TESS - Earnings call transcript Q1 2020 | Tessco Technologies, Inc.

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Operator

Good morning, my name is Casey, and I will be your conference operator today. At this time, I would like to welcome everyone to the TESSCO Technologies, Inc. Q1 2020 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator

may conference. you begin Bernard, your Jamie

Jamie Bernard

Good QX XXXX and thank joining TESSCO’s you for conference morning, everyone, call.

Company’s Joining me Officer; the Executive President and today are Murray and Wright, Aric TESSCO’s Chief CFO. Spitulnik,

today will note results future prospects. management’s Please contain and that statements about forward-looking anticipated discussion

materially involve that differ most may found a can those statements cause results Commission. of a in and Information and other with XX-K filed and be disclosures, Form Company’s number such recent uncertainties, Forward-looking discussed including TESSCO’s TESSCO’s today. and risks reports may from factors the Securities public concerning difference periodic the Exchange

that TESSCO’s turn President to the I’d Murray? Wright, CEO. Murray to With and introduction, call like over

Murray Wright

everyone. good Jamie, Thank you you, today. morning, Thank joining us for and on call the

meet our not did performance expectations. quarter first Our

quarter as loss to quarter’s several including result the large we retail, and of expected the this factors. retail recent customer, dynamics than a While the larger plan market loss loss to was a due in

business and retail Customers shipment these generation greater-than-anticipated all delays, market contributed results. to new slower-than-anticipated softness,

loss quarter’s and underlying ability strength our in growth reflect does resume the business, our confident remain to we trajectory. in our not This

turnaround clear yield Our and business generation the we QX of us. results, to is also performance to suppliers, we would and examine like our our call to value are and have objective discuss beginning initiatives have to resonating proposition activities of The review the with customers path the in a opportunities this is forward. results, today and ahead place I

affected several shipments or adjusted inherent of their with in forecast overview we the a Carrier of the general the delayed QX. me unevenness were In Let Public as their by large providing quarter. ecosystem, the business customers you start by

to a business slower-than-anticipated quarter and softness. we productivity due overall basis. generation VAR improved be year-on-year retail essentially well market Additionally, The on flat and as customer new Integrator as although ongoing a discussed our segment challenge Retail last business, the to transition sales were continued our in and efficiency has

we of remain to growth this negatively Despite of period that confluence return our the trajectory in factors remaining profitable confident first performance, over nine-month the fiscal year. ability quarter to affected our a

fundamentals business solid. underlying Our are

We are customers contractors providers the new gaining channels. and well X related solutions as Tier national with and carriers as large share in market several retail

In interruption expect cost declines addition, these our initiatives though masked volume past the results in move that quarter, by first our the as benefit and affected working, quarter. top first we line we to the our are management

drivers, Carrier to to the double-digit delays want business in I Carrier the growth our of by ecosystem. our or our XX% the year-on-year, with of Public in customers. the adjustments primarily achieving discuss due Now at After Public our XX results quarters, forecast X several starting details large down least past purchase and of market was year-over-year growth

that essentially resolved normal consume this softness to challenging be buildup Public quarter. customers in largest inventory due Carrier and significant radios to our waited to few strong inventory levels one, amounts to factors, Due for issue contributed of in in demand did as at inventory them resulting the quarter: for had many global they difficulty an installations. this of market higher XG. during crew is the to This time; for prepare we execution their at two, project resulted factors continued in OEMs had This deployment delays. specific purchased as reached begin regions these shortages than the Three customers a delivering contractors number and not at U.S., some three, levels; this radios companies

coming quarter, sales revenue quarters. return the fiscal business in during Public growth channel will year. Despite to to expect this past product this ecosystem the We move the the of lower the Carrier through remainder

three the in major we have this growth of Here carrier a signed agreement to portion been government distributors recently fourth, market we company, a and we past a in master sites throughout a contractors; grow project with last a continue multiyear business we already and are purchase dollar our to a the a we social agency next this of won for remain this equipment active, and only to are second, we to a finally, five opportunity been Tier expect factors third, market: contract project multimillion DAS with passive installation. one project X media the carriers FirstNet X% X quarter: years; expect major share awarded This and that first, with several represents minor of achieving have contribute this a has which Tier for gaining shipped Tier the of over multimillion-dollar year. X will DAS materials of continue top-performing business; hundreds very

calendar begin XG builds growing. FirstNet slow be As spending and expect we year, to early down next strong to

essentially on flat Moving year-on-year on VAR were and Revenues basis. a Integrator to the market.

