Transcat Reports Third Quarter Results with Revenue Growth
Transcat (NASDAQ: TRNS) reported its Q3 FY2025 financial results with consolidated revenue growing 2.4% to $66.8 million. The company experienced mixed performance across segments, with Distribution revenue increasing 6.5% to $25.2 million while Service revenue remained flat at $41.6 million.
Notable financial metrics include a decrease in gross profit by 6% to $19.7 million, with gross margin declining 260 basis points. Operating income dropped 51.1% to $2.1 million, and net income decreased 29.6% to $2.357 million. Adjusted EBITDA fell 13.2% to $7.9 million.
The company completed the acquisition of Martin Calibration, a significant addition with revenue exceeding $25 million. Service organic revenue was impacted by holiday timing, showing a 3.8% decrease. Management expects FY25 Service organic revenue growth in the mid-to-low single digits and anticipates a return to historical organic growth levels.
Transcat (NASDAQ: TRNS) ha riportato i risultati finanziari del terzo trimestre dell'anno fiscale 2025, con un fatturato consolidato che è cresciuto del 2,4% raggiungendo i 66,8 milioni di dollari. L'azienda ha registrato performance miste tra i vari segmenti, con i ricavi dalla distribuzione in aumento del 6,5% a 25,2 milioni di dollari, mentre i ricavi dai servizi sono rimasti invariati a 41,6 milioni di dollari.
Tra i principali indicatori finanziari, si segnala una diminuzione del profitto lordo del 6% a 19,7 milioni di dollari, con un margine lordo in calo di 260 punti base. L'utile operativo è sceso del 51,1% a 2,1 milioni di dollari, e l'utile netto è diminuito del 29,6% a 2,357 milioni di dollari. L'EBITDA rettificato è diminuito del 13,2% a 7,9 milioni di dollari.
L'azienda ha completato l'acquisizione di Martin Calibration, un'aggiunta significativa con ricavi superiori a 25 milioni di dollari. I ricavi organici dei servizi sono stati influenzati dal calendario delle festività, mostrando una diminuzione del 3,8%. La direzione prevede una crescita dei ricavi organici dei servizi del FY25 in una fascia medio-bassa a una sola cifra e anticipa un ritorno ai livelli storici di crescita organica.
Transcat (NASDAQ: TRNS) informó sus resultados financieros del tercer trimestre del año fiscal 2025, con un ingreso consolidado que creció un 2.4% alcanzando los 66.8 millones de dólares. La empresa experimentó un desempeño mixto entre los segmentos, con un aumento del 6.5% en los ingresos por distribución a 25.2 millones de dólares, mientras que los ingresos por servicios se mantuvieron estables en 41.6 millones de dólares.
Entre los indicadores financieros notables, se observa una disminución del 6% en la ganancia bruta a 19.7 millones de dólares, con un margen bruto que se redujo en 260 puntos básicos. Los ingresos operativos cayeron un 51.1% a 2.1 millones de dólares, y el ingreso neto disminuyó un 29.6% a 2.357 millones de dólares. El EBITDA ajustado cayó un 13.2% a 7.9 millones de dólares.
La compañía completó la adquisición de Martin Calibration, una adición significativa con ingresos superiores a 25 millones de dólares. Los ingresos orgánicos del servicio se vieron afectados por el calendario de vacaciones, mostrando una disminución del 3.8%. La gestión espera un crecimiento de los ingresos orgánicos del servicio del FY25 en un rango de cifras bajas a medias de un solo dígito y anticipa un retorno a los niveles históricos de crecimiento orgánico.
Transcat (NASDAQ: TRNS)는 2025 회계 연도 3분기 재정 결과를 보고했으며, 통합 수익이 2.4% 증가하여 6680만 달러에 달했습니다. 회사는 세그먼트 간에 혼합된 성과를 경험했으며, 유통 수익은 6.5% 증가하여 2520만 달러에 이른 반면, 서비스 수익은 4160만 달러로 변동이 없었습니다.
주목할 만한 재무 지표로는 총 이익이 6% 감소하여 1970만 달러에 이르렀고, 총 마진은 260 베이시스 포인트 감소했습니다. 운영 이익은 51.1% 감소하여 210만 달러에 이르렀고, 순이익은 29.6% 감소하여 235만 7000달러로 줄었습니다. 조정된 EBITDA는 13.2% 감소하여 790만 달러에 달했습니다.
회사는 2500만 달러 이상의 수익을 올리는 Martin Calibration을 인수 완료했습니다. 서비스 유기적 수익은 휴일 일정에 영향을 받아 3.8% 감소했습니다. 경영진은 2025 회계 연도 서비스 유기적 수익이 중저단 일자릿수로 성장할 것으로 예상하며, 역사적인 유기적 성장 수준으로 복귀할 것으로 기대하고 있습니다.
