Transcat Reports Second Quarter Results with Growth in Revenue and Gross Profit
Transcat (NASDAQ: TRNS) reported Q2 fiscal 2025 results with consolidated revenue up 8% to $67.8 million. Service Revenue grew 6% to $44.1 million, marking the 62nd consecutive quarter of growth, while Distribution Revenue increased 11.1% to $23.7 million. Net income rose significantly to $3.3 million ($0.35 per diluted share) from $460,000 ($0.06 per diluted share) in the prior year. The company faced challenges with its Nexa business slowdown and hurricane impacts on Becnel operations, leading to a slight decline in gross margins. Management expects mid-single-digit organic Service revenue growth for FY25 and anticipates returning to high single-digit growth by first half of FY26.
Transcat (NASDAQ: TRNS) ha riportato i risultati del secondo trimestre dell'anno fiscale 2025, con ricavi consolidati in aumento dell'8% a $67,8 milioni. I ricavi dei servizi sono cresciuti del 6% a $44,1 milioni, segnando il 62° trimestre consecutivo di crescita, mentre i ricavi della distribuzione sono aumentati dell'11,1% a $23,7 milioni. L'utile netto è aumentato significativamente a $3,3 milioni ($0,35 per azione diluita) rispetto ai $460.000 ($0,06 per azione diluita) dell'anno precedente. L'azienda ha affrontato sfide dovute al rallentamento del business Nexa e agli impatti dell'uragano sulle operazioni di Becnel, portando a una leggera diminuzione dei margini lordi. La direzione prevede una crescita organica dei ricavi dei servizi a singolo cifra media per l'FY25 e anticipa un ritorno a una crescita a doppia cifra alta nel primo semestre dell'FY26.
Transcat (NASDAQ: TRNS) reportó los resultados del segundo trimestre del año fiscal 2025, con ingresos consolidados que aumentaron un 8% a $67,8 millones. Los ingresos por servicios crecieron un 6% a $44,1 millones, marcando el 62.º trimestre consecutivo de crecimiento, mientras que los ingresos por distribución aumentaron un 11,1% a $23,7 millones. La ganancia neta aumentó significativamente a $3,3 millones ($0,35 por acción diluida) desde los $460,000 ($0,06 por acción diluida) del año anterior. La empresa enfrentó desafíos por la desaceleración del negocio Nexa y los impactos del huracán en las operaciones de Becnel, lo que llevó a una ligera disminución en los márgenes brutos. La dirección espera un crecimiento orgánico de los ingresos por servicios en cifras de un solo dígito medio para el FY25 y anticipa volver a un crecimiento de dígitos altos en el primer semestre del FY26.
Transcat (NASDAQ: TRNS)는 2025 회계연도 2분기 결과를 발표하며, 연결 수익이 8% 증가한 6780만 달러에 도달했다고 보고했습니다. 서비스 수익은 6% 증가한 4410만 달러로, 62분기 연속 성장을 기록했으며, 배급 수익은 11.1% 증가한 2370만 달러에 이릅니다. 순이익은 전년의 46만 달러($0.06 희석 주당)에서 크게 증가한 330만 달러($0.35 희석 주당)가 되었습니다. 회사는 Nexa 비즈니스 둔화와 Becnel 운영에 대한 허리케인 영향을 겪으며 총 마진이 다소 감소했습니다. 경영진은 FY25 기간 동안 중간 단일 숫자의 유기적 서비스 수익 성장을 예상하고 FY26 상반기에는 높은 단일 숫자 성장으로 돌아올 것으로 기대하고 있습니다.
Transcat (NASDAQ: TRNS) a annoncé les résultats du deuxième trimestre de l'exercice fiscal 2025, avec un chiffre d'affaires consolidé en hausse de 8 % à 67,8 millions de dollars. Les revenus de services ont augmenté de 6 % pour atteindre 44,1 millions de dollars, marquant le 62e trimestre consécutif de croissance, tandis que les revenus de distribution ont augmenté de 11,1 % à 23,7 millions de dollars. Le bénéfice net a considérablement augmenté pour atteindre 3,3 millions de dollars (0,35 dollar par action diluée), contre 460 000 dollars (0,06 dollar par action diluée) l'année précédente. L'entreprise a rencontré des difficultés avec le ralentissement de son activité Nexa et les impacts des ouragans sur les opérations de Becnel, entraînant une légère baisse des marges brutes. La direction s'attend à une croissance organique des revenus de services à un chiffre moyen pour l'exercice 25 et prévoit un retour à une croissance à un chiffre élevé au premier semestre de l'exercice 26.
