Transcat Reports 15% Operating Income Growth on Record

Achieved 17% consolidated revenue growth to a record $34.5 million
Distribution segment rebounded with 15% sales growth
Service segment revenue increased 19%

ROCHESTER, N.Y., Oct. 25, 2016 (GLOBE NEWSWIRE) -- 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 fiscal year 2017 (“fiscal 2017”) second quarter, which ended September 24, 2016.

Lee D. Rudow, President and CEO, commented, “We are building momentum in fiscal 2017 as demonstrated by our solid results for the second quarter. Our Service segment continues to show steady progress with revenue growth from both organic initiatives, particularly related to life sciences, and recent acquisitions. We expect Service segment margins to improve over time as our actions to integrate recent acquisitions and capture operational synergies take hold. We are pleased with the positive traction in Distribution as that segment’s revenue improved 15%. We benefited from incremental used equipment sales and rental business from our April 2016 acquisition of Excalibur Engineering, Inc. (“Excalibur”) as well as from traditional Transcat customers, particularly from the alternative energy space.”

Second Quarter Fiscal 2017 Review (Results are compared with the second quarter of fiscal 2016)

($ in thousands)							Change
	FY17 Q2			FY16 Q2			$'s		%
Service Revenue	$	16,947		$	14,190		$	2,757		19.4	%
Distribution Sales	$	17,538		$	15,286		$	2,252		14.7	%
Revenue	$	34,485		$	29,476		$	5,009		17.0	%
Gross Profit	$	8,027		$	6,737		$	1,290		19.1	%
Gross Margin		23.3	%		22.9	%

Operating Income	$	1,578		$	1,370		$	208		15.2	%
Operating Margin		4.6	%		4.6	%

Net Income	$	896		$	878		$	18		2.1	%
Net Margin		2.6	%		3.0	%

Adjusted EBITDA*	$	3,300		$	2,393		$	907		37.9	%
Adjusted EBITDA Margin*		9.6	%		8.1	%

* See Note 1 below for a description of this non-GAAP financial measure, and the attached Adjusted EBITDA Reconciliation table.

Transcat achieved record quarterly revenue of $34.5 million in the second quarter driven by growth in both business segments. Higher revenue and gross profit resulted in 15.2% growth in operating income. Operating margin was consistent at 4.6%. Net income improved 2.1% to $0.9 million.

Service segment revenue growth trend continues
The Service segment represents the Company’s accredited calibration, repair, inspection and laboratory instrument services business (49% of total revenue for the second quarter of fiscal 2017).

($ in thousands)							Change
	FY17 Q2			FY16 Q2			$'s			%

Service Segment Revenue	$	16,947		$	14,190		$	2,757			19.4	%
Gross Profit	$	4,140		$	3,461		$	679			19.6	%
Gross Margin		24.4	%		24.4	%

Contribution Margin*	$	1,870		$	1,821		$	49			2.7	%
% of Segment Revenue		11.0	%		12.8	%

Operating Income	$	791		$	839		$	(48	)		(5.7	%)
Operating Margin		4.7	%		5.9	%

Adjusted EBITDA*	$	2,010		$	1,608		$	402			25.0	%
Adjusted EBITDA Margin*		11.9	%		11.3	%

* See Note 1 below for a description of these non-GAAP financial measures, and the attached Adjusted EBITDA Reconciliation table and further details on contribution margin.

Service revenue increased 19.4%, driven by a combination of organic and acquisition-related growth. On a trailing twelve-month basis, Service segment revenue was $65.6 million, up 19.7% compared with the corresponding trailing twelve-month period of fiscal 2016. The Company believes that trailing twelve-month data is an informative measure of the long-term progress of the Service segment.

Service segment gross margin and operating margin were negatively affected by softness in the Canadian market, particularly the aerospace sector. Segment operating margin was also negatively affected by an increased allocation of general and administrative costs and higher selling costs.

Distribution segment sales rebound driving higher gross and operating margins

The Distribution segment represents the Company’s distribution of professional grade handheld test, measurement and control instrumentation (51% of total revenue for the second quarter of fiscal 2017).

