Tag - Tess

Tessco Technologies, Inc. (Nasdaq:TESS) CEO Robert Barnhill said the provider of supply chain products and services will invest in its sales team, product offerings, electronic database marketing, Internet presence and make customer and product acquisitions in an effort to fuel business growth. Barnhill made the comments during a Wednesday morning conference call with analysts and investors.

In an early morning press release, the Hunt Valley, Md.-based company adjusted its earnings outlook for fiscal 2009 to a range of $1.25 to $1.40 per share, from a previous range of $1.10 to $1.40 per share. Tessco said the new guidance reflects improving market conditions, accelerated revenue growth and productivity initiatives.

“Going forward, we know that revenues in the current market conditions will demand increasing [market] share with our current customers and markets and expanding the markets that we serve,” Barnhill said. “Our strategy is to expand both our value to our customers and expand our product solutions offering.”

Tessco said early Wednesday that its first-quarter net income rose to $2.1 million, or $0.38 per share, from $0.9 million, or $0.15 per share, a year earlier. Wall Street analysts expected earnings of $0.31 per share.

“We delivered on our commitment to grow earnings independent of revenue growth through a continued, intense focus on increasing value to our customers, margins and productivity,” Barnhill said.

Quarterly revenue for the three months fell to $122.1 million, from $124.4 million a year ago. The results fell short of Wall Street’s expectation of $132.8 million.

“It was a very strong quarter for us and we’re very pleased to report . . .

Tessco Technologies, Inc. (Nasdaq:TESS) CEO Bob Barnhill Jr. said corporate initiatives are lowering costs while simultaneously increasing profit. Barnhill made the comments during a morning conference call.

The Hunt Valley, Md.-based company, a provider of supply chain solutions, expects the weak market to continue, the chief executive said.

“However, we plan to grow earnings independent of revenue growth through continued intense focus on margins and productivity,” Barnhill said.

He said major productivity increases have occurred at Tessco’s assembly, packaging and fulfillment plants. Leveraging the East and West Coast logistic centers have lowered production costs, the CEO said. A new packaging center has improved product flow and productivity, CFO David Young said.

Before Wednesday’s opening, Tessco reported fiscal fourth-quarter net income of $1.7 million, or $0.32 per share, versus $1.6 million, or $0.28 per share, a year earlier. The results significantly beat Wall Street’s expectation of earning $0.10 per share.

“I’m very pleased that we delivered record earnings on low revenue growth in a soft marketplace,” Barnhill said. “Throughout the third and fourth quarters, . . .

Diamond Mgt. & Technology Consultants Inc. (Nasdaq: DTPI), Accredited Home Lenders Holding Co. (Nasdaq: LEND) and LIN TV Corp. (NYSE: TVL) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $500 million.

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