Transcat Operating Income Increases 49% on 8% Revenue Growth for Fiscal 2019 Second Quarter

Transcat, Inc. (Nasdaq:TRNS) (Transcat or the Company), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its second quarter ended September 29, 2018 (the second quarter) of fiscal year 2019, which ends March 30, 2019 (fiscal 2019). Reported results include one month of the acquisition of substantially all of the assets of Angels Instrumentation, Inc. (Angels) effective August 31, 2018.

Lee D. Rudow, President and CEO, commented, Our second quarter performance demonstrates the solid execution of our strategic plan. As expected, both of our operating segments turned in solid results with strong organic revenue growth. We were especially pleased with the 9% organic revenue growth we achieved in our U.S. operations Service segment. And, when combined with our inherent operating leverage, we measurably enhanced our profitability. We are also encouraged with the early results and outlook from our Angels acquisition, which broadens our geographic footprint and enhances our Service value proposition.

Second Quarter Fiscal 2019 Review (Results are compared with the second quarter of the fiscal year ended March 31, 2018 (fiscal 2018))

($ in thousands) Change
FY19 Q2 FY18 Q2 $’s %
Service Revenue $ 19,902 $ 18,239 $ 1,663

9.1%

Distribution Sales $ 18,977 $ 17,688 $ 1,289

7.3%

Revenue $ 38,879 $ 35,927 $ 2,952

8.2%

Gross Profit $ 9,139 $ 8,154 $ 985

12.1%

Gross Margin

23.5%

22.7%

Operating Income $ 2,176 $ 1,458 $ 718

49.2%

Operating Margin

5.6%

4.1%

Net Income $ 1,488 $ 781 $ 707

90.5%

Net Margin

3.8%

2.2%

Adjusted EBITDA* $ 4,015 $ 3,297 $ 718

21.8%

Adjusted EBITDA* Margin

10.3%

9.2%

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

Transcat achieved consolidated revenue growth of 8.2%, or 7.4% if excluding acquired revenue of $0.3 million. Gross margin expanded 80 basis points. Total operating expenses were up $0.3 million to $7.0 million, which reflected the Companys continued investment in operating infrastructure and operational excellence initiatives; however, as a percent of revenue, operating costs were down 70 basis points to 17.9%. As a result, operating income increased 49.2% and operating margin increased 150 basis points to 5.6%. The effective tax rate decreased to 24.9% from 34.2%, largely due to lower U.S. federal tax rates from the December 2017 Tax Cuts and Jobs Act. Net income nearly doubled and diluted earnings per share increased to $0.20 from $0.11.

Service segment delivers strong organic growth while focusing on productivity enhancements

Represents the accredited calibration, repair, inspection and laboratory instrument services business (51% of total revenue for the second quarter of fiscal 2019).

($ in thousands) Change
FY19 Q2 FY18 Q2 $’s %
Service Segment Revenue $ 19,902 $ 18,239 $ 1,663

9.1%

Gross Profit $ 4,807 $ 4,320 $ 487

11.3%

Gross Margin

24.2%

23.7%

Operating Income $ 1,125 $ 790 $ 335

42.4%

Operating Margin

5.7%

4.3%

Adjusted EBITDA* $ 2,414 $ 2,069 $ 345

16.7%

Adjusted EBITDA* Margin

12.1%

11.3%

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

Excluding acquired revenue of $0.3 million, the Service segment had organic growth of 7.6%. Higher revenue was the result of new business from the life sciences market and growth in general industrial manufacturing. On a trailing twelve-month basis, Service segment revenue was $80.0 million, an 8.5% improvement compared with the trailing twelve-month period ending with the prior-year second quarter.

Segment operating margin improved 140 basis points due to the inherent operating leverage in the segment and the negative impact from Hurricanes Harvey and Maria in the second quarter of fiscal year 2018. The Company estimated that impact to fiscal year 2018s second quarter was between 40 and 90 basis points of operating margin.

