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TESS

Tessco

$9.47 /

-2.63 (-21.74%)

14:10
01/28/20
01/28
14:10
01/28/20
14:10

Tessco sinks following 90% dividend cut, Q3 revenue decline

Shares of Tessco are moving lower after the company last night announced a 90% dividend reduction and year-over-year decline in revenue for the third quarter. The company's Q3 revenue totaled $139.6M compared with $152.3M for the same period last year, as a result, according to the company, of lower sales in the Retail segment and VAR and Integrator market. Tessco's board also declared a quarterly cash dividend of 2c per common share payable on February 26, to common shareholders of record on February 12. This represents a decrease of 90% from the dividend of 20c paid in November 2019. During the third quarter, the company conducted a strategic study of the business "with the goal of ensuring that all of the Company's assets and resources are being best utilized to enhance long-term shareholder value. As a result of that study, the Board is reallocating resources to increase investment in the technology and talent required to accelerate the Company's long-term growth. Any future declaration of dividends, and the establishment of record and payment dates, is subject to future determinations of the Board of Directors." Sandip Mukerjee, CEO of Tessco, added, "During the quarter, we completed a strategic study of the business with the goal of best utilizing all of the Company's assets and resources to enhance long-term shareholder value, with a particular focus on ensuring that we are well positioned to capitalize on unprecedented changes in the wireless ecosystem, driven by 5G, Wi-Fi 6 and CBRS....We are nearing the finish of our long-term strategic plan development and look forward to sharing it with you as we head into fiscal 2021." Shares of Tessco are down 21%, or 2.59, to $9.50 in afternoon trading.

  • 28

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Initiation
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Black Diamond Therapeutics

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Wayfair downgraded to Underweight from Equal Weight at Morgan Stanley » 05:16
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Wayfair

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Builders FirstSource upgraded to Outperform from Sector Perform at RBC Capital » 05:15
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Builders FirstSource

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Initiation
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Recommendations
Intuit acquisition of Credit Karma would bring benefits, says Jefferies » 05:09
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Recommendations
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Esperion downgraded to Market Perform from Outperform at Northland » 04:56
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Recommendations
Galapagos price target raised to $298 from $188 at Stifel » 04:56
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$273.79 /

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Conference/Events
Cantor Fitzgerald biotech & specialty pharma analysts to hold a luncheon » 04:55
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Conference/Events
Eastside Distilling management to meet with Roth Capital » 04:55
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EAST

Eastside Distilling

$3.60 /

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Xeris Pharmaceuticals management to meet with RBC Capital » 04:55
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XERS

Xeris Pharmaceuticals

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-0.27 (-5.81%)

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