Tessco Technologies Inc., the Hunt Valley telecommunications equipment maker, said yesterday that first-quarter revenue surged 44 percent, pushing up net income by a third, partly because of growing demand for products for the wireless communications industry
Net income was $1.6 million, or 34 cents per diluted share, compared with $1.2 million, or 26 cents per diluted share, in the year-ago period. Tessco said revenue for the quarter, which ended June 25, was $62.5 million, a record, compared with $43.5 million for the same quarter a year ago.
Tessco's quarterly report, commented William Benton, an analyst at William Blair & Co., reflected "nice growth across the board. It looks great. Profitability increased dramatically."