Attached files
| file | filename |
|---|---|
| 8-K - 8-K 11.22.11 - TESSCO TECHNOLOGIES INC | form8k.htm |
TESSCO TECHNOLOGIES INCORPORATED
Historical segment information for the first and second quarters of fiscal year 2012 and all quarters of fiscal year 2011, and segment information for fiscal years 2011 and 2010 is presented in tabular format below. This information is presented to provide historical information in a manner consistent with the internal organizational changes discussed in the Quarterly Report on Form 10-Q filed for the period ended September 25, 2011.
Historical Segment Information (in thousands and unaudited):
|
Three months ended September 25, 2011
|
||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 20,065 | $ | - | $ | 20,065 | ||||||
|
Private system operator & government market
|
31,268 | - | 31,268 | |||||||||
|
Commercial dealer & reseller market
|
31,257 | - | 31,257 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 26,847 | 26,847 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
82,590 | 26,847 | 109,437 | |||||||||
|
Tier 1 carrier market
|
- | 39,400 | 39,400 | |||||||||
|
Total revenues
|
82,590 | 66,247 | 148,837 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
4,309 | - | 4,309 | |||||||||
|
Private system operator & government market
|
8,763 | - | 8,763 | |||||||||
|
Commercial dealer & reseller market
|
8,962 | - | 8,962 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 5,911 | 5,911 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
22,034 | 5,911 | 27,945 | |||||||||
|
Tier 1 carrier market
|
- | 6,045 | 6,045 | |||||||||
|
Total gross profit
|
22,034 | 11,956 | 33,990 | |||||||||
|
Directly allocatable expenses
|
10,322 | 6,701 | 17,023 | |||||||||
|
Segment net profit contribution
|
$ | 11,712 | $ | 5,255 | 16,967 | |||||||
|
Corporate support expenses
|
11,210 | |||||||||||
|
Income before provision for income taxes
|
$ | 5,757 | ||||||||||
|
Three months ended June 26, 2011
|
||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 18,166 | $ | - | $ | 18,166 | ||||||
|
Private system operator & government market
|
31,273 | - | 31,273 | |||||||||
|
Commercial dealer & reseller market
|
28,880 | - | 28,880 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 28,695 | 28,695 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
78,319 | 28,695 | 107,014 | |||||||||
|
Tier 1 carrier market
|
- | 56,501 | 56,501 | |||||||||
|
Total revenues
|
78,319 | 85,196 | 163,515 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
4,349 | - | 4,349 | |||||||||
|
Private system operator & government market
|
9,369 | - | 9,369 | |||||||||
|
Commercial dealer & reseller market
|
8,150 | - | 8,150 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 6,084 | 6,084 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
21,868 | 6,084 | 27,952 | |||||||||
|
Tier 1 carrier market
|
- | 9,248 | 9,248 | |||||||||
|
Total gross profit
|
21,868 | 15,332 | 37,200 | |||||||||
|
Directly allocatable expenses
|
10,024 | 6,817 | 16,841 | |||||||||
|
Segment net profit contribution
|
$ | 11,844 | $ | 8,515 | 20,359 | |||||||
|
Corporate support expenses
|
12,939 | |||||||||||
|
Income before provision for income taxes
|
$ | 7,420 | ||||||||||
|
Three months ended March 27, 2011
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||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 17,477 | $ | - | $ | 17,477 | ||||||
|
Private system operator & government market
|
26,887 | - | 26,887 | |||||||||
|
Commercial dealer & reseller market
|
28,915 | - | 28,915 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 30,066 | 30,066 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
73,279 | 30,066 | 103,345 | |||||||||
|
Tier 1 carrier market
|
- | 26,955 | 26,955 | |||||||||
|
Total revenues
|
73,279 | 57,021 | 130,300 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
4,054 | - | 4,054 | |||||||||
|
Private system operator & government market
