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TESSCO Reports Financial Results (7/25/12)
TESSCO Technologies announced its results for the first quarter of fiscal year 2013, ended July 1, 2012.
“We started our new fiscal year with solid results and an intense focus on profitable revenue and productivity growth,” said Chairman and CEO Robert Barnhill. “In this quarter, revenues in our core markets grew 6 percent over last year’s first quarter. Our goal is to greatly accelerate this growth despite the continued choppiness we see in our markets, especially with our enterprise, transportation and energy customers.”
For the company’s fiscal 2013 first quarter, revenue reached $192 million, an 18 percent increase compared with last year’s first quarter. The public systems operator market produced 10 percent revenue growth; the commercial dealer and reseller market produced 9 percent growth; the private and government systems market experienced a 5 percent decline; and the retailer, dealer agent and Tier 2/3 carrier market produced 10 percent growth.
Net income and diluted earnings per share totaled $4.2 million and 51 cents respectively, as compared with $4.6 million and 57 cents respectively. As of July 1, the company’s cash balance totaled $14.3 million and there was no balance outstanding on the revolving line of credit.
The company is maintaining its previous guidance for fiscal 2013, calling for diluted earnings per share in the range of $1.80 to $2.15.
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