Tessco Technologies: Plunges as sluggish retail unit weighs on results

Tessco Technologies

28/01/2020 17:03

** Shares of wireless equipment provider Tessco Technologies
Inc  TESS.O  tumble as much as 28.5% to $8.64, hit over 10-yr
low
    ** Company reports Q3 loss of 59 cents/share vs. a profit of
32 cents/share a year earlier  urn:newsml:reuters.com:*:nBw4RVLPa
    ** Qtrly revenue falls 8.3% to $139.6 mln, dragged down by
continued weakness in its segment that supplies phone cases,
wireless chargers and headsets to retailers
    ** Records goodwill impairment charge of $2.6 mln related to
retail segment's continued softness; The segment's revenue
growth drops for the fifth straight quarter
    ** Company slashes dividend to 2 cents/share from 20 cents
to deploy capital for investments in technology and recruitment
    ** TESS fell 6.5% in 2019

 (Reporting by Taru Jain)
 ((taru.jain@thomsonreuters.com))