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The company expects revenue in the first quarter to be approximately 105 million U.S. dollars, a year-on-year increase of 9%
Sales bookings in the first quarter increased by approximately 37% year-on-year
TESCO Technologies Incorporated (NASDAQ:Tess), The leading value-added distributor and solution provider in the wireless industry today announced preliminary selected financial results for the first quarter of fiscal year 2022 ending June 27, 2021. Tessco expects total revenue of approximately $105 million, which will represent a compound annual growth rate of 9%. Sales and bookings in the first quarter increased by 37% year-on-year, and the company’s performance in both markets improved.
Tessco President and CEO Sandip Mukerjee said: “This fiscal year is the first fiscal year since we sold our retail business. Although there have been some disruptions in the global supply chain, we now see the entire The market is showing signs of recovery after the pandemic.”. “Therefore, since we welcome the vast majority of employees to return to our office after long-term remote work, we believe this is a prudent time to provide the high level of our first quarter expected results Level overview, and have certain financial expectations for our entire fiscal year 2022.
“As we reported last quarter, as the impact of the pandemic weakened, our sales and bookings in the second half of fiscal 2021 were higher than in the first half of this fiscal year. We also reported that due to supply chain challenges, the conversion was delayed and the backlog Orders continue to increase from pre-order to shipment. These trends continue until the first quarter of our 2022 fiscal year.
“In the first quarter, we saw positive momentum in the operator, VAR, and integrator markets. Overall, we expect total revenue in the first quarter to be approximately US$105 million, a year-on-year increase of 9%. Revenue is expected to grow by approximately 19%, and revenue from our VAR and integrator markets will grow by approximately 2%.
“Our sales and booking growth is even stronger, with a 37% increase compared to the first quarter of fiscal 2022, a 64% increase in the public operator market, and a 21% increase in the VAR and integrator market. Our progress in these areas is driven by Our performance in many key areas (including Ventev and Tessco.com) has improved, and we expect our growing backlog will translate into increased revenue in the next few quarters.
“Although we expect to report pre-tax and adjusted EBITDA losses in the first quarter, we have paid more attention to cost control and currently expect the overall profitability of this fiscal year to be significantly improved compared to fiscal 2021. Keep this goal in mind. , Tessco’s board of directors recently approved a new operating plan for fiscal year 2022. The financial highlights of the operating plan include:
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Expected full-year revenue of US$408 million to US$442 million (US$373 million in fiscal year 2021)
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Estimated full-year net loss of US$6.5 million to US$4.1 million (US$14.3 million in fiscal year 2021)
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The adjusted EBITDA* for the full year is estimated to be between US$10 million and US$2.4 million (compared to a loss of US$12.8 million in fiscal 2021).
*Adjusted EBITDA is a non-GAAP financial measure. Please see the discussion of non-GAAP information below and the reconciliation of non-GAAP and GAAP results.
“I look forward to a more in-depth discussion of our plans and first quarter results during the first quarter earnings call later this month,” Mr. Mukherjee concluded.
Forward-looking statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical facts contained herein, including statements about our future operating performance and financial status, strategies and plans, and future prospects, as well as our expectations for future operations, are forward-looking statements. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially from predicted results. These forward-looking statements can usually be achieved through the use of “may”, “will”, “expected”, “anticipated”, “target”, “objective”, “project”, “intended”, “plan,” “seek”, “believe “, “estimate” and similar expressions, but without these words or phrases…
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