Distribution segment generated strong gross and operating profit performance

Represents the sale and rental of new and used professional grade handheld test, measurement and control instrumentation (49% of total revenue for the second quarter of fiscal 2019).

($ in thousands) Change
FY19 Q2 FY18 Q2 $’s %
Distribution Segment Sales $ 18,977 $ 17,688 $ 1,289

7.3%

Gross Profit $ 4,332 $ 3,834 $ 498

13.0%

Gross Margin

22.8%

21.7%

Operating Income $ 1,051 $ 668 $ 383

57.3%

Operating Margin

5.5%

3.8%

Adjusted EBITDA* $ 1,601 $ 1,228 $ 373

30.4%

Adjusted EBITDA* Margin

8.4%

6.9%

*See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

The Distribution sales increase reflected higher demand from core industrial customers and increased rental revenue of 15% to $1.0 million year-over-year. Distribution gross margin increased 110 basis points due to the mix of products sold, the timing of certain vendor rebates, and pricing initiatives that were implemented as part of the Companys ongoing operational excellence program. Segment operating margin expanded 170 basis points.

Six Month Review (Results are compared with the first six months of fiscal 2018)

Total revenue increased 4.6%, or $3.3 million, to $75.5 million, primarily due to the factors described above in the second quarter fiscal 2019 review. Consolidated gross profit was up $1.4 million, or 8.4%, to $18.3 million, and gross margin expanded 90 basis points to 24.2%. Operating expenses increased $0.1 million to $14.1 million as the Company continued to invest in its operating infrastructure and operational excellence initiatives. However, as a percentage of total revenue, consolidated operating expenses were 18.6%, down 80 basis points. As a result, operating income increased $1.3 million or 46.4%, and operating margin expanded 160 basis points to 5.6%.

Net income was $2.9 million, or $0.39 per diluted share, compared with $1.6 million, or $0.23 per diluted share. Adjusted EBITDA was $7.9 million, or 10.4% of revenue, compared with $6.7 million, or 9.2% of revenue. See Note 1 on page 4 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

Balance Sheet and Cash Flow Overview

Transcat acquired substantially all of the assets of Angels effective August 31, 2018. The purchase price was $4.7 million, before purchase agreement holdbacks of $1.0 million, and was funded with debt and cash generated from operations. At September 29, 2018, the Company had total debt of $25.3 million, with $17.7 million available under its secured revolving credit facility. The Companys leverage ratio, as defined in its credit agreement, was 1.34 at September 29, 2018, compared with 1.40 at fiscal 2018 year-end. Year-to-date net cash provided by operating activities was $4.9 million, up from $1.7 million in the prior-year period.

Capital expenditures were $3.7 million for the first six months of fiscal 2019. Investments were primarily for assets for the Companys rental business and customer-driven expansion of Service segment capabilities.

Outlook

Mr. Rudow added, Our team is executing well. Distribution continues to show strength in both top-line and margins. And, our Services business is continuing to capture market share as our quality, full service capabilities and geographic breadth address our customers needs. The Angels integration is on track and our pipeline of other acquisition opportunities continues to be robust. Our goal is to drive double-digit Service segment revenue growth.

Our strengthened margin profile shows the strong operating leverage inherent in our business. In addition, we continue to capitalize on the synergies that exist between our two business segments “ a component of our value proposition that we believe is unique in our industry. Looking further out, we are making early strides with our operational excellence initiatives, and believe these efforts will be more meaningful drivers of profitability in the next year or two. Through productivity and automation efficiencies, we believe we can improve the earnings power of Transcat and continue to create a strong foundation upon which to grow revenue and profits.

Transcat expects its income tax rate to range between 25% and 27% for full year fiscal 2019.

The Company continues to expect to invest $7.0 million to $7.5 million in capital expenditures during fiscal 2019. Capital investments will be primarily focused on technology infrastructure to drive operational excellence and organic growth opportunities within both operating segments, and for rental pool assets.

