n<\/td>\n
\n \n \n7,394\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \nDiluted Earnings Per Share\n<\/p>\n<\/td>\n
\n \n$ 0.49\n<\/p>\n<\/td>\n
\n \n \n$ 0.11\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAverage Shares Outstanding\n<\/p>\n<\/td>\n
\n \n7,593\n<\/p>\n<\/td>\n
\n \n \n7,514\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n TRANSCAT, INC.
\n
<\/b>CONSOLIDATED BALANCE SHEETS
\n
<\/b>(In Thousands, Except Share and Per Share Amounts)\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n(Unaudited)\n<\/p>\n<\/td>\n
\n \n(Audited)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n June 26,<\/b><\/p>\n<\/td>\n
\n March 27,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n 2021<\/b><\/p>\n<\/td>\n
\n 2021<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n ASSETS<\/b><\/p>\n<\/td>\n
\n <\/tr>\n \n \n \nCurrent Assets:\n<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \nCash\n<\/p>\n<\/td>\n
\n \n$\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0254\n<\/p>\n<\/td>\n
\n \n$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 560\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nAccounts Receivable, less allowance for doubtful accounts of $615 and $526 as of June 26, 2021 and March 27, 2021, respectively\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33,324\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33,950\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nOther Receivables\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 380\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 428\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nInventory, net\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,642\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,636\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nPrepaid Expenses and Other Current Assets\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,139\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,354\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nTotal Current Assets\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48,739\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48,928\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and Equipment, net\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,172\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,203\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGoodwill\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 43,904\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 43,272\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIntangible Assets, net\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,901\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,513\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRight To Use Asset, net\n<\/p>\n<\/td>\n
\n \n8,467\n<\/p>\n<\/td>\n
\n \n9,392\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther Assets\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 956\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 808\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nTotal Assets\n<\/p>\n<\/td>\n
\n \n$\u00a0\u00a0\u00a0\u00a0\u00a0 131,139\n<\/p>\n<\/td>\n
\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 132,116\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n
\n <\/tr>\n \n \n \nCurrent Liabilities:\n<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \nAccounts Payable\n<\/p>\n<\/td>\n
\n \n\u00a0$ \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,203\n<\/p>\n<\/td>\n
\n \n\u00a0$\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a012,276\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nAccrued Compensation and Other Liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,312\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,417\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nIncome Taxes Payable\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 382\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nCurrent Portion of Long-Term Debt\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,089\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,067\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nTotal Current Liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,604\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,142\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-Term Debt\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,107\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17,494\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred Tax Liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,223\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,201\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease Liabilities\n<\/p>\n<\/td>\n
\n \n7,235\n<\/p>\n<\/td>\n
\n \n7,958\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther Liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,263\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,243\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nTotal Liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 54,432\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 57,038\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nShareholders’ Equity:\n<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \n \nCommon Stock, par value $0.50 per share, 30,000,000 shares authorized; 7,468,991 and 7,458,251 shares issued and outstanding as of June 26, 2021, and March 27, 2021, respectively\n<\/p>\n<\/td>\n
\n \n3,734\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,729\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nCapital in Excess of Par Value\n<\/p>\n<\/td>\n
\n \n19,632\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,287\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nAccumulated Other Comprehensive Loss\n<\/p>\n<\/td>\n
\n \n(269)\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (451)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nRetained Earnings\n<\/p>\n<\/td>\n
\n \n53,610\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 52,513\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nTotal Shareholders’ Equity\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 76,707\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 75,078\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nTotal Liabilities and Shareholders’ Equity\n<\/p>\n<\/td>\n
\n \n\u00a0$\u00a0 \u00a0\u00a0\u00a0\u00a0131,139\n<\/p>\n<\/td>\n
\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 132,116\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n TRANSCAT, INC.