($ in thousands)							Change
	FY17 Q2			FY16 Q2			$'s		%
Distribution Segment Sales	$	17,538		$	15,286		$	2,252		14.7	%
Gross Profit	$	3,887		$	3,276		$	611		18.7	%
Gross Margin		22.2	%		21.4	%

Contribution Margin*	$	1,952		$	1,687		$	265		15.7	%
% of Segment Sales		11.1	%		11.0	%

Operating Income	$	787		$	531		$	256		48.2	%
Operating Margin		4.5	%		3.5	%

Adjusted EBITDA*	$	1,290		$	785		$	505		64.3	%
Adjusted EBITDA Margin*		7.4	%		5.1	%

* See Note 1 below for a description of these non-GAAP financial measures, and the attached Adjusted EBITDA Reconciliation table and further details on contribution margin.

Distribution segment sales growth was driven by a combination of solid organic growth, including an increase in demand from alternative energy markets, incremental sales from the acquisition of Excalibur, and the expansion of the Company’s higher margin rental business. Higher revenue with an improved customer mix and increased rental business combined with a reduced allocation of general and administrative costs helped drive segment operating margin up 100 basis points.

Six Month Review (Results are compared with the first six months of fiscal 2016)

Total revenue increased 14.3%, or $8.5 million, to $67.6 million. Consolidated gross profit was $16.3 million, up 17.9%, while gross margin increased 80 basis points to 24.1%. As a percentage of total revenue, consolidated operating expenses were 19.6%, up 40 basis points. Operating income improved 25.8%, or $0.6 million, to $3.0 million. Net income was $1.7 million, or $0.24 per diluted share, compared with $1.5 million, or $0.21 per diluted share. Adjusted EBITDA improved 46.0% to $6.4 million. See Note 1 on page 3 for a description of this non-GAAP financial measure and page 9 for the Adjusted EBITDA Reconciliation table.

Strong and Flexible Balance Sheet to Support Growth Strategy

At September 24, 2016, the Company had total debt of $23.8 million, with $15.6 million available under its secured revolving credit facility. Debt levels were down $3.6 million from the end of the first quarter of fiscal 2017. Capital expenditures in the second quarter were $1.5 million and year-to-date were $2.5 million. Investments were primarily for assets for the Company’s rental business and expanded Service segment capabilities. Transcat continues to expect capital expenditures will be approximately $5.0 million to $5.5 million in fiscal 2017.

Outlook

Mr. Rudow concluded, “We continue to be pleased with our recent acquisitions and how they position our Company for growth in revenue and profitability as we further integrate them and drive sales and cost synergies. Organic growth will also continue to be a focus throughout the remainder of the year, and we are encouraged by the opportunities in front of us.

“We anticipate solid third quarter results, though on a comparative basis they will be somewhat muted given the third quarter last year benefited from performance-based compensation expense adjustments. For our fourth quarter and full fiscal year period we expect strong consolidated results.”

Webcast and Conference Call

Transcat will host a conference call and webcast on Wednesday, October 26, 2016 at 11:00 a.m. ET. Management will review the financial and operating results for the quarter, as well as the Company’s 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, November 2, 2016. To listen to the archived call, dial (858) 384-5517 and enter conference ID number 13645487, 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 compensation expense), which is a non-GAAP measure. The Company’s 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. Adjusted EBITDA is not calculated through the application of GAAP and is not the required form of disclosure by the Securities and Exchange Commission. 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. The use of any non-GAAP measure 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.

Contribution margin, a non-GAAP financial measure, consists of gross profit less selling, marketing and warehouse expenses. Management believes contribution margin provides management, investors and others information about our ability to cover our operating costs, such as technology and general and administrative expenses, while reflecting the selling costs we incurred to generate our revenue. Contribution margin is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. The material limitation associated with the use of contribution margin is that it is an incomplete measure of profitability as it does not include all operating expenses or non-operating income and expenses. Management compensates for these limitations when using this measure by looking at other GAAP measures, such as operating income (loss) and net income (loss). For further details on contribution margin, see the calculation of this non-GAAP financial measure and the reconciliation of contribution margin to gross profit in the Additional Information – Business Segment Data table.

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 20 Calibration Service Centers strategically located across the United States, Puerto Rico and Canada. The breadth and depth of measurement parameters addressed by Transcat’s 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 national and proprietary brand instruments to customers globally. Its e-commerce focused website and product catalog offer access to more than 100,000 test, measurement and control instruments, including products from approximately 540 leading manufacturers.

Transcat’s growth strategy is to leverage its service capabilities, strong brand and leading distribution platform to drive organic sales growth and to expand its addressable calibration market through acquisitions and capability investments to further realize the inherent leverage of its business model.

More information about Transcat can be found on its website at: Transcat.com.