Webcast and Conference Call

Transcat will host a conference call and webcast on Wednesday, October 24, 2018 at 11:00 a.m. ET. Management will review the financial and operating results for the second quarter, as well as the Companys strategy and outlook. A question and answer session will follow the formal discussion. The review will be accompanied by a slide presentation, which will be available at www.transcat.com/investor-relations. The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.transcat.com/investor-relations.

A telephonic replay will be available from 2:00 p.m. ET on the day of the call through Wednesday, October 31, 2018. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13683727, or access the webcast replay at www.transcat.com/investor-relations, where a transcript will be posted once available.

NOTE 1 “ Non-GAAP Financial Measures

In addition to reporting net income, a U.S. generally accepted accounting principle (GAAP) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, and non-cash stock-based compensation expense), which is a non-GAAP measure. The Companys management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, and stock-based compensation expense, which is not always commensurate with the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business segments and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies. See the attached Adjusted EBITDA Reconciliation table on page 9.

ABOUT TRANSCAT

Transcat, Inc. is a leading provider of accredited calibration, repair, inspection and laboratory instrument services. The Company is focused on providing best-in-class services and products to highly regulated industries, including life science, aerospace and defense, pharmaceutical, medical device manufacturing and biotechnology. Transcat provides permanent and periodic on-site services, mobile calibration services and in-house services through 21 Calibration Service Centers strategically located across the United States, Puerto Rico and Canada. The breadth and depth of measurement parameters addressed by Transcats ISO/IEC 17025 scopes of accreditation are believed to be the best in the industry.

Transcat also operates as a leading value-added distributor that markets, sells and rents new and used national and proprietary brand instruments to customers primarily in North America. The Company believes its combined Service and Distribution segment offerings, experience, technical expertise and integrity create a unique and compelling value proposition for its customers.

Transcats growth strategy is to leverage the complimentary nature of its two operating segments, its comprehensive service capabilities, strong brand, enhanced e-commerce capabilities and leading distribution platform to drive organic sales growth. The Company will also look to expand its addressable calibration market through acquisitions and capability investments to further realize its inherent leverage of its business model.

More information about Transcat can be found at: Transcat.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and thus are subject to risks, uncertainties and assumptions. Forward-looking statements are identified by words such as expects, estimates, projects, anticipates, believes, could, and other similar words. All statements addressing operating performance, events or developments that Transcat, Inc. expects or anticipates will occur in the future, including but not limited to statements relating to anticipated revenue, profit margins, sales operations, capital expenditures, cash flows, operating income, growth strategy, segment growth, potential acquisitions, integration of acquired businesses, market position, customer preferences, outlook and changes in market conditions in the industries in which Transcat operates are forward-looking statements. Forward-looking statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Transcats Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled Risk Factors. Should one or more of these risks or uncertainties materialize, or should any of the Companys underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Companys forward-looking statements. Except as required by law, the Company disclaims any obligation to update, correct or publicly announce any revisions to any of the forward-looking statements contained in this news release.

TRANSCAT, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts)

(Unaudited) (Unaudited)
Second Quarter Ended Six Months Ended
September 29, September 23, September 29, September 23,
2018 2017 2018 2017
Service Revenue $ 19,902 $ 18,239 $ 39,227 $ 36,721
Distribution Sales 18,977 17,688 36,310 35,485
Total Revenue 38,879 35,927 75,537 72,206
Cost of Service Revenue 15,095 13,919 29,501 27,765
Cost of Distribution Sales 14,645 13,854 27,784 27,596
Total Cost of Revenue 29,740 27,773 57,285 55,361
Gross Profit 9,139 8,154 18,252 16,845
Selling, Marketing and Warehouse Expenses 4,020 4,005 8,052 8,097
Administrative Expenses 2,943 2,691 5,999 5,879
Total Operating Expenses 6,963 6,696 14,051 13,976
Operating Income 2,176 1,458 4,201 2,869
Interest and Other Expense, net 195 271 420 543
Income Before Income Taxes 1,981 1,187 3,781 2,326
Provision for Income Taxes 493 406 865 689
Net Income $ 1,488 $ 781 $ 2,916 $ 1,637
Basic Earnings Per Share $ 0.21 $ 0.11 $ 0.41 $ 0.23
Average Shares Outstanding 7,200 7,131 7,187 7,102
Diluted Earnings Per Share $ 0.20 $ 0.11 $ 0.39 $ 0.23
Average Shares Outstanding 7,520 7,286 7,486 7,242