accelerated, business to we for FYXXXX. positive not in momentum has expect While this see trends

Here a growing growth or reason this but are solutions market of over well piece confidence. XX%. give We’ve NSPs, small with providers, success our for of initiatives few national with our that us in had footprint

the As we a multi-billion-dollar reminder, whom customers these business are have not NSPs any in been past. significant with

building public positioned DAS opportunity in the safety well have more for safety growth systems a and size. have across public passed U.S. mandates as are and over every communications certain We cities solid seen

a focused connectivity. We devices offering we previously, spoken unique on IoT to about have created cloud edge that have

have initiatives our are and to been by customers. momentum IoT and well Our VAR received Integrator gain continuing

calls. is we’ve discussed We are previous our regionalization of improving the strategy execution market good. go-to-market and The that on

We significant we there capture. share have amount is can and and market strong a additional presence, of brand a

it will growth in overall business to and coming rate our VAR Integrator revenue quarters. to an starts expect momentum quarterly We the once add gain our in to see increased stability performance. This

Sales X%, growth. fourth Public quarter Ventev business, the market unique the users products customers. of of verticals, address products of end Commercial Infrastructure year-over-year Carrier requirements grew the division Supporting Ventev VAR’s consecutive manufactures our that specific Infrastructure including and delivering

in market the in we results VAR not continuing us were where Public remain significant going grow and the be Infrastructure Carrier to of Commercial forward. ecosystem, this gains the the we profitably segment quarter, to gives in share confidence market wanted them opportunities business. growth our the in positive about ability While Ventev The

to our statement. turning Now Retail

you are all aware, are As the retail evolving. dynamics in constantly

significant We throughout continue at the multiple to chain. levels see consolidation supply

entity of FYXXXX model different of As the we no our retail in a acquired, one business source. primary X% which selected and longer TESSCO revenue, quarter, discussed last representing customers, approximately our surviving distribution largest is was their

not revenue significant did any we the this quarter result, a during from receive customer. As

said the customers expect of result softness in Last retail down many as in business the of factors, a to to due we were customer. to from XX% market. larger or a Primarily large quarter Additionally, sales were quarter, down the recover of for these sales take QX. two Retail our loss in I our

our building revenue. some our a good job We retail pipeline growth but expanding the had We team generation quarter, significant to consumer wholesale result including first mass new activities, quarters with the ahead. revenue business in of channels, a did steady our customers, smaller, at During enough the not the strong offset channels. of lost meaningfully but partnerships improvement in electronics, with and will anticipate combined suppliers, airport new

the We quarter. retail geographic customers, include delivering received focused were have first Depot market. we of new going division, were been opportunities products. are during the Mobility trials Ventev which the well the high-revenue our awarded innovative more A by quarter our Ventev on that well. several launched another products In few We Home support region in –

product, carriers our of reached We for Ventev have an largest and first in agreement with in our shipping one also already QX. will which begin received the purchase order UK

I’ll outlook provide final for over to I’ll fiscal now and turn our for the the a results. discussion XXXX. Aric? call financial back be thoughts Aric to some of

Aric Spitulnik

Thank you, everyone. Murray. Good morning,

this We fundamentals TESSCO the difficult but was quarter for know, our of you we’re the us, feel As business. term. good a long for running about

energized fully our is growth opportunities. Our team about and engaged

As several customer loss Retail of impacted large contributed mentioned, our quarter. would be by business knew the Murray to relationship. the We the performance this factors

in realization larger-than-expected business delays Carrier and a However, in slower-than-expected loss. XX% the Public project-based the new opportunities the of resulted ecosystem

we’ve The resume this business model aside, our favor will again quarter in in growth us on and past been well years, future. resume in the positioned a to the growth revenue during leverage we are we as that hurt work that our forward. going quarter This trajectory two trajectory near

the related compensation We mostly cost-cutting to during initiatives quarter, have fended several costs.