Transcat (NASDAQ: TRNS) hat die Ergebnisse des 2. Quartals des Geschäftsjahres 2025 bekanntgegeben, mit einem konsolidierten Umsatzanstieg von 8% auf 67,8 Millionen Dollar. Umsätze aus Dienstleistungen stiegen um 6% auf 44,1 Millionen Dollar, was das 62. Quartal in Folge mit Wachstum markiert, während die Vertriebsumsätze um 11,1% auf 23,7 Millionen Dollar zunahmen. Der Nettogewinn stieg erheblich auf 3,3 Millionen Dollar (0,35 Dollar pro verwässerter Aktie) von 460.000 Dollar (0,06 Dollar pro verwässerter Aktie) im Vorjahr. Das Unternehmen hatte mit einem Rückgang des Nexa-Geschäfts sowie den Auswirkungen des Hurrikans auf die Becnel-Operationen zu kämpfen, was zu einem leichten Rückgang der Bruttomargen führte. Das Management erwartet für das Geschäftsjahr 25 ein organisches Umsatzwachstum im mittleren einstelligen Prozentbereich aus dem Dienstleistungssektor und plant, im ersten Halbjahr des Geschäftsjahres 26 wieder ein hohes einstelliges Wachstum zu erreichen.
- Revenue growth of 8% to $67.8 million
- Distribution revenue increased 11.1% to $23.7 million
- Net income increased 614% to $3.3 million
- Operating income grew 127.3% to $3.7 million
- 62nd consecutive quarter of Service Revenue growth
- Gross margin decreased 70 basis points
- Adjusted EBITDA declined 5% to $8.9 million
- Adjusted diluted EPS decreased 13.3% to $0.52
- Nexa business experienced significant slowdown
- Distribution segment impacted by Gulf hurricanes
Insights
The Q2 FY25 results show mixed performance with notable concerns. While consolidated revenue grew 8% to
Most concerning is the Service segment's organic growth of only
-
Consolidated Revenue grew
8% compared to prior year -
Distribution Gross Profit grew
10% on double-digit Revenue growth -
Services Gross Profit grew
4% driven by4% Organic Revenue growth
“Consolidated revenue was up
“Though the magnitude of Nexa's slowdown was greater than what we expected, we have identified the root causes and are committed to returning the Nexa business to growth. This includes fully integrating Nexa's sales and marketing into Transcat's dynamic growth process and renaming the business Transcat Solutions, to fully leverage our industry leading brand."
"Nexa has performed very well since acquisition in calendar 2021, and while collaborating on a regular basis to drive calibration sales growth, we allowed that group to operate in a more autonomous fashion and missed an opportunity to fully integrate Nexa into the proven Transcat sales and marketing processes. Integration is now well underway, and we have the power of the Transcat leadership team focused on pipeline expansion, which we believe will contribute to the return to high single digit organic Services revenue growth in the first half of fiscal 2026.”
Mr. Rudow added, “Distribution Revenue grew
“Transcat has a proven history of successfully identifying, acquiring, and integrating dynamic companies that have expanded our addressable markets, widened the breadth of offerings, and allowed us to leverage existing infrastructure. In addition to strong returns, the acquisitions present compelling cross-sell synergies to drive organic revenue growth into these newly acquired customer bases. Transcat’s acquisition pipeline remains robust and is focused on all our strategic channels.”
