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TESSCO Announces Third Quarter Revenue of $204 Million, EPS of $0.65

  TESSCO Announces Third Quarter Revenue of $204 Million, EPS of $0.65

  *18% core market revenue and gross margin growth
  *Quarterly EPS increases 10% to a record $0.65
  *Quarterly EBITDA* per share increases 7% to $1.20
  *FY13EPS guidance updated to a range of $2.05 to $2.15
  *$0.18 per share quarterly dividend date set

Business Wire

HUNT VALLEY, Md. -- January 17, 2013

TESSCO Technologies Incorporated (NASDAQ:TESS), a leading provider of the
product and value chain solutions required to build, use and maintain wireless
broadband systems, today announced its results for the third quarter of fiscal
year 2013, ended December 30, 2012.

“For the second consecutive quarter, we achieved double-digit revenue and
margin growth in our core markets,” stated Chairman and CEO Robert Barnhill.
“These increases reflect our intensified focus on a wide range of commercial,
private, government and retail sectors where the deployment of new and diverse
wireless systems is creating many exciting business opportunities for TESSCO.
The revenue and gross margin growth in our core markets also helped fuel a 10
percent increase in our earnings per share over last year’s third quarter, and
resulted in an all-time quarterly record.

“Overall revenue decreased as compared to last year’s third quarter due to the
ongoing transition of our lower-margin third-party logistics (3PL) business
with a Tier 1 carrier, which we expect to be substantially completed by the
end of this fiscal year. Sequentially, revenues from Tier 1 carrier customers,
which include this 3PL business, were essentially flat as the 3PL transition
has been proceeding at a slower pace than we had initially anticipated.

“Reflecting this quarter’s solid results from our core business and the
higher-than-anticipated Tier 1 carrier revenues and gross profits, we are
raising the bottom end of our guidance range for fiscal 2013. We now expect
full-year diluted EPS to be in the range of $2.05 to $2.15, compared to our
previous $1.90 to $2.15 guidance range.

“As the fiscal year and the exit from the 3PL relationship draws to an end, we
are more optimistic than ever about our opportunities being created by the
convergence of wireless and the Internet. We are very pleased with the
progress of our plan to redirect and align our resources, focus and talent
around capitalizing on these exciting opportunities through new marketing,
sales, product and operational initiatives that we believe will drive new
levels of success.”

Third-Quarter Fiscal 2013 Financial Results

For the company’s fiscal 2013 third quarter, revenue totaled $204.5 million, a
10 percent decrease compared to last year’s third quarter.

Comparing the results in our core markets – i.e., our total business excluding
Tier 1 carrier retail customers – revenues grew by $21 million, or 18 percent,
compared to the prior-year quarter. The public systems operator market
produced 75 percent revenue growth; the retailer, dealer agent & Tier 2/3
carrier market produced 20 percent revenue growth; and the commercial dealer &
reseller market produced 12 percent revenue growth. Revenue from the private &
government systems market decreased by 10 percent and revenue from the Tier 1
carrier retail market decreased by 40 percent.

In the third quarter of fiscal 2013, gross profit was $39.0 million, down 1
percent from last year’s third quarter gross profit of $39.5 million. In our
core markets, gross profit was  $34.2 million, an 18 percent increase. The
public systems operator market produced 58 percent gross profit growth; the
retailer, dealer agent & Tier 2/3 carrier market produced 20 percent gross
profit growth; and the commercial dealer & reseller market produced 16 percent
gross profit growth. Gross profit in the private & government systems market
decreased 2 percent. Gross profit in the Tier 1 carrier retail market
decreased 55 percent, reflecting the ongoing transition of our 3PL business.

Selling general and administrative (SG&A) expenses decreased by $1.4 million,
or 4 percent compared to last year’s third quarter.

EBITDA* totaled $10.0 million, or $1.20 per diluted share, in the third
quarter of 2013 as compared to $9.1 million, or $1.12 per diluted share, in
the prior-year quarter.

Net income and diluted earnings per share totaled $5.4 million and $0.65 in
the third quarter of fiscal 2013, respectively, as compared to $4.8 million
and $0.59 in the prior year quarter, respectively.

