Company News
April 12, 2007
Transcat Announces Carl E. Sassano Elected Executive Chairman of Board of Directors
News Release
Transcat Promotes Charles P. Hadeed to CEO
News Release
July 18, 2006
Transcat Announces Fiscal Year 2007 First Quarter Results; Revenues Rise 10.3%
ROCHESTER, NY – July 18, 2006 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for the fiscal year 2007 first quarter ended June 24, 2006.
Fiscal Year 2007 First Quarter Highlights:
- Net sales increased 10.3% to $15.5 million in the fiscal year 2007 first quarter.
- Operating income for the fiscal year 2007 first quarter, which included a $0.1 million non-cash expense related to stock options vesting during the quarter, as we adopted Statement of Financial Accounting Standards 123R, was flat at $0.3 million. Excluding this expense, operating income increased by 44.8% for the fiscal year 2007 first quarter.
- Net income for the fiscal year 2007 first quarter, which included a provision for income taxes, decreased $0.1 million to $0.1 million, or $0.02 per diluted share, from $0.2 million or $0.02 per diluted share, in the fiscal year 2006 first quarter.
- Distribution Products - Net sales increased 12.3% to $10.5 million in the fiscal year 2007 first quarter from $9.4 million in the fiscal year 2006 first quarter. Distribution Products gross profit ratio for the fiscal year 2007 first quarter increased 1.6 points to 25.7% from the fiscal year 2006 first quarter.
- Calibration Services - Net sales increased 6.5% to $5.0 million in the fiscal year 2007 first quarter from $4.7 million in the fiscal year 2006 first quarter. Calibration Services gross profit ratio decreased 5.6 points to 23.1% from the fiscal year 2006 first quarter.
FY 2007 Q1 Earnings Release
May 16, 2006
Transcat Announces Fiscal Year 2006 and Fourth Quarter Results; Revenues and Profitability Rise in Fiscal Year 2006
ROCHESTER, NY – May 16, 2006 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for fiscal year 2006 and the fourth quarter ended March 25, 2006.
Fiscal Year 2006 and Fourth Quarter Overview:
- Net sales increased 9.3% to $60.5 million in fiscal year 2006 and 3.2% to $16.1 million in the fiscal year 2006 fourth quarter.
- Gross profit ratio for fiscal year 2006 decreased 0.1 points to 25.0% from fiscal year 2005. Gross profit ratio for the fiscal year 2006 fourth quarter decreased 2.8 points to 25.1% from the fiscal year 2005 fourth quarter, primarily because of the timing of purchase rebates earned in the fiscal year 2005 fourth quarter.
- Operating income for fiscal year 2006 increased $0.6 million to $1.5 million from fiscal year 2005. Operating income for the fiscal year 2006 fourth quarter decreased $0.4 million to $0.3 million from the fiscal year 2005 fourth quarter, primarily because of the timing of purchase rebates earned in the fiscal year 2005 fourth quarter.
- In the fourth quarter of fiscal year 2006, a substantial portion of the net deferred tax asset valuation reserve was reversed, resulting in a net tax credit for the quarter and the year of $2.7 million.
- Net income for fiscal year 2006 was $3.6 million, or $0.50 per diluted share, compared with net income of $0.3 million, or $0.04 per diluted share, in fiscal year 2005. Net income for the 2006 fiscal year fourth quarter was $2.8 million, or $0.38 per diluted share, compared with net income of $0.5 million, or $0.07 per diluted share, in the 2005 fiscal year fourth quarter.
- Distribution Products - Net sales increased 10.1% to $40.8 million in fiscal year 2006 from $37.1 million in fiscal year 2005. Net sales increased 4.6% to $10.5 million in the fiscal year 2006 fourth quarter from $10.1 million in the fiscal year 2005 fourth quarter. Distribution Products gross profit ratio for fiscal year 2006 increased 0.4 points to 24.0% from fiscal year 2005. Distribution Products gross profit ratio for the fiscal year 2006 fourth quarter decreased 2.4 points to 23.1% from the fiscal year 2005 fourth quarter, the majority of which was attributable to the timing of certain product purchase rebates earned in the fiscal year 2005 fourth quarter.