Transcat (NASDAQ: TRNS) a annoncé ses résultats financiers pour le troisième trimestre de l'exercice 2025, avec des revenus consolidés en hausse de 2,4 % à 66,8 millions de dollars. L'entreprise a connu des performances mixtes selon les segments, les revenus de distribution ayant augmenté de 6,5 % pour atteindre 25,2 millions de dollars, tandis que les revenus de service sont restés stables à 41,6 millions de dollars.
Les indicateurs financiers notables incluent une diminution de 6 % du bénéfice brut, le ramenant à 19,7 millions de dollars, avec une marge brute en baisse de 260 points de base. Le résultat d'exploitation a chuté de 51,1 % à 2,1 millions de dollars, et le bénéfice net a diminué de 29,6 % pour s'établir à 2,357 millions de dollars. L'EBITDA ajusté a baissé de 13,2 % à 7,9 millions de dollars.
L'entreprise a finalisé l'acquisition de Martin Calibration, un ajout significatif avec des revenus dépassant 25 millions de dollars. Les revenus organiques des services ont été impactés par le calendrier des vacances, montrant une baisse de 3,8 %. La direction s'attend à une croissance des revenus organiques des services pour l'exercice 2025 dans une fourchette basse à moyenne à un chiffre et prévoit un retour aux niveaux de croissance organique historiques.
Transcat (NASDAQ: TRNS) hat seine finanziellen Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 veröffentlicht, wobei der konsolidierte Umsatz um 2,4% auf 66,8 Millionen Dollar gestiegen ist. Das Unternehmen verzeichnete gemischte Leistungen in den Segmenten, da die Vertriebseinnahmen um 6,5% auf 25,2 Millionen Dollar anstiegen, während die Serviceeinnahmen unverändert bei 41,6 Millionen Dollar blieben.
Zu den bemerkenswerten finanziellen Kennzahlen gehört ein Rückgang des Bruttoertrags um 6% auf 19,7 Millionen Dollar, mit einem Rückgang der Bruttomarge um 260 Basispunkte. Der Betriebsertrag fiel um 51,1% auf 2,1 Millionen Dollar, und der Nettogewinn sank um 29,6% auf 2,357 Millionen Dollar. Das bereinigte EBITDA fiel um 13,2% auf 7,9 Millionen Dollar.
Das Unternehmen hat die Übernahme von Martin Calibration abgeschlossen, einer bedeutenden Ergänzung mit Einnahmen von über 25 Millionen Dollar. Die organischen Serviceeinnahmen wurden durch die Urlaubszeiten beeinträchtigt und zeigten einen Rückgang von 3,8%. Das Management erwartet für das Geschäftsjahr 2025 ein organisches Umsatzwachstum im mittleren bis niedrigen einstelligen Bereich und geht davon aus, dass die historischen Wachstumsniveaus wieder erreicht werden.
- Distribution revenue increased 6.5% to $25.2 million
- Strong sales pipeline indicating future growth potential
- Strategic acquisition of Martin Calibration with $25M+ revenue
- Low leverage ratio of 0.97 as of December 28, 2024
- Operating income declined 51.1% to $2.1 million
- Net income decreased 29.6% to $2.357 million
- Gross margin dropped 260 basis points to 29.5%
- Service organic revenue declined 3.8%
- Adjusted EBITDA decreased 13.2% to $7.9 million
Insights
Transcat's Q3 FY2025 results reveal concerning operational challenges despite top-line growth. While consolidated revenue increased
The balance sheet has undergone substantial transformation, with total debt surging to
The strategic acquisition of Martin Calibration represents a significant opportunity with its
Management's outlook for a return to historical organic growth levels seems optimistic given the current performance and macro environment. The
-
Consolidated Revenue grew
2% compared to prior year -
Distribution Revenue grew
7% compared to prior year - Service Revenue was flat on a year over year basis
“In the 3rd quarter, we were pleased to close the Martin Calibration deal. Martin is a coveted calibration company that is highly synergistic and fulfills all our strategic acquisition drivers by expanding our geographic reach, increasing our capabilities and leveraging our existing infrastructure" commented Lee D. Rudow, President and CEO. “Martin's size, with revenue in excess of
“Service organic revenue was below our historical trends and significantly impacted by the timing of this year’s Christmas holiday. Last year, the Christmas holiday fell in the first week of our fiscal fourth quarter. We typically see an acceleration of activity in the last two weeks of each quarter, but this year many of our customers closed facilities or had significantly reduced staffing levels, which limited the volume of incoming equipment throughout the month. That said, we are seeing higher activity levels in January, which we believe is in part, the receipt of units which we expected to receive in December.”