\n
<\/b>CONSOLIDATED STATEMENTS OF CASH FLOWS
\n
<\/b>(In Thousands)\n<\/p>\n<\/td>\n<\/tr>\n\n \n \nCash Flows from Operating Activities:\n<\/p>\n<\/td>\n
\n \n <\/tr>\n \n \n \n \nNet Income\n<\/p>\n<\/td>\n
\n \n$\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,688\n<\/p>\n<\/td>\n
\n \n \n\u00a0$\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0798\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0\u00a0\u00a0 Adjustments to Reconcile Net Income to Net Cash Provided\n<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n \n \nby Operating Activities:\n<\/p>\n<\/td>\n
\n \n <\/tr>\n \n \n \n \n \n \n(Gain) Loss on Sale of Property and Equipment\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \nDeferred Income Taxes\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \nDepreciation and Amortization\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,990\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,872\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \nProvision for Accounts Receivable and Inventory Reserves\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 290\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 561\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \nStock-Based Compensation Expense\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 437\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 312\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nChanges in Assets and Liabilities:\n<\/p>\n<\/td>\n
\n \n <\/tr>\n \n \n \n \n \nAccounts Receivable and Other Receivables\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0805\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a02,948\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nInventory\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nPrepaid Expenses and Other Assets\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (918)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (251)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nAccounts Payable\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,073)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,621)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nAccrued Compensation and Other Liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,880)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 494\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \nIncome Taxes Payable\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (389)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (99)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \nNet Cash Provided by Operating Activities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,055\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,042\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nCash Flows from Investing Activities:\n<\/p>\n<\/td>\n
\n \n <\/tr>\n \n \n \n \nPurchase of Property and Equipment\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,203)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,261)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nBusiness Acquisitions, net of cash acquired\n<\/p>\n<\/td>\n
\n \n(931)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\u00a0 \u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \nNet Cash Used in Investing Activities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,134)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,261)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nCash Flows from Financing Activities:\n<\/p>\n<\/td>\n
\n \n <\/tr>\n \n \n \n \nProceeds from (Repayment of) Revolving Credit Facility, net\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,243\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,330)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nRepayments of Term Loan\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (608)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (487)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nIssuance of Common Stock\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 701\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 383\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nRepurchase of Common Stock\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,379)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,287)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \nNet Cash Used in Financing Activities\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (43)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,721)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nEffect of Exchange Rate Changes on Cash\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (184)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (193)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nNet Decrease in Cash\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (306)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (133)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash at Beginning of Period\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 560\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 499\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash at End of Period\n<\/p>\n<\/td>\n