- Calibration Services – Net sales increased 7.9% to $19.7 million in fiscal year 2006 from $18.2 million in fiscal year 2005. Net sales slightly increased 0.7% to $5.54 million in the fiscal year 2006 fourth quarter from $5.50 million in the fiscal year 2005 fourth quarter. Calibration Services gross profit ratio for fiscal year 2006 decreased 1.2 points to 26.9% from fiscal year 2005. Calibration Services gross profit ratio for the fiscal year 2006 fourth quarter decreased 3.3 points to 28.9% from the fiscal year 2005 fourth quarter, impacted by ongoing investments in service infrastructure and sales mix.
FY 2006 4Q Earnings Release
February 28, 2006
Transcat Makes Strategic Acquisition; New Agreement with N.W. Calibration Inspection, Inc. Expands Transcat’s Calibration Services Offerings in the Pharmaceutical, Medical Device and Automotive Industries
ROCHESTER, NY – February 28, 2006 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced that it has acquired N.W. Calibration Inspection, Inc. in Fort Wayne, Indiana, expanding the Transcat Calibration Services Laboratories network to 12 Transcat Calibration Centers of Excellence. The acquisition is expected to add approximately 5% to Transcat’s Calibration Services revenues on a yearly basis. Further details of the transaction were not disclosed.
N.W. Calibration Inspection, Inc. (NWCI) (www.nwci-inc.com) provides Dimensional Calibration, First Part Inspection and Reverse Engineering services to the Pharmaceutical, Medical Device, Automotive, Nuclear and Aerospace industries. It is ISO/IEC 17025 certified, and is directly traceable to the National Institute of Standards and Technology (NIST). NWCI is a state-of-the-art lab for both dimensional inspection and metrology services.
Carl E. Sassano, Chairman, President and Chief Executive Officer, commented, "N.W. Calibration Inspection is an outstanding business for both Transcat’s Calibration Services and Distribution Products.
“This strategic acquisition will expand our service offerings by adding two unique services: First Part Inspection and Reverse Engineering.
Transcat Makes Strategic Acquisition
January 18, 2006
Transcat Announces Fiscal 2006 Third Quarter and Nine Months Results; Revenues Rise in Both Product and Calibration
ROCHESTER, NY – January 18, 2006 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for its fiscal year 2006 third quarter and nine months ended December 24, 2005.
Fiscal 2006 Third Quarter and Nine Months Highlights:
- Net sales for the fiscal year 2006 third quarter increased 15.6% to $16.2 million and 11.7% to $44.4 million in the fiscal year 2006 nine months.
- The gross profit ratio decreased 1.3 points to 23.7% in the fiscal year 2006 third quarter and increased 0.9 points to 24.9% in the fiscal year 2006 nine months.
- Operating income for the fiscal year 2006 third quarter was $0.4 million, essentially flat with $0.4 million in the fiscal year 2005 third quarter as a result of planned investments to enhance sales, marketing fundamentals and calibration service capacity. For the fiscal year 2006 nine months, operating income increased to $1.3 million from $0.2 million in the fiscal year 2005 nine months.
- Net income for the fiscal year 2006 third quarter was $0.3 million or $0.04 per fully diluted share, essentially flat with $0.3 million in the fiscal year 2005 third quarter. Net income for the fiscal year 2006 nine months was $0.8 million or $0.11 per fully diluted share, as compared with a net loss of $0.2 million or $0.04 per fully diluted share in the fiscal year 2005 nine months.
- Distribution Products - Net sales increased 16.7% to $11.5 million in the fiscal year 2006 third quarter and 12.1% to $30.3 million in the fiscal year 2006 nine months. The Distribution Products gross profit ratio for the fiscal year 2006 third quarter increased 0.7 points to 24.3%. For the fiscal year 2006 nine months, the gross profit ratio increased 1.4 points to 24.4%; of which 0.3 points of the increase was attributable to the timing of certain product purchase rebates earned during the nine months.
- Calibration Services - Net sales increased 13.1% to $4.7 million in the fiscal year 2006 third quarter and 11.0% to $14.1 million in the fiscal year 2006 nine months. The Calibration Services gross profit ratio for the fiscal year 2006 third quarter decreased 6.1 points to 22.4%. For the fiscal year 2006 nine months, the gross profit ratio decreased 0.2 points to 26.1%. Calibration Services gross profit declined principally due to calibration service mix and investment in calibration service capacity.