Second Quarter Fiscal 2025 Review
(Results are compared with the second quarter of the fiscal year ended March 30, 2024 (“fiscal 2024”))
($ in thousands) |
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY25 Q2 |
|
|
FY24 Q2 |
|
|
$'s |
|
|
% |
|
||||
Service Revenue |
|
$ |
44,083 |
|
|
$ |
41,431 |
|
|
$ |
2,652 |
|
|
|
6.4 |
% |
Distribution Revenue |
|
|
23,743 |
|
|
|
21,373 |
|
|
|
2,370 |
|
|
|
11.1 |
% |
Revenue |
|
$ |
67,826 |
|
|
$ |
62,804 |
|
|
$ |
5,022 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
$ |
21,206 |
|
|
$ |
20,125 |
|
|
$ |
1,081 |
|
|
|
5.4 |
% |
Gross Margin |
|
|
31.3 |
% |
|
|
32.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
3,735 |
|
|
$ |
1,643 |
|
|
$ |
2,092 |
|
|
|
127.3 |
% |
Operating Margin |
|
|
5.5 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
3,286 |
|
|
$ |
460 |
|
|
$ |
2,826 |
|
|
|
614.3 |
% |
Net Margin |
|
|
4.8 |
% |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA* |
|
$ |
8,861 |
|
|
$ |
9,330 |
|
|
$ |
(469 |
) |
|
|
(5.0 |
)% |
Adjusted EBITDA* Margin |
|
|
13.1 |
% |
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.35 |
|
|
$ |
0.06 |
|
|
$ |
0.29 |
|
|
|
483.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS* |
|
$ |
0.52 |
|
|
$ |
0.60 |
|
|
$ |
(0.08 |
) |
|
|
(13.3 |
)% |
*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
Service segment second quarter results
Represents the accredited calibration, repair, inspection and laboratory instrument services business (
($ in thousand) |
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY25 Q2 |
|
|
FY24 Q2 |
|
|
$'s |
|
|
% |
|
||||
Service Segment Revenue |
|
$ |
44,083 |
|
|
$ |
41,431 |
|
|
$ |
2,652 |
|
|
|
6.4 |
% |
Gross Profit |
|
$ |
14,591 |
|
|
$ |
14,084 |
|
|
$ |
507 |
|
|
|
3.6 |
% |
Gross Margin |
|
|
33.1 |
% |
|
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
3,704 |
|
|
$ |
742 |
|
|
$ |
2,962 |
|
|
|
399.2 |
% |
Operating Margin |
|
|
8.4 |
% |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA* |
|
$ |
6,624 |
|
|
$ |
6,798 |
|
|
$ |
(174 |
) |
|
|
(2.6 |
)% |
Adjusted EBITDA* Margin |
|
|
15.0 |
% |
|
|
16.4 |
% |
|
|
|
|
|
|
|
|
*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
Distribution segment second quarter results
Represents the sale and rental of new and used professional grade handheld test, measurement and control instrumentation (
($ in thousands) |
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY25 Q2 |
|
|
FY24 Q2 |
|
|
$'s |
|
|
% |
|
||||
Distribution Segment Revenue |
|
$ |
23,743 |
|
|
$ |
21,373 |
|
|
$ |
2,370 |
|
|
|
11.1 |
% |
Gross Profit |
|
$ |
6,615 |
|
|
$ |
6,041 |
|
|
$ |
574 |
|
|
|
9.5 |
% |
Gross Margin |
|
|
27.9 |
% |
|
|
28.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
31 |
|
|
$ |
901 |
|
|
$ |
(870 |
) |
|
|
(96.6 |
)% |
Operating Margin |
|
|
0.1 |
% |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA* |
|
$ |
2,237 |
|
|
$ |
2,532 |
|
|
$ |
(295 |
) |
|
|
(11.7 |
)% |
Adjusted EBITDA* Margin |
|
|
9.4 |
% |
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
*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 revenue was
Six Month Review (Results are compared with the first six months of fiscal 2024)
Total revenue was
Adjusted EBITDA was
Balance Sheet and Cash Flow Overview
On September 28, 2024, the Company had
Outlook
Mr. Rudow concluded, “We are very proud of the consistent results the Transcat team has delivered year in and year out over an extended period of time. That said, we are disappointed with the Nexa-impacted aggregated results in fiscal Q2. We experienced short term, isolated revenue challenges in the Nexa services channel in the quarter but believe the swift actions our exceptional team is already taking will rectify the situation in the near term, as we continue to execute on our highly successful core growth strategy.”
“We expect FY25 organic Service revenue growth in the mid-single digits when normalized for the extra week in fiscal 2024 and gross margin expansion. We anticipate a return to high single digit organic growth by the first half of fiscal 2026.”
“Automation of our calibration processes and focus on productivity remain key enablers of margin expansion. We have demonstrated the ability to leverage these tools to improve our operational efficiency, which has become visible in our financial performance over time.”