For the first nine months of fiscal 2013, TESSCO reported revenues of $594.1
million and net income of $14.9 million, or $1.80 per diluted share. These
results compare to revenues of $538.6 million and net income of $12.9 million,
or $1.60 per diluted share, for the first nine months of fiscal 2012. EBITDA*
for the first nine months of fiscal 2013 totaled $28.1 million, or $3.40 per
share, compared to $24.8 million, or $3.08 per share, for the first nine
months of fiscal 2012.

As of December 30, 2012, TESSCO’s cash balance totaled $2.6 million and there
was no balance outstanding on our revolving line of credit. During the third
quarter of fiscal 2013, our Board of Directors declared a special one-time
cash dividend of $0.75 per share on our common stock which was paid on
December 26, 2012 to shareholders of record on December 12, 2012.

Quarterly Cash Dividends

In addition to the special dividend paid in the third quarter, the Board has
declared a quarterly cash dividend of $0.18 per common share payable on
February 13, 2013 to holders of record on January 30, 2013.

Any future declaration of dividends, and the establishment of record and
payment dates, is subject to further determinations of the Board of Directors.

Business Outlook

Based on our results in the first nine months of fiscal 2013, including the
slower-than-anticipated transition of our major Tier 1 carrier customer and
our view of the current business opportunities for our fourth fiscal quarter,
we are raising the bottom end of our annual guidance and now expect that
diluted earnings per share for fiscal 2013 will range from $2.05 to $2.15. Our
fourth fiscal quarter is typically the one most negatively affected by
seasonality due to weather-related slowdowns in our commercial segment and
post-holiday slowdowns in our retail segment.

As described in various previous announcements, TESSCO’s low-margin,
third-party logistics relationship with its largest customer, a major Tier 1
carrier, began to transition from TESSCO in September 2012 as that customer
began implementing a new supply chain business model. TESSCO expects the 3PL
relationship to be substantially terminated by the close of TESSCO’s fiscal
2013, ending March 31, 2013.

This transition will result in a significant reduction in overall revenues.
Revenues from this relationship totaled approximately $186 million through the
first three quarters of fiscal 2013. Gross margin from this relationship
varies by quarter based on product mix, but has been less than 10 percent for
all quarters of fiscal year 2013. Gross margin from the Tier 1 carrier
business that is not subject to this 3PL transition has historically been much
closer to that of our non-Tier 1 carrier retail business. The SG&A expenses
associated with the 3PL business that is transitioning do vary, but generally
equal approximately 2 percent of revenue.

Forecasting future results is inherently difficult for any business, and
actual results may differ materially from those forecasted. Moreover, our
current expectations related to the transition of the supply chain
relationship with our largest customer are based upon indications received
from this customer, and actual events may differ materially. This
relationship, like those with most of our other customers and suppliers,
contains no ongoing purchase or sale obligations and is terminable by either
party upon relatively short notice. Absent this supply chain relationship, we
will, however, maintain the ability to sell our proprietary products to this
customer.

The nature of our business is that we typically ship products within several
days after booking orders. The lack of an order backlog makes it even more
difficult to forecast future results. The Business Outlook published in this
press release reflects only the company's current best estimate and the
company assumes no obligation to update the information contained in this
press release, including the Business Outlook, at any time.

Third-Quarter Fiscal 2013 Conference Call

Management will host a conference call to discuss its third-quarter 2013
results on Friday, January 18, 2013 at 10:00 a.m. ET. To participate in the
conference call, please call 800-322-5044 (domestic call-in) or 617-614-4927
(international call-in) and reference code #90754064. A live webcast of the
conference call will be available at http://www.tessco.com/go/pressroom. All
participants should call or access the website approximately 10 minutes before
the conference begins.

A telephone replay of the conference call will be available from 12:00 p.m. ET
on January 18, 2013 until 11:59 p.m. ET on January 25, 2013 by calling
888-286-8010 (domestic) or 617-801-6888 (international) and entering
confirmation #43100472. An archived replay of the conference call will also be
available on the company’s website.