|
7,478 | - | 7,478 | |||||||||
|
Commercial dealer & reseller market
|
7,930 | - | 7,930 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 6,367 | 6,367 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
19,462 | 6,367 | 25,829 | |||||||||
|
Tier 1 carrier market
|
- | 4,529 | 4,529 | |||||||||
|
Total gross profit
|
19,462 | 10,896 | 30,358 | |||||||||
|
Directly allocatable expenses
|
11,268 | 6,904 | 18,172 | |||||||||
|
Segment net profit contribution
|
$ | 8,194 | $ | 3,992 | 12,186 | |||||||
|
Corporate support expenses
|
9,646 | |||||||||||
|
Income before provision for income taxes
|
$ | 2,540 | ||||||||||
|
Three months ended December 26, 2010
|
||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 23,546 | $ | - | $ | 23,546 | ||||||
|
Private system operator & government market
|
30,966 | - | 30,966 | |||||||||
|
Commercial dealer & reseller market
|
28,553 | - | 28,553 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 28,963 | 28,963 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
83,065 | 28,963 | 112,028 | |||||||||
|
Tier 1 carrier market
|
- | 55,912 | 55,912 | |||||||||
|
Total revenues
|
83,065 | 84,875 | 167,940 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
5,497 | - | 5,497 | |||||||||
|
Private system operator & government market
|
7,777 | - | 7,777 | |||||||||
|
Commercial dealer & reseller market
|
7,931 | - | 7,931 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 5,301 | 5,301 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
21,205 | 5,301 | 26,506 | |||||||||
|
Tier 1 carrier market
|
- | 7,297 | 7,297 | |||||||||
|
Total gross profit
|
21,205 | 12,598 | 33,803 | |||||||||
|
Directly allocatable expenses
|
12,010 | 8,081 | 20,091 | |||||||||
|
Segment net profit contribution
|
$ | 9,195 | $ | 4,517 | 13,712 | |||||||
|
Corporate support expenses
|
9,494 | |||||||||||
|
Income before provision for income taxes
|
$ | 4,218 | ||||||||||
|
Three months ended September 26, 2010
|
||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 24,229 | $ | - | $ | 24,229 | ||||||
|
Private system operator & government market
|
26,652 | - | 26,652 | |||||||||
|
Commercial dealer & reseller market
|
31,681 | - | 31,681 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 26,165 | 26,165 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
82,562 | 26,165 | 108,727 | |||||||||
|
Tier 1 carrier market
|
- | 56,299 | 56,299 | |||||||||
|
Total revenues
|
82,562 | 82,464 | 165,026 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
5,618 | - | 5,618 | |||||||||
|
Private system operator & government market
|
6,915 | - | 6,915 | |||||||||
|
Commercial dealer & reseller market
|
8,284 | - | 8,284 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 6,126 | 6,126 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
20,817 | 6,126 | 26,943 | |||||||||
|
Tier 1 carrier market
|
- | 9,827 | 9,827 | |||||||||
|
Total gross profit
|
20,817 | 15,953 | 36,770 | |||||||||
|
Directly allocatable expenses
|
12,211 | 8,433 | 20,644 | |||||||||
|
Segment net profit contribution
|
$ | 8,606 | $ | 7,520 | 16,126 | |||||||
|
Corporate support expenses
|
10,689 | |||||||||||
|
Income before provision for income taxes
|
$ | 5,437 | ||||||||||
|
Three months ended June 27, 2010
|
||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 21,758 | $ | - | $ | 21,758 | ||||||
|
Private system operator & government market
|
24,015 | - | 24,015 | |||||||||
|
Commercial dealer & reseller market
|
28,064 | - | 28,064 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 24,918 | 24,918 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
73,837 | 24,918 | 98,755 | |||||||||
|
Tier 1 carrier market
|
- | 43,198 | 43,198 | |||||||||
|
Total revenues
|
73,837 | 68,116 | 141,953 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
4,970 | - | 4,970 | |||||||||
|
Private system operator & government market
|
6,808 | - | 6,808 | |||||||||
