Transcat Reports Strong Second Quarter Results on 19% Service Revenue Growth

Transcat Reports Strong Second Quarter Results on 19% Service Revenue Growth




Transcat Reports Strong Second Quarter Results on 19% Service Revenue Growth

  • Consolidated revenue of $56.4 million, up 12.0% from prior year
  • Service segment revenue of $35.3 million, up 19.4%; organic revenue grew 9.3%
  • Consolidated gross profit of $16.8 million, up 14.8%; gross margin increased 70 basis points to 29.7%

ROCHESTER, N.Y.–(BUSINESS WIRE)–Transcat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its second quarter ended September 24, 2022 (the “second quarter”) of fiscal year 2023, which ends March 25, 2023 (“fiscal 2023”). Results include the previously reported acquisitions of Cal OpEx Limited (d/b/a NEXA Enterprise Asset Management) (“NEXA”) effective August 31, 2021, Tangent Labs, LLC (“Tangent”) effective December 31, 2021 and Charlton Jeffmont Inc., Raitz Inc. and Toolroom Calibration Inc. (d/b/a Alliance Calibration) (“Alliance”) effective May 31, 2022.

“Our Service business continued to perform at a high level in the second quarter, despite growing economic uncertainty.” commented Lee D. Rudow, President and CEO. “Service segment revenue grew 19%, 9% organically, as demand in both our core calibration and NEXA asset management businesses remained strong. Service gross margin was a solid 32.6%, relatively flat with prior year, despite start-up costs primarily driven by the implementation of new client-based labs and an influx of new technicians to support future growth. As we have previously discussed, client-based labs can weigh on margins in the early stages of ramp-up and new technicians typically take several months to achieve expected productivity levels.”

“Our Distribution segment performed very well in the second quarter with revenue increasing 1.6% and gross margin expanding 140 basis points to 24.9%, largely driven by continued strength in our high-margin rental business and the sell-through of prior strategic inventory buys at higher prices. We are pleased that we were able to turn in such a strong performance despite the ongoing supply chain challenges that are impacting the industry on a macro level. Demand remained strong as our backlog increased 18% from prior year to a record $9.1 million. In total, continued growth in both operating segments drove second quarter EBITDA of $7.5 million, an increase of 6% from prior year.

Mr. Rudow added, “Acquisitions continue to be an important part of Transcat’s long-term growth strategy and we closed on two deals right after the end of the second quarter. Complete Calibrations is a small, but very strategic acquisition for Transcat. It provides Transcat with a local calibration presence to support the robust and growing life science market in Ireland and also brings us over 10 years of experience in developing robotics for calibrations. Our vision is to leverage this promising robotics technology over time in both Ireland and North America to further enhance our automation initiatives and differentiate Transcat from our competitors by driving gains in efficiency and quality while improving turnaround times for our customers.”

“e2b Calibration, located in Cleveland, Ohio, is a proven industry leader in calibration services related to the aviation industry, with particular strength in avionics. We believe that we can leverage Transcat’s current infrastructure and significant geographic footprint to further accelerate the growth in e2b’s capabilities across the U.S and Canada. In addition, there is an attractive life sciences market in the greater Cleveland area, which we are now nicely positioned to capitalize on.”

Second Quarter Fiscal 2023 Review (Results are compared with the second quarter of the fiscal year ended March 26, 2022 (“fiscal 2022”))

($ in thousands)

 

 

 

 

Change

FY23 Q2

 

FY22 Q2

 

$’s

 

%

Service Revenue

$

35,267

 

$

29,544

 

$

5,723

 

19.4%

Distribution Sales

 

21,172

 

 

20,843

 

 

329

 

1.6%

Revenue

$

56,439

 

$

50,387

 

$

6,052

 

12.0%

Gross Profit

$

16,767

 

$

14,611

 

$

2,156

 

14.8%

Gross Margin

 

29.7%

 

 

29.0%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

$

3,626

 

$

3,578

 

$

48

 

1.3%

Operating Margin

 

6.4%

 

 

7.1%

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

2,357

 

$

3,015

 

$

(658)

 

(21.8%)

Net Margin

 

4.2%

 

 

6.0%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA*

$

7,531

 

$

7,079

 

$

452

 

6.4%

Adjusted EBITDA* Margin

 

13.3%

 

 

14.0%

 

 

 

 

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 10 for the Adjusted EBITDA Reconciliation table.

