Transcat, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 23, 2017; Provides Tax Rate Guidance for the Year 2018 and 2019
January 29, 2018 at 04:15 pm EST
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Transcat, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 23, 2017. For the quarter, total revenue was $40,483,000 against $37,813,000 a year ago. Operating income was $2,654,000 against $2,353,000 a year ago. Income before income taxes was $2,343,000 against $2,165,000 a year ago. Net income was $1,831,000 against $1,270,000 a year ago. Diluted earnings per share were $0.25 against $0.18 per basic and diluted share a year ago. Adjusted EBITDA was $4,400,000 against $4,214,000 a year ago.
For the nine months, total revenue was $112,689,000 against $105,445,000 a year ago. Operating income was $5,523,000 against $5,369,000 a year ago. Income before income taxes was $4,669,000 against $4,822,000 a year ago. Net income was $3,468,000 against $3,093,000 a year ago. Diluted earnings per share were $0.48 against $0.43 a year ago. Net cash provided by operating activities was $5,817,000 against $3,874,000 a year ago. Purchase of property and equipment was $5,084,000 against $4,104,000 a year ago. Adjusted EBITDA was $11,058,000 against $14,520,000 a year ago.
Given the changes to the federal corporate income tax rate, the company expects its blended income tax rate for fiscal year 2018 to range between 28% and 29%. The Company tightened its capital expenditures expectations for the full year fiscal 2018 to a range of $6.0 million to $6.3 million, which is being used primarily for IT infrastructure investments to drive operational excellence, specific customer-opportunity driven Service capabilities and additional assets for the Company's growing rental business.
For fiscal year 2019, the Company expects its effective income tax rate to be approximately 26%.
Transcat, Inc. is a provider of accredited calibration services, cost control and optimization services, and distribution and rental of value-added professional grade handheld test, measurement, and control instrumentation. The Company is focused on providing services and products to highly regulated industries, particularly the life science industry, which includes pharmaceutical, biotechnology, medical device and other FDA-regulated businesses. Through its Service segment, it offers calibration, repair, inspection, analytical qualifications, preventative maintenance, consulting and other related services, a majority of which are processed through its asset management system, CalTrak, and its online customer portal, C3. It also provides permanent and periodic onsite services, mobile calibration services, pickup and delivery and in-house services. Through its Distribution segment, it sells and rents national and proprietary brand instruments to customers globally.
Transcat, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 23, 2017; Provides Tax Rate Guidance for the Year 2018 and 2019