"Transcat Solutions (Nexa) revenue was soft in comparison to last year and in line with our expectations for the quarter. As previously communicated, we believe the actions our team is taking will result in the Solutions channel strengthening in the back half of fiscal 2026."
Mr. Rudow added, “Our organic sales pipeline is very strong and we believe it supports a return to more historic organic growth levels."
Third Quarter Fiscal 2025 Review
(Results are compared with the third quarter of the fiscal year ended March 30, 2024 (“fiscal 2024”))
($ in thousands) |
|
|
|
|
|
|
|
|
|
Change |
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|||||
|
|
FY25 Q3 |
|
|
FY24 Q3 |
|
|
$'s |
|
|
% |
|
||||
Service Revenue |
|
$ |
41,557 |
|
|
$ |
41,509 |
|
|
$ |
48 |
|
|
|
0.1 |
% |
Distribution Revenue |
|
|
25,197 |
|
|
|
23,657 |
|
|
|
1,540 |
|
|
|
6.5 |
% |
Revenue |
|
$ |
66,754 |
|
|
$ |
65,166 |
|
|
$ |
1,588 |
|
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
$ |
19,679 |
|
|
$ |
20,936 |
|
|
$ |
(1,257 |
) |
|
|
(6.0 |
)% |
Gross Margin |
|
|
29.5 |
% |
|
|
32.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
2,100 |
|
|
$ |
4,294 |
|
|
$ |
(2,194 |
) |
|
|
(51.1 |
)% |
Operating Margin |
|
|
3.1 |
% |
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
2,357 |
|
|
$ |
3,348 |
|
|
$ |
(991 |
) |
|
|
(29.6 |
)% |
Net Margin |
|
|
3.5 |
% |
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA* |
|
$ |
7,914 |
|
|
$ |
9,120 |
|
|
$ |
(1,206 |
) |
|
|
(13.2 |
)% |
Adjusted EBITDA* Margin |
|
|
11.9 |
% |
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.25 |
|
|
$ |
0.38 |
|
|
$ |
(0.13 |
) |
|
|
(34.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS* |
|
$ |
0.45 |
|
|
$ |
0.56 |
|
|
$ |
(0.11 |
) |
|
|
(19.6 |
)% |
*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 third quarter results
Represents the accredited calibration, repair, inspection and laboratory instrument services business (
($ in thousand) |
|
|
|
|
|
|
|
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|
Change |
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|||||
|
|
FY25 Q3 |
|
|
FY24 Q3 |
|
|
$'s |
|
|
% |
|
||||
Service Segment Revenue |
|
$ |
41,557 |
|
|
$ |
41,509 |
|
|
$ |
48 |
|
|
|
0.1 |
% |
Gross Profit |
|
$ |
12,357 |
|
|
$ |
13,494 |
|
|
$ |
(1,137 |
) |
|
|
(8.4 |
)% |
Gross Margin |
|
|
29.7 |
% |
|
|
32.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
1,412 |
|
|
$ |
2,966 |
|
|
$ |
(1,554 |
) |
|
|
(52.4 |
)% |
Operating Margin |
|
|
3.4 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA* |
|
$ |
4,921 |
|
|
$ |
5,979 |
|
|
$ |
(1,058 |
) |
|
|
(17.7 |
)% |
Adjusted EBITDA* Margin |
|
|
11.8 |
% |
|
|
14.4 |
% |
|
|
|
|
|
|
|
|
*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 Q3 |
|
|
FY24 Q3 |
|
|
$'s |
|
|
% |
|
||||
Distribution Segment Revenue |
|
$ |
25,197 |
|
|
$ |
23,657 |
|
|
$ |
1,540 |
|
|
|
6.5 |
% |
Gross Profit |
|
$ |
7,322 |
|
|
$ |
7,442 |
|
|
$ |
(120 |
) |
|
|
(1.6 |
)% |
Gross Margin |
|
|
29.1 |
% |
|
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
688 |
|
|
$ |
1,328 |
|
|
$ |
(640 |
) |
|
|
(48.2 |
)% |
Operating Margin |
|
|
2.7 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA* |
|
$ |
2,993 |
|
|
$ |
3,141 |
|
|
$ |
(148 |
) |
|
|
(4.7 |
)% |
Adjusted EBITDA* Margin |
|
|
11.9 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
*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
Nine Month Review (Results are compared with the first nine months of fiscal 2024)
Total revenue was
Adjusted EBITDA was
Balance Sheet and Cash Flow Overview
On December 28, 2024, the Company had
Outlook
Mr. Rudow concluded, “The Transcat team has consistently delivered excellent results over an extended period. We are disappointed with the Service organic revenue decline in fiscal Q3 as the timing of the holiday impacted the quarter’s results. Looking ahead, our growth investments, track record of strong execution, and diversified portfolio will drive sustainable organic revenue growth.” “We expect FY25 Service organic revenue growth in the mid-to-low single digits, when normalized for the extra week in fiscal 2024. Due to the previously mentioned strong Service sales pipeline, we anticipate a return to more historic organic growth levels. We have demonstrated the ability to leverage automation of our calibration processes and focus on productivity to improve our operational efficiency. These tools remain key enablers of margin expansion.”