We very cost measured structure. our are being with

in the growth place have said, to we’ve with that of support profitable As we generation excellent expect grow the year, revenues service. rest ensuring drive and are our and resources customer the customers provide and business to we we

down million, increased larger give for quarter that from discussed. me freighting and down XX% for the the due let inventory the million, totaled quarter. overview $XXX write-offs and previously lower first of financial sales, year the profit prior Gross the tariffs prior higher was to reserves from costs. quarter Revenues $XX.X reasons a Now year you XX.X%

a to the As gross XXXX. quarter XX.X% result, margin from XX.X% declined of fiscal first in

SG&A year prior from expenses the were quarter. X% down

loss The net Additionally, $X.X this ago. $X.X million million first year income the related year. last Net income of charge was loss million for operating of million a costs. with quarter included operating compared quarter last approximately the severance quarter with a to was sorry. $XXX,XXX for restructuring I’m quarter compared $X.X $X.X – of

was ago. quarter $X.XX per diluted per share earnings $X.XX year compared a share First with loss of

Turning to the balance sheet.

delayed. some down on we factors: from large the year; year; as to at support QX Carrier end levels. by as QX, Our later to took made special mentioned This first, be fiscal QX advantage benefit due margins inventory our we Public in to will had prices. we finally, approximately ship a business. inventory inventory should expected few expect was three We This opportunities we the to product do we call, the included to later some in investments buy inventory shipped of increased product QX. that customers This revenue expected million had in of balance inventory our to strategic impact $XX an the lower come up fiscal shortfall in be inventory second, to this of primarily that

partially credit the ended our with collections by $XX increased In utilization approximately line offset line million. the receivables, of and strong million inventory, with of of we $XX $X higher but by million, of balance

fluctuations focused on sheet, working will the improvements on While naturally we project-based flow. remain to balance cash capital and the continuing lead in business

date record date per payment have a of $X.XX August with August We share our dividend of a and X XX. set at

Now turning to outlook. business the

of the including fiscal quarter second the improvement profitability significant our expect quarterly returning in quarter. XXXX, to For over first performance, rest we

that believe growth. While revenue and are year-over-year fiscal full and we we growth year, revenue will earnings year now achieving we remaining fiscal the in the in less for certain period of nine-month achieve earnings

on the widely growth high enters anticipated executing on long-term to capitalize of as are positioned we’re a opportunities well ecosystem our double-digit We period strategy, and wireless growth.

on July Becoming indexes to the key that announce Russell and wireless a visibility of and to member XXXX X, TESSCO XXXX exciting in pleased capitalize Indexes. TESSCO��s and investment other increased was among I’m the Finally, market. reflects on ability added to Russell these stakeholders the community trends brings

me let it turn that, over With to back Murray.

Murray Wright

Aric. you, Thank

ahead, and quarter. initiatives return focused we’re our we to the markets second in believe team, will level Looking the we have activity the within we in place, with on the profitability

a strategy. We have well-defined

high-growth We on opportunities, capitalize are solid making IoT. and as progress in such XG TESSCO to positioning market

our While clear and be are is and our linear, our not will solid growth opportunities strategy significant.

that, with questions. we call the for operator, open And will

Operator

[Operator Maggie Instructions] comes William go from Blair. question with here Please ahead. you. your Thank first And Nolan

Your line is open.

Maggie Nolan

morning. Good

Murray Wright

morning. good Yes,

Maggie Nolan

a quarter not So trend. make does one obviously

how and here, for wanted doing. little long-term I more talk So get your business sense to a the bit is

to what customer of that’s transitioning up some Within segment, the offset the the from that and level away? softness ability of kind Retail your the optimism about pipeline build is large of

Murray Wright

Maggie, hi, Murray. it’s

excellent Retail that of I think that our and previous in we’ve on business calls an is pipeline, footprint referenced the doing the job expanding. building this team is our

– up to, and We’re new as that And doors process crawl-walk-run actions. that, channels. business help once we this is will opening development believe you’re a initiating new new overtime,

revenue to team time large there. we our It’s of expect little call. is as a job that will bit a just unfortunate the those a back take going customer, but to referenced So last to in doing winning Steven continue such us. for was grow lost in good the fully lose I And it

Maggie Nolan

the little in you And Understood. some Public broadly about customer color impacts the market in market, how a Carrier terms can in general? specific of a bit spending the feeling more you’re on more versus changes then the in bit the delays and give little forecast

Murray Wright

we the years building have business, up share very and over Sure. Carrier The TESSCO, done ecosystem at results, Public last excellent job the business. a as by team good and the couple an indicated previous we’ve taking of

little are a an supply tricky is point where control One our customer. of make does the we chain order up is we that to bit the in dynamics manage that it a of to the business, times it project-based at from and get

some resulted will And projects, absolutely the and I rest of just honestly, product were the inventory through think, some buying that delays if keeping unanticipated continue there in I and for the us think, year. –

