UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended December 28, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Commission file number 0-24746
TESSCO Technologies Incorporated
(Exact name of registrant as specified in charter)
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Delaware |
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52-0729657 |
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(State or other
jurisdiction of |
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(IRS Employer |
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11126 McCormick Road, Hunt Valley, Maryland |
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21031 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: |
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(410) 229-1000 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Act)
Yes o No ý
The number of shares of the registrant’s Common Stock, $ .01 par value per share, outstanding as of February 6, 2004 was 4,428,481.
TESSCO Technologies Incorporated
Index to Form 10-Q
2
Part I – Financial Information
TESSCO Technologies Incorporated
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December 28, |
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March 30, |
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(unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
4,175,900 |
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$ |
— |
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Trade accounts receivable, net |
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43,543,900 |
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32,216,000 |
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Insurance receivable from disaster |
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— |
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7,248,100 |
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Product inventory |
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37,443,800 |
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26,639,700 |
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Deferred tax asset |
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2,258,600 |
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2,258,600 |
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Prepaid expenses and other current assets |
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2,617,000 |
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3,606,300 |
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Total current assets |
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90,039,200 |
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71,968,700 |
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PROPERTY AND EQUIPMENT, net |
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26,451,200 |
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24,876,900 |
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GOODWILL, net |
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2,452,200 |
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2,452,200 |
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OTHER LONG-TERM ASSETS |
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1,185,600 |
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940,200 |
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Total assets |
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$ |
120,128,200 |
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$ |
100,238,000 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Trade accounts payable |
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$ |
48,597,800 |
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$ |
27,474,200 |
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Accrued expenses and other current liabilities |
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6,516,400 |
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8,577,800 |
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Revolving credit facility |
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— |
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— |
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Current portion of long-term debt |
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497,200 |
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372,800 |
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Total current liabilities |
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55,611,400 |
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36,424,800 |
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DEFERRED TAX LIABILITY |
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3,240,600 |
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3,240,600 |
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LONG-TERM DEBT, net of current portion |
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5,262,800 |
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5,660,800 |
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OTHER LONG-TERM LIABILITIES |
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1,198,000 |
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926,000 |
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Total liabilities |
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65,312,800 |
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46,252,200 |
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS’ EQUITY: |
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Preferred stock |
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— |
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— |
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Common stock |
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48,400 |
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48,300 |
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Additional paid-in capital |
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22,191,100 |
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22,040,100 |
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Treasury stock, at cost |
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(4,547,000 |
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(3,792,600 |
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Retained earnings |
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37,122,900 |
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35,690,000 |
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Total shareholders’ equity |
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54,815,400 |
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53,985,800 |
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Total liabilities and shareholders’ equity |
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$ |
120,128,200 |
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$ |
100,238,000 |
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See accompanying notes.
3
TESSCO Technologies Incorporated
Consolidated Statements of Income
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Fiscal Quarters Ended |
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Nine Months Ended |
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December 28, |
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December 29, |
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December 28, |
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December 29, |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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Revenues |
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$ |
93,131,700 |
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$ |
65,010,300 |
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$ |
245,051,300 |
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$ |
204,521,300 |
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Cost of goods sold |
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73,185,200 |
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48,639,200 |
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188,535,300 |
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150,820,100 |
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Gross profit |
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19,946,500 |
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16,371,100 |
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56,516,000 |
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53,701,200 |
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Selling, general and administrative expenses |
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18,067,500 |
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15,545,200 |
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53,506,100 |
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48,470,500 |
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