[July 16, 2018] |
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Tessco Reports First-Quarter 2019 Financial Results
TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS) today reported
financial results for its first quarter of fiscal 2019, ended July 1,
2018.
First-Quarter Highlights:
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Revenue of $150.9 million, up 8% year over year
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Revenue growth of 52% in the public carrier market compared with
prior-year first quarter
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Gross profit growth combined with overall expense management
contributed to operating margin of 1.2%, compared with 0.9% in the
prior-year first quarter
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Diluted earnings per share grew 63% year over year to $0.13,
representing the sixth consecutive quarter of year over year EPS growth
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Declared quarterly dividend of $0.20 per share
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First Quarter FY 2019
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First Quarter FY 2018
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Fourth Quarter FY 2018
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Revenue
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$150.9M
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$140.0M
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$148.9M
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Earnings per diluted share
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$0.13
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$0.08
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$0.14 **
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EBITDA per diluted share*
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$0.31
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$0.27
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$0.25
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Operating margin
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1.2%
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0.9%
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0.8%
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Cash balance
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$0.0M
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$0.2M
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$0.0M
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Line of credit balance outstanding
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$15.8M
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$8.3M
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$10.8M
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* EBITDA per diluted share and EBITDA (on which EBITDA per diluted share
is based) are Non-GAAP financial measures. Non-GAAP financial measures
indicated by an asterisk (*) either in the above chart or in the text of
this press release are so indicated as a means to direct the reader to
the discussion of Non-GAAP Information below and the reconciliation of
Non-GAAP to GAAP results included as an exhibit to this press release.
** Includes $0.06 per share resulting from one-time change in historical
tax treatment of an insurance asset, as previously reported.
First-Quarter Revenue by Market:
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Year over Year Q1 FY 2019 vs. Q1 FY 2018
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Sequential Q1 FY 2019 vs. Q4 FY 2018
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Commercial:
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Public Carrier
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51.7%
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5.3%
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Value-Added Resellers
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(1.0)%
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4.0%
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Government
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9.3%
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(10.6)%
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Private System Operators
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2.8%
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(6.6)%
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Total Commercial
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16.2%
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0.7%
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Retail
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(7.9)%
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2.8%
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Total
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7.8%
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1.3%
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"I'm excited to report that during the first quarter, we continued our
recent trend of growing revenue and earnings," said Murray Wright,
President and Chief Executive Officer. "We executed well on our
strategic plan again this quarter. The initiatives we put in place
during the past year, and the technology, marketing and sales actions,
are resulting in improved performance, establishing a firm foundation
for our future growth. First-quarter revenue grew 8% year over year, and
we have now achieved year over year growth in six of the past seven
quarters. Revenue in our commercial markets grew 16% year over year,
including impressive 52% growth in the carrier ecosystem. Our new
customer relationships, including those with MasTec and Verizon, have
significantly grown our market share. Accordingly, as carriers are
increasing their activity levels, we are seeing significant revenue
growth, and we are well positioned as the FirstNet project continues and
5G buildouts begin later this year. On the bottom line, earnings per
share of $0.13 grew from $0.08 in the year-ago quarter, resulting from
the growth in sales and gross profit and our improved operating leverage.
"We remain focused on balancing the implementation of our go-to-market
strategy with increased operating efficiency," Wright continued. "Due to
projected increases in carrier activity, as well as anticipated growth
across both the commercial and retail businesses, we expect accelerated
growth in revenue and profitability during the remainder of fiscal 2019."
First-Quarter 2019 Financial Results
For the fiscal 2019 first quarter, revenues totaled $150.9 million,
compared with $140.0 million for first quarter of fiscal 2018. The
increase in revenue was driven primarily by the Company's public carrier
market and to a lesser extent by higher sales to the private system
operator and government markets.
Gross profit was $30.7 million for the first quarter of fiscal 2019,
compared with $29.2 million for the same quarter of fiscal 2018. The 5%
increase in first-quarter gross profit year over year was primarily the
result of higher total sales. Gross margin was 20.3% of revenue for the
first quarter of fiscal 2019, compared with last year's first-quarter
gross margin of 20.8%. This decline is primarily a function of increased
sales to key customers in the carrier ecosystem.