FY 2006 Q3 Earnings Release
October 11, 2005
Transcat Announces Fiscal 2006 Second Quarter and First Half Results; Revenues and Profitability Rise
ROCHESTER, NY– October 11, 2005 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for its fiscal year 2006 second quarter and first half ended September 24, 2005.
Fiscal 2006 Second Quarter and First Half Highlights:
- Net sales for the fiscal year 2006 second quarter increased 13.1% to $14.1 million and 9.6% to $28.2 million in the fiscal year 2006 first half.
- The gross profit ratio increased 2.3 points to 25.6% in the fiscal year 2006 second quarter and 2.1 points to 25.6% in the fiscal year 2006 first half.
- Operating income for the fiscal year 2006 second quarter increased to $0.5 million from $0.1 million in the fiscal year 2005 second quarter. For the fiscal year 2006 first half, operating income increased to $0.8 million from an operating loss of $0.2 million in the fiscal year 2005 first half.
- l Net income for the fiscal year 2006 second quarter was $0.3 million, or $0.05 per fully diluted share, as compared with a net loss of $0.1 million, or $0.01 per fully diluted share, in the fiscal year 2005 second quarter. Net income for the fiscal year 2006 first half was $0.5 million, or $0.07 per fully diluted share, as compared with a net loss of $0.5 million, or $0.08 per fully diluted share, in the fiscal year 2005 first half
- Distribution Products - Net sales increased 13.3% to $9.4 million in the fiscal year 2006 second quarter and 9.5% to $18.8 million in the fiscal year 2006 first half. The Distribution Products gross profit ratio for the fiscal year 2006 second quarter increased 2.5 points to 24.7%; 1.7 points of that increase is attributable to the timing of certain product purchase rebates earned during the quarter. For the fiscal year 2006 first half, the gross profit ratio increased 1.8 points to 24.4%; of which 0.8 points of the increase was attributable to the purchase rebates earned.
- Calibration Services - Net sales increased 12.6% to $4.7 million in the fiscal year 2006 second quarter and 9.9% to $9.4 million in the fiscal year 2006 first half. The Calibration Services gross profit ratio for the fiscal year 2006 second quarter increased 1.7 points to 27.3%. For the fiscal year 2006 first half, the gross profit ratio increased 2.8 points to 28.0%.
FY 2006 Q2 Earnings Release
August 16, 2005
Transcat Announces Results of Annual Meeting of Shareholders; Transcat’s CEO Sees Continued Growth and Profitability in Fiscal Year 2006
ROCHESTER, NY– August 16, 2005 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced the results of its Annual Meeting of Shareholders held today at the company’s headquarters. The agenda for the annual meeting included the election of four existing directors - E. Lee Garelick, Richard J. Harrison, Dr. Harvey J. Palmer, and John T. Smith - for three-year terms expiring in 2008 and the ratification of the appointment of BDO Seidman, LLP, an independent registered public accounting firm, as Transcat’s independent auditors for the fiscal year ending March 25, 2006.
Excellent Results in Fiscal Year 2005:
In his remarks at the Annual Meeting, Carl E. Sassano, Chairman of the Board, President and Chief Executive Officer, said: “At last year’s annual meeting, we said we were going to continue making improvements and that we expected to deliver profitable results for our shareholders. Here’s what we accomplished in fiscal year 2005:
- Last year, we said that improvements made in fiscal year 2004 would position us for long-term sustainable profitability and growth and they did. In fiscal year 2005, we achieved substantial overall growth in operating income. We were on track with our revenue projections for Distribution Products and Calibration Services, while we increased our margins and marketing efforts.
- Last year, we said that Distribution Products net sales, year-to-year, would have single digit growth and we ended with a 4.7% increase in sales. As anticipated, we had a stronger first half that moderated to more typical levels in the second half.
- Last year, we said that we expected an increase in Calibration Services revenues for fiscal year 2005. We’re very pleased with the strong 13.9% sales growth in Calibration Services revenues that we experienced in the fiscal year 2005 fourth quarter. Because of the nature of the Calibration Services sales process, it takes time to finalize contracts and begin the work.
