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Transcat Inc. posted increases in revenue and profits in its fiscal first quarter.
The instrumentation distribution and repair company reported net income of $700,000, or 9 cents a share, compared with $400,000, or a nickel a share a year ago.
Revenue for the quarter ended June 29 grew 14 percent to $28.7 million. Transcat also reported a 34 percent jump in service segment revenue to $11.7 million. Operating income doubled to $1.2 million in the first quarter.
"Our first quarter performance was very strong and reflects the continued implementation and success of our strategic initiatives, most notably, in our service segment," said Lee Rudow, Transcat president and CEO. "This segment's performance benefited from organic growth, as well as recent acquisitions, and demonstrates the inherent operating leverage in the business."
The past few months have been a busy time for Transcat, which acquired Anacor Compliance Services, Inc. on July 16 and Cal-Matrix Metrology Inc. in January.
Rudow noted that the strong performance in the first quarter was the result of new approaches in sales and marketing.
"We were successful in driving organic growth and customer retention in the Service segment as a result of the restructuring of our sales and marketing organization and improving market conditions," he said.
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