William Blair analyst Maggie Nolan downgrades Tessco Technologies (NASDAQ:TESS) from Outperform to Market Perform.
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Third-quarter Revenues of $114.9 million, Up 12% Year Over Year New Enterprise Resource Planning (ERP) System Launched in January Company Reaffirms Guidance for Fiscal Year 2023 TESSCO TECHNOLOGIES INCORPORATED (NASDAQ:TESS) today reported final financial results for its fiscal year 2023 third quarter, ended December 25, 2022. Third-Quarter Fiscal 2023 Financial Highlights (all from continuing operations): Third-quarter revenues of $114.9 million, up 12.1% year over year Carrier segment revenues of $48.6 million, up 12.0% year over year Commercial segment revenues of $66.3 million, up 12.2% year over year Sales backlog of $84 million, compared to $98 million at end of second qua
Company Reaffirms Guidance for Fiscal Year 2023 Earnings Conference Call Scheduled for 8:30 a.m. ET on February 8 TESSCO Technologies Incorporated (NASDAQ:TESS), a leading value-added distributor and solutions provider for the wireless industry, today announced the successful launch of its new Enterprise Resource Planning (ERP) system. The Company also announced preliminary results for its fiscal third quarter ended December 25, 2022 and reaffirmed guidance for its 2023 fiscal year. Tessco will issue its final fiscal third-quarter financial results after the market close on February 7, 2023 and will host a conference call the next morning at 8:30 a.m. ET. "In early January we launched ou
Record Second-quarter Revenues of $120.5 million, Up 11% Year Over Year Net Income and Adjusted EBITDA Up $2.4 Million and $2.5 Million Year over Year, Respectively Sales Backlog Remains Near Record Highs TESSCO TECHNOLOGIES INCORPORATED (NASDAQ:TESS) today reported financial results for its fiscal year 2023 second quarter, ended September 25, 2022. Second-Quarter Fiscal 2023 Financial Highlights (all from continuing operations) Record second-quarter revenues of $120.5 million, up 11.0% year over year Record quarterly Carrier segment revenues of $51.9 million, up 11% year over year Sales backlog at the end of the second quarter of $98 million, compared to $99 million at the end of
4 - TESSCO TECHNOLOGIES INC (0000927355) (Issuer)
4 - TESSCO TECHNOLOGIES INC (0000927355) (Issuer)
4 - TESSCO TECHNOLOGIES INC (0000927355) (Issuer)
(NASDAQ:TESS), TESSCO TECHNOLOGIES INCORPORATED ("Tessco" or the "Company") announced today that, at a Special Meeting of Stockholders held on July 13, 2023, Tessco stockholders approved the proposal to approve the merger transaction between Tessco and entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC, which also own Alliance Corporation ("Alliance"), a value-added distributor of equipment for the wireless industry, and GetWireless, LLC ("GetWireless"), a value-added distributor of cellular solutions that connect the Internet of Things (IoT).The Company also announced that it expects the merger transaction to close on Monday, July 17, 2023, subject to customary clos
Tessco Technologies (NASDAQ:TESS) brought in sales totaling $104.20 million during Q4 according to data provided by Benzinga Pro. However, earnings decreased 1427.41%, resulting in a loss of $5.64 million. In Q3, Tessco Technologies earned $424 thousand, and total sales reached $114.88 million. What Is ROCE? Earnings data without context is not clear and can be difficult to base trading decisions on. Return on Capital Employed (ROCE) helps to filter signal from noise by measuring yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q4, Tessco Technologie
Tessco Technologies (NASDAQ:TESS) reported its Q4 earnings results on Friday, May 26, 2023 at 04:05 PM. Here's what investors need to know about the announcement. Earnings Tessco Technologies missed estimated earnings by 22.0%, reporting an EPS of $-0.61 versus an estimate of $-0.5. Revenue was up $2.61 million from the same period last year. Past Earnings Performance Last quarter the company beat on EPS by $0.21 which was followed by a 1.85% increase in the share price the next day. Here's a look at Tessco Technologies's past performance: Quarter Q3 2023 Q2 2023 Q1 2023 Q4 2022 EPS Estimate -0.16 -0.13 -0.13 -0.21 EPS Actual 0.05 0.13 -0.06 -0.12 Revenue Estimate 114.57M 113.19M