“We are very excited about the acquisition of Martin Calibration due to Martin’s commitment to quality, extensive customer base, geographic coverage, and strong culture. We believe that Transcat, together with Martin, is a perfect match.”
Transcat expects its income tax rate to range between
Webcast and Conference Call
Transcat will host a conference call and webcast on Tuesday, January 28, 2025 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, February 4, 2025. 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 33 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 |
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(In Thousands, Except Per Share Amounts) |
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|
(Unaudited) |
|
|
(Unaudited) |
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||||||||||
|
|
Third Quarter Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
December 28, |
|
|
December 23, |
|
|
December 28, |
|
|
December 23, |
|
||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Revenue |
|
$ |
41,557 |
|
|
$ |
41,509 |
|
|
$ |
129,418 |
|
|
$ |
122,793 |
|
Distribution Revenue |
|
|
25,197 |
|
|
|
23,657 |
|
|
|
71,869 |
|
|
|
65,775 |
|
Total Revenue |
|
|
66,754 |
|
|
|
65,166 |
|
|
|
201,287 |
|
|
|
188,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Service Revenue |
|
|
29,200 |
|
|
|
28,015 |
|
|
|
87,587 |
|
|
|
82,244 |
|
Cost of Distribution Revenue |
|
|
17,875 |
|
|
|
16,215 |
|
|
|
50,160 |
|
|
|
46,553 |
|
Total Cost of Revenue |
|
|
47,075 |
|
|
|
44,230 |
|
|
|
137,747 |
|
|
|
128,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
19,679 |
|
|
|
20,936 |
|
|
|
63,540 |
|
|
|
59,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing and Warehouse Expenses |
|
|
8,119 |
|
|
|
7,519 |
|
|
|
24,101 |
|
|
|
20,844 |
|
General and Administrative Expenses |
|
|
9,460 |
|
|
|
9,123 |
|
|
|
28,505 |
|
|
|
28,350 |
|
Total Operating Expenses |
|
|
17,579 |
|
|
|
16,642 |
|
|
|
52,606 |
|
|
|
49,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
2,100 |
|
|
|
4,294 |
|
|
|
10,934 |
|
|
|
10,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
199 |
|
|
|
81 |
|
|
|
327 |
|
|
|
1,785 |
|
Interest Income |
|
|
(219 |
) |
|
|
(347 |
) |
|
|
(817 |
) |
|
|
(347 |
) |
Other (Income) Expense |
|
|
(1,009 |
) |
|
|
289 |
|
|
|
(646 |
) |
|
|
304 |
|
Total Interest and Other (Income) Expense, net |
|
|
(1,029 |
) |
|
|
23 |
|
|
|
(1,136 |
) |
|
|
1,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Provision For Income Taxes |
|
|
3,129 |
|
|
|
4,271 |
|
|
|
12,070 |
|
|
|
8,835 |
|
Provision for Income Taxes |
|
|
772 |
|
|
|
923 |
|
|
|
2,019 |
|
|
|
2,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
2,357 |
|
|
$ |
3,348 |
|
|
$ |
10,051 |
|
|
$ |
6,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share |
|
$ |
0.26 |
|
|
$ |
0.39 |
|
|
$ |
1.10 |
|
|
$ |
0.84 |
|
Average Shares Outstanding |
|
|
9,230 |
|
|
|
8,615 |
|
|
|
9,147 |
|
|
|
8,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share |
|
$ |
0.25 |
|
|
$ |
0.38 |
|
|
$ |
1.09 |
|
|
$ |
0.83 |
|
Average Shares Outstanding |
|
|
9,326 |
|
|
|
8,752 |
|
|
|
9,243 |