|
Commercial dealer & reseller market
|
7,572 | - | 7,572 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 5,152 | 5,152 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
19,350 | 5,152 | 24,502 | |||||||||
|
Tier 1 carrier market
|
- | 7,848 | 7,848 | |||||||||
|
Total gross profit
|
19,350 | 13,000 | 32,350 | |||||||||
|
Directly allocatable expenses
|
11,607 | 8,062 | 19,669 | |||||||||
|
Segment net profit contribution
|
$ | 7,743 | $ | 4,938 | 12,681 | |||||||
|
Corporate support expenses
|
9,321 | |||||||||||
|
Income before provision for income taxes
|
$ | 3,360 | ||||||||||
|
Fiscal Year Ended March 27, 2011
|
||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 87,010 | $ | - | $ | 87,010 | ||||||
|
Private system operator & government market
|
108,520 | - | 108,520 | |||||||||
|
Commercial dealer & reseller market
|
117,213 | - | 117,213 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 110,112 | 110,112 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
312,743 | 110,112 | 422,855 | |||||||||
|
Tier 1 carrier market
|
- | 182,364 | 182,364 | |||||||||
|
Total revenues
|
312,743 | 292,476 | 605,219 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
20,139 | - | 20,139 | |||||||||
|
Private system operator & government market
|
28,978 | - | 28,978 | |||||||||
|
Commercial dealer & reseller market
|
31,717 | - | 31,717 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 22,946 | 22,946 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
80,834 | 22,946 | 103,780 | |||||||||
|
Tier 1 carrier market
|
- | 29,501 | 29,501 | |||||||||
|
Total gross profit
|
80,834 | 52,447 | 133,281 | |||||||||
|
Directly allocatable expenses
|
47,096 | 31,480 | 78,576 | |||||||||
|
Segment net profit contribution
|
$ | 33,738 | $ | 20,967 | 54,705 | |||||||
|
Corporate support expenses
|
39,150 | |||||||||||
|
Income before provision for income taxes
|
$ | 15,555 | ||||||||||
|
Fiscal Year Ended March 28, 2010
|
||||||||||||
|
Commercial Segment
|
Retail Segment
|
Total
|
||||||||||
|
Revenues
|
||||||||||||
|
Public carrier, contractor & program manager market
|
$ | 63,808 | $ | - | $ | 63,808 | ||||||
|
Private system operator & government market
|
108,429 | - | 108,429 | |||||||||
|
Commercial dealer & reseller market
|
94,541 | - | 94,541 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 78,727 | 78,727 | |||||||||
|
Revenues, excluding Tier 1 carrier market
|
266,778 | 78,727 | 345,505 | |||||||||
|
Tier 1 carrier market
|
- | 176,527 | 176,527 | |||||||||
|
Total revenues
|
266,778 | 255,254 | 522,032 | |||||||||
|
Gross Profit
|
||||||||||||
|
Public carrier, contractor & program manager market
|
15,228 | - | 15,228 | |||||||||
|
Private system operator & government market
|
28,029 | - | 28,029 | |||||||||
|
Commercial dealer & reseller market
|
25,922 | - | 25,922 | |||||||||
|
Retailer, dealer agent & Tier 2/3 carrier market
|
- | 19,631 | 19,631 | |||||||||
|
Gross profit, excluding Tier 1 carrier market
|
69,179 | 19,631 | 88,810 | |||||||||
|
Tier 1 carrier market
|
- | 34,515 | 34,515 | |||||||||
|
Total gross profit
|
69,179 | 54,146 | 123,325 | |||||||||
|
Directly allocatable expenses
|
38,563 | 27,855 | 66,418 | |||||||||
|
Segment net profit contribution
|
$ | 30,616 | $ | 26,291 | 56,907 | |||||||
|
Corporate support expenses
|
42,169 | |||||||||||
|
Income before provision for income taxes
|
$ | 14,738 | ||||||||||
Supplemental revenue and gross profit information by product category is presented in tabular form below. The product category revenue and gross profit amounts presented below for the first and second quarters of fiscal 2011 reflect refinement and some reclassifications between product categories, as compared to that presented for the same periods in our Quarterly Report on Form 10-Q filed for the period ended September 25, 2011. We believe that this approach provides for a better current year presentation.