TESSCO Shareholders to Receive $9 Per Share in Cash in $160 Million Acquisition TESSCO TECHNOLOGIES INCORPORATED ("Tessco" or the "Company") today announced the closing of its previously announced merger with entities affiliated with Lee Equity Partners and Twin Point Capital, which also own Alliance Corporation ("Alliance"), a value-added distributor of equipment for the wireless industry, and GetWireless, LLC ("GetWireless"), a value-added distributor of cellular solutions that connect the Internet of Things (IoT). Tessco shareholders approved the transaction at a special meeting of shareholders held on July 13, 2023. Under the terms of the merger, each share of Company common stock out
(NASDAQ:TESS), TESSCO TECHNOLOGIES INCORPORATED ("Tessco" or the "Company") announced today that, at a Special Meeting of Stockholders held on July 13, 2023, Tessco stockholders approved the proposal to approve the merger transaction between Tessco and entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC, which also own Alliance Corporation ("Alliance"), a value-added distributor of equipment for the wireless industry, and GetWireless, LLC ("GetWireless"), a value-added distributor of cellular solutions that connect the Internet of Things (IoT). The Company also announced that it expects the merger transaction to close on Monday, July 17, 2023, subject to customary
TESSCO Shareholders to Receive $9 Per Share in Cash in $161.4 Million Acquisition TESSCO TECHNOLOGIES INCORPORATED (NASDAQ:TESS), ("Tessco" or the "Company"), today announced that the Company has entered into a definitive merger agreement with entities affiliated with Lee Equity Partners and Twin Point Capital, which also own Alliance Corporation ("Alliance"), a value-added distributor of equipment for the wireless industry, and GetWireless, LLC ("GetWireless"), a value-added distributor of cellular solutions that connect the Internet of Things (IoT). Under the terms of the merger agreement, all outstanding shares of Company common stock will be acquired for $9.00 in cash, resulting in a
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Martin Kits van Heyningen to retire after 40 years of service at KVH Chief Operating Officer Brent Bruun to become Interim Chief Executive Officer Cathy-Ann Martine-Dolecki named new independent Chairman Company initiates search for new Chief Executive Officer KVH Industries, Inc., (NASDAQ:KVHI), today announced that its longstanding President and Chief Executive Officer, Martin Kits van Heyningen, is retiring from his executive and Board roles after more than 40 years at the Company. Mr. Kits van Heyningen is a co-founder of KVH and has served as President and a director since 1982, Chief Executive Officer since 1990 and as Chairman of the Board of Directors since 2007. He has been is
HUNT VALLEY, Md.--(BUSINESS WIRE)--TESSCO Technologies Incorporated (NASDAQ: TESS), its Board of Directors and Mr. Robert Barnhill today issued the following joint statement. “We have recently concluded a difficult and at times contentious consent solicitation process. During the process, we listened to a variety of views from our shareholders on the composition of our board. TESSCO shareholders also were clear that they believe the board and management should now turn its full attention to improving TESSCO’s shareholder returns. “As of today, TESSCO’s Board is comprised of seven individuals: Sandip Mukerjee, Jay Baitler, Tim Bryan, Paul Gaffney, Kathleen McLean, Stephanie Dismore
HUNT VALLEY, Md.--(BUSINESS WIRE)--TESSCO Technologies Incorporated (NASDAQ: TESS), a leading value-added distributor and solutions provider for the wireless industry, today sent the following letter to shareholders urging them to sign and return TESSCO’s GREEN consent revocation card in order to prevent Robert B. Barnhill Jr. from taking control of TESSCO’s Board of Directors: December 3, 2020 Dear TESSCO Shareholder, We are writing to urge you to sign and return the GREEN consent revocation card to ensure that Mr. Barnhill cannot take control of the TESSCO Board by replacing a majority of the directors with his handpicked nominees. Mr. Barnhill continues to assert that his goa
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