*Non-GAAP Information

EBITDA, a measure used by management to evaluate the company’s ongoing
operations and as a general indicator of its operating cash flow (in
conjunction with a cash flow statement which also includes among other items,
changes in working capital and the effect of non-cash charges), is defined as
income from operations, plus interest expense, net of interest income,
provision for income taxes, and depreciation and amortization. Management
believes EBITDA as well as EBITDA per share are useful to investors because
they are frequently used by securities analysts, investors and other
interested parties in the evaluation of companies. Because not all companies
use identical calculations, the company's presentation of EBITDA and EBITDA
per share may not be comparable to other similarly titled measures of other
companies. EBITDA is not a recognized term under GAAP and does not purport to
be an alternative to net income as a measure of operating performance or to
cash flows from operating activities as a measure of liquidity. EBITDA per
diluted share is also a non-GAAP calculation defined as EBITDA divided by the
company’s diluted weighted average shares outstanding. Additionally, EBITDA is
not intended to be a measure of free cash flow for management's discretionary
use, as it does not reflect certain cash requirements such as interest
payments, tax payments and debt service requirements. The amounts shown for
EBITDA as presented herein differ from the amounts calculated under the
definition of EBITDA used in the company's loan agreements. The definition of
EBITDA as used in the company's loan agreements is further adjusted for
certain cash and non-cash charges/credits, including stock compensation
expense, and is used to determine compliance with financial covenants and the
ability to engage in certain activities such as incurring additional debt.

A reconciliation of the company's non-GAAP to GAAP results is included as an
exhibit to this release.

About TESSCO

TESSCO Technologies (NASDAQGS:TESS), is Your Total Source^® for making
wireless work. The convergence of wireless and the Internet is revolutionizing
the way we live, work and play. New systems and applications are creating
opportunities and challenges at an unprecedented rate. TESSCO is there,
thinking in new ways for exceptional outcomes. TESSCO architects and delivers,
with innovation, productivity and speed, the product and value chain solutions
to organizations responsible for building, using and maintaining wireless
broadband systems.

Forward-Looking Statements

This press release, including the statements of Robert Barnhill and the
discussion under the heading “Business Outlook”, contains forward-looking
statements as to anticipated results and future prospects. These
forward-looking statements are based on current expectations and analysis, and
actual results may differ materially. These forward-looking statements may
generally be identified by the use of the words "may," "will," "expects,"
"anticipates," "believes," "estimates," and similar expressions, but the
absence of these words or phrases does not necessarily mean that a statement
is not forward-looking. Forward-looking statements involve a number of risks
and uncertainties. Our actual results may differ materially from those
described in or contemplated by any such forward-looking statement for a
variety of reasons, including those risks identified in our most recent Annual
Report on Form 10-K and other periodic reports filed with the Securities and
Exchange Commission, under the heading “Risk Factors” and otherwise.
Consequently, the reader is cautioned to consider all forward-looking
statements in light of the risks to which they are subject.

We are not able to identify or control all circumstances that could occur in
the future that may adversely affect our business and operating results.
Without limiting the risks that we describe in our periodic reports and
elsewhere, among the risks that could lead to a materially adverse impact on
our business or operating results are the following: termination or
non-renewal of limited duration agreements or arrangements with our vendors
and affinity partners that are typically terminable by either party upon
several months or otherwise relatively short notice; loss of significant
customers or relationships, including affinity relationships; loss of
customers as a result of consolidation among the wireless communications
industry; the strength of our customers’, vendors’ and affinity partners’
business; economic conditions that may impact customers’ ability to fund or
pay for our products and services; failure of our information technology
system or distribution system; technology changes in the wireless
communications industry; third-party freight carrier interruption; increased
competition; our inability to access capital and obtain financing as and when
needed; and the possibility that, for unforeseen reasons, we may be delayed in
entering into or performing, or may fail to enter into or perform, anticipated
contracts or may otherwise be delayed in realizing or fail to realize
anticipated revenues or anticipated savings.