Consolidated revenue was $56.4 million, an increase of 12.0%. Consolidated gross profit was $16.8 million, an increase of $2.2 million, or 14.8%, and gross margin expanded 70 basis points to 29.7% due to strong performance in the Distribution segment. Operating expenses increased $2.1 million, or 19.1%, driven by incremental expenses from acquired businesses (including stock-based compensation expense), increased intangibles amortization expense, and investments in technology and our employee base to support future growth. Adjusted EBITDA was $7.5 million which represented an increase of $0.5 million or 6.4%. Net income per diluted share decreased to $0.31 from $0.40 and adjusted diluted earnings per share was $0.44 versus $0.57 last year. The effective tax rate was 23.7% compared to 9.4% in the prior year, which benefited significantly from share-based payments and stock option activity. The increase in the tax rate had an unfavorable impact of $0.06 per diluted earnings per share and adjusted diluted earnings per share when compared to the prior year.

Service segment delivers strong second quarter results

Represents the accredited calibration, repair, inspection and laboratory instrument services business (62.5% of total revenue for the second quarter of fiscal 2023).

($ in thousands)

 

 

 

 

Change

FY23 Q2

 

FY22 Q2

 

$’s

 

%

 

 

 

 

 

 

 

 

Service Segment Revenue

$

35,267

 

$

29,544

 

$

5,723

 

19.4%

Gross Profit

$

11,487

 

$

9,712

 

$

1,775

 

18.3%

Gross Margin

 

32.6%

 

 

32.9%

 

 

 

 

 

 

 

 

 

 

 

Operating Income

$

2,507

 

$

2,647

 

$

(140)

 

(5.3%)

Operating Margin

 

7.1%

 

 

9.0%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA*

$

5,549

 

$

5,460

 

$

89

 

1.6%

Adjusted EBITDA* Margin

 

15.7%

 

 

18.5%

 

 

 

 

* See Note 1 on page 4 for a description of this non-GAAP financial measure and page 10 for the Adjusted EBITDA Reconciliation table.

Service segment revenue was $35.3 million, an increase of $5.7 million or 19.4% and included $3.0 million of incremental revenue from acquisitions. Organic revenue growth was 9.3% and was driven by strong end market demand and continued market share gains. The segment gross margin decreased 30 basis points from prior year primarily due to increased start-up costs from new client-based lab implementations.

Distribution segment shows continued margin improvement

Represents the sale and rental of new and used professional grade handheld test, measurement and control instrumentation (37.5% of total revenue for the second quarter of fiscal 2023).

($ in thousands)

 

 

 

 

Change

FY23 Q2

 

FY22 Q2

 

$’s

 

%

Distribution Segment Sales

$

21,172

 

$

20,843

 

$

329

 

1.6%

Gross Profit

$

5,280

 

$

4,899

 

$

381

 

7.8%

Gross Margin

 

24.9%

 

 

23.5%

 

 

 

 

 

 

 

 

 

 

Operating Income

$

1,119

 

$

931

 

$

188

 

20.2%

Operating Margin

 

5.3%

 

 

4.5%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA*

$

1,982

 

$

1,619

 

$

363

 

22.4%

Adjusted EBITDA* Margin

 

9.4%

 

 

7.8%

 

 

 

 

* See Note 1 on page 4 for a description of this non-GAAP financial measure and page 10 for the Adjusted EBITDA Reconciliation table.

Distribution sales increased 1.6% on improved end market demand and strength in our Rentals business. Distribution segment gross margin was 24.9%, an increase of 140 basis points due to a favorable sales mix driven by strength in the Rentals business.

Six Month Review (Results are compared with the first six months of fiscal 2022)

Total revenue was $111.1 million, an increase of $12.9 million or 13.2%. Consolidated gross profit was up $4.7 million, or 16.6%, and gross margin expanded to 29.5% or 800 basis points. Consolidated operating expenses increased $4.7 million, or 22.6%, driven by incremental expenses from acquired businesses, (including stock-based compensation expense), increased intangibles amortization expense, and investments in technology and our employee base to support future growth. As a result, consolidated operating income was $7.2 million compared with $7.3 million in last fiscal year’s period.

Adjusted EBITDA was $14.8 million which represented an increase of $1.6 million or 12.5%. Net income per diluted share decreased to $0.71 from $0.88 and adjusted diluted earnings per share was $0.98 versus $1.12 last year. The effective tax rate was 16.9% compared to 1.7% in the prior year, which benefited significantly from share-based payments and stock option activity. The increase in the tax rate had an unfavorable impact of $0.13 per diluted earnings per share and adjusted diluted earnings per share when compared to the prior year.