Selling, general and administrative (SG&A) expenses increased 4% to
$29.0 million, due to greater investments in marketing and technology
and higher-than-usual health insurance expenses. However, despite these
expense increases, SG&A as a percentage of revenue for the first quarter
declined from 19.9% to 19.2%.
Net income and earnings per share (EPS) were $1.2 million and $0.13,
respectively, for the first quarter of fiscal 2019, compared with $0.7
million, or $0.08 per share, for the prior-year first quarter.
Cash Dividend
The Company's Board of Directors has declared a quarterly cash dividend
of $0.20 per common share payable on August 15, 2018 to common
stockholders of record on August 1, 2018. Any future declaration of
dividends, and the establishment of record and payment dates, is subject
to future determinations of the Board of Directors.
Business Outlook
The Company currently anticipates year-over-year growth in revenue and
profitability in both its second fiscal quarter and its full-year fiscal
2019. While the Company does expect growth in the carrier ecosystem, it
also expects this to result in a lower overall year-over-year gross
margin, given the lower-margin nature of many of these large carrier
relationships.
Forecasting future results or trends is inherently difficult for any
business, and actual results or trends may differ materially from those
forecasted. The nature of the business is that TESSCO typically ships
products within several days after booking orders, which makes it more
difficult to forecast future results. The Business Outlook published in
this press release reflects only the Company's current best estimate and
it assumes no obligation to update the information contained in this
press release, including the Business Outlook, at any time.
First-Quarter Fiscal 2019 Conference Call
Management will host a conference call to discuss first-quarter fiscal
year 2019 results tomorrow, Tuesday, July 17, 2018 at 8:30 a.m. ET. To
participate in the conference call, please call 855-319-5921 (domestic
call-in) or 503-343-6034 (international call-in) and reference code
#7577579.
A live webcast of the conference call will be available on the Events
page of the Company's website. All participants should call or access
the website approximately 10 minutes before the conference begins.
A telephone replay of the conference call will be available from 11:30
a.m. ET on July 17, 2018 until 11:59 p.m. ET on July 24, 2018 by calling
855-859-2056 (domestic) or 404-537-3406 (international) and entering
confirmation #7577579. An archived replay of the conference call will
also be available on the Events
page of the Company's website.
Non-GAAP Information
EBITDA and EBITDA per diluted share are measures used by management to
evaluate the Company's ongoing operations, and to provide a general
indicator of the Company's operating cash flow (in conjunction with a
cash flow statement which also includes among other items, changes in
working capital and the effect of non-cash charges). EBITDA is defined
as income from operations, plus interest expense, net of interest
income, provision for income taxes, and depreciation and amortization.
EBITDA per diluted share is defined as EBITDA divided by Tessco's
diluted weighted average shares outstanding.
Management believes EBITDA and EBITDA per share are useful to investors
because they are frequently used by securities analysts, investors and
other interested parties in the evaluation of companies. Because not all
companies use identical calculations, the Company's presentation of
these Non-GAAP measures may not be comparable to other similarly titled
measures of other companies. Neither EBITDA nor EBITDA per diluted share
is a recognized term under GAAP, and EBITDA does not purport to be an
alternative to net income as a measure of operating performance or to
cash flows from operating activities as a measure of liquidity.
Additionally, neither EBITDA nor EBITDA per diluted share is intended to
be a measure of free cash flow for management's discretionary use, as
certain cash requirements, such as interest payments, tax payments and
debt service requirements, are not reflected.
A reconciliation of Non-GAAP to GAAP results is included as an exhibit
to this release.