|
|
|
8,187 |
|
TRANSCAT, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In Thousands, Except Share and Per Share Amounts) |
||||||||
|
|
(Unaudited) |
|
|
(Audited) |
|
||
|
|
December 28, |
|
|
March 30, |
|
||
|
|
2024 |
|
|
2024 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
4,640 |
|
|
$ |
19,646 |
|
Marketable Securities |
|
|
- |
|
|
|
15,533 |
|
Accounts Receivable, less allowance for credit losses of |
|
|
51,621 |
|
|
|
47,779 |
|
Other Receivables |
|
|
734 |
|
|
|
506 |
|
Inventory, net |
|
|
13,793 |
|
|
|
17,418 |
|
Prepaid Expenses and Other Current Assets |
|
|
5,771 |
|
|
|
4,276 |
|
Total Current Assets |
|
|
76,559 |
|
|
|
105,158 |
|
Property and Equipment, net |
|
|
50,490 |
|
|
|
38,944 |
|
Goodwill |
|
|
176,617 |
|
|
|
105,585 |
|
Intangible Assets, net |
|
|
57,682 |
|
|
|
19,987 |
|
Right to Use Assets, net |
|
|
23,568 |
|
|
|
16,823 |
|
Other Assets |
|
|
1,093 |
|
|
|
1,055 |
|
Total Assets |
|
$ |
386,009 |
|
|
$ |
287,552 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
16,184 |
|
|
$ |
11,495 |
|
Accrued Compensation and Other Current Liabilities |
|
|
13,085 |
|
|
|
19,665 |
|
Current Portion of Long-Term Debt |
|
|
2,410 |
|
|
|
2,339 |
|
Total Current Liabilities |
|
|
31,679 |
|
|
|
33,499 |
|
Long-Term Debt |
|
|
39,496 |
|
|
|
1,817 |
|
Deferred Tax Liabilities, net |
|
|
9,255 |
|
|
|
9,291 |
|
Lease Liabilities |
|
|
20,780 |
|
|
|
14,873 |
|
Other Liabilities |
|
|
3,719 |
|
|
|
2,903 |
|
Total Liabilities |
|
|
104,929 |
|
|
|
62,383 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common Stock, par value |
|
|
4,655 |
|
|
|
4,420 |
|
Capital in Excess of Par Value |
|
|
190,200 |
|
|
|
141,624 |
|
Accumulated Other Comprehensive Loss |
|
|
(1,881 |
) |
|
|
(949 |
) |
Retained Earnings |
|
|
88,106 |
|
|
|
80,074 |
|
Total Shareholders' Equity |
|
|
281,080 |
|
|
|
225,169 |
|
Total Liabilities and Shareholders' Equity |
|
$ |
386,009 |
|
|
$ |
287,552 |
|
TRANSCAT, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In Thousands) |
||||||||
|
|
(Unaudited) |
|
|||||
|
|
Nine Months Ended |
|
|||||
|
|
December 28, |
|
|
December 23, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
10,051 |
|
|
$ |
6,757 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
Net (Gain)Loss on Disposal of Property and Equipment |
|
|
(64 |
) |
|
|
24 |
|
Deferred Income Taxes |
|
|
(36 |
) |
|
|
42 |
|
Depreciation and Amortization |
|
|
12,941 |
|
|
|
9,841 |
|
Gain on Sale of Assets |
|
|
(855 |
) |
|
|
- |
|
Provision for Accounts Receivable and Inventory Reserves |
|
|
147 |
|
|
|
379 |
|
Stock-Based Compensation Expense |
|
|
2,075 |
|
|
|
3,338 |
|
Changes in Assets and Liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
Accounts Receivable and Other Receivables |
|
|
1,848 |
|
|
|
3,819 |
|
Inventory |
|
|
4,612 |
|
|
|
3,208 |
|
Prepaid Expenses and Other Current Assets |
|
|
(1,419 |
) |
|
|
728 |
|
Accounts Payable |
|
|
4,179 |
|
|
|
(5,194 |
) |
Accrued Compensation and Other Current Liabilities |
|
|
(2,197 |
) |
|
|
3,947 |
|
Income Taxes Payable |
|
|
(2,925 |
) |
|
|
- |
|
Net Cash Provided by Operating Activities |
