|
TESSCO Releases Quarterly Financial Results (7/21/10)
TESSCO Technologies announced its results for the first quarter of fiscal 2011 ending June 27.
Revenues for the first quarter of fiscal 2011 totaled $142 million compared with $108.8 million in the fiscal 2010 first quarter, an increase of 30.5 percent. Gross profit for the 2011 first quarter was $32.3 million compared with $29 million in the prior-year period. The company reported net income of $2.1 million in the quarter compared with $1.9 million in the prior-year quarter. As of June 27, the company’s cash balance totaled $4.7 million, and there was no balance outstanding on the revolving line of credit.
“I am extraordinarily proud that we grew revenues 30 percent over last year’s first quarter, on top of last fiscal year’s records, all in a still uncertain economic environment,” said Robert B. Barnhill, TESSCO’s chairman, president and CEO. “This performance was a result of excellent execution on the three pillars of our strategic plan.”
Based on TESSCO’s results for the first quarter of fiscal 2011 and its current pipeline of business opportunities, management continues to expect another record year, and is maintaining its guidance of $1.27 to $1.50 per diluted share for fiscal 2011.
Your comments are welcome, click here.
Copyright © 2000 - 2010, Pandata Corp., All Rights Reserved.
Privacy Policy and Legal Statement.
|
