Brief: TESSCO Reports Third-Quarter 2020 Financial Results

Tessco Technologies

27/01/2020 21:22

Jan 27 (Reuters) - TESSCO Technologies Inc  TESS.O :
    * TESSCO REPORTS THIRD-QUARTER 2020 FINANCIAL RESULTS
    * Q3 LOSS PER SHARE $0.59
    * Q3 REVENUE $139.6 MILLION VERSUS $152.3 MILLION
    * REDUCES DIVIDEND TO $0.02 PER SHARE
    * QUARTER'S WEAKER-THAN-EXPECTED RESULTS WERE PRIMARILY
DRIVEN BY
CONTINUING SOFTNESS IN OUR RETAIL SEGMENT
    * RETAIL BUSINESS HAS EXPERIENCED SIGNIFICANT DECLINES IN
PAST
YEAR
    * DURING QUARTER RECORDED A GOODWILL IMPAIRMENT CHARGE OF
$2.6
MILLION
    * TESSCO TECHNOLOGIES - TAKING ACTIONS TO INCREASE RETAIL
PROFITABILITY BY FOCUSING ON EFFECTIVENESS OF OUR NEW BUSINESS
DEVELOPMENT EFFORTS
    * ALREADY HAVE BEEN SUCCESSFUL IN MITIGATING IMPACT OF
TARIFFS ON
VENTEV MOBILITY PRODUCTS

Source text for Eikon:  ID:nBw4RVLPa 
Further company coverage:  TESS.O 

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