\n \n$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 254\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 366\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n TRANSCAT, INC.
Adjusted EBITDA Reconciliation Table
<\/b>(In thousands)
(Unaudited)<\/i><\/td>\n<\/tr>\n\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n Fiscal 2022<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n Q1<\/b><\/p>\n<\/td>\n
\n Q2<\/b><\/p>\n<\/td>\n
\n Q3<\/b><\/p>\n<\/td>\n
\n Q4<\/b><\/p>\n<\/td>\n
\n YTD<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Income\n<\/p>\n<\/td>\n
\n \n$ 3,688\n<\/p>\n<\/td>\n
\n \n \n \n \n$ 3,688\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Interest Expense\n<\/p>\n<\/td>\n
\n \n189\n<\/p>\n<\/td>\n
\n \n \n \n \n189\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other Expense \/ (Income)\n<\/p>\n<\/td>\n
\n \n6\n<\/p>\n<\/td>\n
\n \n \n \n \n6\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Tax Provision\n<\/p>\n<\/td>\n
\n \n(194)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(194)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n$ 3,689\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 3,689\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Depreciation & Amortization\n<\/p>\n<\/td>\n
\n \n1,990\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,990\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other (Expense) \/ Income\n<\/p>\n<\/td>\n
\n \n(6)\n<\/p>\n<\/td>\n
\n \n \n \n \n(6)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Noncash Stock Compensation\n<\/p>\n<\/td>\n
\n \n437\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n437\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$ 6,110\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 6,110\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Segment Breakdown<\/span><\/p>\n<\/td>\n
\n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nService Operating Income\n<\/p>\n<\/td>\n
\n \n$ 2,974\n<\/p>\n<\/td>\n
\n \n \n \n \n$ 2,974\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Depreciation & Amortization\n<\/p>\n<\/td>\n
\n \n1,488\n<\/p>\n<\/td>\n
\n \n \n \n \n1,488\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other (Expense) \/ Income\n<\/p>\n<\/td>\n
\n \n(2)\n<\/p>\n<\/td>\n
\n \n \n \n \n(2)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Noncash Stock Compensation\n<\/p>\n<\/td>\n
\n \n261\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n261\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nService Adjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$ 4,721\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,721\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nDistribution Operating Income\n<\/p>\n<\/td>\n
\n \n$ 715\n<\/p>\n<\/td>\n
\n \n \n \n \n$ 715\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Depreciation & Amortization\n<\/p>\n<\/td>\n
\n \n502\n<\/p>\n<\/td>\n
\n \n \n \n \n502\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other (Expense) \/ Income\n<\/p>\n<\/td>\n
\n \n(4)\n<\/p>\n<\/td>\n
\n \n \n \n \n(4)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Noncash Stock Compensation\n<\/p>\n<\/td>\n
\n \n176\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n176\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDistribution Adjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$ 1,389\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 1,389\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Fiscal 2021<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n Q1<\/b><\/p>\n<\/td>\n
\n Q2<\/b><\/p>\n<\/td>\n
\n Q3<\/b><\/p>\n<\/td>\n
\n Q4<\/b><\/p>\n<\/td>\n
\n YTD<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Income\n<\/p>\n<\/td>\n
\n \n$ 798\n<\/p>\n<\/td>\n
\n \n$ 2,024\n<\/p>\n<\/td>\n
\n \n$ 1,761\n<\/p>\n<\/td>\n
\n \n$ 3,208\n<\/p>\n<\/td>\n