TESSCO Technologies Incorporated

Consolidated Statements of Income (Unaudited)

                   Fiscal Quarters Ended                                    Nine Months Ended
                       December 30,        September 30,       December 25,        December            December 25,
                       2012                              2011                30, 2012         2011
                                           2012
                                                                                                       
Revenues               $ 204,458,700       $ 197,238,300       $ 226,250,100       $ 594,115,200       $ 538,602,500
Cost of goods           165,488,900        158,613,300        186,773,300        481,027,200        427,935,400
sold
Gross profit             38,969,800          38,625,000          39,476,800          113,088,000         110,667,100
Selling,
general and             30,226,300         29,887,000         31,596,300         88,675,700         89,431,300
administrative
expenses
Income from              8,743,500           8,738,000           7,880,500           24,412,300          21,235,800
operations
Interest, net           13,700             12,000             73,500             83,100             251,900
Income before
provision for            8,729,800           8,726,000           7,807,000           24,329,200          20,983,900
income taxes
Provision for           3,331,100          3,457,100          3,033,400          9,455,100          8,095,900
income taxes
Net income             $ 5,398,700         $ 5,268,900         $ 4,773,600         $ 14,874,100        $ 12,888,000
                                                                                                       
                                                                                                       
Basic earnings         $ 0.67              $ 0.66              $ 0.61              $ 1.86              $ 1.67
per share
Diluted
earnings per           $ 0.65              $ 0.64              $ 0.59              $ 1.80              $ 1.60
share
                                                                                                       


TESSCO Technologies Incorporated

Consolidated Balance Sheets

                                   December 30, 2012    April 1, 2012
                                       (unaudited)             (audited)
                                                               
ASSETS
Current Assets:
Cash and cash equivalents              $  2,594,700            $ 18,211,600
Trade accounts receivable, net            99,081,700             88,748,200
Product inventory                         65,045,700             53,360,300
Deferred tax assets                       3,135,100              3,135,100
Prepaid expenses and other               2,962,400            2,308,200   
current assets
Total current assets                      172,819,600            165,763,400
                                                               
Property and equipment, net               23,346,600             22,905,700
Goodwill, net                             11,684,700             11,684,700
Other long-term assets                   2,103,100            2,143,900   
Total assets                           $  209,954,000         $ 202,497,700 
                                                               
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current Liabilities:
Trade accounts payable                 $  88,408,100           $ 78,344,700
Payroll, benefits and taxes               8,603,400              17,211,600
Income and sales tax                      2,096,800              3,137,000
liabilities
Accrued expenses and other                953,100                1,041,100
current liabilities
Revolving line of credit                  --                     --
Current portion of long-term             249,500              249,200     
debt
Total current liabilities                 100,310,900            99,983,600
                                                               
Deferred tax liabilities                  2,243,500              2,243,500
Long-term debt, net of current            2,520,800              2,708,000
portion
Other long-term liabilities              4,310,400            3,910,700   
Total liabilities                        109,385,600          108,845,800 
                                                               
Shareholders’ Equity:
Preferred stock                           --                     --
Common stock                              91,400                 88,000
Additional paid-in capital                49,582,100             45,135,900
Treasury stock, at cost                   (48,304,000  )         (46,276,400 )
Retained earnings                        99,198,900           94,704,400  
Total shareholders’ equity               100,568,400          93,651,900  
                                                               
Total liabilities and                  $  209,954,000         $ 202,497,700 
shareholder’s equity
                                                               


TESSCO Technologies Incorporated

Reconciliation of Net Income to Earnings Before Interest, Taxes and Depreciation
and Amortization (EBITDA) (Unaudited)

                 Fiscal Quarters Ended                              Nine Months Ended
                     December          September         December
                     30,            30,            25,               December 30,    December 25,
                     2012                                2011              2012               2011
                                       2012
Net income           $ 5,398,700       $ 5,268,900       $ 4,773,600       $ 14,874,100       $ 12,888,000
Add:
Provision
for income             3,331,100         3,457,100         3,033,400         9,455,100          8,095,900
taxes
Interest,              13,700            12,000            73,500            83,100             251,900
net
Depreciation
and                   1,224,500        1,247,200        1,243,000        3,719,500         3,573,700
amortization
EBITDA               $ 9,968,000       $ 9,985,200       $ 9,123,500       $ 28,131,800       $ 24,809,500
EBITDA per
diluted              $ 1.20            $ 1.21            $ 1.12            $ 3.40             $ 3.08
share
                                                                                              


TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
                                                       
                             Three months ended December 30, 2012
                             Commercial          Retail            Total
                             Segment             Segment
Revenues
   Public
   carrier,
   contractor &              $  32,554           $ -               $ 32,554
   program
   manager
   market
   Private
   carrier &                    30,199             -                 30,199
   government
   system market
   Commercial
   dealer &                     36,786             -                 36,786
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                  -                39,927          39,927  
   carrier
   market
   Revenues,
   excluding
   Tier 1                       99,539             39,927            139,466
   carrier
   market
   Tier 1
   carrier                     -                64,993          64,993  
   market
   Total                       99,539           104,920         204,459 
   revenues
                                                                   
Gross Profit
   Public
   carrier,
   contractor &                 6,832              -                 6,832
   program
   manager
   market
   Private
   carrier &                    8,476              -                 8,476
   government
   system market
   Commercial
   dealer &                     10,227             -                 10,227
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                  -                8,697           8,697   
   carrier
   market
   Gross profit,
   excluding
   tier 1                       25,535             8,697             34,232
   carrier
   market
   % of revenues                25.7    %          21.8    %         24.5    %
   Tier 1
   carrier                     -                4,738           4,738   
   market
   Total gross                 25,535           13,435          38,970  
   profit
   % of revenues                25.7    %          12.8    %         19.1    %
                                                                   
   Directly
   allocatable                 11,434           7,421           18,855  
   expenses
   Segment net
   profit                    $  14,101          $ 6,014            20,115
   contribution
   % of revenues                14.2    %          5.7     %         9.8     %
   Corporate
   support                                                          11,385  
   expenses*
   Income before
   provision for                                                   $ 8,730   
   income taxes
   % of revenues                                                     4.3     %
                                                                   
Growth Rates Compared to Prior Year Period:
Revenues
   Public
   carrier,
   contractor &                 75.3    %                            75.3    %
   program
   manager
   market
   Private
   carrier &                    -10.2   %                            -10.2   %
   government
   system market
   Commercial
   dealer &                     12.4    %                            12.4    %
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                                   19.5    %       19.5    %
   carrier
   market
   Revenues,
   excluding
   Tier 1                       17.2    %          19.5    %         17.9    %
   carrier
   market
   Tier 1
   carrier                                      -39.8   %       -39.8   %
   market
   Total                       17.2    %        -25.8   %       -9.6    %
   revenues
                                                                   
Gross Profit
   Public
   carrier,
   contractor &                 57.6    %                            57.6    %
   program
   manager
   market
   Private
   carrier &                    -1.8    %                            -1.8    %
   government
   system market
   Commercial
   dealer &                     16.4    %                            16.4    %
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                                   20.2    %       20.2    %
   carrier
   market
   Gross profit,
   excluding
   tier 1                       17.4    %          20.2    %         18.1    %
   carrier
   market
   Tier 1
   carrier                                      -54.8   %       -54.8   %
   market
   Total gross                  17.4    %          -24.2   %         -1.3    %
   profit
                                                                   
   Directly
   allocatable                 9.9     %        -14.5   %       -1.2    %
   expenses
   Segment net
   profit                      24.2    %        -33.5   %         -1.4    %
   contribution
   Corporate
   support                                                          -9.6    %
   expenses*
   Income before
   provision for                                                    11.8    %
   income taxes
                                                                   
* Includes corporate overhead, facilities expense, depreciation, interest and
company wide pay-for-performance bonus expense



TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
                                                       
                             Nine months ended December 30, 2012
                             Commercial          Retail            Total
                             Segment             Segment
Revenues
   Public
   carrier,
   contractor &              $  78,383           $ -               $ 78,383
   program
   manager
   market
   Private
   carrier &                    94,063             -                 94,063
   government
   system market
   Commercial
   dealer &                     104,049            -                 104,049
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                  -                107,931         107,931 
   carrier
   market
   Revenues,
   excluding
   Tier 1                       276,495            107,931           384,426
   carrier
   market
   Tier 1
   carrier                     -                209,689         209,689 
   market
   Total                       276,495          317,620         594,115 
   revenues
                                                                   