Balance Sheet and Cash Flow Overview

At September 24, 2022, the Company had $36.7 million available for borrowing under its secured revolving credit facility. Total debt of $50.8 million was up $2.3 million from fiscal 2022 year-end due to the acquisition of Alliance in the first quarter. The Company’s leverage ratio, as defined in the credit agreement, was 1.81 at September 24, 2022, compared with 1.74 at March 26, 2022.

Outlook

Mr. Rudow concluded, “As economic uncertainty continues to ramp up, we are pleased with the strong demand levels we experienced in our fiscal second quarter. We continue to demonstrate our ability to drive growth through various economic cycles as can be seen over the past 10 plus years, which provides us confidence that will continue. The business continues to benefit from significant participation in the life-science, aerospace and defense and other highly regulated industries, where there are extremely high costs of failure and where there are high recurring revenue streams. Additionally, we also expect Nexa Enterprise Asset Management to perform very well through various economic cycles. As a result, we remain confident that in the year ahead, we expect organic Service revenue growth in the high-single digit range and we expect gross margin improvement to continue over time.”

Transcat expects its income tax rate to range between 22% and 24% in fiscal 2023. This estimate includes Federal, various state, Canadian and Irish income taxes and reflects the discrete tax accounting associated with share-based payment awards.

Webcast and Conference Call

Transcat will host a conference call and webcast on Tuesday, November 1, 2022 at 11:00 a.m. ET. Management will review the financial and operating results for the second 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 8, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13733840, 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 U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, non-cash stock compensation expense, acquisition related transaction expenses, non-cash loss on sale of building and restructuring expense), which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, stock-based compensation expense and other items, which is not always commensurate with the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business segments and as a basis for planning and forecasting. Adjusted EBITDA 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 for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, 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 10 for the Adjusted EBITDA Reconciliation table.

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, acquisition amortization of backlog and restructuring expense), 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 11 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 24 Calibration Service Centers strategically located across the United States, Puerto Rico, Canada, and Ireland. In addition, Transcat operates calibration labs in 21 imbedded customer-site locations. The breadth and depth of measurement parameters addressed by Transcat’s ISO/IEC 17025 scopes of accreditation are believed to be the best in the industry.

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 North America. The Company believes its combined Service and Distribution segment offerings, experience, technical expertise, and integrity create a unique and compelling value proposition for its customers.

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 are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “plans,” “aims” 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 Company’s response to the coronavirus (“COVID-19”) pandemic, 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.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts)

 

(Unaudited)

(Unaudited)

Second Quarter Ended

Six Months Ended

September 24,

September 25,

September 24,

September 25,

2022

2021

2022

2021

Service Revenue

$

35,267

$

29,544

$

69,143

$

57,101

Distribution Sales

 

21,172

 

20,843

 

41,957

 

41,076

Total Revenue

 

56,439

 

50,387

 

111,100

 

98,177

 

Cost of Service Revenue

 

23,780

 

19,832

 

46,821

 

38,637

Cost of Distribution Sales

 

15,892

 

15,944

 

31,474

 

31,409

Total Cost of Revenue

 

39,672

 

35,776

 

78,295

 

70,046

 

Gross Profit

 

16,767

 

14,611

 

32,805

 

28,131

 

Selling, Marketing and Warehouse Expenses

 

5,900

 

4,974

 

11,720

 

9,971

General and Administrative Expenses

 

7,241

 

6,059

 

13,855

 

10,893

Total Operating Expenses

 

13,141

 

11,033

 

25,575

 

20,864

 

Operating Income

 

3,626

 

3,578

 

7,230

 

7,267

 

Interest and Other Expense, net

 

537

 

250

 

693

 

445

 

Income Before Income Taxes

 

3,089

 

3,328

 

6,537

 

6,822

Provision for Income Taxes

 

732

 

313

 

1,108

 

119

 

Net Income

$

2,357

$

3,015

$

5,429

$

6,703

 

Basic Earnings Per Share

$

0.31

$

0.40

$

0.72

$

0.90

Average Shares Outstanding

 

7,550

 

7,482

 

7,542

 

7,473

 

Diluted Earnings Per Share

$

0.31

$

0.40

$

0.71

$

0.88

Average Shares Outstanding

 

7,646

 

7,595

 

7,635

 

7,578

TRANSCAT, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

 

(Unaudited)

(Audited)

September 24,

March 26,

2022

2022

ASSETS

Current Assets:

Cash

$

909

 

$

1,396

 

Accounts Receivable, less allowance for doubtful accounts of $515

and $460 as of September 24, 2022, and March 26, 2022, respectively

 