|
|
28,357 |
|
|
|
26,889 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of Property and Equipment |
|
|
(10,502 |
) |
|
|
(9,099 |
) |
Business Acquisitions, net of cash acquired |
|
|
(86,095 |
) |
|
|
(12,932 |
) |
Proceeds from Sale of Assets |
|
|
1,100 |
|
|
|
- |
|
Sales of Marketable Securities |
|
|
15,533 |
|
|
|
- |
|
Net Cash Used in Investing Activities |
|
|
(79,964 |
) |
|
|
(22,031 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds From/(Repayment of) Revolving Credit Facility, net |
|
|
39,495 |
|
|
|
(42,713 |
) |
Repayments of Term Loan |
|
|
(1,745 |
) |
|
|
(1,678 |
) |
Issuance of Common Stock, net of direct costs |
|
|
1,766 |
|
|
|
75,714 |
|
Repurchase of Common Stock |
|
|
(3,208 |
) |
|
|
(2,247 |
) |
Net Cash Provided by Financing Activities |
|
|
36,308 |
|
|
|
29,076 |
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
293 |
|
|
|
(260 |
) |
|
|
|
|
|
|
|
|
|
Net (Decrease)/Increase in Cash and Cash Equivalents |
|
|
(15,006 |
) |
|
|
33,674 |
|
Cash and Cash Equivalents at Beginning of Period |
|
|
19,646 |
|
|
|
1,531 |
|
Cash and Cash Equivalents at End of Period |
|
$ |
4,640 |
|
|
$ |
35,205 |
|
TRANSCAT, INC. |
||||||||||||||||||||
Adjusted EBITDA Reconciliation Table |
||||||||||||||||||||
(In thousands) |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
Fiscal 2025 |
|
|||||||||||||||||
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
YTD |
|
|||||
Net Income |
|
$ |
4,408 |
|
|
|
3,286 |
|
|
|
2,357 |
|
|
|
|
|
|
|
10,051 |
|
+ Interest Income |
|
|
(260 |
) |
|
|
(210 |
) |
|
|
(20 |
) |
|
|
|
|
|
|
(490 |
) |
+ Other Expense |
|
|
131 |
|
|
|
232 |
|
|
|
(1,009 |
) |
|
|
|
|
|
|
(646 |
) |
+ Tax Provision |
|
|
820 |
|
|
|
427 |
|
|
|
772 |
|
|
|
|
|
|
|
2,019 |
|
Operating Income |
|
|
5,099 |
|
|
|
3,735 |
|
|
|
2,100 |
|
|
|
|
|
|
|
10,934 |
|
+ Depreciation & Amortization |
|
|
4,113 |
|
|
|
4,399 |
|
|
|
4,430 |
|
|
|
|
|
|
|
12,942 |
|
+ Transaction Expenses |
|
|
434 |
|
|
|
33 |
|
|
|
778 |
|
|
|
|
|
|
|
1,245 |
|
+ Other Expense |
|
|
(131 |
) |
|
|
(232 |
) |
|
|
154 |
|
|
|
|
|
|
|
(209 |
) |
+ Non-cash Stock Compensation |
|
|
697 |
|
|
|
926 |
|
|
|
452 |
|
|
|
|
|
|
|
2,075 |
|
Adjusted EBITDA |
|
|
10,212 |
|
|
|
8,861 |
|
|
|
7,914 |
|
|
|
|
|
|
|
26,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Operating Income |
|
$ |
4,091 |
|
|
|
3,704 |
|
|
|
1,412 |
|
|
|
|
|
|
|
9,207 |
|
+ Depreciation & Amortization |
|
|
2,402 |
|
|
|
2,455 |
|
|
|
2,451 |
|
|
|
|
|
|
|
7,308 |
|
+ Transaction Expenses |
|
|
146 |
|
|
|
- |
|
|
|
778 |
|
|
|
|
|
|
|
924 |
|
+ Other Expense |
|
|
(96 |
) |
|
|
(164 |
) |
|
|
94 |
|
|
|
|
|
|
|
(166 |
) |
+ Non-cash Stock Compensation |
|
|
421 |
|
|
|
629 |
|
|
|
186 |
|
|
|
|
|
|
|
1,236 |
|
Service Adjusted EBITDA |
|
|
6,964 |
|
|
|
6,624 |
|
|
|
4,921 |
|
|
|
|
|
|
|
18,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution Operating Income |
|
$ |
1,008 |
|
|
|
31 |
|
|
|
688 |
|
|
|
|
|
|
|
1,727 |
|
+ Depreciation & Amortization |
|
|
1,711 |
|
|
|
1,944 |
|
|
|
1,979 |
|
|
|
|
|
|
|
5,634 |
|
+ Transaction Expenses |
|
|
288 |
|
|
|
32 |
|
|
|
- |
|
|
|
|
|
|
|
