Tessco Technologies Inc - TESS STOCK NEWS

TESSCO Technologies Incorporated (NASDAQ: TESS) has announced a definitive merger agreement with affiliates of Lee Equity Partners and Twin Point Capital. Under the agreement, all outstanding shares of TESS common stock will be acquired for $9.00 per share, totaling an enterprise value of approximately $161.4 million. This acquisition represents a premium of around 91% from the last trading day prior to the announcement and about 97% over the 30-day volume-weighted average price as of April 11, 2023. The merger is expected to close in the third calendar quarter of 2023, pending shareholder approval and customary closing conditions. Post-merger, TESS will retain its facilities in Maryland and Nevada and enhance its product offerings through its partnership with Alliance Corporation and GetWireless, LLC.

TESSCO Technologies reported its third-quarter fiscal 2023 results, achieving revenues of $114.9 million, a 12.1% increase year-over-year. The Carrier segment contributed $48.6 million and the Commercial segment $66.3 million. However, net income dropped to $0.4 million from $1.2 million in the previous year, partly due to a past tax benefit. Adjusted EBITDA improved to $1.8 million from $1.0 million. The company reaffirmed its fiscal year 2023 guidance, expecting revenues between $450 million and $475 million. The launch of a new ERP system is anticipated to enhance operational efficiency.

TESSCO Technologies (NASDAQ: TESS) announced the successful launch of its new Enterprise Resource Planning (ERP) system and reaffirmed its fiscal year 2023 guidance. The preliminary results for the fiscal third quarter, ending December 25, 2022, indicate expected revenues between $113 million and $115 million, with a net income of $0.3 million to $0.4 million. The company anticipates an Adjusted EBITDA of $1.7 million to $1.8 million. Final results will be released on February 7, 2023, with a conference call scheduled for February 8, 2023.

TESSCO Technologies Incorporated (NASDAQ: TESS), a leading distributor for the wireless industry, will present at the Sidoti Microcap Virtual Conference on November 10, 2022, at 10:45 a.m. ET. CEO Sandip Mukerjee and CFO Aric Spitulnik will lead the presentation and participate in one-on-one meetings with investors. A webcast link will be accessible on the Company's investor relations website, with an archive available for 90 days.

Tessco Technologies reported record second-quarter revenues of $120.5 million, reflecting an 11% year-over-year increase. The Carrier segment alone generated $51.9 million, also up by 11%. Notably, net income rose to $1.2 million from a loss of $1.3 million last year, while adjusted EBITDA improved to $2.3 million from a loss of $0.2 million. The company maintains a strong sales backlog of $98 million and reaffirms its fiscal 2023 guidance of $450 million to $475 million in revenues and a net loss range of ($5 million) to ($2.1 million).

TESSCO Technologies Incorporated (NASDAQ: TESS) will release its fiscal second quarter financial results for the period ending September 25, 2022, after market close on October 27, 2022. A conference call to discuss these results is scheduled for October 28, 2022, at 8:30 a.m. ET. Participants can join by calling 888-210-2975 domestically or 646-960-0497 internationally. The call will also be available via a live webcast on the company’s website, with an archived version accessible for one year.

TESSCO Technologies, Inc. (NASDAQ: TESS) has launched the Universal Broadband Enclosure, a compact and modular solution designed to protect and power wireless infrastructure in harsh environments. Part of Ventev’s Power Systems product line, this NEMA 3R rated enclosure is tailored for industrial networking and comes with a pre-installed 48VDC rectifier, expandable up to 1400W. The enclosure aims to reduce installation time and costs while providing multiple mounting options for critical broadband and IoT applications.