39,744

 

 

39,737

 

Other Receivables

 

780

 

 

558

 

Inventory, net

 

16,764

 

 

12,712

 

Prepaid Expenses and Other Current Assets

 

4,419

 

 

5,301

 

Total Current Assets

 

62,616

 

 

59,704

 

Property and Equipment, net

 

27,770

 

 

26,439

 

Goodwill

 

66,118

 

 

65,074

 

Intangible Assets, net

 

14,880

 

 

14,692

 

Right To Use Asset, net

 

14,532

 

 

11,026

 

Other Assets

 

805

 

 

827

 

Total Assets

$

186,721

 

$

177,762

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

Accounts Payable

$

13,599

 

$

14,171

 

Accrued Compensation and Other Liabilities

 

9,086

 

 

11,378

 

Current Portion of Long-Term Debt

 

2,205

 

 

2,161

 

Total Current Liabilities

 

24,890

 

 

27,710

 

Long-Term Debt

 

48,608

 

 

46,291

 

Deferred Tax Liabilities

 

6,670

 

 

6,724

 

Lease Liabilities

 

12,733

 

 

9,194

 

Other Liabilities

 

1,492

 

 

1,667

 

Total Liabilities

 

94,393

 

 

91,586

 

 

Shareholders’ Equity:

Common Stock, par value $0.50 per share, 30,000,000 shares authorized:

7,557,626 and 7,529,078 shares issued and outstanding

as of September 24, 2022, and March 26, 2022, respectively

 

3,779

 

 

3,765

 

Capital in Excess of Par Value

 

26,170

 

 

23,900

 

Accumulated Other Comprehensive Loss

 

(1,524

)

 

(233

)

Retained Earnings

 

63,903

 

 

58,744

 

Total Shareholders’ Equity

 

92,328

 

 

86,176

 

Total Liabilities and Shareholders’ Equity

$

186,721

 

$

177,762

 

TRANSCAT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

For the Six Months Ended

 

September 24,

September 25,

2022

 

2021

Cash Flows from Operating Activities:

Net Income

$

5,429

 

$

6,703

 

Adjustments to Reconcile Net Income to Net Cash Provided

 

by Operating Activities:

Net Loss on Disposal of Property and Equipment

 

34

 

 

84

 

Deferred Income Taxes

 

(54

)

 

7

 

Depreciation and Amortization

 

5,419

 

 

4,131

 

Provision for Accounts Receivable and Inventory Reserves

 

94

 

 

499

 

Stock-Based Compensation Expense

 

1,942

 

 

1,057

 

Changes in Assets and Liabilities, net of acquisitions:

Accounts Receivable and Other Receivables

 

(1,238

)

 

(374

)

Inventory

 

(3,724

)

 

1,739

 

Prepaid Expenses and Other Current Assets

 

881

 

 

(1,847

)

Accounts Payable

 

(586

)

 

(1,293

)

Accrued Compensation and Other Current Liabilities

 

(2,962

)

 

(2,812

)

Income Taxes Payable

 

 

 

(392

)

Net Cash Provided by Operating Activities

 

5,235

 

 

7,502

 

 

Cash Flows from Investing Activities:

Purchase of Property and Equipment

 

(4,772

)

 

(3,770

)

 

Proceeds from Sale of Property and Equipment

 

10

 

 

 

 

Business Acquisitions, net of cash acquired

 

(4,040

)

 

(20,910

)

Net Cash Used in Investing Activities

 

(8,802

)

 

 

(24,680

)

 

Cash Flows from Financing Activities:

Proceeds from Revolving Credit Facility, net

 

3,387

 

 

24,511

 

Repayments of Term Loan

 

(1,026

)

 

(1,021

)

Issuance of Common Stock

 

364

 

 

1,238

 

Repurchase of Common Stock

 

(437

)

 

(5,649

)

Net Cash Provided by Financing Activities

 

2,288

 

 

 

19,079

 

 

Effect of Exchange Rate Changes on Cash

 

792

 

 

 

90

 

 

Net (Decrease) Increase in Cash

 

(487

)

 

1,991

 

Cash at Beginning of Period

 

1,396

 

 

 

560

 

Cash at End of Period

$

909

 

 

$

2,551

 

TRANSCAT, INC.