Safe Harbor Statement
This press 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 Transcat’s Annual 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 Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

FINANCIAL TABLES FOLLOW.

TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)

		(Unaudited)				(Unaudited)
		Second Quarter Ended				Six Months Ended
		September 24,		September 26,		September 24,		September 26,
			2016		2015		2016		2015

Service Revenue		$	16,947	$	14,190	$	34,122	$	27,725
Distribution Sales			17,538		15,286		33,510		31,421
	Total Revenue		34,485		29,476		67,632		59,146

Cost of Service Revenue			12,807		10,729		25,253		20,733
Cost of Distribution Sales			13,651		12,010		26,106		24,614
	Total Cost of Revenue		26,458		22,739		51,359		45,347

Gross Profit			8,027		6,737		16,273		13,799

Selling, Marketing and Warehouse Expenses			4,205		3,229		8,453		6,769
Administrative Expenses			2,244		2,138		4,804		4,633
	Total Operating Expenses		6,449		5,367		13,257		11,402

Operating Income			1,578		1,370		3,016		2,397

Interest and Other Expense, net			191		36		359		131

Income Before Income Taxes			1,387		1,334		2,657		2,266
Provision for Income Taxes			491		456		927		787

Net Income		$	896	$	878	$	1,730	$	1,479


Basic Earnings Per Share		$	0.13	$	0.13	$	0.25	$	0.22
Average Shares Outstanding			6,994		6,886		6,972		6,868

Diluted Earnings Per Share		$	0.12	$	0.12	$	0.24	$	0.21
Average Shares Outstanding			7,201		7,119		7,173		7,135

TRANSCAT, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)

			(Unaudited)
			September 24,			March 26,
				2016			2016
ASSETS
Current Assets:
	Cash		$	598		$	641
	Accounts Receivable, less allowance for doubtful accounts of $150
		and $113 as of September 24, 2016 and March 26, 2016, respectively		17,964			17,080
	Other Receivables			1,510			881
	Inventory, net			7,511			6,520
	Prepaid Expenses and Other Current Assets			1,185			1,096
		Total Current Assets		28,768			26,218
Property and Equipment, net				14,691			12,313
Goodwill				32,680			29,112
Intangible Assets, net				8,867			8,211
Other Assets				1,033			853
	Total Assets		$	86,039		$	76,707

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
	Accounts Payable		$	10,412		$	8,141
	Accrued Compensation and Other Liabilities			7,426			7,688
	Income Taxes Payable			339			-
	Current Portion of Long-Term Debt			1,429			-
		Total Current Liabilities		19,606			15,829
Long-Term Debt				22,362			19,073
Deferred Tax Liabilities				951			1,071
Other Liabilities				1,922			1,823
	Total Liabilities			44,841			37,796

Shareholders' Equity:
	Common Stock, par value $0.50 per share, 30,000,000 shares authorized;
		7,005,469 and 6,923,557 shares issued and outstanding
		as of September 24, 2016 and March 26, 2016, respectively		3,503			3,462
	Capital in Excess of Par Value			13,499			12,993
	Accumulated Other Comprehensive Loss			(309	)		(358	)
	Retained Earnings			24,505			22,814
		Total Shareholders' Equity		41,198			38,911
		Total Liabilities and Shareholders' Equity	$	86,039		$	76,707

TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)

				Six Months Ended
				September 24,			September 26,
					2016			2015
Cash Flows from Operating Activities:
	Net Income			$	1,730		$	1,479
	Adjustments to Reconcile Net Income to Net Cash
		Provided by Operating Activities:
			Loss on Disposal of Property and Equipment		5			34
			Deferred Income Taxes		(120	)		(33	)
			Depreciation and Amortization		3,105			1,742
			Provision for Accounts Receivable and Inventory Reserves		143			83
			Stock-Based Compensation Expense		326			280
	Changes in Assets and Liabilities:
		Accounts Receivable and Other Receivables			(711	)		1,839
		Inventory			(735	)		459
		Prepaid Expenses and Other Assets			(288	)		(146	)
		Accounts Payable			1,904			(309	)
		Accrued Compensation and Other Liabilities			(757	)		(580	)
		Income Taxes Payable			407			466
			Net Cash Provided by Operating Activities		5,009			5,314

Cash Flows from Investing Activities:
	Purchases of Property and Equipment				(2,496	)		(2,732	)
	Proceeds from Sale of Plant Property and Equipment				10			9
	Business Acquisitions, net of cash acquired				(6,977	)		(2,918	)
			Net Cash Used in Investing Activities		(9,463	)		(5,641	)