TRANSCAT, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)
September 29, March 31,
2018 2018
ASSETS
Current Assets:
Cash $ 571 $ 577
Accounts Receivable, less allowance for doubtful accounts of $300
and $296 as of September 29, 2018 and March 31, 2018, respectively 24,053 24,684
Other Receivables 1,623 1,361
Inventory, net 14,161 12,651
Prepaid Expenses and Other Current Assets 1,227 1,240
Total Current Assets 41,635 40,513
Property and Equipment, net 19,591 17,091
Goodwill 34,120 32,740
Intangible Assets, net 6,197 5,505
Other Assets 870 973
Total Assets $ 102,413 $ 96,822
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable $ 12,903 $ 13,535
Accrued Compensation and Other Liabilities 5,160 5,240
Income Taxes Payable 624 232
Current Portion of Long-Term Debt 2,143 2,143
Total Current Liabilities 20,830 21,150
Long-Term Debt 23,153 20,707
Deferred Tax Liability 1,708 1,709
Other Liabilities 1,856 1,908
Total Liabilities 47,547 45,474
Shareholders’ Equity:
Common Stock, par value $0.50 per share, 30,000,000 shares authorized;
7,201,589 and 7,155,050 shares issued and outstanding
as of September 29, 2018 and March 31, 2018, respectively 3,601 3,578
Capital in Excess of Par Value 15,599 14,965
Accumulated Other Comprehensive Loss (274 ) (281 )
Retained Earnings 35,940 33,086
Total Shareholders’ Equity 54,866 51,348
Total Liabilities and Shareholders’ Equity $ 102,413 $ 96,822

TRANSCAT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

For the Six Months Ended

September 29, September 23,
2018 2017
Cash Flows from Operating Activities:
Net Income $ 2,916 $ 1,637
Adjustments to Reconcile Net Income to Net Cash Provided
by Operating Activities:
Loss on Sale of Property and Equipment 6 25
Deferred Income Taxes (1 ) 41
Depreciation and Amortization 3,067 2,984
Provision for Accounts Receivable and Inventory Reserves 74 203
Stock-Based Compensation Expense 606 831
Changes in Assets and Liabilities:
Accounts Receivable and Other Receivables 856 760
Inventory (1,172 ) (1,020 )
Prepaid Expenses and Other Assets 101 (145 )
Accounts Payable (706 ) (1,747 )
Accrued Compensation and Other Liabilities (1,271 ) (1,458 )
Income Taxes Payable 389 (456 )
Net Cash Provided by Operating Activities 4,865 1,655
Cash Flows from Investing Activities:
Purchase of Property and Equipment (3,703 ) (3,942 )
Proceeds from Sale of Property and Equipment 6
Business Acquisitions, net of cash acquired (3,614 )
Net Cash Used in Investing Activities (7,317 ) (3,936 )
Cash Flows from Financing Activities:
Proceeds from Revolving Credit Facility, net 3,517 3,110
Repayments of Term Loan (1,071 ) (714 )
Issuance of Common Stock 132 761
Repurchase of Common Stock (143 ) (344 )
Stock Option Redemption (90 )
Net Cash Provided by Financing Activities 2,435 2,723
Effect of Exchange Rate Changes on Cash 11 (659 )
Net Decrease in Cash (6 ) (217 )
Cash at Beginning of Period 577 842
Cash at End of Period $ 571 $ 625

TRANSCAT, INC.

