Tessco Technology's stock falls after earnings release

Profits rise at Hunt Valley company, but revenue falls

January 18, 2013|By Eileen Ambrose, The Baltimore Sun

Tessco Technologies Inc. of Hunt Valley reported Friday that its profits increased in its third quarter over the year before, although revenue was down by about 10 percent.

Tessco, a provider of products for wireless broadband systems, earned $5.4 million, or 65 cents per share, in the third quarter ended in Dec. 30. That compares with $4.8 million, or 59 cents per share, for the corresponding quarter a year earlier.

Revenue totaled $204.5 million, down from $226 million a year earlier.

The company's stock fell $2.99 per share Friday to close at $22.95.

The company paid a special dividend in the third quarter, and announced it would pay a quarterly cash dividend of 18 cents per share on Feb. 13.

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