- Last year, we said that gross profit margins should improve by 1 to 3 points. By the close of the fiscal year 2005 fourth quarter, our gross profit ratio increased by 4.1 points. Because of our management of operating expenses, we tripled operating income and achieved diluted earnings per share of $0.04 in fiscal year 2005.
“The bottom line is that we did what we said we would: Deliver profitable results for our shareholders in fiscal year 2005. These trends are continuing into the new fiscal year.
2005 Annual Meeting Press Release
July 19, 2005
Transcat Announces Fiscal Year 2006 First Quarter Results; Revenues Rise 6.4%
ROCHESTER, NY – July 19, 2005 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for the fiscal year 2006 first quarter ended June 25, 2005.
Fiscal Year 2006 First Quarter Highlights:
- Net sales increased 6.4% to $14.1 million in the fiscal year 2006 first quarter.
- Gross profit ratio for the fiscal year 2006 first quarter increased 2.0 points to 25.6% over the fiscal year 2005 first quarter.
- Operating income for the fiscal year 2006 first quarter increased $0.6 million to $0.3 million from a $0.3 million operating loss in the fiscal year 2005 first quarter.
- Net income for the fiscal year 2006 first quarter increased $0.6 million to $0.2 million, or $0.02 per diluted share, from a net loss of $0.4 million, or $0.07 per diluted share, in the fiscal year 2005 first quarter.
- Distribution Products - Net sales increased 5.9% to $9.4 million in the fiscal year 2006 first quarter from $8.9 million in the fiscal year 2005 first quarter. Distribution Products gross profit ratio for the fiscal year 2006 first quarter increased 1.1 points over the fiscal year 2005 first quarter to 24.1%.
- Calibration Services - Net sales increased 7.4% to $4.7 million in the fiscal year 2006 first quarter from $4.4 million in the fiscal year 2005 first quarter. Calibration Services gross profit ratio increased 3.9 points over the fiscal year 2005 first quarter to 28.8%
FY2006 Q1 Earnings Release
May 17, 2005
Transcat Announces Fiscal Year 2005 and Fourth Quarter Results; Fiscal Year Revenues Rise 3.7%; Calibration Services Revenues Rise 13.9% in Fiscal 2005 Fourth Quarter
ROCHESTER, NY – May 17, 2005 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for fiscal year 2005 and fourth quarter ended March 26, 2005.
Fiscal Year 2005 and Fourth Quarter Highlights:
- Net sales increased 3.7% to $55.3 million in fiscal year 2005 and 1.8% to $15.6 million in the fiscal year 2005 fourth quarter.
- Gross profit ratio for the fiscal year 2005 fourth quarter increased 4.1 points to 27.9% over the fiscal year 2004 fourth quarter.
- Operating income for fiscal year 2005 increased $0.6 million to $0.9 million from fiscal year 2004. Operating income for the fiscal year 2005 fourth quarter increased $0.6 million to $0.7 million from the fiscal year 2004 fourth quarter.
- Net income for fiscal year 2005 was $0.3 million, or $0.04 per diluted share, compared with net income of $0.4 million, or $0.05 per diluted share, in fiscal year 2004. Net income for the 2005 fiscal year fourth quarter was $0.5 million, or $0.07 per diluted share, compared with net income of $0.04 million, or $0.01 per diluted share, in the 2004 fiscal year fourth quarter.
- Distribution Products - Net sales increased 4.7% to $37.1 million in fiscal year 2005 from $35.4 million in fiscal year 2004. Net sales declined 3.7% to $10.1 million in the fiscal year 2005 fourth quarter from $10.4 million in the fiscal year 2004 fourth quarter. Distribution Products gross profit ratio for the fiscal year 2005 fourth quarter increased 4.2 points to 25.6% over the fiscal year 2004 fourth quarter. 3.0 points of that increase is attributed to the timing of product purchase rebates earned.
- Calibration Services – Net sales increased 1.8% to $18.2 million in fiscal year 2005 from $17.9 million in fiscal year 2004. Net sales increased 13.9% to $5.5 million in the fiscal year 2005 fourth quarter from $4.8 million in the fiscal year 2004 fourth quarter. Calibration Services gross profit ratio increased 3.1 points to 32.1% over the fiscal year 2004 fourth quarter.