320 |
|
+ Other Expense |
|
|
(35 |
) |
|
|
(67 |
) |
|
|
60 |
|
|
|
|
|
|
|
(42 |
) |
+ Non-cash Stock Compensation |
|
|
276 |
|
|
|
297 |
|
|
|
266 |
|
|
|
|
|
|
|
839 |
|
Distribution Adjusted EBITDA |
|
|
3,248 |
|
|
|
2,237 |
|
|
|
2,993 |
|
|
|
|
|
|
|
8,478 |
|
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 |
|
|
|
2,357 |
|
|
|
|
|
|
|
10,051 |
|
+ Amortization of Intangible Assets |
|
|
1,749 |
|
|
|
1,888 |
|
|
|
1,879 |
|
|
|
|
|
|
|
5,516 |
|
+ Acquisition Amortization of Backlog |
|
|
24 |
|
|
|
4 |
|
|
|
- |
|
|
|
|
|
|
|
28 |
|
+ Acquisition Deal Costs |
|
|
434 |
|
|
|
33 |
|
|
|
778 |
|
|
|
|
|
|
|
1,245 |
|
+ Acquisition Stock Expense |
|
|
234 |
|
|
|
130 |
|
|
|
(261 |
) |
|
|
|
|
|
|
103 |
|
+ Income Tax Effect at |
|
|
(610 |
) |
|
|
(514 |
) |
|
|
(599 |
) |
|
|
|
|
|
|
(1,723 |
) |
Adjusted Net Income |
|
|
6,239 |
|
|
|
4,827 |
|
|
|
4,154 |
|
|
|
- |
|
|
|
15,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Diluted Shares Outstanding |
|
|
9,196 |
|
|
|
9,282 |
|
|
|
9,326 |
|
|
|
|
|
|
|
9,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share |
|
|
0.48 |
|
|
|
0.35 |
|
|
|
0.25 |
|
|
|
- |
|
|
|
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings Per Share |
|
|
0.68 |
|
|
|
0.52 |
|
|
|
0.45 |
|
|
|
- |
|
|
|
1.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Q3 |
|
|
FY 2024 Q3 |
|
|
$'s |
|
|
% |
|
||||
Service Revenue |
|
$ |
41,557 |
|
|
$ |
41,509 |
|
|
$ |
48 |
|
|
|
0.1 |
% |
Cost of Revenue |
|
|
29,200 |
|
|
|
28,015 |
|
|
|
1,185 |
|
|
|
4.2 |
% |
Gross Profit |
|
$ |
12,357 |
|
|
$ |
13,494 |
|
|
$ |
(1,137 |
) |
|
|
(8.4 |
)% |
Gross Margin |
|
|
29.7 |
% |
|
|
32.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
4,380 |
|
|
$ |
4,202 |
|
|
$ |
178 |
|
|
|
4.2 |
% |
General and Administrative Expenses |
|
|
6,565 |
|
|
|
6,326 |
|
|
|
239 |
|
|
|
3.8 |
% |
Operating Income |
|
$ |
1,412 |
|
|
$ |
2,966 |
|
|
$ |
(1,554 |
) |
|
|
(52.4 |
)% |
% of Revenue |
|
|
3.4 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
DISTRIBUTION |
|
FY 2025 Q3 |
|
|
FY 2024 Q3 |
|
|
$'s |
|
|
% |
|
||||
Distribution Revenue |
|
$ |
25,197 |
|
|
$ |
23,657 |
|
|
$ |
1,540 |
|
|
|
6.5 |
% |
Cost of Revenue |
|
|
17,875 |
|
|
|
16,215 |
|
|
|
1,660 |
|
|
|
10.2 |
% |
Gross Profit |
|
$ |
7,322 |
|
|
$ |
7,442 |
|
|
$ |
(120 |
) |
|
|
(1.6 |
)% |
Gross Margin |
|
|
29.1 |
% |
|
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
3,739 |
|
|
$ |
3,317 |
|
|
$ |
422 |
|
|
|
12.7 |
% |
General and Administrative Expenses |
|
|
2,895 |
|
|
|
2,797 |
|
|
|
98 |
|
|
|
3.5 |
% |
Operating Income |
|
$ |
688 |
|
|
$ |
1,328 |
|
|
$ |
(640 |
) |
|
|
(48.2 |
)% |
% of Sales |
|
|
2.7 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
TOTAL |
|
FY 2025 Q3 |
|
|
FY 2024 Q3 |
|
|
$'s |
|
|
% |
|
||||
Total Revenue |
|
$ |
66,754 |
|
|
$ |
65,166 |
|
|
$ |
1,588 |
|
|
|
2.4 |
% |
Total Cost of Revenue |
|
|
47,075 |
|
|
|
44,230 |
|
|
|
2,845 |
|
|
|
6.4 |
% |
Gross Profit |
|
$ |
19,679 |
|
|
$ |
20,936 |
|
|
$ |
(1,257 |
) |
|
|
(6.0 |
)% |
Gross Margin |
|
|
29.5 |
% |
|
|
32.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
8,119 |
|
|
$ |