Gross Profit
   Public
   carrier,
   contractor &                 16,925             -                 16,925
   program
   manager
   market
   Private
   carrier &                    25,867             -                 25,867
   government
   system market
   Commercial
   dealer &                     28,826             -                 28,826
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                  -                22,893          22,893  
   carrier
   market
   Gross profit,
   excluding
   tier 1                       71,618             22,893            94,511
   carrier
   market
   % of revenues                25.9     %         21.2    %         24.6    %
   Tier 1
   carrier                     -                18,577          18,577  
   market
   Total gross                 71,618           41,470          113,088 
   profit
   % of revenues                25.9     %         13.1    %         19.0    %
                                                                   
   Directly
   allocatable                 32,246           21,951          54,197  
   expenses
   Segment net
   profit                    $  39,372          $ 19,519           58,891
   contribution
   % of revenues                14.2     %         6.1     %         9.9     %
   Corporate
   support                                                          34,562  
   expenses*
   Income before
   provision for                                                   $ 24,329  
   income taxes
   % of revenues                                                     4.1     %
                                                                   
Growth Rates Compared to Prior Year Period:
Revenues
   Public
   carrier,
   contractor &                 38.0     %                           38.0    %
   program
   manager
   market
   Private
   carrier &                    -2.2     %                           -2.2    %
   government
   system market
   Commercial
   dealer &                     12.0     %                           12.0    %
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                                   21.3    %       21.3    %
   carrier
   market
   Revenues,
   excluding
   Tier 1                       12.5     %         21.3    %         14.8    %
   carrier
   market
   Tier 1
   carrier                                      2.9     %       2.9     %
   market
   Total                       12.5     %       8.5     %       10.3    %
   revenues
                                                                   
Gross Profit
   Public
   carrier,
   contractor &                 30.2     %                           30.2    %
   program
   manager
   market
   Private
   carrier &                    -3.4     %                           -3.4    %
   government
   system market
   Commercial
   dealer &                     11.3     %                           11.3    %
   reseller
   market
   Retailer,
   dealer agent
   & tier 2/3                                   19.1    %       19.1    %
   carrier
   market
   Gross profit,
   excluding
   tier 1                       9.1      %         19.1    %         11.3    %
   carrier
   market
   Tier 1
   carrier                                      -28.0   %       -28.0   %
   market
   Total gross                  9.1      %         -7.9    %         2.2     %
   profit
                                                                   
   Directly
   allocatable                 4.9      %       -1.1    %       2.4     %
   expenses
   Segment net
   profit                      12.8     %       -14.4   %         2.0     %
   contribution
   Corporate
   support                                                          -5.9    %
   expenses*
   Income before
   provision for                                                    15.9    %
   income taxes
                                                                   
* Includes corporate overhead, facilities expense, depreciation, interest and
company wide pay-for-performance bonus expense



TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands)
                                                     
                                    Three months ended       Nine months ended
                                    December 30, 2012        December 30, 2012
Revenues
  Base station infrastructure       $    61,400              $   167,580
  Network systems                        19,649                  59,551
  Installation, test and                 13,357                  36,137
  maintenance
  Mobile device accessories             110,053               330,847   
  Total revenues                         204,459                 594,115
                                                             
Gross Profit
  Base station infrastructure            17,726                  48,886
  Network systems                        3,784                   11,422
  Installation, test and                 3,077                   8,443
  maintenance
  Mobile device accessories             14,383                44,337    
  Total gross profit                     38,970                  113,088
  % of revenues                          19.1      %             19.0      %
                                                             
Growth Rates Compared to Prior Year Period
                                                             
Revenues
  Base station infrastructure            22.2      %             14.1      %
  Network systems                        4.2       %             3.6       %
  Installation, test and                 10.3      %             5.7       %
  maintenance
  Mobile device accessories             -24.1     %            10.3      %
  Total revenues                         -9.6      %             10.3      %
                                                             
Gross Profit
  Base station infrastructure            14.3      %             7.7       %
  Network systems                        -7.1      %             -2.5      %
  Installation, test and                 12.5      %             10.3      %
  maintenance
  Mobile device accessories             -16.2     %            -3.4      %
  Total gross profit                     -1.3      %             2.2       %
                                                                           

Contact:

TESSCO Technologies Incorporated
Robert Barnhill, 410-229-1353
Chairman and Chief Executive Officer
or
LHA
Harriet Fried, 212-838-3777
hfried@lhai.com
 
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