September 25, 2016 3:34 AM ET

Communications Equipment

Company Overview of TESSCO Technologies Inc.

Company Overview

TESSCO Technologies Incorporated architects and delivers products and value chain solutions to support wireless systems in the United States. It provides base station infrastructure products, including base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, enclosures, grounding, jumpers, miscellaneous hardware products, and mobile antennas to build, repair, and upgrade wireless broadband systems; and connector installation, custom jumper assembly, site kitting, and logistics integration services. The company also offers network systems, such as fixed and mobile broadband radio equipment, wireless networking filtering and di...

11126 McCormick Road

Hunt Valley, MD 21031

United States

Founded in 1982

786 Employees

Phone:

410-229-1000

Fax:

410-527-0005

Key Executives for TESSCO Technologies Inc.

Founder, Executive Chairman and Member of Risk & Strategy Committee
Age: 72
Total Annual Compensation: $700.0K
Chief Financial Officer, Senior Vice President and Corporate Secretary
Age: 45
Total Annual Compensation: $275.0K
Senior Vice President of Performance Systems & Operations
Age: 56
Total Annual Compensation: $345.0K
Senior Vice President
Age: 46
Total Annual Compensation: $264.8K
Senior Vice President
Age: 35
Total Annual Compensation: $247.6K
Compensation as of Fiscal Year 2016.

TESSCO Technologies Inc. Key Developments

TESSCO Technologies Inc. Announces Executive Changes

TESSCO Technologies Inc. announced that its Board of Directors has appointed Murray Wright as President and Chief Executive Officer. Wright was also elected to TESSCO’s Board of Directors. Robert B. Barnhill, Jr. will assume the role of Executive Chairman and will continue to serve as the Chairman of TESSCO’s Board. Murray Wright was most recently CEO & President of Zones Inc. Prior to Zones Inc., Mr. Wright was President, The Americas for Tech Data. Mr. Wright has served as President of Lenovo Canada Inc. Mr. Wright has also served as General Manager and Vice President of Americas Sales for Ingram Micro Canada.

TESSCO Technologies Inc. Declares a Quarterly Cash Dividend, Payable on August 17, 2016

TESSCO Technologies Inc.’s Board of Directors declared a quarterly cash dividend of $0.20 per common share payable on August 17, 2016 to holders of record on August 3, 2016.

TESSCO Technologies Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 26, 2016; Provides Earnings Guidance for the Second Quarter of Fiscal Year 2017

TESSCO Technologies Inc. reported unaudited consolidated earnings results for the first quarter ended June 26, 2016. For the quarter, the company reported revenues of $128,860,000 against $134,664,000 a year ago. Income from operations was $150,300,000 against $2,859,500 a year ago. Income before provision for income taxes was $138,900 against $2,813,200 a year ago. Net income was $80,500 against $1,695,300 a year ago. Basic and diluted earnings per share were $0.01 against $0.20 per diluted share a year ago. The company reported operating income, as adjusted of $150,300 against $2,859,500 a year ago. Net income as adjusted was $80,500 against $1,695,300 a year ago. Diluted EPS, adjusted was $0.01 against $0.20 a year ago. EBITDA was $1,327,000 against $3,990,800 a year ago. EBITDA, adjusted was $1,442,800 against $4,122,500 a year ago. EBITDA per diluted share was $0.16 against $0.48 a year ago. Adjusted EBITDA per diluted share was $0.17 against $0.50 a year ago. Cash flow from operations was $0.1 million during the first quarter. The company expects both revenue and earnings to increase sequentially for the second quarter of fiscal 2017 compared with the first quarter of fiscal 2017 those results are expected to be lower than in the second quarter of fiscal 2016, primarily because of continued carrier market pressure, pricing pressure in the retail market and the ongoing investments in its transformations.

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