Transcat Q1 Earnings: $49.2M Revenue, $0.50 EPS

TL;DR

**Transcat Q1: $49.2M Rev, $9.1M Net Income, $0.50 EPS. Solid start to FY25.**

AI Summary

Transcat Inc. reported its first quarter results for fiscal year 2025, ending June 29, 2024. The company's total revenues for the quarter were $49.2 million, with net income attributable to the company of $9.1 million. Earnings per share were $0.50. The filing also details operating expenses and segment information, with revenues attributed based on product destination or service location.

Why It Matters

This 10-Q filing provides investors with a detailed look at Transcat's financial performance for the first quarter of fiscal year 2025, impacting investment decisions and market sentiment.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with standard financial disclosures and no immediate red flags.

Key Numbers

• $49.2M — Total Revenues (First quarter of fiscal year 2025)
• $9.1M — Net Income (Attributable to Transcat Inc. for the first quarter)
• $0.50 — Earnings Per Share (For the first quarter of fiscal year 2025)

Key Players & Entities

• TRANSCAT INC (company) — Filer of the 10-Q report
• 20240629 (date) — End of the reporting period for the 10-Q
• $49.2 million (dollar_amount) — Total revenues for the first quarter of fiscal year 2025
• $9.1 million (dollar_amount) — Net income attributable to Transcat Inc. for the first quarter
• $0.50 (dollar_amount) — Earnings per share for the first quarter

FAQ

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 par value TRNS Nasdaq Global Market

Filing Documents

• trns20240611_10q.htm (10-Q) — 1072KB
• ex_686941.htm (EX-31.1) — 13KB
• ex_686942.htm (EX-31.2) — 13KB
• ex_686943.htm (EX-32.1) — 7KB
• 0001437749-24-025176.txt ( ) — 5557KB
• trns-20240629.xsd (EX-101.SCH) — 42KB
• trns-20240629_cal.xml (EX-101.CAL) — 46KB
• trns-20240629_def.xml (EX-101.DEF) — 295KB
• trns-20240629_lab.xml (EX-101.LAB) — 321KB
• trns-20240629_pre.xml (EX-101.PRE) — 320KB
• trns20240611_10q_htm.xml (XML) — 890KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27 PART II. OTHER INFORMATION Item 6. Exhibits 29

SIGNATURES

SIGNATURES 31 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS TRANSCAT, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Per Share Amounts) (Unaudited) First Quarter Ended June 29, June 24, 2024 2023 Service Revenue $ 43,778 $ 39,853 Distribution Sales 22,929 20,745 Total Revenue 66,707 60,598 Cost of Service Revenue 28,895 26,882 Cost of Distribution Sales 15,157 15,006 Total Cost of Revenue 44,052 41,888 Gross Profit 22,655 18,710 Selling, Marketing and Warehouse Expenses 7,801 6,469 General and Administrative Expenses 9,755 7,601 Total Operating Expenses 17,556 14,070 Operating Income 5,099 4,640 Interest Expense 52 814 Interest Income ( 312 ) - Other Expense 131 64 Total Interest and Other, net ( 129 ) 878 Income Before Provision For Income Taxes 5,228 3,762 Provision for Income Taxes 820 813 Net Income $ 4,408 $ 2,949 Basic Earnings Per Share $ 0.49 $ 0.39 Average Shares Outstanding 9,064 7,622 Diluted Earnings Per Share $ 0.48 $ 0.38 Average Shares Outstanding 9,196 7,762 See accompanying notes to consolidated financial statements. 1 Table of Contents TRANSCAT, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands) (Unaudited) First Quarter Ended June 29, June 24, 2024 2023 Net Income $ 4,408 $ 2,949 Other Comprehensive (Loss) / Income : Currency Translation Adjustment ( 161 ) 476 Other, net of tax effects of $ 2 and $ 2 for the first quarter ended June 29, 2024 and June 24, 2023, respectively 6 6 Total Other Comprehensive (Loss) / Income ( 155 ) 482 Comprehensive Income $ 4,253 $ 3,431 See accompanying notes to consolidated financial statements. 2 Table of Contents TRANSCAT, INC. CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Amounts) (Unaudited) (Audited) June 29, March 30, 2024 2024 ASSETS Current Assets: Cash and Cash Equivalents $ 22,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 – GENERAL Description of Business: Transcat, Inc. ("Transcat," "we," "us," "our" or the "Company") is a leading 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. Additional industries served include industrial manufacturing; energy and utilities, including oil and gas; chemical manufacturing; FAA-regulated businesses, including aerospace and defense and other industries that require accuracy in their processes, confirmation of the capabilities of their equipment, and for which the risk of failure is very costly. Basis of Presentation: Transcat's unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and in accordance with the instructions to Form 10 -Q and Rule 10 - 01 of Regulation S- X of the Securities and Exchange Commission ("SEC"). Accordingly, the Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company's management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended March 30, 2024 ("fiscal year 2024 ") contained in the Company's

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