HUNT VALLEY, Md.-Tessco Technologies Inc., a provider of products and solutions, announced its revenues and earnings per share for the fourth quarter of fiscal year 2001 will be lower than expected.
The company now expects revenue to be approximately 5 percent more than the prior year’s fourth quarter and earnings per share to break-even at 5 cents. Based on this, revenues for the fiscal year are expected to be $258 million, an increase of 31 percent from last year. Earning per share will be $1.07 to $1.12, compared with $1.20 last year.
“While we are taking actions internally to respond as appropriate-via inventory reductions, increased attention to our accounts receivable exposure, and elimination of non-essential expenditures-we are prepared in the short-term to incur the negative operating leverage necessary to pursue our long-term growth initiatives,” said Robert Barnhill Jr., Tessco’s chairman and chief executive officer.
