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TESSCO Technologies, Inc. (NASDAQ: TESS) is a prominent technology distributor, manufacturer, and solutions provider that has been catering to both commercial and retail customers in the wireless infrastructure and mobile device accessories markets for over 30 years. Established with a vision to deliver industry-leading products, expert knowledge, innovative solutions, and unparalleled customer service, TESSCO has become a cornerstone in the wireless industry.
TESSCO offers an extensive portfolio of more than 50,000 products sourced from over 400 of the most respected manufacturers in mobile communications, Wi-Fi, Internet of Things (IoT), wireless backhaul, and other related fields. This vast catalog includes everything from essential components to high-end equipment, ensuring that customers have access to the tools they need to succeed in a rapidly evolving technological landscape.
As a single-source provider, TESSCO excels in delivering a comprehensive customer experience. The company prides itself on its deep industry knowledge and its ability to offer complete end-to-end solutions, making it a preferred partner for businesses looking to implement or upgrade their wireless infrastructure. TESSCO’s commitment to innovation is evident in its ongoing projects and partnerships, which aim to push the boundaries of what’s possible in wireless technology.
Financially, TESSCO maintains a strong position, continually investing in its product offerings and expanding its market reach. The company’s recent achievements include significant advancements in IoT solutions and the development of new partnerships that enhance its capabilities and service offerings.
For investors and stakeholders, TESSCO represents a solid investment opportunity, supported by a robust product lineup, a proven track record of success, and a forward-thinking approach to technology and customer service. Stay updated with the latest developments and financial news about TESSCO Technologies Incorporated to make informed decisions about your investments.
TESSCO Technologies Incorporated (NASDAQ: TESS) has appointed Jesse Hillman as the new Chief Information Officer (CIO). Hillman, with over 30 years of diverse experience in sales, operations, and technology, previously held CIO roles at LightBox Holdings and Pan American Enterprise Solutions. His leadership is expected to enhance TESSCO's technology offerings and improve customer service. The company, serving the wireless infrastructure ecosystem, provides over 65,000 products from top manufacturers.
Tessco Technologies reported its financial results for Q3 FY 2021, ending December 27, 2020. Revenue from continuing operations was $99.2M, slightly down from $100.8M in Q3 FY 2020. The net loss from continuing operations increased to $5.7M, or $0.66 per share. The company recognized a $3.0M gain from the sale of retail business assets, leading to a $4.8M income from discontinued operations. Despite challenges, Tessco's public carrier sales grew 14% year over year, reflecting a strategic shift toward the wireless infrastructure market.
TESSCO Technologies' manufacturing unit, Ventev, has secured a new patent for its innovative Outdoor Wireless Bollard. This product enhances outdoor Wi-Fi and communications in areas such as courtyards and campuses. It features 70 inches of mounting space, surpassing competitors, and is built from RF-transparent, UV-resistant materials, ensuring durability and protection for network equipment. General Manager Thad Lowe emphasized the company's commitment to innovation and customer needs, aiming to fill market gaps with unique solutions.
TESSCO Technologies Incorporated (NASDAQ: TESS) will announce its fiscal third quarter results on February 1, 2021. The report will cover the period ending December 27, 2020. Following the release, management will hold a conference call on February 2 at 8:30 a.m. ET, accessible via domestic and international call-ins. A live webcast will also be available on TESSCO's Events & Presentations page. TESSCO, a 30-year veteran in the wireless industry, is recognized as a value-added distributor of technology solutions, serving sectors like mobile communications and IoT.
TESSCO Technologies (NASDAQ: TESS) has announced the appointment of two new Board members, Kathleen McLean and Tim Bryan, each bringing extensive telecommunications experience. McLean's prior roles include Senior VP and CIO at ADT Inc., while Bryan currently serves as CEO of the National Rural Telecommunications Cooperative and has held various executive positions throughout his career. The company believes their expertise will enhance strategic execution and drive future success.
TESSCO Technologies (NASDAQ: TESS) has completed a contentious consent solicitation process, with shareholders urging the Board to focus on enhancing shareholder returns. As of now, the Board consists of seven members, including Robert Barnhill and Sandip Mukerjee, who express confidence in their collective ability to improve company performance. The Board anticipates no immediate changes until the planned retirement during the 2021 annual meeting. TESSCO, a wireless technology distributor, aims to enhance value for its shareholders moving forward.
TESSCO Technologies (NASDAQ: TESS) and Federated Wireless are partnering to enhance the adoption of Citizens Broadband Radio Service (CBRS) private networks across various industries such as manufacturing, transportation, and energy. Tessco, a leader in wireless infrastructure distribution, will leverage Federated's expertise in CBRS capabilities. This collaboration aims to deliver comprehensive solutions to expedite the design and deployment of CBRS networks, addressing significant connectivity challenges in the market. CEOs from both companies express confidence in the alliance's potential benefits for customers and suppliers.
On December 11, 2020, Robert B. Barnhill, Jr. confirmed receiving written consents from over 67% of TESSCO Technologies' shareholders to remove John D. Beletic, Cathy-Ann Martine-Dolecki, and Ronald D. McCray from the Board of Directors. Additionally, the consents allow for reducing the threshold required to call a special shareholder meeting from 50% to 25%. Barnhill expressed shareholder dissatisfaction with existing members and emphasized the importance of board refreshment to restore company success. Expected changes include considerations for new directors Emily Kellum Boss and John W. Diercksen.
TESSCO Technologies (NASDAQ: TESS) announced shareholder consent to remove three directors, including John D. Beletic, with the proposal receiving sufficient support. Newly elected board members J. Timothy Bryan and Kathleen McLean are set to join. The Special Committee praised the removed directors for their qualifications, attributing their removal to technical language in the proposal rather than performance issues. A Form 8-K will confirm the final vote results. The company operates as a distributor and solutions provider for the wireless industry, offering over 46,000 products.
On December 4, 2020, Robert B. Barnhill, Jr., a major shareholder of TESSCO Technologies (TESS), proposed a settlement to revitalize the Board. His plan includes a completely new Board composition and allows shareholders holding over 5% of shares to designate two directors. Barnhill criticized TESSCO's prior settlement offer for not reflecting shareholder desires for greater change. Key points of contention included misleading voting requirements and insufficient engagement from the current Board. Barnhill owns 18.5% of TESSCO, indicating significant stake and influence over the company's direction.
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