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Tessco Reports Fourth-Quarter 2019 Financial Results

Nachrichtenquelle: Business Wire (engl.)
06.05.2019, 22:05  |  143   |   |   

TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS) today reported financial results for its fourth quarter of fiscal 2019, ended March 31, 2019.

Fourth-Quarter and Fiscal-Year Highlights*:

  • Fourth-quarter revenue of $145.0 million, the second-highest fourth-quarter revenue in past six years
  • Fourth-quarter revenue growth of 13% in the public carrier market compared with prior-year fourth quarter
  • Second consecutive profitable fourth quarter, the Company’s most seasonally challenging quarter
  • Achieved full-year revenue and earnings growth
  • Annual revenue growth of 5%, including 36% growth in the public carrier market
  • Declared quarterly dividend of $0.20 per share

* The Company’s fiscal year is the 52 or 53 weeks ending on the Sunday falling on or between March 26 and April 1. Accordingly, the fourth quarter of fiscal year 2018 ended on April 1 and included 14 weeks, as compared to the fourth quarter of fiscal year 2019, which ended on March 31 and included 13 weeks.

                     
   

Fourth
Quarter
FY 2019

 

Fourth
Quarter
FY 2018

 

Third
Quarter
FY 2019

 

Fiscal Year
2019

 

Fiscal Year
2018

Revenue   $145.0M   $148.9M   $152.3M   $606.8M   $580.3M
Earnings per diluted share **   $0.06   $0.14   $0.32   $0.65   $0.61
EBITDA per diluted share ***   $0.22   $0.25   $0.52   $1.37   $1.40
Operating margin   0.7%   0.8%   2.3%   1.3%   1.4%
Line of credit balance outstanding   $14.4M   $10.8M   $16.9M   $14.4M   $10.8M
         

** Fourth-quarter 2018 earnings were impacted by a $0.5 million, or $0.06 per share, favorable change in income tax treatment related to the cash surrender value of certain key-man life insurance policies. For more information, see Note 13 of the Company’s 2018 Fiscal Year Financial Statements, including in the Company’s Annual Report on Form 10-K for Fiscal Year 2018. Income before provision for income taxes was $0.8 million in the fourth quarter of fiscal year 2019 compared to $1.1 million in the prior-year quarter.

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