FY2005 Q4 Earnings Release
January 18, 2005
Transcat Announces Fiscal Year 2005 Third Quarter and Nine Months Results; Nine Months Revenues Rise 4.5%
ROCHESTER, NY – January 18, 2005 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for its fiscal year 2005 third quarter and nine months ended December 25, 2004.
Fiscal Year 2005 Third Quarter and Nine Months Highlights:
- Fiscal year 2005 net sales increased 3.6% to $14.0 million in the third quarter and 4.5% to $39.8 million in the nine months ended December 25, 2004.
- Gross profit ratio for the fiscal year 2005 third quarter increased 1.8 points over the fiscal year 2005 second quarter and 2.3 points over the fiscal year 2004 third quarter.
- Operating income for the fiscal year 2005 third quarter increased $0.6 million to $0.4 million from the fiscal year 2004 third quarter. Operating income for the fiscal year 2005 nine months was flat with the fiscal year 2004 nine months.
- Net income for the fiscal year 2005 third quarter was $0.3 million, or $0.04 per share, compared to a net loss of $0.2 million, or $0.03 per share, in the fiscal year 2004 third quarter.
- Distribution Products - Net sales increased 5.5% to $9.9 million in the fiscal year 2005 third quarter over the fiscal year 2004 third quarter and increased 8.3% to $27.0 million in the fiscal year 2005 nine months over the fiscal year 2004 nine months. Distribution Products gross profit ratio for the fiscal year 2005 third quarter increased 1.4 points over the fiscal year 2005 second quarter and 2.2 points over the fiscal year 2004 third quarter. In addition, a manufacturer rebate earned in the fiscal year 2004 second quarter accounted for 1.0 points of margin decline in the first nine months of fiscal year 2005.
- Calibration Services – Net sales were $4.2 million in the fiscal year 2005 third quarter and were flat with the fiscal year 2004 third quarter. The gross profit ratio increased 2.3 points over the fiscal year 2005 second quarter and 2.7 points over the fiscal year 2004 third quarter.
- Operating expenses decreased $0.2 million when compared to the prior year three and nine month periods as a continued result of the benefits of cost control initiatives.
FY2005 Q3 Earnings Release
November 30, 2004
Transcat Appoints Richard J. Harrison and Alan H. Resnick to Board of Directors
ROCHESTER, NY – November 30, 2004 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced the appointment of Richard J. Harrison and Alan H. Resnick to its Board of Directors, expanding the Board to 11 directors.
Richard J. Harrison, 59, is Senior Retail Banking and Lending Officer at the National Bank of Geneva and Senior Retail Risk Manager at its holding company Financial Institutions, Inc. Previously, he held senior executive management positions with the Savings Bank of the Finger Lakes; United Auto Finance, Inc.; American Credit Services, Inc. (a subsidiary of Rochester Community Savings Bank); and Security Trust Company/Security New York State Corporation (now Fleet/Bank of America). Mr. Harrison holds a B.A. in History and Economics from Hobart College and a M.B.A. from the State University of New York at Buffalo.
Alan H. Resnick, 61, is President of Janal Capital Management LLC, an investment management firm. Previously, he was Vice-President and Treasurer of Bausch & Lomb Incorporated and a member of the company’s Corporate Strategy Board until his retirement last month. He was responsible for all treasury-related activities including commercial and investment banking relationships, corporate finance, foreign exchange and interest rate management, corporate risk management, real estate and pension plan investment management. His experience includes numerous public offerings of debt instruments, syndicated revolving credit agreements, structured finance transactions, and numerous acquisition and divestiture projects. He was also a member of the Advisory Board of FM Global, a leading property insurance carrier, until his retirement from Bausch & Lomb. Mr. Resnick is Treasurer and a member of the Board of Directors of the Monroe Community College Foundation and serves on numerous boards and committees for several not-for-profit organizations in the greater Rochester, New York area. He holds a B.S. degree in Mathematics from Tufts University and a M.B.A. in Finance from Columbia University.
FY05 New Directors Press Release
November 1, 2004
Transcat Announces Fiscal 2005 First Half and Second Quarter Results; First Half and Second Quarter Revenues Rise 5%
ROCHESTER, NY November 1, 2004 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for its fiscal year 2005 first half and second quarter ended September 25, 2004.