About TESSCO Technologies Incorporated (NASDAQ: TESS)
TESSCO Technologies, Inc. (NASDAQ: TESS) is a value-added technology
distributor, manufacturer, and solutions provider serving commercial and
retail customers in the wireless infrastructure and mobile device
accessories markets. The company was founded more than 30 years ago with
a commitment to deliver industry-leading products, knowledge, solutions,
and customer service. Tessco supplies more than 50,000 products from 400
of the industry's top manufacturers in mobile communications, Wi-Fi,
Internet of Things ("IoT"), wireless backhaul, and more. Tessco is a
single source for outstanding customer experience, expert knowledge, and
complete end-to-end solutions for the wireless industry. For more
information, visit www.tessco.com.
Forward-Looking Statements
This press release contains certain forward-looking statements as to
anticipated results and future prospects. These forward-looking
statements are based on current expectations and analysis, and actual
results may differ materially from those projected. These
forward-looking statements may generally be identified by the use of the
words "may," "will," "expects," "anticipates," "targets," "goals,"
"projects," "intends," "plans," "seeks," "believes," "estimates," and
similar expressions, but the absence of these words or phrases does not
necessarily mean that a statement is not forward-looking. These
forward-looking statements are only predictions and involve a number of
risks, uncertainties and assumptions, many of which are outside of our
control. Our actual results may differ materially and adversely from
those described in or contemplated by any such forward-looking statement
for a variety of reasons, including those risks identified in our most
recent Annual Report on Form 10-K and other periodic reports filed with
the Securities and Exchange Commission (the "SEC"), under the heading
"Risk Factors" and otherwise. Consequently, the reader is cautioned to
consider all forward-looking statements in light of the risks to which
they are subject. For additional information with respect to risks and
other factors which could occur, see TESSCO's Annual Report on Form 10-K
for the year ended April 1, 2018, including Part I, Item 1A, "Risk
Factors" therein, Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K and other securities filings with the SEC that are available at
the SEC's website at www.sec.gov
and other securities regulators.
We are not able to identify or control all circumstances that could
occur in the future that may materially and adversely affect our
business and operating results. Without limiting the risks that we
describe in our periodic reports and elsewhere, among the risks that
could lead to a materially adverse impact on our business or operating
results are the following: termination or non-renewal of limited
duration agreements or arrangements with our vendors and affinity
partners that are typically terminable by either party upon several
months or otherwise relatively short notice; loss of significant
customers or relationships, including affinity relationships; loss of
customers either directly or indirectly as a result of consolidation
among large wireless services carriers and others within the wireless
communications industry; the strength of our customers', vendors' and
affinity partners' business; negative or adverse economic conditions,
including those adversely affecting consumer confidence or consumer or
business spending or otherwise adversely impacting our vendors or
customers, including their access to capital or liquidity, or our
customers' demand for, or ability to fund or pay for, the purchase of
our products and services; our dependence on a relatively small number
of suppliers and vendors, which could hamper our ability to maintain
appropriate inventory levels and meet customer demand; changes in
customer and product mix that affect gross margin; effect of "conflict
minerals" regulations on the supply and cost of certain of our products;
failure of our information technology system or distribution system;
system security or data protection breaches; technology changes in the
wireless communications industry or technological failures, which could
lead to significant inventory obsolescence and/or our inability to offer
key products that our customers demand; third-party freight carrier
interruption; increased competition from competitors, including
manufacturers or national and regional distributors of the products we
sell and the absence of significant barriers to entry which could result
in pricing and other pressures on profitability and market share; our
relative bargaining power and inability to negotiate favorable terms
with our vendors and customers; our inability to access capital and
obtain financing as and when needed; transitional and other risks
associated with acquisitions of companies that we may undertake in an
effort to expand our business; claims against us for breach of the
intellectual property rights of third parties; product liability claims;
our inability to protect certain intellectual property, including
systems and technologies on which we rely; our inability to hire or
retain for any reason our key professionals, management and staff; and
the possibility that, for unforeseen or other reasons, we may be delayed
in entering into or performing, or may fail to enter into or perform,
anticipated contracts or may otherwise be delayed in realizing or fail
to realize anticipated revenues or anticipated savings.