7,519 |
|
|
$ |
600 |
|
|
|
8.0 |
% |
General and Administrative Expenses |
|
|
9,460 |
|
|
|
9,123 |
|
|
|
337 |
|
|
|
3.7 |
% |
Operating Income |
|
$ |
2,100 |
|
|
$ |
4,294 |
|
|
$ |
(2,194 |
) |
|
|
(51.1 |
)% |
% of Revenue |
|
|
3.1 |
% |
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
TRANSCAT, INC. |
||||||||||||||||
Additional Information - Business Segment Data |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY 2025 |
|
|
FY 2024 |
|
|
|
|
|
|
|
|
|
||
SERVICE |
|
YTD |
|
|
YTD |
|
|
$'s |
|
|
% |
|||||
Service Revenue |
|
$ |
129,418 |
|
|
$ |
122,793 |
|
|
$ |
6,625 |
|
|
|
5.4 |
% |
Cost of Revenue |
|
|
87,587 |
|
|
|
82,244 |
|
|
|
5,343 |
|
|
|
6.5 |
% |
Gross Profit |
|
$ |
41,831 |
|
|
$ |
40,549 |
|
|
$ |
1,282 |
|
|
|
3.2 |
% |
Gross Margin |
|
|
32.3 |
% |
|
|
33.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
13,269 |
|
|
$ |
12,452 |
|
|
$ |
817 |
|
|
|
6.6 |
% |
General and Administrative Expenses |
|
|
19,355 |
|
|
|
21,197 |
|
|
|
(1,842 |
) |
|
|
(8.7 |
)% |
Operating Income |
|
$ |
9,207 |
|
|
$ |
6,900 |
|
|
$ |
2,307 |
|
|
|
33.4 |
% |
% of Revenue |
|
|
7.1 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY 2025 |
|
|
FY 2024 |
|
|
|
|
|
|
|
|
|
||
DISTRIBUTION |
|
YTD |
|
|
YTD |
|
|
$'s |
|
|
% |
|
||||
Distribution Revenue |
|
$ |
71,869 |
|
|
$ |
65,775 |
|
|
$ |
6,094 |
|
|
|
9.3 |
% |
Cost of Revenue |
|
|
50,160 |
|
|
|
46,553 |
|
|
|
3,607 |
|
|
|
7.7 |
% |
Gross Profit |
|
$ |
21,709 |
|
|
$ |
19,222 |
|
|
$ |
2,487 |
|
|
|
12.9 |
% |
Gross Margin |
|
|
30.2 |
% |
|
|
29.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
10,832 |
|
|
$ |
8,392 |
|
|
$ |
2,440 |
|
|
|
29.1 |
% |
General and Administrative Expenses |
|
|
9,150 |
|
|
|
7,153 |
|
|
|
1,997 |
|
|
|
27.9 |
% |
Operating Income |
|
$ |
1,727 |
|
|
$ |
3,677 |
|
|
$ |
(1,950 |
) |
|
|
(53.0 |
)% |
% of Sales |
|
|
2.4 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|||||
|
|
FY 2025 |
|
|
FY 2024 |
|
|
|
|
|
|
|
|
|
||
TOTAL |
|
YTD |
|
|
YTD |
|
|
$'s |
|
|
% |
|||||
Total Revenue |
|
$ |
201,287 |
|
|
$ |
188,568 |
|
|
$ |
12,719 |
|
|
|
6.7 |
% |
Total Cost of Revenue |
|
|
137,747 |
|
|
|
128,797 |
|
|
|
8,950 |
|
|
|
6.9 |
% |
Gross Profit |
|
$ |
63,540 |
|
|
$ |
59,771 |
|
|
$ |
3,769 |
|
|
|
6.3 |
% |
Gross Margin |
|
|
31.6 |
% |
|
|
31.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Marketing & Warehouse Expenses |
|
$ |
24,101 |
|
|
$ |
20,844 |
|
|
$ |
3,257 |
|
|
|
15.6 |
% |
General and Administrative Expenses |
|
|
28,505 |
|
|
|
28,350 |
|
|
|
155 |
|
|
|
0.5 |
% |
Operating Income |
|
$ |
10,934 |
|
|
$ |
10,577 |
|
|
$ |
357 |
|
|
|
3.4 |
% |
% of Revenue |
|
|
5.4 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127185810/en/
For more information:
Tom Barbato
Phone: (585) 505-6530
Email: Thomas.Barbato@transcat.com
Source: Transcat, Inc.
FAQ
What was Transcat's (TRNS) revenue growth in Q3 FY2025?
How did TRNS's Service segment perform in Q3 FY2025?
What was the impact of Martin Calibration acquisition on TRNS?
What is TRNS's projected Service revenue growth for FY2025?
How much did TRNS's earnings per share decrease in Q3 FY2025?