\n \n$ 7,791\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Interest Expense\n<\/p>\n<\/td>\n
\n \n224\n<\/p>\n<\/td>\n
\n \n233\n<\/p>\n<\/td>\n
\n \n203\n<\/p>\n<\/td>\n
\n \n190\n<\/p>\n<\/td>\n
\n \n850\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other Expense \/ (Income)\n<\/p>\n<\/td>\n
\n \n19\n<\/p>\n<\/td>\n
\n \n84\n<\/p>\n<\/td>\n
\n \n16\n<\/p>\n<\/td>\n
\n \n122\n<\/p>\n<\/td>\n
\n \n241\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Tax Provision\n<\/p>\n<\/td>\n
\n \n(77)\n<\/p>\n<\/td>\n
\n \n737\n<\/p>\n<\/td>\n
\n \n539\n<\/p>\n<\/td>\n
\n \n992\n<\/p>\n<\/td>\n
\n \n2,191\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n$ 964\n<\/p>\n<\/td>\n
\n \n$ 3,078\n<\/p>\n<\/td>\n
\n \n$ 2,519\n<\/p>\n<\/td>\n
\n \n$ 4,512\n<\/p>\n<\/td>\n
\n \n$ 11,073\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Depreciation & Amortization\n<\/p>\n<\/td>\n
\n \n1,871\n<\/p>\n<\/td>\n
\n \n1,864\n<\/p>\n<\/td>\n
\n \n1,861\n<\/p>\n<\/td>\n
\n \n1,984\n<\/p>\n<\/td>\n
\n \n7,580\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n+ Restructuring Expense\n<\/p>\n<\/td>\n
\n \n360\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n290\n<\/p>\n<\/td>\n
\n \n650\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other (Expense) \/ Income\n<\/p>\n<\/td>\n
\n \n(19)\n<\/p>\n<\/td>\n
\n \n(85)\n<\/p>\n<\/td>\n
\n \n(15)\n<\/p>\n<\/td>\n
\n \n(122)\n<\/p>\n<\/td>\n
\n \n(241)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Noncash Stock Compensation\n<\/p>\n<\/td>\n
\n \n312\n<\/p>\n<\/td>\n
\n \n366\n<\/p>\n<\/td>\n
\n \n197\n<\/p>\n<\/td>\n
\n \n638\n<\/p>\n<\/td>\n
\n \n1,513\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$ 3,488\n<\/p>\n<\/td>\n
\n \n$ 5,223\n<\/p>\n<\/td>\n
\n \n$ 4,562\n<\/p>\n<\/td>\n
\n \n$ 7,302\n<\/p>\n<\/td>\n
\n \n$ 20,575\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Segment Breakdown<\/span><\/p>\n<\/td>\n
\n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nService Operating Income\n<\/p>\n<\/td>\n
\n \n$ 1,129\n<\/p>\n<\/td>\n
\n \n$ 2,977\n<\/p>\n<\/td>\n
\n \n$ 1,956\n<\/p>\n<\/td>\n
\n \n$ 4,379\n<\/p>\n<\/td>\n
\n \n$ 10,441\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Depreciation & Amortization\n<\/p>\n<\/td>\n
\n \n1,394\n<\/p>\n<\/td>\n
\n \n1,359\n<\/p>\n<\/td>\n
\n \n1,372\n<\/p>\n<\/td>\n
\n \n1,472\n<\/p>\n<\/td>\n
\n \n5,597\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n+ Restructuring Expense\n<\/p>\n<\/td>\n
\n \n193\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n156\n<\/p>\n<\/td>\n
\n \n349\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other (Expense) \/ Income\n<\/p>\n<\/td>\n
\n \n(15)\n<\/p>\n<\/td>\n
\n \n(57)\n<\/p>\n<\/td>\n
\n \n(8)\n<\/p>\n<\/td>\n
\n \n(82)\n<\/p>\n<\/td>\n
\n \n(162)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Noncash Stock Compensation\n<\/p>\n<\/td>\n
\n \n162\n<\/p>\n<\/td>\n
\n \n196\n<\/p>\n<\/td>\n
\n \n126\n<\/p>\n<\/td>\n
\n \n351\n<\/p>\n<\/td>\n
\n \n835\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nService Adjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$ 2,863\n<\/p>\n<\/td>\n
\n \n$ 4,475\n<\/p>\n<\/td>\n
\n \n$ 3,446\n<\/p>\n<\/td>\n
\n \n$ 6,276\n<\/p>\n<\/td>\n
\n \n$ 17,060\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nDistribution Operating Income\n<\/p>\n<\/td>\n
\n \n$ (165)\n<\/p>\n<\/td>\n
\n \n$ 101\n<\/p>\n<\/td>\n
\n \n$ 563\n<\/p>\n<\/td>\n
\n \n$ 133\n<\/p>\n<\/td>\n
\n \n$ 632\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Depreciation & Amortization\n<\/p>\n<\/td>\n
\n \n477\n<\/p>\n<\/td>\n
\n \n505\n<\/p>\n<\/td>\n
\n \n489\n<\/p>\n<\/td>\n
\n \n512\n<\/p>\n<\/td>\n
\n \n1,983\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n+ Restructuring Expense\n<\/p>\n<\/td>\n
\n \n167\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n134\n<\/p>\n<\/td>\n
\n \n301\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Other (Expense) \/ Income\n<\/p>\n<\/td>\n
\n \n(4)\n<\/p>\n<\/td>\n
\n \n(28)\n<\/p>\n<\/td>\n
\n \n(7)\n<\/p>\n<\/td>\n
\n \n(40)\n<\/p>\n<\/td>\n
\n \n(79)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n+ Noncash Stock Compensation\n<\/p>\n<\/td>\n
\n \n150\n<\/p>\n<\/td>\n
\n \n170\n<\/p>\n<\/td>\n
\n \n71\n<\/p>\n<\/td>\n
\n \n287\n<\/p>\n<\/td>\n
\n \n678\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDistribution Adjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$ 625\n<\/p>\n<\/td>\n
\n \n$ 748\n<\/p>\n<\/td>\n
\n \n$ 1,116\n<\/p>\n<\/td>\n
\n \n$ 1,026\n<\/p>\n<\/td>\n
\n \n$ 3,515\n<\/p>\n
\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n TRANSCAT, INC.