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TESSCO Technologies Incorporated
Consolidated Statements of Income (Unaudited)
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Fiscal Quarters Ended
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July 1, 2018
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June 25, 2017
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April 1, 2018
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Revenues
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$
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150,919,400
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$
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140,010,800
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$
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148,920,100
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Cost of goods sold
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120,221,300
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110,844,000
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117,381,400
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Gross profit
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30,698,100
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29,166,800
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31,538,700
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Selling, general and administrative expenses
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28,961,300
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27,881,500
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30,357,600
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Income from operations
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1,736,800
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1,285,300
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1,181,100
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Interest expense, net
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174,400
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68,600
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89,500
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Income before provision for income taxes
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1,562,400
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1,216,700
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1,091,600
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Provision for income taxes (benefit)
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404,000
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533,800
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(76,800)
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Net income
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$
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1,158,400
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$
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682,900
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$
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1,168,400
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Basic earnings per share
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$
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0.14
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$
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0.08
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0.14
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Diluted earnings per share
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$
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0.13
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$
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0.08
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$
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0.14
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TESSCO Technologies Incorporated
Consolidated Balance Sheets
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July 1,
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April 1,
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2018
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2018
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(unaudited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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9,000
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$
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19,400
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Trade accounts receivable
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92,815,800
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87,862,300
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Product inventory, net
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86,367,200
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72,323,000
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Prepaid expenses and other current assets
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5,585,400