Cash Flows from Financing Activities:
	Repayment of Revolving Credit Facility, net				(4,687	)		(184	)
	Proceeds from Term Loan				10,000			-
	Repayment of Term Loan				(595	)		-
	Payment of Contingent Consideration and Holdbacks
	Related to Business Acquisitions				(339	)		-
	Issuance of Common Stock				312			234
	Repurchase of Common Stock				(98	)		(71	)
	Stock Option Redemption				(113	)		-
			Net Cash Provided by (Used in) Financing Activities		4,480			(21	)

Effect of Exchange Rate Changes on Cash					(69	)		446

Net (Decrease) Increase in Cash					(43	)		98
Cash at Beginning of Period					641			65
Cash at End of Period				$	598		$	163

TRANSCAT, INC.
Adjusted EBITDA Reconciliation Table
(Dollars in thousands)
(Unaudited)

								FY2017
		Q1			Q2			Q3			Q4			YTD
Net Income		$	834		$	896								$	1,730
	+ Interest Expense		137			180									317
	+ Other Expense / (Income)		31			11									42
	+ Tax Provision		436			491									927
Operating Income		$	1,438		$	1,578								$	3,016
	+ Depreciation & Amortization		1,549			1,556									3,105
	+ Other (Expense) / Income		(31	)		(11	)								(42	)
	+ Noncash Stock Compensation		149			177									326
Adjusted EBITDA		$	3,105		$	3,300								$	6,405

Segment Breakdown
Service Operating Income		$	1,044		$	791								$	1,835
	+ Depreciation & Amortization		1,247			1,137									2,384
	+ Other (Expense) / Income		(27	)		(12	)								(39	)
	+ Noncash Stock Compensation		80			94									174
Service Adjusted EBITDA		$	2,344		$	2,010								$	4,354

Distribution Operating Income		$	394		$	787								$	1,181
	+ Depreciation & Amortization		302			419									721
	+ Other (Expense) / Income		(4	)		1									(3	)
	+ Noncash Stock Compensation		69			83									152
Distribution Adjusted EBITDA		$	761		$	1,290								$	2,051


								FY2016
		Q1			Q2			Q3			Q4			YTD
Net Income		$	601		$	878		$	1,068		$	1,577		$	4,124
	+ Interest Expense		51			48			54			94			247
	+ Other Expense / (Income)		44			(12	)		8			8			48
	+ Tax Provision		331			456			552			544			1,883
Operating Income		$	1,027		$	1,370		$	1,682		$	2,223		$	6,302
	+ Depreciation & Amortization		840			902			969			1,235			3,946
	+ Other (Expense) / Income		(44	)		12			(8	)		(8	)		(48	)
	+ Noncash Stock Compensation		171			109			4			75			359
Adjusted EBITDA		$	1,994		$	2,393		$	2,647		$	3,525		$	10,559

Segment Breakdown
Service Operating Income		$	646		$	839		$	799		$	1,871		$	4,155
	+ Depreciation & Amortization		680			717			751			1,068			3,216
	+ Other (Expense) / Income		(39	)		1			(18	)		(8	)		(64	)
	+ Noncash Stock Compensation		85			51			(2	)		37			171
Service Adjusted EBITDA		$	1,372		$	1,608		$	1,530		$	2,968		$	7,478

Distribution Operating Income		$	381		$	531		$	883		$	352		$	2,147
	+ Depreciation & Amortization		160			185			218			167			730
	+ Other (Expense) / Income		(5	)		11			10			0			16
	+ Noncash Stock Compensation		86			58			6			38			188
Distribution Adjusted EBITDA		$	622		$	785		$	1,117		$	557		$	3,081

TRANSCAT, INC.
Additional Information - Business Segment Data
(Dollars in thousands)
(Unaudited)

	FY 2017			FY 2016			Change
SERVICE	Q2			Q2			$'s			%
Service Revenue	$	16,947		$	14,190		$	2,757			19.4	%
Cost of Revenue	$	12,807		$	10,729		$	2,078			19.4	%
Gross Profit	$	4,140		$	3,461		$	679			19.6	%
Gross Margin		24.4	%		24.4	%

Selling, Marketing & Warehouse	$	2,270		$	1,640		$	630			38.4	%
Contribution Margin	$	1,870		$	1,821		$	49			2.7	%
% of Revenue		11.0	%		12.8	%