“We continue to work our robust acquisition pipeline and are pleased with the current flow of strategic opportunities.”
Transcat expects its income tax rate to range between
Webcast and Conference Call
Transcat will host a conference call and webcast on Tuesday, October 29, 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, November 5, 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
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, and acquisition amortization of backlog; 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
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
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. |
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CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
(In Thousands, Except Per Share Amounts) |
||||||||||||||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||||||||
|
|
Second Quarter Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
September
|
|
|
September
|
|
|
September
|
|
|
September
|
|
||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Revenue |
|
$ |
44,083 |
|
|
$ |
41,431 |
|
|
$ |
87,861 |
|
|
$ |
81,284 |
|
Distribution Revenue |
|
|
23,743 |
|
|
|
21,373 |
|
|
|
46,672 |
|
|
|
42,118 |
|
Total Revenue |
|
|
67,826 |
|
|
|
62,804 |
|
|
|
134,533 |
|
|
|
123,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Service Revenue |
|
|
29,492 |
|
|
|
27,347 |
|
|
|
58,387 |
|
|
|
54,229 |
|
Cost of Distribution Revenue |
|
|
17,128 |
|
|
|
15,332 |
|
|
|
32,285 |
|
|
|
30,338 |
|
Total Cost of Revenue |
|
|
46,620 |
|
|
|
42,679 |
|
|
|
90,672 |
|
|
|
84,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
21,206 |
|
|
|
20,125 |
|
|
|
43,861 |
|
|
|
38,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing and Warehouse Expenses |
|
|
8,181 |
|
|
|
6,856 |
|
|
|
15,982 |
|
|
|
13,325 |
|
General and Administrative Expenses |
|
|
9,290 |
|
|
|
11,626 |
|
|
|
19,045 |
|
|
|
19,227 |
|
Total Operating Expenses |
|
|
17,471 |
|
|
|
18,482 |
|
|
|
35,027 |
|
|
|
32,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
3,735 |
|
|
|
1,643 |
|
|
|
8,834 |
|
|
|
6,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
76 |
|
|
|
890 |
|
|
|
128 |
|
|
|
1,704 |
|
Interest Income |
|
|
(286 |
) |
|
|
- |
|
|
|
(598 |
) |
|
|
- |
|
Other Expense (Income) |
|
|
232 |
|
|
|
(49 |
) |
|
|
363 |
|
|
|
15 |
|
Total Interest and Other, net |
|
|
22 |
|
|
|
841 |
|
|
|
(107 |
) |
|
|
1,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Provision For Income Taxes |
|
|
3,713 |
|
|
|
802 |
|
|
|
8,941 |
|
|
|
4,564 |
|
Provision for Income Taxes |
|
|
427 |
|
|
|
342 |
|
|
|
1,247 |
|
|
|
1,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
3,286 |
|
|
$ |
460 |
|
|
$ |
7,694 |
|
|
$ |
3,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share |
|
$ |
0.36 |
|
|
$ |
0.06 |
|
|
$ |
0.84 |
|
|
$ |
0.44 |
|
Average Shares Outstanding |
|
|
9,159 |
|
|
|
7,819 |
|
|
|
9,107 |
|
|
|
7,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share |
|
$ |
0.35 |
|
|
$ |
0.06 |
|
|
$ |
0.83 |
|
|
$ |
0.43 |
|
Average Shares Outstanding |
|
|
9,282 |
|
|
|
7,948 |
|
|
|
