Transcat Reports Record Third Quarter Revenue in Fiscal 2019
Summary
Lee D. Rudow, President and CEO, commented, “From a sales perspective, we continued to capture market share in our Service segment and are winning more business from large customer-based labs, where our operations are embedded for the long term. Gross margin was negatively impacted by Canada softness, the mix of Service work performed in the quarter, and short-term productivity challenges due to increased numbers of new technical staff. The Service segment gross profit and margin decrease reflected soft Canada results, an unfavorable mix and productivity challenges from the initial investments in a significant number of new lab technicians to support recent and planned growth. 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. 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.