Fiscal 2005 First Half and Second Quarter Highlights:
- Fiscal year 2005 net sales increased 5.0% to $12.5 million in the second quarter and 5.0% to $25.7 million in the first half.
- Operating income for the fiscal year 2005 second quarter increased $0.4 million to $0.1 million from the fiscal year 2005 first quarter but declined from the prior year second quarter in which $0.3 million in manufacturer rebates were earned.
- The net loss for the fiscal year 2005 second quarter was $0.1 million, or $0.01 per share, as compared with net income of $0.4 million, or $0.05 per share on a fully diluted basis, in the prior year second quarter. Prior year results included recognition of a $0.2 million tax benefit and a swing of $0.1 million for Canadian currency translation effects.
- Distribution products - Net sales increased 9.0% to $8.3 million from $7.6 million in the fiscal year 2005 second quarter on increased order rates; backorders remained stable; and the gross profit ratio decreased 6.6 points. Consistent with first quarter results, the margin ratio declined due to increased year-over-year promotional allowances and increased sales in lower margin channels. In addition, a significant manufacturer rebate in the second quarter of fiscal year 2004 contributed to 3.8 points of margin decline in the current quarter.
- Calibration services - Net sales declined $0.1 million, or 2.3%, from the prior year fiscal second quarter. The gross profit ratio decreased 4.8 points resulting from increased spending and lower revenue.
- Operating expenses decreased $0.4 million when compared to the prior year second quarter as a result of the benefits of cost control initiatives.
FY2005 Q2 Earnings Release
October 5, 2004
Transcat Names Charles P. Hadeed, CFO, as Chief Operating Officer; Joanne Hand Promoted to Corporate Controller
ROCHESTER, NY – October 5, 2004 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, is pleased to announce that Charles P. Hadeed, has been named Chief Operating Officer, in addition to his positions as Vice President of Finance and Chief Financial Officer. The announcement was made by Carl E. Sassano, Chairman of the Board, President and Chief Executive Officer.
Mr. Sassano stated: “In addition to his superb financial management expertise, Charlie has brought outstanding business management and leadership skills to Transcat which has materially helped us to achieve positive results for fiscal year 2004 that are continuing into 2005. Not only is he a terrific executive with a superb record of accomplishment, he also shares Transcat’s vision and strategic direction and our commitment to outstanding service and quality. He will be working closely with me and with the rest of our management team to help our company achieve long-term, sustainable profitability and growth.”
Charles P. Hadeed, 54, brings over 30 years of financial and strategic leadership experience to Transcat. Prior to joining the Company, he was Vice President – Heathcare Ventures Group with Henry Schein Inc.; Group Vice President – Operations at Del Laboratories Inc., and in various executive positions, including Vice President-Global Lens Care Operations, President-Oral Care Division, Vice President-Operations-Personal Products Division and Vice President/Controller-Personal Products Division, during his 20-year career at Bausch & Lomb, Inc. Mr. Hadeed earned a B.S. in Accounting from Syracuse University and is a certified public accountant.
Hadeed Press Release
August 17 , 2004
Transcat Announces Results of Annual Meeting of Shareholders; Transcat’s CEO Sees Continued Growth and Profitability in Fiscal 2005
ROCHESTER, NY – August 17, 2004 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced the results of its Annual Meeting of Shareholders held today at the company’s headquarters.
The agenda for the annual meeting included the re-election of three existing directors - Nancy D. Hessler, Robert G. Klimasewski, and Paul D. Moore - for new three-year terms, the expansion of the Board of Directors seats from nine to eleven directors, and the ratification of the appointment of PricewaterhouseCoopers LLP, an independent registered public accounting firm, as Transcat’s independent auditors for fiscal 2005.
In his remarks at the Annual Meeting, Carl E. Sassano, Chairman of the Board, President and Chief Executive Officer, said: “Last year, I reported on our plan to improve Transcat’s profitability and our focus on growth for the business. Today, after two years of strategic investments, planning and efforts on the part of the entire Transcat team in a challenging economic environment, I am pleased to report positive results for fiscal year 2004 that are continuing into 2005
Annual Meeting Press Release
July, 2004
Transcat, Inc. Appointed Authorized Tektronix Distributor
Transcat is pleased to announce its appointment as an Authorized North American Tektronix Distributor. Under this agreement, TRANSCAT will promote and distribute this leading family of oscilloscopes and general-purpose test equipment.