9,222 |
|
|
|
7,840 |
|
TRANSCAT, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In Thousands, Except Share and Per Share Amounts) |
||||||||
|
|
(Unaudited) |
|
|
(Audited) |
|
||
|
|
September 28, |
|
|
March 30, |
|
||
|
|
2024 |
|
|
2024 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
23,815 |
|
|
$ |
19,646 |
|
Marketable Securities |
|
|
- |
|
|
$ |
15,533 |
|
Accounts Receivable, less allowance for credit losses of |
|
|
48,933 |
|
|
|
47,779 |
|
Other Receivables |
|
|
628 |
|
|
|
506 |
|
Inventory, net |
|
|
15,549 |
|
|
|
17,418 |
|
Prepaid Expenses and Other Current Assets |
|
|
6,241 |
|
|
|
4,276 |
|
Total Current Assets |
|
|
95,166 |
|
|
|
105,158 |
|
Property and Equipment, net |
|
|
47,493 |
|
|
|
38,944 |
|
Goodwill |
|
|
138,127 |
|
|
|
105,585 |
|
Intangible Assets, net |
|
|
24,362 |
|
|
|
19,987 |
|
Right to Use Assets, net |
|
|
17,309 |
|
|
|
16,823 |
|
Other Assets |
|
|
1,096 |
|
|
|
1,055 |
|
Total Assets |
|
$ |
323,553 |
|
|
$ |
287,552 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
13,043 |
|
|
$ |
11,495 |
|
Accrued Compensation and Other Current Liabilities |
|
|
11,092 |
|
|
|
19,665 |
|
Current Portion of Long-Term Debt |
|
|
2,386 |
|
|
|
2,339 |
|
Total Current Liabilities |
|
|
26,521 |
|
|
|
33,499 |
|
Long-Term Debt |
|
|
612 |
|
|
|
1,817 |
|
Deferred Tax Liabilities, net |
|
|
9,297 |
|
|
|
9,291 |
|
Lease Liabilities |
|
|
14,661 |
|
|
|
14,873 |
|
Other Liabilities |
|
|
3,705 |
|
|
|
2,903 |
|
Total Liabilities |
|
|
54,796 |
|
|
|
62,383 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common Stock, par value |
|
|
4,600 |
|
|
|
4,420 |
|
Capital in Excess of Par Value |
|
|
178,986 |
|
|
|
141,624 |
|
Accumulated Other Comprehensive Loss |
|
|
(718 |
) |
|
|
(949 |
) |
Retained Earnings |
|
|
85,889 |
|
|
|
80,074 |
|
Total Shareholders' Equity |
|
|
268,757 |
|
|
|
225,169 |
|
Total Liabilities and Shareholders' Equity |
|
$ |
323,553 |
|
|
$ |
287,552 |
|
TRANSCAT, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In Thousands) |
||||||||
|
|
(Unaudited) |
|
|||||
|
|
Six Months Ended |
|
|||||
|
|
September 28, |
|
|
September 23, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
7,694 |
|
|
$ |
3,409 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
Net Loss on Disposal of Property and Equipment |
|
|
43 |
|
|
|
11 |
|
Deferred Income Taxes |
|
|
6 |
|
|
|
23 |
|
Depreciation and Amortization |
|
|
8,513 |
|
|
|
6,078 |
|
Provision for Accounts Receivable and Inventory Reserves |
|
|
108 |
|
|
|
347 |
|
Stock-Based Compensation Expense |
|
|
1,623 |
|
|
|
2,171 |
|
Changes in Assets and Liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
Accounts Receivable and Other Receivables |
|
|
1,746 |
|
|
|
2,384 |
|
Inventory |
|
|
2,597 |
|
|
|
3,376 |
|
Prepaid Expenses and Other Current Assets |
|
|
(1,918 |
) |
|
|
465 |
|
Accounts Payable |
|
|
1,525 |
|
|
|
(3,969 |
) |
Accrued Compensation and Other Current Liabilities |
|
|
(3,248 |
) |
|
|
1,677 |
|
Income Taxes Payable |
|
|
(2,930 |
) |
|
|
- |
|
Net Cash Provided by Operating Activities |
|
|
15,759 |
|
|
|