Adjusted EBITDA Reconciliation Table

(Dollars in thousands)

(Unaudited)

Fiscal 2019

Q1

Q2 Q3 Q4 YTD
Net Income $ 1,428 $ 1,488 $ 2,916
+ Interest Expense 206 197 403
+ Other Expense / (Income) 19 (2 ) 17
+ Tax Provision 372 493 865
Operating Income $ 2,025 $ 2,176 $ 4,201
+ Depreciation & Amortization 1,567 1,500 3,067
+ Other (Expense) / Income (19 ) 2 (17 )
+ Noncash Stock Compensation 269 337 606
Adjusted EBITDA $ 3,842 $ 4,015 $ 7,857

Segment Breakdown

Service Operating Income $ 1,068 $ 1,125 $ 2,193
+ Depreciation & Amortization 1,189 1,116 2,305
+ Other (Expense) / Income (13 ) (1 ) (14 )
+ Noncash Stock Compensation 146 174 320
Service Adjusted EBITDA $ 2,390 $ 2,414 $ 4,804
Distribution Operating Income $ 957 $ 1,051 $ 2,008
+ Depreciation & Amortization 378 384 762
+ Other (Expense) / Income (6 ) 3 (3 )
+ Noncash Stock Compensation 123 163 286
Distribution Adjusted EBITDA $ 1,452 $ 1,601 $ 3,053

Fiscal 2018

Q1 Q2 Q3 Q4 YTD
Net Income $ 856 $ 781 $ 1,831 $ 2,454 $ 5,922
+ Interest Expense 236 281 250 251 1,018
+ Other Expense / (Income) 36 (10 ) 61 (27 ) 60
+ Tax Provision 283 406 512 825 2,026
Operating Income $ 1,411 $ 1,458 $ 2,654 $ 3,503 $ 9,026
+ Depreciation & Amortization 1,487 1,497 1,543 1,464 5,991
+ Other (Expense) / Income (36 ) 10 (61 ) 27 (60 )
+ Noncash Stock Compensation 499 332 264 316 1,411
Adjusted EBITDA $ 3,361 $ 3,297 $ 4,400 $ 5,310 $ 16,368

Segment Breakdown

Service Operating Income $ 885 $ 790 $ 1,063 $ 2,420 $ 5,158
+ Depreciation & Amortization 1,110 1,107 1,126 1,054 4,397
+ Other (Expense) / Income (28 ) 4 (45 ) 8 (61 )
+ Noncash Stock Compensation 249 168 134 155 706
Service Adjusted EBITDA $ 2,216 $ 2,069 $ 2,278 $ 3,637 $ 10,200
Distribution Operating Income $ 526 $ 668 $ 1,591 $ 1,083 $ 3,868
+ Depreciation & Amortization 377 390 417 410 1,594
+ Other (Expense) / Income (8 ) 6 (16 ) 19 1
+ Noncash Stock Compensation 250 164 130 161 705
Distribution Adjusted EBITDA $ 1,145 $ 1,228 $ 2,122 $ 1,673 $ 6,168

TRANSCAT, INC.

Additional Information – Business Segment Data

(Dollars in thousands)

(Unaudited)