So and the proposition resonating I marketplace I value feel this we that is extremely well. think good about that have

is very energized. Our team

business. tuned interesting call, on announcements stay And win discuss second some in the it this to continuing We’re be very we although that for should forthcoming quarter. can’t

Maggie Nolan

Okay, updated view good. team and how And of – Thanks, on as outlook risk? is update terms of brief in of then your And war very managing just this of guys. a doing potential you tariffs kind quarter? what your kind that trade

Aric Spitulnik

didn’t tariffs obviously, an here roughly $XXX,XXX around this standpoint, tariff impact. and as was QX have – probably last we saw Yes. From impact was quarter a

on we around plan. strategies to tariffs, pace think mitigation those we’re get chain to As and said we’re quarter, meet working we supply on last our

half will see the pricing we’ll QX. all our from in of or price amount the still of for. tariffs significant I over, a products, a tariff to second year in most distributed adjust reduce of And our of So But some in China. that Ventev almost – as QX were of able minimal those issues minimum be would either say, inventory increases after outside form we’re tariffs of is

was the So those insignificant. impact of net fairly

Murray Wright

and China result made that – into we supply that to we quarter. this a deliberate all strategic they’re would to suppliers that anybody is I the to first their in on trying also best Maggie, for And that, some impacts add decisions businesses. mitigate back as connected buys the respective chain make were the that’s though call of referenced of

But we’ve from those on expected the be so robust. decisions decisions some more in in very the and benefits QX see purchasing markets made and sell-through inventory company we will some that think maybe beyond. even to We QX good nevertheless, the

Maggie Nolan

is about Thanks. to Okay, the good. basis can in year. about to the kind that just it know some cadence was very and ask And difficult, project there predicting sounded too have the QX. last I a on of is fourth profitability Or like you of optimism here? optimism it kind things but Do if quarterly one quite one early third tell? to quarter visibility of of the just on the enough I rest quarter

Murray Wright

period. think – balance I the year where through year, QX. being we as of the better Well, QX than see is same We see it last

our confident full to to ability balance remain of for So QX, year loss, many for a on We the entire the favorable upside looked not we’ve offset in things. if Perhaps this opportunities as growth, recalibrate the is the balance in you the we year. look certainly primarily a at business year’s had of very of forecast screen retail through as business on we’ve traction. QX result that blip with believe to year had very to the customer gaining enough us. the make The QX but the adjustments execute

Maggie Nolan

That’s Thanks, helpful Murray. context. Thanks, Aric.

Murray Wright

Maggie. Thanks,

Operator

Bill Instructions] next from [Operator Please with Capital. Your question ahead. go Dezellem comes Tieton

Your line is open.

Bill Dezellem

A Thank of and good you questions. morning. couple

this, First please? of your of in detail from trial? the we this additional go talk the And trial? here all, you about Home of would region implications more with an where And and Depot winning

Murray Wright

This Bill. Sure, is Murray.

have break anticipating to And and have when into they Depot described opportunities. region region you the momentum I’m win in happy with one very first feedback this. very you good are early I team, the Home another or have know been up diligent that our collaboration expand – And trial think store all, these to some gain we’ve the large region. in trial their process. to these we’re open a us an of it we And team, country, in when and to process, processes authorized get say companies second one on has – to these we of then from you and

the technology. home walk more prominently the on is some If to have you actually you’ll there. completely Ventev quite to IoT-type Depot focus cool, displayed and very stores, been of look reengineered were displays see and Home displays into The now that

something And So anticipate and are the go it more we team, will definitive, to continues Depot this I’d to like working we that to as give out, stores. we will continue closely but Home more you with well. prove add

Bill Dezellem

that otherwise display, imply IoT, does home related just So are you not that greater or Ventev are part of display? a a standalone security you

Murray Wright

Correct.

Bill Dezellem

two stores in currently How reside now. regions many have? their in? And of you’re does then you percentage And what Home do regions Depot

Murray Wright

strictly Yes. Bill. This is trial, a

Coast have comment populate that the East And it in whether one and the we honestly, intend started regions they to have is, we all in all Coast. – strategy we on one across can’t West and their the I stores I goes whether So with – what country.

going And results sell-through they’re two we’ll with think to I goes how sales go to from there. and see and I’ll six to happy XX, if look at we be it and the work from us.

