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Portfolio: TRANSCAT

A weekly report compiled from the proxy statement and annual report of a publicly
held company with local headquarters or a company with a major division in the area

Based in Rochester, Transcat Inc. is a global distributor of professional-grade test, measurement and calibration instruments and a provider of calibration and repair services primarily throughout the process, life science and manufacturing industries. The company has two business segments: distribution products and calibration services. Through its distribution products segment, Transcat markets and distributes national and proprietary brand instruments to approximately 11,000 global customers. Through its calibration services segment, Transcat offers calibration services through 11 calibration centers located across the United States, Puerto Rico and Canada to approximately 8,000 customers. The company uses a proprietary documentation and asset management system, CalTrak, to manage workflow at its calibration centers. Some of Transcat?s major clients include Wyeth, Johnson & Johnson, DuPont and Co., Exxon Mobil Corp., Dow Chemical Co. and Duke Energy Corp. The company has approximately 228 employees and some 100 local employees.
The company reported net sales of $66.5 million in fiscal 2007, up 10 percent from the prior year. Transcat?s net income was $2.1 million during 2007, down 42.4 percent compared with 2006?s net income of $3.6 million. Net income per share was 28 cents, down 22 cents compared to net income of 50 cents a share in 2006. Net cash from operating activities was $2.6 million; net cash used in investing activities was $1.2 million; and net cash used in financing activities was $1.2 million.
The company?s most recent fiscal year ended on March 21, 2007.

Common shares outstanding as of April 4 7,166,000
Price per share of common stock on April 4 $5.50
Total market value on April 4 $39,413,000
Controlled by all directors and officers as a group 1,255,8221
(17.5 percent)

Performance Record
(Dollars in thousands except per-share data)
2007 2006 2005 2004 2003
Net sales $66,473 $60,471 $55,307 $53,317 $57,172
Net income (loss) 2,059 3,577 256 353 (4,715)
Net income (loss)
per share 0.28 0.50 0.04 0.06 0.29
Total assets 22,422 21,488 20,207 18,385 16,758
Long-term debt 2,900 353 56 134 668
Stockholders? equity 11,229 8,647 4,314 3,428 2,698
Operating cash flow (loss) 2,645 4,435 (6) 208 937
Investing cash flow (loss) (1,194) (1,777) (866) (459) (291)
Financing cash flow (loss) (1,210) (2,654) 268 516 (1,131)

Directors Number of common shares1
Carl Sassano, 57, executive chairman and former CEO 304,772
Lee Garelick, 72 263,706
Charles Hadeed, 57, president, CEO and chief operating officer 126,802
Harvey Palmer, 61, professor and dean, Kate Gleason College of Engineering at
Rochester Institute of Technology 80,393
Cornelius Murphy, 76 57,608
Paul Moore, 56, senior vice president, M&T Bank Corp. 42,278
Nancy Hessler, 61, vice president, Integrated People Solutions 41,979
Francis Bradley, 61, executive associate, Sullivan Engineering Co. 32,818
John Smith, 59, chairman and CEO, Brite Computers Inc. 29,096
Richard Harrison, 62, senior vice president, retail loan administration,
Five Star Bank 19,480
Alan Resnick, 63, president, Janal Capital Management LLC 11,480

Executive Compensation
Officer 2007 cash compensation2
Carl Sassano, executive chairman and former CEO $950,335
Charles Hadeed, president, CEO and chief operating officer 510,324
John Zimmer, vice president of finance and chief financial officer 198,464
Jay Woychick, vice president of marketing 255,765
Alan De Voldre, vice president of human resources 190,657
Above executive officers as a group $2,105,545

Footnotes:
1Includes shares earned under the company?s directors? stock plan but deferred, shares that may be acquired by
exercising stock options and warrants, shares owned jointly with a spouse and shares held by family members
2Includes salaries, bonuses, value realized from stock options exercised and all other compensation

Reaserched by Julia Dickinson

04/11/08 (C) Rochester Business Journal

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