\n
Additional Information – Business Segment Data
\n
<\/b>(Dollars in thousands)
\n
(Unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n SERVICE<\/b><\/p>\n<\/td>\n
\n FY 2022 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n FY 2021 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $’s<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nService Revenue\n<\/p>\n<\/td>\n
\n \n$ 27,557\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 22,967\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,590\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20.0%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of Service Revenue\n<\/p>\n<\/td>\n
\n \n18,805\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16,898\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,907\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11.3%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Profit\n<\/p>\n<\/td>\n
\n \n$ 8,752\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 6,069\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 2,683\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n44.2%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross Margin<\/i><\/p>\n<\/td>\n
\n 31.8%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 26.4%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, Marketing & Warehouse Expenses\n<\/p>\n<\/td>\n
\n \n$ 2,715\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 2,348\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 367\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15.6%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and Administrative Expenses\n<\/p>\n<\/td>\n
\n \n3,063\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,592\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n471\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18.2%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n$ 2,974\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 1,129\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 1,845\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n163.5%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n % of Revenue<\/i><\/p>\n<\/td>\n
\n 10.8%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 4.9%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n DISTRIBUTION<\/b><\/p>\n<\/td>\n
\n FY 2022 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n FY 2021 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $’s<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nDistribution Sales\n<\/p>\n<\/td>\n
\n \n$ 20,233\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 15,937\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,296\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n27.0%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of Distribution Sales\n<\/p>\n<\/td>\n
\n \n15,465\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,597\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,868\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22.8%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Profit\n<\/p>\n<\/td>\n
\n \n$ 4,768\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 3,340\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 1,428\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n42.8%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross Margin<\/i><\/p>\n<\/td>\n
\n 23.6%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 21.0%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, Marketing & Warehouse Expenses\n<\/p>\n<\/td>\n
\n \n$ 2,282\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 1,726\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 556\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n32.2%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and Administrative Expenses\n<\/p>\n<\/td>\n
\n \n1,771\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,779\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(8)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(0.4%)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n$ 715\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ (165)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 880\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n533.3%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n % of Sales<\/i><\/p>\n<\/td>\n
\n 3.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n (1.0%)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n TOTAL<\/b><\/p>\n<\/td>\n
\n FY 2022 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n FY 2021 Q1<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $’s<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Revenue\n<\/p>\n<\/td>\n
\n \n$ 47,790\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 38,904\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 8,886\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22.8%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Cost of Revenue\n<\/p>\n<\/td>\n
\n \n34,270\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n29,495\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,775\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16.2%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Profit\n<\/p>\n<\/td>\n
\n \n$ 13,520\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 9,409\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,111\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n43.7%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross Margin<\/i><\/p>\n<\/td>\n
\n 28.3%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 24.2%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, Marketing & Warehouse Expenses\n<\/p>\n<\/td>\n
\n \n$ 4,997\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 4,074\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 923\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22.7%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and Administrative Expenses\n<\/p>\n<\/td>\n
\n \n4,834\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,371\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n463\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10.6%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating Income\n<\/p>\n<\/td>\n
\n \n$ 3,689\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 964\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$ 2,725\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n282.7%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n % of Revenue<\/i><\/p>\n<\/td>\n
\n 7.7%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210727006091\/en\/<\/a><\/span><\/p>\n
\nMark A. Doheny, Chief Financial Officer
\n
Phone: (585) 563-5766
\n
Email: mark.doheny@transcat.com<\/a><\/p>\nKEYWORDS:<\/b> United States North America New York<\/p>\n
INDUSTRY KEYWORDS:<\/b> Science Other Science Biotechnology Pharmaceutical Health Medical Devices Aerospace Manufacturing<\/p>\n
- Service segment revenue grew 20% and gross margin expanded 540 basis points to 31.8%; organic revenue grew 16.6%<\/i><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210727006091\/en\/894396\/3\/Transcat-logo-blue.jpg\"){kind=logo}
<\/td>\n<\/tr>\n