Bill Dezellem

regions, you one Correct? say each when And talking multiple region. not store you stores, in are

Murray Wright

That is correct.

Aric Spitulnik

more Every a like of region city. is

Murray Wright

more area. of city in It’s city they have Yes. the the a and would stores surrounding

Aric Spitulnik

it’s from if here from So we there’s a regions result a could this this to significant. still opportunity quarter. upside right is But – we if point very a national, go fortunate – to pretty lot immaterial significant go revenue of national, go if are this a in we be now two fairly where

Bill Dezellem

trajectory, go were how long And before the national? if current would to things you continue on

Murray Wright

for Well, months? we’ve four, been five at now it

Aric Spitulnik

months so. or Yes. Six

Murray Wright

months, months, our has in that. five of well selling four, advance six or team been Yes. and

don’t think each than quarter I trials pinpoint I time should be that the think other to we well. to going if there would start through momentum are we like the but progress accelerate, can the

Bill Dezellem

you. thank Great,

I through please, Let talk carrier and you me quarter, and how delays switch, may, you market unfolded if if the to the if those would. then project would this

So better? we backdrop can bit understand a the

Murray Wright

Well, it we I on call, the referenced Bill. think that

there Those that some is create crew think I to are predict. shortages some challenges. hard that

I a point because you can’t think large that, result radios. some ship complete up on as shipping waiting were products. solution. of of And inventory backs some in customers no a our There’s

obviously, that until they and waves finally, receive products just there to from move install that. you inventory purchasing knows more prepared want are And then us. is they any want – the Everybody can of the they properly product and be for business that the don’t So that to buildup. are coming, out

now, got we of projects right material it’s bought to unfortunately, and the that why, delayed, projects a – land. the when indicated were on And That’s effect the it inventory, forecasting a negative us, are reasons the we that think referenced to for and this manage challenge the little that had it’s effect and when delayed. And large for it’s we’ve the bit delayed. it’s when a earlier are projects good we at of are forecasts This, continue they when just their calls. I I has positive

the that quarter. this So unfortunately, were scenario we facing, past that’s

Bill Dezellem

so way crew that guess this issue shortages, Is we really not? right until those graduate swing schools, the out radio to and fair bigger think is continue will about the And of or a then it that the would be factor. trade kids more

Murray Wright

has issue been radio resolved. the Well,

– just supply has was it’s now. issue of been So chain fixed delay more it a that

well make while an now, certainly, year. has the forward. get move build crews. for marketplace, ongoing in And talented last as the the completed, quite allows the for jobs into intensity a continues, to to that order been issue for crew The need you shortage sure So that the challenge us outs of contractors

in contractor leverage have to we’re the today trying opportunities place. with determine they marketplace. in that business mitigation the all plans labor how so And customers doing They’re

our when working a of a by-product of as help we’re we that, can that matchmaker, that’s though bit and with with. help we’re to feel to So them now we be kind value-add trying customers

Bill Dezellem

And talk resolution came the about shortage that back the Would helpful, you how Murray. – it’s how it That’s about? now developed? circle to resolved, it and how radio

Murray Wright

Yes.

one than I because sure that – the assumption that not and multiple not think would I cover would that the for of effectively after the demand there manufacturers, all almost that radios. did them are make they other – the there’s predict it’s equipment need I’m

Bill Dezellem

just demand they’ve came may, than understood up ramped sure So anticipated, was I suppliers if that up so the that, I simply now short production? and make they and greater

Murray Wright

not build in global are the for just radios companies continues specifically I to it Yes. and prepared XG North OEMs for the It for was are America the global America. are are and that mean U.S. primarily three getting this, as blip the a as out in accelerate North themselves caused There system. – for increased that supplying momentary well, demand

Bill Dezellem

the lastly, Great, would to forward. then thank And carrier plans you you. going talk

some mentioned can announced. you there good that that are You have that things you

interaction hoping how anything one I I changing of you’re bit As quarter, see going which that you announcement not if color are you great for other carriers I those noted, a you you business And that have with there think haven’t but with? you don’t of later provide two carrier And think realized three, the more with deal three you’ve number much your to is and carriers, this business have. that done good am with. done that you unfolding, your I can preannounce a three around

Murray Wright

value on the all with Bill, relationships, solid continuously. have our carriers, working and proposition we’re We

