TESSCO TECHNOLOGIES

 

TESSCO TECHNOLOGIES 2002

 

Annual Report

TABLE OF CONTENTS:  




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Financial Summary

FISCAL YEARS ENDED MARCH 31, 2002 APRIL 1, 2001 MARCH 26, 2000 MARCH 28, 1999 MARCH 29, 1998
Statement of Income Data          
Revenues $248,915,100   $258,769,800   $196,830,300   $160,582,200   $131,658,200  
Costs of goods sold 180,432,600   188,271,200   142,523,000   118,535,300   95,858,800  
Gross profit 68,482,500   70,498,600   54,307,300   42,046,900   35,799,400  
Selling, general and administrative expenses 60,596,500   59,953,000   44,027,400   42,046,900   35,799,400  
Asset impairment and restructuring charge --   --   --   831,000   --  
Income from operations 7,886,000   10,545,600   10,279,900   4,422,400   6,137,200  
Interest and other expense, net 1,496,100   2,039,100   1,340,300   1,240,800   712,600  
Income before provision for income taxes 6,389,900   8,506,500   8,939,600   3,181,600   5,424,600  
Provision for income taxes 2,484,000   3,232,500   3,397,000   1,209,200   2,049,000  
Net income $3,905,900   $5,274,000   $5,542,600   $1,972,400   $3,375,600  
Diluted earnings per share $0.85   $1.13   $1.20   $0.43   $0.73  
Diluted weighted average shares outstanding 4,575,900   4,682,600   4,599,500   4,600,100   4,610,300  
Growth Rates          
Revenues (3.8%)   31.5%   22.6%   22.0%   (10.5%)  
Gross profit (2.9%)   29.8%   29.2%   17.5%   (3.9%)  
Income from operations (25.2%)   2.6%   132.5%   (27.9%)   (21.1%)  
Net income (25.9%)   (4.8%)   181.0%   (41.6%)   (19.2%)  
Diluted earnings per share (24.8%)   (5.8%)   179.1%   (41.1%)   (18.0%)  
Ratios          
Return on average shareholders' equity 8.0%   12.0%   14.5%   5.7%   10.8%  
Average inventory turnover 5.1   5.9   5.4   5.9   5.4  
Average accounts receivable turnover 9.3   9.6   8.4   9.1   8.1  
Selected Operating Data          
Average commercial buyers per month 8,900   8,700   8,000   7,500   7,000  
Average consumer buyers per month 13,600   15,600   14,100   12,200   3,700  
Total orders shipped 772,000   760,000   645,000   426,500   302,000  
Revenues per employee $471,400   $493,800   $507,300   $462,100   $454,000  
Balance Data Sheet          
Working capital $31,156,600   $30,826,100   $28,232,100   $23,050,700   $22,270,100  
Total assets 100,229,300   87,413,500   84,443,100   63,062,400   59,926,900  
Short-term debt 5,785,800   10,356,500   6,194,900   4,690,200   294,000  
Long-term debt 6,063,400   6,441,200   6,795,800   7,128,700   7,441,400  
Shareholders' equity 50,807,400   46,739,200   41,082,200   35,456,700   33,391,500  




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