15,972 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of Property and Equipment |
|
|
(7,633 |
) |
|
|
(5,444 |
) |
Business Acquisitions, net of cash acquired |
|
|
(15,858 |
) |
|
|
(12,882 |
) |
Sales of Marketable Securities |
|
|
15,533 |
|
|
|
- |
|
Net Cash Used in Investing Activities |
|
|
(7,958 |
) |
|
|
(18,326 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Repayment of Revolving Credit Facility, net |
|
|
- |
|
|
|
5,288 |
|
Repayments of Term Loan |
|
|
(1,158 |
) |
|
|
(1,112 |
) |
Issuance of Common Stock, net of direct costs |
|
|
838 |
|
|
|
384 |
|
Repurchase of Common Stock |
|
|
(3,026 |
) |
|
|
(2,247 |
) |
Net Cash (Used in)/Provided by Financing Activities |
|
|
(3,346 |
) |
|
|
2,313 |
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
(286 |
) |
|
|
(244 |
) |
|
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash and Cash Equivalents |
|
|
4,169 |
|
|
|
(285 |
) |
Cash and Cash Equivalents at Beginning of Period |
|
|
19,646 |
|
|
|
1,531 |
|
Cash and Cash Equivalents at End of Period |
|
$ |
23,815 |
|
|
$ |
1,246 |
|
TRANSCAT, INC. |
||||||||||||||||||||
Adjusted EBITDA Reconciliation Table |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
Fiscal 2025 |
|
|||||||||||||||||
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
|||||
Net Income |
|
$ |
4,408 |
|
|
$ |
3,286 |
|
|
|
|
|
|
|
|
|
|
$ |
7,694 |
|
+ Interest Income |
|
|
(260 |
) |
|
|
(210 |
) |
|
|
|
|
|
|
|
|
|
|
(470 |
) |
+ Other Expense |
|
|
131 |
|
|
|
232 |
|
|
|
|
|
|
|
|
|
|
|
363 |
|
+ Tax Provision |
|
|
820 |
|
|
|
427 |
|
|
|
|
|
|
|
|
|
|
|
1,247 |
|
Operating Income |
|
$ |
5,099 |
|
|
$ |
3,735 |
|
|
|
|
|
|
|
|
|
|
$ |
8,834 |
|
+ Depreciation & Amortization |
|
|
4,113 |
|
|
|
4,399 |
|
|
|
|
|
|
|
|
|
|
|
8,512 |
|
+ Transaction Expenses |
|
|
434 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
467 |
|
+ Other Expense |
|
|
(131 |
) |
|
|
(232 |
) |
|
|
|
|
|
|
|
|
|
|
(363 |
) |
+ Non-cash Stock Compensation |
|
|
697 |
|
|
|
926 |
|
|
|
|
|
|
|
|
|
|
|
1,623 |
|
Adjusted EBITDA |
|
$ |
10,212 |
|
|
$ |
8,861 |
|
|
|
|
|
|
|
|
|
|
$ |
19,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Operating Income |
|
$ |
4,091 |
|
|
$ |
3,704 |
|
|
|
|
|
|
|
|
|
|
$ |
7,795 |
|
+ Depreciation & Amortization |
|
|
2,402 |
|
|
|
2,455 |
|
|
|
|
|
|
|
|
|
|
|
4,857 |
|
+ Transaction Expenses |
|
|
146 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
146 |
|
+ Other Expense |
|
|
(96 |
) |
|
|
(164 |
) |
|
|
|
|
|
|
|
|
|
|
(260 |
) |
+ Non-cash Stock Compensation |
|
|
421 |
|
|
|
629 |
|
|
|
|
|
|
|
|
|
|
|
1,050 |
|
Service Adjusted EBITDA |
|
$ |
6,964 |
|
|
$ |
6,624 |
|
|
|
|
|
|
|
|
|
|
$ |
13,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution Operating Income |
|
$ |
1,008 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
$ |
1,039 |
|
+ Depreciation & Amortization |
|
|
1,711 |
|
|
|
1,944 |
|
|
|
|
|
|
|
|
|
|
|
3,655 |
|
+ Transaction Expenses |
|
|
288 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
320 |
|
+ Other Expense |
|
|
(35 |
) |
|
|
(67 |
) |
|
|
|
|
|
|
|
|
|
|
(102 |
) |
+ Non-cash Stock Compensation |
|
|
276 |
|
|
|