Our positioning relationships long-term the have that relationships, I business though sales because companies still of more job TESSCO from nice with. a team is like we even have doing solid would long-term very we

from is focused in that have – to – momentum, times I can you has well. often as but made wins beneficial So across-the-board, to And on. very the gain that team inroads we that’s all the what small that really our ecosystem carriers. certainly TESSCO that spills there’s of And start this tell over we’ve

but a year. can enhance of Carrier us. I as will will shareholder that overall a mind of are And an beyond, shareholder have time, with but very of the creates part important So believe for will it TESSCO, more Public And we we not about it of through carriers the we our this hear for these about prospects everything business that project-driven that to want excited you that for confidence that some scenarios be puzzle. are at we the of are types and bit to keep doing balance the long-term kind be value this you little and business in ecosystem the

So well, our and we’re proposition resonating business. think solutions as think valued that And winning I I to the Bill, value is carriers. why with the that’s we’re marketplace bringing the are

Bill Dezellem

in said Great, That, last that, thank you. I has not but VAR would said, gained question, be that may, my on you business And for moment. I I’m just going to to switch the the that if as renake yet and momentum a looking business? to momentum your build be that, done is you to view not mind needs have in forward opportunity that largest going a that or correct view? is it that is the your single you’re for. And the What that

Murray Wright

results per is has other don’t although In words, sales VAR way, gross forecast higher this leave business as it’s than the have ever other opportunity the really think, around is business tremendous dollar than I’d with What and to cost our much of efficiency the equal about business business changes we’ve but going to I think the is, just Well, VARs talked regionalization and making forward, today describe I been. growth opportunity the parts margin an level but ever we have you or it much well. like of higher the in and a the been. VAR

demonstrating the and business. the we believe efficiency traction of good So that’s

we start that is the and to anticipate do And often really times that put to and need in to gain continue is we to of on and starting where will with start see what traction, glimpses somebody to have displace to it providers, some Now business we national solutions you grow. it steroids. go

So I are us there’s feeling the on that the good business. number future VAR of growth a factors about think leading to

can Integrator business our then gain that make sure goal, that it forecast we much – and to predictable a think us predictable, it back the the we shareholders for that’s it become will VAR what and we our for make say, momentum once And and there, make come more here’s business. I

Bill Dezellem

the government for in company, the VAR win diving of into were you part follow-up – more DAS DAS of two either process? of those the these for would reorganization that multimedia detail contracts, were a win then, the by please? And And these each and

Murray Wright

Those – that ecosystem – carrier were carrier carrier wins wins.

Bill Dezellem

now about heard talk over a years And Great. detail large more we you bit like talk couple the DAS of wins in because would last this. you haven’t

little unique So particularly, carrier coming a this bit given seems and market. it’s from the

So it sounds tell interesting. Please us…

Murray Wright

we’ve DAS, been the and a we’re got we solid really it’s the that Across always leading. of that. And support years, we sales team. focus knowledgeable believe to very on technical Well, last that we that market, industry we’ve have the with over couple in continuing built think

safety becomes the which very on that So instance, the DAS call, as increased Bill, a focus then market in that’s all that will in example. an discussion interesting there’s public contributing and to referenced participate opportunities – are that, driving as VARs for I well.

some all – large solve the the a reason helping we’re use like because a they’re in big, social referencing problems And company of a media their want we’re of end-user of looking they proposition help think the participating technology, know solve are I thing reason value encountering. engaged social And that them we present media with are customers’ example lot the I some – the opportunities and that couple there’s to that of our challenges. the is is and to they the that we that – and raise I large customers company, that that our – them for

Bill Dezellem

taking for the you Thank all questions.

Murray Wright

challenging we loss. that This delivered you, for Bill. was I disappointed comments just TESSCO, I’d just no a question. a thank think today. quarter I Okay, a – like and final to few make we’re There’s

However, in second quarter. the very we starting future good feel about TESSCO’s

we markets. our Our energized, and And in resonate initiatives all across with exciting the are continues horizon. proposition there growth customers of we our our team world solid to in developments place, our see suppliers value are is and have that opportunities on wireless the

everybody these their of great And the dedication. your joining for to strategy, and year I’d us beyond. team to appreciate TESSCO. thank So feel thank a our the good about members I’d always, Have for day. And hard as like make our work and of balance We support factors all us. like continued

Operator

concludes ladies call. today’s gentlemen, this And and conference

now disconnect. may You

Tessco (TESS) 23 Jul 192020 Q1 Earnings call transcript