TESSCO Technologies Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 24, 2017; Provides Earnings Guidance for 2018
For the nine months, the company reported revenues of $431,354,600 against $410,692,200 a year ago. Income from operations was $6,720,600 against $4,304,300 a year ago. Income before provision for income taxes was $6,381,000 against $4,238,600 a year ago. Net income was $4,027,000 or $0.48 per basic and diluted share against $2,302,400 or $0.28 per basic and diluted share a year ago. EBITDA was $9,751,300 against $7,665,500 a year ago. EBITDA, adjusted was $10,496,700 against $7,956,600 a year ago. EBITDA per diluted share was $1.16 against $0.92 a year ago. Adjusted EBITDA per diluted share was $1.25 against $0.96 a year ago. Cash flow used in operations was $7.3 million during the first nine months of the 2018 fiscal year, primarily due to increases in inventory and accounts receivable.
The company currently anticipates double-digit year-over-year revenue growth and to be profitable in its fiscal 2018 fourth quarter.