HUNT VALLEY, Md.-Tessco Technologies Inc., a provider of service and product solutions to the wireless telecommunications industry, reported a 49-percent increase in revenues during its second quarter ended Sept. 24 compared with the same quarter last year, jumping from $44.6 million to $66.6 million.
Net income also increased 18 percent, from $1.5 million posted last year to $1.8 million this year, with diluted earnings per share rising from 33 cents per share for the second quarter of 1999 to 37 cents per share for the same quarter this year.
Robert Barnhill Jr., chairman and chief executive officer of Tessco, noted the second quarter was the company’s sixth consecutive quarter of record revenues and gross profits, attributing the performance to the company’s expansion of market share driven by an increase in average purchases per buyer, number of customers served and new product and service offerings.
This performance is a result of the expansion of our market share driven by an increase in average purchases per buyer, number of customers served and new product and services offering,” Barnhill said.