According to TRANSCAT Vice President, Jay Woychick, “The addition of Tektronix supports our strategic initiative to provide our customers with the industry’s best products. The Tektronix brand is synonymous with quality and technological leadership – both of which are at the heart of why companies look to TRANSCAT to meet their test and measurement product needs.”
Tektronix Press Release
July 14, 2004
Transcat Announces Fiscal 2005 First Quarter Results; First Quarter Revenues Rise 4.8%
ROCHESTER, NY – July 14, 2004 – Transcat, Inc. (Nasdaq: TRNS), a leading global distributor of professional grade test, measurement, and calibration instruments and a provider of calibration and repair services, today announced financial results for its fiscal year 2005 first quarter ended June 26, 2004.
Fiscal 2005 First Quarter Highlights:
- Fiscal year 2005 first quarter net sales increased 4.8% to $13.2 million from $12.6 million.
- The net loss for the fiscal year 2005 first quarter was $0.07 per share compared with net earnings of $0.03 per share in fiscal year 2004 first quarter.
- Distribution Products – Net sales increased 11.3% to $8.9 million from $8.0 million in the fiscal year 2005 first quarter on increased order rate; gross profit declined 1.4 points; backlog decreases to $1.5 million.
- Calibration Services – Net sales declined 6.5% from the fiscal year 2004 first quarter to the fiscal year 2005 first quarter; gross profit declined 2.8 points.
- Operating expenses increased by 13.3% principally due to anticipated administrative expenses associated with stock grant expenses, severance costs and prior year reduction in bad debt reserve.
FY2005 Q1 Earnings Release
June 21, 2004
Transcat Announces Fiscal 2004 Results; Reports Net Income for the Fourth Quarter and the Year in line with Strategic Plan;
Fourth Quarter Revenues Rise 10%
Fiscal 2004 Highlights:
- Fiscal year 2004 fourth quarter net sales increased 10.1%, from $13.9 million to $15.3 million.
- Net income for the 2004 fiscal year was $0.05 per diluted share compared with a net loss of $0.76 per diluted share in fiscal year 2003.
- Distribution Products – Net sales increased 15.6% from $9.0 million to $10.4 million in the fiscal year 2004 fourth quarter on increased order rate; backlog increases to $1.7 million.
- Calibration Services – Gross profit increased 11.4 points from fiscal year 2003 to fiscal year 2004.
- Operating expenses remain flat as operational efficiencies improve, offset by investments made to expand our presence in additional market segments.
Solid Results in Fiscal 2004
Commenting on the fiscal year 2004 fourth quarter and fiscal year results, Carl E. Sassano, Chairman of the Board, President and Chief Executive Officer, stated: “After two years of strategic investments and efforts on the part of the entire Transcat team in a challenging economic environment, I am pleased to report positive results for fiscal year 2004…
Looking Ahead
Mr. Sassano continued: “We believe that the improvements that we made during fiscal year 2004 have positioned our company for long-term, sustainable profitability and growth. While we expect to continue to make improvements during fiscal year 2005, we expect to deliver profitable results for our shareholders…
FY2004 Q4 Earnings Release
April, 2004
Transcat Appointed as Authorized Agilent Distributor
Transcat has recently been appointed as one of 15 select distributors to be authorized by Agilent to sell Agilent products.
Agilent is a leading manufacturer of high accuracy precision instruments for Test, Calibration, and R&D applications. Products included in this agreement are Oscilloscopes, Power Supplies, Bench Digital Multimeters, Power Sensors, Data Acquisition Products, and Function Generators.
In addition to offering Agilent products, Transcat provides accredited calibration services for Agilent products and all other types of test & measurement instruments.
November 21, 2003
Transcat Announces Strategic Alliance With Prime Technologies
Rochester, NY — TRANSCAT, Inc., a leading calibration service provider, has announced a strategic alliance with Prime Technologies designed to provide a comprehensive calibration services solution to the pharmaceutical and life science industries.
Prime Technologies publishes 21CFR Part 11 compliant calibration software, called ProCalV5, which is designed and validated to meet the needs of FDA-regulated users.
FY2004 Prime Technologies Press Release