Tessco Technologies Inc., the Hunt Valley telecommunications equipment maker, said yesterday that its fourth-quarter net income, buoyed by a 40 percent jump in sales, more than doubled to $1.4 million, or 31 cents a share. The surge in sales, to $56.3 million for the three months ended March 26, was attributed to strong demand for services and products, particularly sales of test and maintenance products.
Tessco said the quarterly sales figure was a record.
In the fourth quarter a year earlier, Tessco booked a $468,000 profit on sales of $40.3 million.
For the 12 months, the company reported that net income rose 175 percent to $5.5 million from $2 million the previous year. Revenue rose 23 percent to $197 million, compared with $161 million the previous year.
The company reported $1.20 diluted earnings per share for the year, compared with 43 cents for the 1999 fiscal year.
Robert B. Barnhill Jr., chief executive officer, said the company expects continued growth in revenue and profit during the 2001 fiscal year.
He said the company plans to focus on expanding several initiatives, including efforts to build market share for products in the e-commerce sector.
Shares of Tessco rose $1.625 to $19.75 yesterday on the Nasdaq.