Supplemental Historical Product Category Information (in thousands and unaudited):
|
Three months ended
September 25, 2011
|
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 49,464 | ||
|
Network systems
|
19,140 | |||
|
Installation, test and maintenance
|
12,129 | |||
|
Mobile device accessories
|
68,104 | |||
|
Total revenues
|
148,837 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
14,928 | |||
|
Network systems
|
3,771 | |||
|
Installation, test and maintenance
|
2,616 | |||
|
Mobile device accessories
|
12,675 | |||
|
Total gross profit
|
33,990 | |||
|
Three months ended
June 26, 2011
|
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 47,208 | ||
|
Network systems
|
19,473 | |||
|
Installation, test and maintenance
|
9,947 | |||
|
Mobile device accessories
|
86,887 | |||
|
Total revenues
|
163,515 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
14,975 | |||
|
Network systems
|
3,874 | |||
|
Installation, test and maintenance
|
2,303 | |||
|
Mobile device accessories
|
16,048 | |||
|
Total gross profit
|
37,200 | |||
|
Three months ended
March 27, 2011
|
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 44,274 | ||
|
Network systems
|
15,860 | |||
|
Installation, test and maintenance
|
11,613 | |||
|
Mobile device accessories
|
58,553 | |||
|
Total revenues
|
130,300 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
12,944 | |||
|
Network systems
|
3,496 | |||
|
Installation, test and maintenance
|
2,451 | |||
|
Mobile device accessories
|
11,467 | |||
|
Total gross profit
|
30,358 | |||
|
Three months ended
December 26, 2010
|
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 48,571 | ||
|
Network systems
|
16,627 | |||
|
Installation, test and maintenance
|
14,393 | |||
|
Mobile device accessories
|
88,349 | |||
|
Total revenues
|
167,940 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
14,171 | |||
|
Network systems
|
3,440 | |||
|
Installation, test and maintenance
|
2,867 | |||
|
Mobile device accessories
|
13,325 | |||
|
Total gross profit
|
33,803 | |||
|
Three months ended
September 26, 2010
|
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 51,541 | ||
|
Network systems
|
18,372 | |||
|
Installation, test and maintenance
|
10,289 | |||
|
Mobile device accessories
|
84,824 | |||
|
Total revenues
|
165,026 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
14,194 | |||
|
Network systems
|
2,883 | |||
|
Installation, test and maintenance
|
2,506 | |||
|
Mobile device accessories
|
17,187 | |||
|
Total gross profit
|
36,770 | |||
|
Three months ended
June 27, 2010
|
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 48,201 | ||
|
Network systems
|
14,321 | |||
|
Installation, test and maintenance
|
9,947 | |||
|
Mobile device accessories
|
69,484 | |||
|
Total revenues
|
141,953 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
13,204 | |||
|
Network systems
|
2,289 | |||
|
Installation, test and maintenance
|
2,920 | |||
|
Mobile device accessories
|
13,937 | |||
|
Total gross profit
|
32,350 | |||
|
Fiscal Year Ended
March 27, 2011 |
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 192,587 | ||
|
Network systems
|
65,180 | |||
|
Installation, test and maintenance
|
46,242 | |||
|
Mobile device accessories
|
301,210 | |||
|
Total revenues
|
605,219 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
54,513 | |||
|
Network systems
|
12,108 | |||
|
Installation, test and maintenance
|
10,744 | |||
|
Mobile device accessories
|
55,916 | |||
|
Total gross profit
|
133,281 | |||
|
Fiscal Year Ended
March 28, 2010
|
||||
|
Revenues
|
||||
|
Base station infrastructure
|
$ | 171,434 | ||
|
Network systems
|
33,410 | |||
|
Installation, test and maintenance
|
53,594 | |||
|
Mobile device accessories
|
263,594 | |||
|
Total revenues
|
522,032 | |||
|
Gross Profit
|
||||
|
Base station infrastructure
|
47,677 | |||
|
Network systems
|
4,982 | |||
|
Installation, test and maintenance
|
13,406 | |||
|
Mobile device accessories
|
57,260 | |||
|
Total gross profit
|
123,325 | |||