Tessco Technologies Inc (TESS) saw its loss narrow to $0.86 million, or $0.10 a share for the quarter ended Mar. 26, 2017. In the previous year period, the company reported a loss of $1.99 million, or $0.24 a share. On an adjusted basis, loss per share was at $0.09 for the quarter compared with loss of $0.22 a share in the same period last year. Revenue during the quarter grew 7.40 percent to $122.60 million from $114.15 million in the previous year period. Gross margin for the quarter expanded 99 basis points over the previous year period to 21.16 percent. Operating margin for the quarter stood at negative 1.44 percent as compared to a negative 2.79 percent for the previous year period.
Operating loss for the quarter was $1.76 million, compared with an operating loss of $3.18 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.74 million compared to negative $1.80 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 0.60 percent for the quarter compared to negative 1.58 percent in the last year period.
“We achieved year-over-year revenue growth for the second straight quarter, as our new sales initiatives continued to drive top-line improved results,” said Murray Wright, president and chief executive officer. “Sales were strong in most markets year over year, especially in the public carrier and government markets. In addition, we are beginning to see more activity from our carrier and contractor customers, which is a very good sign for us. The overall effect of the solid execution of our plans is that we are winning more share in many of our markets.
Debt comes down significantly
Tessco Technologies Inc has recorded a decline in total debt over the last one year. It stood at $0.06 million as on Mar. 26, 2017, down 97.12 percent or $1.90 million from $1.96 million on Mar. 27, 2016.
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