Transcat Inc.’s net income increased 11 percent while revenue rose nearly 20 percent for the fiscal 2012 fourth quarter, capping a record year for the company.
Net income increased to $1.2 million, or 16 cents a diluted share, up from $1.1 million, or 14 cents a diluted share, a year ago. The Ogden-based service provider and distributor of calibration and measurement instruments logged revenues of $31 million for the quarter, up from $26 million a year ago.
Transcat officials said the growth was largely due to an increase in sales from its product and service segments, which each grew nearly 20 percent.
Total operating expenses increased to $5.9 million during the quarter, up from $5.1 million. Operating income rose to $2 million, up from $1.8 million.
Overall, for the fiscal year, Transcat reported net income of $3.3 million, or 43 cents a diluted share, compared with $2.8 million, or 37 cents a diluted share, for fiscal 2011. The company logged revenues of $110 million, up 21 percent from $91 million.
It marked the first time Transcat has exceeded the $100 million benchmark during a fiscal year.
The company generated $6.3 million in cash from operations in fiscal 2012, up more than 140 percent from a year ago.
Transcat’s reported results included the 2011 acquisitions of Wind Turbine Tools Inc., CMC Instrument Services Inc. and Newark Corp.’s calibration services.
“Fiscal 2012 was our most successful year in the company's nearly 50-year history,” said Charles Hadeed, president and CEO, in a statement. “Record revenue and operating income were fueled by the combined results of our organic growth initiatives and the execution of our acquisition strategy.”
Transcat reported its results Monday afternoon after the market closed. The company’s stock (Nasdaq: TRNS) was down 20 cents midday Tuesday at $7.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
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