Change
SERVICE FY 2019 Q2 FY 2018 Q2 $’s %
Service Revenue $ 19,902 $ 18,239 $ 1,663 9.1 %
Cost of Revenue $ 15,095 $ 13,919 $ 1,176 8.4 %
Gross Profit $ 4,807 $ 4,320 $ 487 11.3 %
Gross Margin 24.2 % 23.7 %
Selling, Marketing & Warehouse Expenses $ 2,031 $ 2,146 $ (115 ) (0.5 %)
General and Administrative Expenses $ 1,651 $ 1,384 $ 267 19.3 %
Operating Income $ 1,125 $ 790 $ 335 42.4 %
% of Revenue 5.7 % 4.3 %
Change
DISTRIBUTION FY 2019 Q2 FY 2018 Q2 $’s %
Distribution Sales $ 18,977 $ 17,688 $ 1,289 7.3 %
Cost of Sales $ 14,645 $ 13,854 $ 791 5.7 %
Gross Profit $ 4,332 $ 3,834 $ 498 13.0 %
Gross Margin 22.8 % 21.7 %
Selling, Marketing & Warehouse Expenses $ 1,989 $ 1,859 $ 130 7.0 %
General and Administrative Expenses $ 1,292 $ 1,307 $ (15 ) (1.1 %)
Operating Income $ 1,051 $ 668 $ 383 57.3 %
% of Sales 5.5 % 3.8 %
Change
TOTAL FY 2019 Q2 FY 2018 Q2 $’s %
Total Revenue $ 38,879 $ 35,927 $ 2,952 8.2 %
Total Cost of Revenue $ 29,740 $ 27,773 $ 1,967 7.1 %
Gross Profit $ 9,139 $ 8,154 $ 985 12.1 %
Gross Margin 23.5 % 22.7 %
Selling, Marketing & Warehouse Expenses $ 4,020 $ 4,005 $ 15 0.4 %
General and Administrative Expenses $ 2,943 $ 2,691 $ 252 9.4 %
Operating Income $ 2,176 $ 1,458 $ 718 49.2 %
% of Revenue 5.6 % 4.1 %

TRANSCAT, INC.

Additional Information – Business Segment Data

(Dollars in thousands)

(Unaudited)

Change
SERVICE FY 2019 YTD FY 2018 YTD $’s %
Service Revenue $ 39,227 $ 36,721 $ 2,506 6.8 %
Cost of Revenue $ 29,501 $ 27,765 $ 1,736 6.3 %
Gross Profit $ 9,726 $ 8,956 $ 770 8.6 %
Gross Margin 24.8 % 24.4 %
Selling, Marketing & Warehouse Expenses $ 4,131 $ 4,218 $ (87 ) (2.1 %)
General and Administrative Expenses $ 3,402 $ 3,063 $ 339 11.1 %
Operating Income $ 2,193 $ 1,675 $ 518 30.9 %
% of Revenue 5.6 % 4.6 %
Change
DISTRIBUTION FY 2019 YTD FY 2018 YTD $’s %
Distribution Sales $ 36,310 $ 35,485 $ 825 2.3 %
Cost of Sales $ 27,784 $ 27,596 $ 188 0.7 %
Gross Profit $ 8,526 $ 7,889 $ 637 8.1 %
Gross Margin 23.5 % 22.2 %
Selling, Marketing & Warehouse Expenses $ 3,921 $ 3,879 $ 42 1.1 %
General and Administrative Expenses $ 2,597 $ 2,816 $ (219 ) (7.8 %)
Operating Income $ 2,008 $ 1,194 $ 814 68.2 %
% of Sales 5.5 % 3.4 %
Change
TOTAL FY 2019 YTD FY 2018 YTD $’s %
Total Revenue $ 75,537 $ 72,206 $ 3,331 4.6 %
Total Cost of Revenue $ 57,285 $ 55,361 $ 1,924 3.5 %
Gross Profit $ 18,252 $ 16,845 $ 1,407 8.4 %
Gross Margin 24.2 % 23.3 %
Selling, Marketing & Warehouse Expenses $ 8,052 $ 8,097 $ (45 ) (0.6 %)
General and Administrative Expenses $ 5,999 $ 5,879 $ 120 2.0 %
Operating Income $ 4,201 $ 2,869 $ 1,332 46.4 %
% of Revenue 5.6 % 4.0 %

Transcat, Inc.
Michael J. Tschiderer, 585-563-5766
Chief
Financial Officer
[email protected]
or
Deborah
K. Pawlowski, Investor Relations, 716-843-3908
[email protected]