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4,489,100
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Total current assets
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184,777,400
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164,693,800
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Property and equipment, net
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13,679,200
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13,662,800
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Goodwill, net
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11,677,700
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11,677,700
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Deferred tax assets
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713,200
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710,500
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Other long-term assets
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8,920,900
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8,678,900
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Total assets
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$
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219,768,400
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$
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199,423,700
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Trade accounts payable
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$
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82,483,900
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$
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67,041,100
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Payroll, benefits and taxes
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6,645,200
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8,291,100
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Income and sales tax liabilities
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2,709,800
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|
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2,339,200
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Accrued expenses and other current liabilities
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2,795,000
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1,370,300
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Revolving line of credit
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15,770,600
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10,835,400
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Current portion of long-term debt
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22,800
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27,300
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Total current liabilities
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110,427,300
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89,904,400
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Long-term debt, net of current portion
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-
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2,300
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Other long-term liabilities
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1,475,800
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|
|
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1,465,400
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Total liabilities
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111,903,100
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|
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91,372,100
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Shareholders' equity:
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Preferred stock
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-
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-
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Common stock
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|
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99,300
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|
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99,000
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Additional paid-in capital
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|
|
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61,062,200
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|
|
|
60,611,900
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Treasury stock
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(57,614,100)
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(57,503,000)
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Retained earnings
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|
|
|
104,317,900
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|
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104,843,700
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Total shareholders' equity