297 |
|
|
|
|
|
|
|
|
|
|
|
573 |
|
Distribution Adjusted EBITDA |
|
$ |
3,248 |
|
|
$ |
2,237 |
|
|
|
|
|
|
|
|
|
|
$ |
5,485 |
|
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 |
) |
+ Non-cash 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 |
) |
+ Non-cash 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 |
) |
+ Non-cash 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 |
|
|
$ |
3,286 |
|
|
|
|
|
|
|
|
|
|
$ |
7,694 |
|
+ Amortization of Intangible Assets |
|
|
1,749 |
|
|
|
1,888 |
|
|
|
|
|
|
|
|
|
|
|
3,637 |
|
+ Acquisition Amortization of Backlog |
|
|
24 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
28 |
|
+ Acquisition Deal Costs |
|
|
434 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
467 |
|
+ Acquisition Stock Expense |
|
|
234 |
|
|
|
130 |
|
|
|
|
|
|
|
|
|
|
|
364 |
|
+ Income Tax Effect at |
|
|
(610 |
) |
|
|
(514 |
) |
|
|
|
|
|
|
|
|
|
|
(1,124 |
) |
Adjusted Net Income |
|
$ |
6,239 |
|
|
$ |
4,827 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
11,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Diluted Shares Outstanding |
|
|
9,196 |
|
|
|
9,282 |
|
|
|
|
|
|
|
|
|
|
|
9,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share |
|
$ |
0.48 |
|
|
$ |
0.35 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings Per Share |
|
$ |
0.68 |
|
|
$ |
0.52 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
(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
|
|
|
FY 2024
|
|
|
$'s |
|
|
|
% |
||||
Service Revenue |
|
$ |
44,083 |
|
|
$ |
41,431 |
|
|
$ |
2,652 |
|
|
|
6.4 |
% |
Cost of Revenue |
|
|
29,492 |
|
|
|
27,347 |
|
|
|
2,145 |
|
|
|
7.8 |
% |
Gross Profit |
|
$ |
14,591 |
|
|
$ |
14,084 |
|
|
$ |
507 |
|
|
|
3.6 |
% |
Gross Margin |
|
|
33.1 |
% |
|
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
4,586 |
|
|
$ |
4,143 |
|
|
$ |
443 |
|
|
|
10.7 |
% |
General and Administrative Expenses |
|
|
6,301 |
|
|
|
9,199 |
|
|
|
(2,898 |
) |
|
|
(31.5 |
)% |
Operating Income |
|
$ |
3,704 |
|
|
$ |
742 |
|
|
$ |
2,962 |
|
|
|
399.2 |
% |
% of Revenue |
|
|
8.4 |
% |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
DISTRIBUTION |
|
FY 2025
|
|
|
FY 2024
|
|
|
$'s |
|
|
|
% |
||||
Distribution Revenue |
|
$ |
23,743 |
|
|
$ |
21,373 |
|
|
$ |
2,370 |
|
|
|
11.1 |
% |
Cost of Revenue |
|
|
17,128 |
|
|
|
15,332 |
|
|
|
1,796 |
|
|
|
11.7 |
% |
Gross Profit |
|
$ |
6,615 |
|
|
$ |
6,041 |
|
|
$ |
574 |
|
|
|
9.5 |
% |
Gross Margin |
|
|
27.9 |
% |
|
|
28.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
3,595 |
|
|
$ |
2,713 |
|
|
$ |
882 |
|
|
|
32.5 |
% |
General and Administrative Expenses |
|
|
2,989 |
|
|
|
2,427 |
|
|
|
562 |
|
|
|
23.2 |
% |
Operating Income |
|
$ |
31 |
|
|
$ |
901 |
|
|
$ |
(870 |
) |
|
|
(96.6 |
)% |
% of Sales |
|
|
0.1 |
% |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
TOTAL |
|
FY 2025
|
|
|
FY 2024
|
|
|
$'s |
|
|
|
% |
||||
Total Revenue |
|
$ |
67,826 |
|
|
$ |
62,804 |
|
|
$ |
5,022 |
|
|
|
8.0 |
% |
Total Cost of Revenue |
|
|
46,620 |
|
|
|
42,679 |
|
|
|
3,941 |
|
|
|
9.2 |
% |
Gross Profit |
|
$ |
21,206 |
|
|
$ |
20,125 |
|
|
$ |
1,081 |
|
|
|
