Transcat Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 24, 2016; Provides Capital Expenditure Guidance for the Fiscal Year 2017
January 30, 2017 at 04:15 pm
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Transcat Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 24, 2016. For the quarter, the company reported service revenue of $17,455,000 against $13,922,000 a year ago. Total revenue was $37,813,000 against $30,160,000 a year ago. Operating income was $2,353,000 against $1,682,000 a year ago. Income before income taxes was $2,165,000 against $1,682,000 a year ago. Net income was $1,280,000 or $0.18 per basic and diluted share against $1,068,000 or $0.15 per basic and diluted share a year ago. Adjusted EBITDA was $3,901,000 against $2,647,000 a year ago. Capital expenditure was $1.6 million.
For the nine months, the company reported service revenue of $51,577,000 against $41,647,000 a year ago. Total revenue was $105,445,000 against $89,306,000 a year ago. Operating income was $5,369,000 against $4,079,000 a year ago. Income before income taxes was $4,822,000 against $3,886,000 a year ago. Net income was $3,010,000 or $0.42 per diluted share against $2,547,000 or $0.36 per diluted share a year ago. Net cash provided by operating activities was $3,874,000 against $7,403,000 a year ago. Purchase of property and equipment was $4,104,000 against $3,755,000 a year ago. Adjusted EBITDA improved 46.5% to $10.3 million. At December 24, 2016, the company had total debt of $26.2 million, with $12.9 million available under its secured revolving credit facility. Capital expenditures were $4.1 million for the year-to-date period, respectively.
The company provided capital expenditure guidance for the fiscal year 2017. For the year, the company continues to expect capital expenditures will be approximately $5.0 million to $5.5 million in fiscal 2017.
Transcat, Inc. is a 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. The Company is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes pharmaceutical, biotechnology, medical device and other FDA-regulated businesses. Through its Service segment, it offers calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting and other related services, a majority of which are processed through its asset management system, CalTrak, and its online customer portal, C3. It also provides permanent and periodic onsite services, mobile calibration services, pickup and delivery and in-house services. Through its Distribution segment, it sells and rents national and proprietary brand instruments to customers globally.
Transcat Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 24, 2016; Provides Capital Expenditure Guidance for the Fiscal Year 2017