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|
|
|
107,865,300
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|
|
|
108,051,600
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Total liabilities and shareholders' equity
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|
|
$
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219,768,400
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|
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$
|
199,423,700
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|
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TESSCO Technologies Incorporated
Reconciliation of Net Income to Earnings Before Interest, Taxes
and Depreciation and Amortization (EBITDA) (Unaudited)
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|
Fiscal Quarters Ended
|
|
|
|
|
|
July 1, 2018
|
|
|
|
|
June 25, 2017
|
|
|
|
|
April 1, 2018
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income as reported
|
|
|
|
$
|
1,158,400
|
|
|
|
$
|
682,900
|
|
|
|
$
|
1,168,400
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income tax provision (benefit)
|
|
|
|
|
404,000
|
|
|
|
|
533,800
|
|
|
|
|
(76,800)
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Interest, net
|
|
|
|
|
174,400
|
|
|
|
|
68,600
|
|
|
|
|
89,500
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Depreciation and amortization
|
|
|
|
|
937,100
|
|
|
|
|
989,600
|
|
|
|
|
961,900
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EBITDA
|
|
|
|
$
|
2,673,900
|
|
|
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$
|
2,274,900
|
|
|
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$
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2,143,000
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Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation
|
|
|
|
|
320,500
|
|
|
|
|
247,600
|
|
|
|
|
256,700
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EBITDA, adjusted
|
|
|
|
$
|
2,994,400
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|
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$
|
2,522,500
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$
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2,399,700
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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EBITDA per diluted share
|
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$
|
0.31
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|
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$
|
0.27
|
|
|
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$
|
0.25
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Adjusted EBITDA per diluted share
|
|
|
|
$
|
0.35
|
|
|
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$
|
0.30
|
|
|
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$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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TESSCO Technologies Incorporated
|
Supplemental Results Summary (in thousands) (Unaudited)
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|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Growth Rates Compared to
|
|
|
July 1, 2018
|
|
|
June 25, 2017
|
|
Prior Year Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Revenues
|
|
|
|
Commercial
|
|
|
Retail
|
|
|
Total
|
|
|
Commercial
|
|
|
Retail
|
|
|
Total
|
|
|
Commercial
|
|
|
Retail
|
|
|
Total
|
Public Carriers, Contractors & Program Managers
|
|
|
|
$
|
40,360
|
|
|
$
|
-
|
|
|
$
|
40,360
|
|
|
$
|
26,598
|
|
|
$
|
-
|
|
|
$
|
26,598
|
|
|
51.7%
|
|
|
-
|
|
|
51.7%
|
Government System Operators
|
|
|
|
|
9,231
|
|
|
|
-
|
|
|
|
9,231
|
|
|
|
8,445
|
|
|
|
-
|
|
|
|
8,445
|
|
|
9.3%
|
|
|
-
|
|
|
9.3%
|
Private System Operators
|
|
|
|
|
21,634
|
|
|
|
-
|
|
|
|
21,634
|
|
|
|
21,042
|
|
|
|
-
|
|
|
|
21,042
|
|
|
2.8%
|
|
|
-
|
|
|
2.8%
|
Value-Added Resellers
|
|
|
|
|
34,682
|
|
|
|
-
|
|
|
|
34,682
|
|
|
|
35,040
|
|
|
|
-
|
|
|
|
35,040
|
|
|
(1.0%)
|
|
|
-
|
|
|
(1.0%)
|
Retailer, Independent Dealer Agents & Carriers
|
|
|
|
|
-
|
|
|
|
45,012
|
|
|
|
45,012
|
|
|
|
-
|
|
|
|
48,886
|
|
|
|
48,886
|
|
|
-
|
|
|
(7.9%)
|
|
|
(7.9%)
|
Total revenues
|
|
|
|
$
|
105,907
|
|
|
$
|
45,012
|
|
|
$
|
150,919
|
|
|
$
|
91,125
|
|
|
$
|
48,886
|
|
|
$
|
140,011
|
|
|
16.2%
|
|
|
(7.9%)
|
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Gross Profit
|
|
|
|
Commercial
|
|
|
Retail
|
|
|
Total
|
|
|
Commercial
|
|
|
Retail
|
|
|
Total
|
|
|
Commercial
|
|
|
Retail
|
|
|
Total
|
Public Carriers, Contractors & Program Managers
|
|
|
|
$
|
5,626
|
|
|
$
|
-
|
|
|
$
|
5,626
|
|
|
$
|
4,128
|
|
|
$
|
-
|
|
|
$
|
4,128
|
|
|
36.3%
|
|
|
-
|
|
|
36.3%
|
Government System Operators
|
|
|
|
|
2,137
|
|
|
|
-
|
|
|
|
2,137
|
|
|
|
2,004
|
|
|
|
-
|
|
|
|
2,004
|
|
|
6.6%
|
|
|
-
|
|
|
6.6%
|
Private System Operators
|
|
|
|
|
4,865
|
|
|
|
-
|
|
|
|
4,865
|
|
|
|
4,607
|
|
|
|
-
|
|
|
|
4,607
|
|
|
5.6%
|
|
|
-
|
|
|
5.6%
|
Value-Added Resellers
|
|
|
|
|
8,915
|
|
|
|
-
|
|
|
|
8,915
|
|
|
|
8,961
|
|
|
|
-
|
|
|
|
8,961
|
|
|
(0.5%)
|
|
|
-
|
|
|
(0.5%)
|
