Exhibit 99.1

NEWS RELEASE

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

IMMEDIATE RELEASE

Transcat Reports Fourth Quarter and Full Year 2020 Results

ROCHESTER, NY, May 19, 2020 – 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 28, 2020 (“fiscal 2020”). Results include the previously reported acquisitions of Gauge Repair Service, effective April 1, 2019, and TTE Laboratories, Inc. (“TTE”), effective February 21, 2020.

Strength of Team and Long-term Strategy Provides Resiliency and Solid Results

Lee D. Rudow, President and CEO, commented, “The Transcat team has responded with agility during these unparalleled times caused by the COVID-19 virus and the impact this global health pandemic has had on us and our customers. Still, we are particularly pleased with the fourth quarter and full fiscal year Service gross margin expansion even with muted Service revenue in March, historically our strongest month of every fiscal year.

“We believe our commitment to technology advancements continues to drive differentiation, boost productivity and position the Company to drive strong performance, even as the operating environment changed significantly. Combined with our strategy to grow the Service business and focus on Life Sciences while diversifying our Distribution sales channels, we were able to produce strong results in the fourth quarter of fiscal 2020 despite the headwinds created by the pandemic.

“Also, the highly complementary and well timed acquisition of TTE, whose services and products are geared almost entirely toward Life Sciences, expanded our capabilities in a specialized area with strong demand.”

He added, “I believe we are in a good position in our markets and with our customers, but we are not immune to the severe economic downturn. It is important to note that despite current challenges that drive the need to manage costs, we made a strategic decision to retain our technical talent and to accelerate our investments in our technology, which include automation and process improvement, both of which we believe drive margin improvement and increase our competitive edge.”

Transcat Reports Fourth Quarter and Full Year 2020 Results
May 19, 2020
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Fourth Quarter Fiscal 2020 Review (Results compared with the fourth quarter of fiscal 2019)

*See Note 1 on page 5 for a description of this non-GAAP financial measure and page 11 for the Adjusted EBITDA Reconciliation table.

Transcat achieved record quarterly revenue of $45.8 million, up 2.9%, even with the impact of the COVID-19 pandemic. Gross profit increased 4.4% and gross margin improved by 40 basis points. Incremental expenses and acquisition costs related to TTE, along with continued investments in technology, are reflected in the operating income and margin performance. Net income decreased due to a higher quarterly tax rate from the timing of discrete income tax benefits related to share-based awards. The effective tax rate was 26.6% for the fourth quarter compared with 20.7% for the previous fiscal year’s fourth quarter. Fourth quarter of fiscal 2020 net income per diluted share was $0.33 compared with $0.35 in the fourth quarter of the prior fiscal year.

Service segment delivers 11 straight years of quarter-over-quarter revenue growth

Represents the accredited calibration, repair, inspection and laboratory instrument services business (55% of total revenue for the fourth quarter of fiscal 2020).

*See Note 1 on page 5 for a description of this non-GAAP financial measure and page 11 for the Adjusted EBITDA Reconciliation table.

Higher Service revenue reflects new business from the highly regulated Life Sciences market, including the ramp-up of new client-based lab contracts and incremental revenue from TTE. Service organic revenue growth was 1.1% in the fourth quarter of fiscal 2020.

While Service segment revenue was impacted by the COVID-19 pandemic, gross and operating margins were still positively impacted by productivity and technology initiatives that have been implemented throughout the past fiscal year as segment gross margin improved 120 basis points and operating margin improved 40 basis points.

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May 19, 2020
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Distribution segment revenue up, though mix impacted margins

Represents the sale and rental of new and used professional grade handheld test, measurement and control instrumentation (45% of total revenue for the fourth quarter of fiscal 2020).

*See Note 1 on page 5 for a description of this non-GAAP financial measure and page 11 for the Adjusted EBITDA Reconciliation table.

Rental revenue increased 11% to $1.3 million, and while that positively impacted the margin profile of the Distribution segment, there was a greater mix of lower margin sales during the fourth quarter of fiscal 2020 that resulted in a 70 basis point decline in gross margin.

Full-Year Fiscal 2020 Review (Results compared with fiscal 2019)

*See Note 1 on page 5 for a description of this non-GAAP financial measure and page 11 for the Adjusted EBITDA Reconciliation table.

Total revenue reached a record $173.1 million, and reflected Service segment organic growth of 8.4%. Distribution sales included $5.0 million of rental revenue, an increase of 19.1%. As a percentage of revenue, total operating expenses were 18.3%, an increase of 20 basis points, largely due to incremental technology capabilities to support the Company’s current and planned growth, and legal and other costs incurred in connection with the TTE acquisition. As a result, operating margin was down slightly from the prior fiscal year.

The effective tax rate for fiscal 2020 was 17.1% compared with 22.6% for the prior fiscal year. The tax rate was aided by discrete income tax benefits related to share-based awards due to stock option exercise activity. Fiscal 2020 net income per diluted share was $1.08 compared with $0.95 for the prior fiscal year.