5.4 |
% |
Gross Margin |
|
|
31.3 |
% |
|
|
32.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
8,181 |
|
|
$ |
6,856 |
|
|
$ |
1,325 |
|
|
|
19.3 |
% |
General and Administrative Expenses |
|
|
9,290 |
|
|
|
11,626 |
|
|
|
(2,336 |
) |
|
|
(20.1 |
)% |
Operating Income |
|
$ |
3,735 |
|
|
$ |
1,643 |
|
|
$ |
2,092 |
|
|
|
127.3 |
% |
% of Revenue |
|
|
5.5 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
TRANSCAT, INC. |
||||||||||||||||
Additional Information - Business Segment Data |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY 2025 |
|
|
FY 2024 |
|
|
|
|
|
|
|
|
|
||
SERVICE |
|
YTD |
|
|
YTD |
|
|
$'s |
|
|
% |
|
||||
Service Revenue |
|
$ |
87,861 |
|
|
$ |
81,284 |
|
|
$ |
6,577 |
|
|
|
8.1 |
% |
Cost of Revenue |
|
|
58,387 |
|
|
|
54,229 |
|
|
|
4,158 |
|
|
|
7.7 |
% |
Gross Profit |
|
$ |
29,474 |
|
|
$ |
27,055 |
|
|
$ |
2,419 |
|
|
|
8.9 |
% |
Gross Margin |
|
|
33.5 |
% |
|
|
33.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
8,890 |
|
|
$ |
8,250 |
|
|
$ |
640 |
|
|
|
7.8 |
% |
General and Administrative Expenses |
|
|
12,790 |
|
|
|
14,871 |
|
|
|
(2,081 |
) |
|
|
(14.0 |
)% |
Operating Income |
|
$ |
7,794 |
|
|
$ |
3,934 |
|
|
$ |
3,860 |
|
|
|
98.1 |
% |
% of Revenue |
|
|
8.9 |
% |
|
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY 2025 |
|
|
FY 2024 |
|
|
|
|
|
|
|
|
|
||
DISTRIBUTION |
|
YTD |
|
|
YTD |
|
|
$'s |
|
|
|
% |
||||
Distribution Revenue |
|
$ |
46,672 |
|
|
$ |
42,118 |
|
|
$ |
4,554 |
|
|
|
10.8 |
% |
Cost of Revenue |
|
|
32,285 |
|
|
|
30,338 |
|
|
|
1,947 |
|
|
|
6.4 |
% |
Gross Profit |
|
$ |
14,387 |
|
|
$ |
11,780 |
|
|
$ |
2,607 |
|
|
|
22.1 |
% |
Gross Margin |
|
|
30.8 |
% |
|
|
28.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
7,093 |
|
|
$ |
5,075 |
|
|
$ |
2,018 |
|
|
|
39.8 |
% |
General and Administrative Expenses |
|
|
6,254 |
|
|
|
4,356 |
|
|
|
1,898 |
|
|
|
43.6 |
% |
Operating Income |
|
$ |
1,040 |
|
|
$ |
2,349 |
|
|
$ |
(1,309 |
) |
|
|
(55.7 |
)% |
% of Sales |
|
|
2.2 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY 2025 |
|
|
FY 2024 |
|
|
|
|
|
|
|
|
|
||
TOTAL |
|
YTD |
|
|
YTD |
|
|
$'s |
|
|
% |
|
||||
Total Revenue |
|
$ |
134,533 |
|
|
$ |
123,402 |
|
|
$ |
11,131 |
|
|
|
9.0 |
% |
Total Cost of Revenue |
|
|
90,672 |
|
|
|
84,567 |
|
|
|
6,105 |
|
|
|
7.2 |
% |
Gross Profit |
|
$ |
43,861 |
|
|
$ |
38,835 |
|
|
$ |
5,026 |
|
|
|
12.9 |
% |
Gross Margin |
|
|
32.6 |
% |
|
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
15,983 |
|
|
$ |
13,325 |
|
|
$ |
2,658 |
|
|
|
19.9 |
% |
General and Administrative Expenses |
|
|
19,044 |
|
|
|
19,227 |
|
|
|
(183 |
) |
|
|
(1.0 |
)% |
Operating Income |
|
$ |
8,834 |
|
|
$ |
6,283 |
|
|
$ |
2,551 |
|
|
|
40.6 |
% |
% of Revenue |
|
|
6.6 |
% |
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028914815/en/
For more information contact:
Tom Barbato
Phone: (585) 505-6530
Email: Thomas.Barbato@transcat.com
Source: Transcat, Inc.
FAQ
What was Transcat's (TRNS) revenue growth in Q2 2025?
How much did Transcat's (TRNS) net income increase in Q2 2025?
What caused the decline in Transcat's (TRNS) gross margin in Q2 2025?