Retailer, Independent Dealer Agents & Carriers
|
|
|
|
|
-
|
|
|
|
9,155
|
|
|
|
9,155
|
|
|
|
-
|
|
|
|
9,467
|
|
|
|
9,467
|
|
|
-
|
|
|
(3.3%)
|
|
|
(3.3%)
|
Total gross profit
|
|
|
|
$
|
21,543
|
|
|
$
|
9,155
|
|
|
$
|
30,698
|
|
|
$
|
19,700
|
|
|
$
|
9,467
|
|
|
$
|
29,167
|
|
|
9.4%
|
|
|
(3.3%)
|
|
|
5.2%
|
% of revenues
|
|
|
|
|
20.3%
|
|
|
|
20.3%
|
|
|
|
20.3%
|
|
|
|
21.6%
|
|
|
|
19.4%
|
|
|
|
20.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TESSCO Technologies Incorporated Supplemental
Results Summary (in thousands) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Growth Rates Compared
|
|
|
|
|
July 1, 2018
|
|
|
June 25, 2017
|
|
|
to Prior Year Period
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Base station infrastructure
|
|
|
|
$
|
74,314
|
|
|
$
|
59,070
|
|
|
25.8
|
%
|
Network systems
|
|
|
|
|
22,777
|
|
|
|
23,837
|
|
|
(4.4
|
)%
|
Installation, test and maintenance
|
|
|
|
|
7,431
|
|
|
|
6,993
|
|
|
6.3
|
%
|
Mobile device accessories
|
|
|
|
|
46,397
|
|
|
|
50,111
|
|
|
(7.4
|
)%
|
Total revenues
|
|
|
|
$
|
150,919
|
|
|
$
|
140,011
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Base station infrastructure
|
|
|
|
$
|
15,716
|
|
|
$
|
14,057
|
|
|
11.8
|
%
|
Network systems
|
|
|
|
|
3,663
|
|
|
|
3,829
|
|
|
(4.3
|
)%
|
Installation, test and maintenance
|
|
|
|
|
1,473
|
|
|
|
1,419
|
|
|
3.8
|
%
|
Mobile device accessories
|
|
|
|
|
9,846
|
|
|
|
9,862
|
|
|
(0.2
|
)%
|
Total gross profit
|
|
|
|
$
|
30,698
|
|
|
$
|
29,167
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TESSCO Technologies Incorporated
|
Supplemental Results Summary (in thousands) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Growth Rates Compared to
|
|
|
July 1, 2018
|
|
|
April 1, 2018
|
|
Prior Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Revenues
|
|
|
|
Commercial
|
|
Retail
|
|
Total
|
|
|
Commercial
|
|
Retail
|
|
Total
|
|
|
Commercial
|
|
Retail
|
|
Total
|
Public Carriers, Contractors & Program Managers
|
|
|
|
$
|
40,360
|
|
$
|
-
|
|
$
|
40,360
|
|
|
$
|
38,319
|
|
$
|
-
|
|
$
|
38,319
|
|
|
5.3%
|
|
-
|
|
5.3%
|
Government System Operators
|
|
|
|
|
9,231
|
|
|
-
|
|
|
9,231
|
|
|
|
10,331
|
|
|
-
|
|
|
10,331
|
|
|
(10.6%)
|
|
-
|
|
(10.6%)
|
Private System Operators
|
|
|
|
|
21,634
|
|
|
-
|
|
|
21,634
|
|
|
|
23,153
|
|
|
-
|
|
|
23,153
|
|
|
(6.6%)
|
|
-
|
|
(6.6%)
|
Value-Added Resellers
|
|
|
|
|
34,682
|
|
|
-
|
|
|
34,682
|
|
|
|
33,340
|
|
|
-
|
|
|
33,340
|
|
|
4.0%
|
|
-
|
|
4.0%
|
Retailer, Independent Dealer Agents & Carriers
|
|
|
|
|
-
|
|
|
45,012
|
|
|
45,012
|
|
|
|
-
|
|
|
43,777
|
|
|
43,777
|
|
|
-
|
|
2.8%
|
|
2.8%
|
Total revenues
|
|
|
|
$
|
105,907
|
|
$
|
45,012
|
|
$
|
150,919
|
|
|
$
|
105,143
|
|
$
|
43,777
|
|
$
|
148,920
|
|
|
0.7%
|
|
2.8%
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Gross Profit
|
|
|
|
Commercial
|
|
Retail
|
|
Total
|
|
|
Commercial
|
|
Retail
|
|
Total
|
|
|
Commercial
|
|
Retail
|
|
Total
|
Public Carriers, Contractors & Program Managers
|
|
|
|
$
|
5,626
|
|
$
|
-
|
|
$
|
5,626
|
|
|
$
|
5,624
|
|
$
|
-
|
|
$
|
5,624
|
|
|
0.0%
|
|
-
|
|
0.0%
|
Government System Operators
|
|
|
|
|
2,137
|
|
|
-
|
|
|
2,137
|
|
|
|
2,282
|
|
|
-
|
|
|
2,282
|
|
|
(6.4%)
|
|
-
|
|
(6.4%)
|
Private System Operators
|
|
|
|
|
4,865
|
|
|
-
|
|
|
4,865
|
|
|
|
5,397
|
|
|
-
|
|
|
5,397
|
|
|
(9.9%)
|
|
-
|
|
(9.9%)
|
Value-Added Resellers
|
|
|
|
|
8,915
|
|
|
-
|
|
|
8,915
|
|
|
|
8,888
|
|
|
-
|
|
|
8,888
|
|
|
0.3%
|
|
-
|
|
0.3%
|
Retailer, Independent Dealer Agents & Carriers
|
|
|
|
|
-
|
|
|
9,155
|
|
|
9,155
|
|
|
|
-
|
|
|
9,348
|
|
|
9,348
|
|
|
-
|
|
(2.1%)
|
|
(2.1%)
|
Total gross profit
|
|
|
|
$
|
21,543
|
|
$
|
9,155
|
|
$
|
30,698
|
|
|
$
|
22,191
|
|
$
|
9,348
|
|
$
|
31,539
|
|
|
(2.9%)
|
|
(2.1%)
|
|
(2.7%)
|
% of revenues
|
|
|
|
|
20.3%
|
|
|
20.3%
|
|
|
20.3%
|
|
|
|
21.1%
|
|
|
21.4%
|
|
|
21.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TESSCO Technologies Incorporated Supplemental
Results Summary (in thousands) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Growth Rates Compared
|
|
|
|
|
July 1, 2018
|
|
|
April 1, 2018
|
|
|
to Prior Period
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base station infrastructure
|
|
|
|
$
|
74,314
|
|
|
$
|
73,149
|
|
|
1.6
|
%
|
Network systems
|
|
|
|
|
22,777
|
|
|
|
21,601
|
|
|
5.4
|
%
|
Installation, test and maintenance
|
|
|
|
|
7,431
|
|
|
|
9,273
|
|
|
(19.9)
|
%
|
Mobile device accessories
|
|
|
|
|
46,397
|
|
|
|
44,897
|
|
|
3.3
|
%
|
Total revenues
|
|
|
|
$
|
150,919
|
|
|
$
|
148,920
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base station infrastructure
|
|
|
|
$
|
15,716
|
|
|
$
|
16,591
|
|
|
(5.3)
|
%
|
Network systems
|
|
|
|
|
3,663
|
|
|
|
3,479
|
|
|
5.3
|
%
|
Installation, test and maintenance
|
|
|
|
|
1,473
|
|
|
|
1,655
|
|
|
(11.0)
|
%
|
Mobile device accessories
|
|
|
|
|
9,846
|
|
|
|
9,814
|
|
|
0.3
|
%
|
Total gross profit
|
|
|
|
$
|
30,698
|
|
|
$
|
31,539
|
|
|
(2.7)
|
%
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180716005812/en/
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