Exhibit 99.1

	NEWS RELEASE
Transcat, Inc. • 35 Vantage Point Drive • Rochester • NY • 14624 • Phone: 585-352-7777

IMMEDIATE RELEASE

Transcat Reports Record Revenue for the Fourth Quarter and
Full Year Fiscal 2017

ROCHESTER, NY, May 16, 2017 – 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 fourth quarter and fiscal year ended March 25, 2017 (“fiscal 2017”).

“Our fourth quarter provided a strong finish to our fiscal year which ended with record annual revenue and net income,” commented Lee D. Rudow, President and CEO. “Our Service segment revenue increased 20% for the year and was driven by high single-digit organic growth. We closed the fiscal year with a strong new business Service pipeline and a substantial backlog of work-in-process. We expect to continue to build segment volume and drive operational leverage through our capital investments and acquisition integrations.

“Our Distribution segment delivered another quarter of solid performance, further validating our strategy to diversify our Distribution offerings. We saw strong growth from our core end-user customers, primarily those in the alternative energy and U.S. industrial markets.”

Transcat achieved record quarterly revenue of $38.5 million in the fourth quarter of fiscal 2017. Gross profit improved $1.2 million, driving a $0.3 million increase in operating income. Net income was marginally lower at $1.4 million, as a higher effective income tax rate offset increased operating income.

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 2 of 11

The year-over-year change in the effective tax rate largely reflected changes in the availability of federal and state research and development tax credits.

Service segment continues to deliver

Represents the accredited calibration, repair, inspection and laboratory instrument services business (51% of total revenue for the fourth quarter of fiscal 2017).

Service revenue increased more than 11% and was driven by organic growth and incremental acquisition related revenue. Segment operating margin had a negative 70 basis point impact from an increased internal allocation of general and administrative (“G&A”) expenses.

Distribution segment sales up double digits

Represents the distribution and rental of new and used professional grade handheld test, measurement and control instrumentation (49% of total revenue for the fourth quarter of fiscal 2017).

The increase in Distribution segment sales was the result of a combination of organic growth and the acquisition of Excalibur Engineering, Inc. on April 1, 2016. The acquisition provided additional rental revenue and added a used equipment business to Transcat. Organic growth was primarily driven by increased demand from core customers across various industries. The improved segment operating margin includes a 80 basis point benefit due to the reduction in the allocation of G&A expenses, as well as increased sales volume and cost controls, somewhat offset by higher acquired customer amortization expense.

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 3 of 11

Full-year Fiscal 2017 Review (Results compared with fiscal 2016)

Total revenue increased to a record $143.9 million and was driven by double-digit growth in both business segments. Consolidated gross margin improved 50 basis points, more than offsetting a 20 basis point increase in operating expenses, resulting in a $1.6 million or 25.9% year-over-year increase in operating income. The effective tax rate increased to 36.9% in fiscal 2017 compared with 31.3% in fiscal 2016, largely due to changes in the availability of federal and state research and development tax credits.

Transcat achieved record net income of $4.5 million and diluted earnings per share of $0.64 in fiscal 2017.

Adjusted EBITDA increased 37.5% to $14.5 million. As a percent of sales, Adjusted EBITDA margin expanded 150 basis points to 10.1%.

Strong Balance Sheet and Financial Flexibility Supports Growth Strategy

At March 25, 2017, the Company had total debt of $27.3 million, with $11.4 million available under its secured revolving credit facility. Capital expenditures were $1.1 million and $5.3 million for the fourth quarter and full fiscal year, respectively. Investments were primarily for assets to support the Company’s rental business and expanded Service segment capabilities.

Outlook

Mr. Rudow concluded, “We entered fiscal 2018 with excellent momentum and high expectations. During the past year, we made important, strategic investments in physical assets, as well as in leadership that we expect to help advance Transcat and our long-term strategy. We anticipate that the traction we have gained with these investments will continue.

“Fiscal 2018 will be a year of continued emphasis on improving “Operational Excellence,” an initiative that we believe will improve customer experiences, expand organic growth potential, and strengthen our acquisition integration process, allowing us to capitalize on acquired synergies at a faster pace. We continually assess opportunities that can either enhance our capabilities and expertise, expand our geographic presence or are bolt-ons that can leverage our current infrastructure.

“Looking further ahead, we believe our capital and leadership investments have positioned us well to meet our goal of achieving $175 million to $200 million in revenue over the next three to four years.”

Transcat expects its income tax rate to range between 34% and 36% in fiscal 2018.

The Company anticipates total capital expenditures to be approximately $6.0 million to $6.5 million in fiscal 2018, with the majority of the incremental capital expenditures in excess of fiscal 2017 amounts

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 4 of 11

planned for IT infrastructure investments to drive operational excellence and for specific customer-opportunity driven Service capabilities. Of the capital expenditures anticipated for fiscal 2018, the Company expects spending for maintenance/existing asset replacements to be consistent with fiscal 2017 at approximately $1.0 million to $1.5 million.

Webcast and Conference Call

Transcat will host a conference call and webcast on Wednesday, May 17, 2017 at 11:00 a.m. Eastern Time. Management will review the financial and operating results for the fourth quarter and full fiscal year, 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. Eastern Time on the day of the call through Wednesday, May 24, 2017. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13659711, 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 on page 9.

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 22 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

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 5 of 11

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 Report 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, correct or publicly announce any revisions to any of the forward-looking statements contained in this press release.

For more information contact:

FINANCIAL TABLES FOLLOW.

The Company plans on timely filing its Annual Report on Form 10-K before the June 23, 2017 required filing date.

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 6 of 11

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

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 7 of 11

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

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 8 of 11

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

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 9 of 11

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

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 10 of 11

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

Transcat Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2017
May 16, 2017
Page 11 of 11

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