Adjusted EBITDA Reconciliation Table

(in thousands)

(Unaudited)

Fiscal 2023

 

Q1

Q2

Q3

Q4

YTD

Net Income

$

3,072

 

$

2,357

 

$

5,429

 

+ Interest Expense

 

360

 

 

550

 

 

910

 

+ Other Expense / (Income)

 

(204

)

 

(13

)

 

(217

)

+ Tax Provision

 

376

 

 

732

 

 

 

 

1,108

 

Operating Income

$

3,604

 

$

3,626

 

 

 

$

7,230

 

+ Depreciation & Amortization

 

2,641

 

 

2,778

 

 

 

 

5,419

 

 

+ Transaction Expense

 

30

 

 

 

 

 

 

30

 

+ Other (Expense) / Income

 

204

 

 

13

 

 

217

 

+ Noncash Stock Compensation

 

828

 

 

1,114

 

 

 

 

1,942

 

Adjusted EBITDA

$

7,307

 

$

7,531

 

 

 

$

14,838

 

 

Segment Breakdown

 

Service Operating Income

$

2,532

 

$

2,507

 

$

5,039

 

+ Depreciation & Amortization

 

2,139

 

 

2,246

 

 

4,385

 

 

+ Transaction Expense

 

30

 

 

 

 

 

 

30

 

+ Other (Expense) / Income

 

134

 

 

3

 

 

137

 

+ Noncash Stock Compensation

 

638

 

 

793

 

 

 

 

1,431

 

Service Adjusted EBITDA

$

,473

 

$

5,549

 

 

 

$

11,022

 

 

Distribution Operating Income

$

1,072

 

$

1,119

 

$

2,191

 

+ Depreciation & Amortization

 

502

 

 

532

 

 

1,034

 

+ Other (Expense) / Income

 

70

 

 

10

 

 

80

 

+ Noncash Stock Compensation

 

190

 

 

321

 

 

 

 

511

 

Distribution Adjusted EBITDA

$

1,834

 

$

1,982

 

 

 

$

3,816

 

 

Fiscal 2022

 

Q1

Q2

Q3

Q4

YTD

Net Income

$

3,688

 

$

3,015

 

$

1,629

 

$

3,048

 

$

11,380

 

+ Interest Expense

 

189

 

 

169

 

 

194

 

 

258

 

 

810

 

+ Other Expense / (Income)

 

6

 

 

81

 

 

(58

)

 

114

 

 

143

 

+ Tax Provision

 

(194

)

 

313

 

 

596

 

 

1,095

 

 

1,810

 

Operating Income

$

3,689

 

$

3,578

 

$

2,361

 

$

4,515

 

$

14,143

 

+ Depreciation & Amortization

 

1,990

 

 

2,141

 

 

2,368

 

 

2,578

 

 

9,077

 

 

+ Transaction Expense

 

 

 

821

 

 

55

 

 

26

 

 

902

 

+ Other (Expense) / Income

 

(6

)

 

(81

)

 

58

 

 

(114

)

 

(143

)

+ Noncash Stock Compensation

 

437

 

 

620

 

 

624

 

 

647

 

 

2,328

 

Adjusted EBITDA

$

6,110

 

$

7,079

 

$

5,466

 

$

7,652

 

$

26,307

 

 

Segment Breakdown

 

Service Operating Income

$

2,974

 

$

2,647

 

$

1,661

 

$

3,532

 

$

10,814

 

+ Depreciation & Amortization

 

1,488

 

 

1,634

 

 

1,861

 

 

2,070

 

 

7,053

 

 

+ Transaction Expense

 

 

 

821

 

 

55

 

 

26

 

 

902

 

+ Other (Expense) / Income

 

(2

)

 

(56

)

 

36

 

 

(82

)

 

(104

)

+ Noncash Stock Compensation

 

261

 

 

414

 

 

475

 

 

482

 

 

1,632

 

Service Adjusted EBITDA

$

4,721

 

$

5,460

 

$

4 088

 

$

6,028

 

$

20,297

 

 

Distribution Operating Income

$

715

 

$

931

 

$

700

 

$

983

 

$

3,329

 

+ Depreciation & Amortization

 

502

 

 

507

 

 

507

 

 

508

 

 

2,024

 

+ Other (Expense) / Income

 

(4

)

 

(25

)

 

22

 

 

(32

)

 

(39

)

+ Noncash Stock Compensation

 

176

 

 

206

 

 

149

 

 

165

 

 

696

 

Distribution Adjusted EBITDA

$

1,389

 

$

1,619

 

$

1,378

 

$

1,624

 

$

6,010

 

 

 

 

 

 

 

Contacts

For more information contact:
Audrey Calzolaio

Phone: (585) 866-1969

Email: Audrey.vanzummeren@transcat.com

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