Administrative Expense	$	1,079		$	982		$	97			9.9	%
Operating Income	$	791		$	839		$	(48	)		(5.7	%)
% of Revenue		4.7	%		5.9	%


	FY 2017			FY 2016			Change
DISTRIBUTION	Q2			Q2			$'s			%
Distribution Sales	$	17,538		$	15,286		$	2,252			14.7	%
Cost of Sales	$	13,651		$	12,010		$	1,641			13.7	%
Gross Profit	$	3,887		$	3,276		$	611			18.7	%
Gross Margin		22.2	%		21.4	%

Selling, Marketing & Warehouse	$	1,935		$	1,589		$	346			21.8	%
Contribution Margin	$	1,952		$	1,687		$	265			15.7	%
% of Sales		11.1	%		11.0	%

Administrative Expense	$	1,165		$	1,156		$	9			0.8	%
Operating Income	$	787		$	531		$	256			48.2	%
% of Sales		4.5	%		3.5	%


	FY 2017			FY 2016			Change
TOTAL	Q2			Q2			$'s			%
Total Revenue	$	34,485		$	29,476		$	5,009			17.0	%
Total Cost of Revenue	$	26,458		$	22,739		$	3,719			16.4	%
Gross Profit	$	8,027		$	6,737		$	1,290			19.1	%
Gross Margin		23.3	%		22.9	%

Selling, Marketing & Warehouse	$	4,205		$	3,229		$	976			30.2	%
Contribution Margin	$	3,822		$	3,508		$	314			9.0	%
% of Revenue		11.1	%		11.9	%

Administrative Expense	$	2,244		$	2,138		$	106			5.0	%
Operating Income	$	1,578		$	1,370		$	208			15.2	%
% of Revenue		4.6	%		4.6	%

TRANSCAT, INC.
Additional Information - Business Segment Data
(Dollars in thousands)
(Unaudited)

	FY 2017			FY 2016			Change
SERVICE	YTD			YTD			$'s			%
Service Revenue	$	34,122		$	27,725		$	6,397			23.1	%
Cost of Revenue	$	25,253		$	20,733		$	4,520			21.8	%
Gross Profit	$	8,869		$	6,992		$	1,877			26.8	%
Gross Margin		26.0	%		25.2	%

Selling, Marketing & Warehouse	$	4,647		$	3,303		$	1,344			40.7	%
Contribution Margin	$	4,222		$	3,689		$	533			14.4	%
% of Revenue		12.4	%		13.3	%

Administrative Expense	$	2,387		$	2,204		$	183			8.3	%
Operating Income	$	1,835		$	1,485		$	350			23.6	%
% of Revenue		5.4	%		5.4	%


	FY 2017			FY 2016			Change
DISTRIBUTION	YTD			YTD			$'s			%
Distribution Sales	$	33,510		$	31,421		$	2,089			6.6	%
Cost of Sales	$	26,106		$	24,614		$	1,492			6.1	%
Gross Profit	$	7,404		$	6,807		$	597			8.8	%
Gross Margin		22.1	%		21.7	%

Selling, Marketing & Warehouse	$	3,806		$	3,466		$	340			9.8	%
Contribution Margin	$	3,598		$	3,341		$	257			7.7	%
% of Sales		10.7	%		10.6	%

Administrative Expense	$	2,417		$	2,429		$	(12	)		(0.5	%)
Operating Income	$	1,181		$	912		$	269			29.5	%
% of Sales		3.5	%		2.9	%


	FY 2017			FY 2016			Change
TOTAL	YTD			YTD			$'s			%
Total Revenue	$	67,632		$	59,146		$	8,486			14.3	%
Total Cost of Revenue	$	51,359		$	45,347		$	6,012			13.3	%
Gross Profit	$	16,273		$	13,799		$	2,474			17.9	%
Gross Margin		24.1	%		23.3	%

Selling, Marketing & Warehouse	$	8,453		$	6,769		$	1,684			24.9	%
Contribution Margin	$	7,820		$	7,030		$	790			11.2	%
% of Revenue		11.6	%		11.9	%

Administrative Expense	$	4,804		$	4,633		$	171			3.7	%
Operating Income	$	3,016		$	2,397		$	619			25.8	%
% of Revenue		4.5	%		4.1	%

Transcat Reports 15% Operating Income Growth on Record Revenue in Second Quarter Fiscal 2017

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