Transcat Reports Fourth Quarter and Full Year 2020 Results
May 19, 2020
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Balance Sheet and Cash Flow Overview

Fiscal 2020 net cash provided by operations was $11.6 million and was used to fund capital expenditures of $6.6 million, acquisition payments and debt repayment. The capital investments were focused on technology infrastructure to drive operational excellence and productivity initiatives, fund organic growth opportunities within both operating segments, and for rental pool assets.

At March 28, 2020, the Company had total debt of $30.3 million, with $12.3 million available under its credit facility. The Company used $12.3 million during the fourth quarter of fiscal 2020 to fund the TTE acquisition. The Company’s leverage ratio, as defined in the credit agreement, was 1.53 at March 28, 2020, compared with 1.12 at fiscal 2019 year-end. Subsequent to fiscal 2020 year-end, the Company amended its revolving credit facility to include a $10.0 million increase in borrowing capacity and provide financial covenant relief, among other typical provisions.

Actions to Address the COVID-19 Virus and the Impact on Business

Michael J. Tschiderer, Chief Financial Officer, commented, “We have taken various actions intended to protect the financial strength and liquidity of the Company, including:

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May 19, 2020
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Outlook

Mr. Rudow noted, “We believe our focus on highly-regulated and critical industries, especially within Life Sciences, will continue to provide a degree of resilience as we navigate this unprecedented environment. We are proud to service ventilator and test kit manufacturers as well as pharmaceutical companies conducting research and development on a COVID-19 vaccine.

“We have seen certain Service customers delaying some project decisions, but Service pipelines are robust and general discussions seem to be productive, which we believe indicates forward momentum. However, Distribution segment sales will reflect economic conditions, despite the upside we expect to be provided by rentals and used equipment sales.”

He concluded, “While the duration and ultimate severity of this pandemic is unknown, we have run various scenarios and at this date believe our first quarter ending June 27, 2020 of fiscal 2021 will be the low point of the 2021 fiscal year based on the evolving COVID-19 containment and economic recovery programs being implemented by federal and state authorities. We expect to be in range of breaking even on a consolidated operating income basis for the first quarter of fiscal 2021, which would result in positive Adjusted EBITDA results. Under our analyses, we expect to generate cash even as we continue to invest in our long-term growth initiatives. If the environment were to worsen, we are prepared to take additional actions. In fact, as things improve, we believe our scale will work in our favor to capitalize on growth opportunities, both organic and acquisitions.”

Transcat expects its income tax rate to range between 24% and 25% in fiscal 2021. This estimate includes Federal, various state, and Canadian income taxes and reflects the discrete tax benefit associated with share-based payment awards.

The Company anticipates total capital expenditures to be approximately $5.0 million to $5.5 million in fiscal 2021, with the majority of the capital expenditures planned for technology, growth-oriented opportunities within both of its operating segments, and rental pool assets. Maintenance/existing asset replacements are expected to be consistent with fiscal 2020 at approximately $1.0 million to $1.5 million.

Webcast and Conference Call

Transcat will host a conference call and webcast on Wednesday, May 20, 2020 at 11:00 a.m. Eastern Time. Management will review the financial and operating results, 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 27, 2020. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13700723, 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, non-cash stock compensation expense, and non-cash loss on sale of building), 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

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compensation expense, which is not always commensurate with the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business segments and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. 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. Adjusted EBITDA, as presented, 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 below.

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 new and used national and proprietary brand instruments to customers primarily in North America. 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.

Transcat’s strategy is to leverage the complementary nature of its two operating segments, its comprehensive service capabilities, strong brand, enhanced e-commerce capabilities and leading distribution platform to drive organic sales growth. The Company will also look 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 at: Transcat.com.

Safe Harbor Statement
This news 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,” “plans,” “aims” 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, the Company’s response to the coronavirus (COVID-19) pandemic, the commercialization of software projects, 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 include those 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, which speak only as of the date they are made. 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 news release, whether as the result of new information, future events or otherwise.

Transcat Reports Fourth Quarter and Full Year 2020 Results
May 19, 2020
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FINANCIAL TABLES FOLLOW.

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

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May 19, 2020
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TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)

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May 19, 2020
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TRANSCAT, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)

Transcat Reports Fourth Quarter and Full Year 2020 Results
May 19, 2020
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TRANSCAT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)

Transcat Reports Fourth Quarter and Full Year 2020 Results
May 19, 2020
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TRANSCAT, INC.
Adjusted EBITDA Reconciliation Table
(Dollars in thousands)
(Unaudited)

Transcat Reports Fourth Quarter and Full Year 2020 Results
May 19, 2020
Page 12 of 13

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

Transcat Reports Fourth Quarter and Full Year 2020 Results
May 19, 2020
Page 13 of 13

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