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<SEC-DOCUMENT>0000950152-07-001890.txt : 20070426
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<ACCEPTANCE-DATETIME>20070307162021
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ACCESSION NUMBER:		0000950152-07-001890
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCAT INC
		CENTRAL INDEX KEY:			0000099302
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				160874418
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0327

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624
		BUSINESS PHONE:		5853527777

	MAIL ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSMATION INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Transcat      CORRESP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="l25106al2510690.gif" alt="(TRANSCAT LOGO)"><BR>
<FONT style="font-size:8pt">35 Vantage Point Drive &#149; Rochester, N.Y. 14624 &#149; Ph: 800-828-1470 &#149; Fax 800-395-0543 &#149; www.transcat.com</FONT>
</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">March&nbsp;7, 2007

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
Attention: Kate Tillan, Assistant Chief Accountant<BR>
Division of Corporation Finance<BR>
Washington, DC 20549

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcat, Inc.<br>
Form&nbsp;10-K for the Fiscal Year Ended March&nbsp;25, 2006<br>
Forms 10-Q for the Quarter Ended June&nbsp;24, 2006, September&nbsp;23, 2006 and<br>
&nbsp;&nbsp;December&nbsp;26, 2006<br>
File No.&nbsp;000-03905</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Ms.&nbsp;Tillan:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter responds to the comments in your letter dated February&nbsp;21, 2007 relating to our annual
report on Form 10-K for the fiscal year ended March&nbsp;25, 2006 and our quarterly reports on Form 10-Q
for the quarterly periods ended June&nbsp;24, 2006, September&nbsp;23, 2006 and December&nbsp;26, 2006. The
numbered paragraphs and headings below correspond to the numbered paragraphs and headings in your
letter dated February&nbsp;21, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-K for the Fiscal Year Ended March&nbsp;25, 2006</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Item&nbsp;8. Financial Statements and Supplementary Data, page 37</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consolidated Statement of Cash Flows, page 42</U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note that you presented a $153,000 non-cash financing activity related to
the issuance of common stock. We note similar transactions disclosed in your
September&nbsp;23, 2006 Form 10-Q. Please tell us and revise future filings to disclose
the material terms of these transactions. Discuss how you are accounting for these
transactions, including reference to any accounting literature on which you based your
accounting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The transactions you refer to related primarily to the issuance of restricted stock and
common shares to the Company&#146;s officers and its board of directors for no cash
consideration. For the fiscal year ended March&nbsp;25, 2006, the $153,000 related to</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">common stock with a fair value of $65,000 issued to members of the Company&#146;s board of
directors and restricted stock with a fair value of $88,000 issued to various officers of
the Company. During the nine months ended September&nbsp;23, 2006, the $109,000 related to
restricted stock with a fair value of $109,000 issued to members of the Company&#146;s board of
directors and various officers of the Company. The restricted shares vest over a 12&nbsp;month
period with approximately half of the shares being fully vested upon issuance and the
remaining shares vesting 12&nbsp;months from the date of issuance. The Company accounts for the
issuance of its share based payment transactions in accordance with Statement of Financial
Accounting Standards No.&nbsp;123 (revised 2004) since the Company&#146;s adoption of the standard on
March&nbsp;26, 2006. Prior to March&nbsp;26, 2006, these transactions were accounted for in
accordance with APB Opinion No.&nbsp;25. The issuances of restricted stock were disclosed in
the respective consolidated statements of shareholders&#146; equity.</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In future filings, we will be sure to provide the material terms of any future transactions
in which we engage.</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">The charges related to the above issuances of common stock are reflected as non-cash
operating expenses in the consolidated statements of cash flows and are not required to be
listed as a supplemental disclosure of non-cash financing activity. As such, we will omit
this disclosure as a supplemental disclosure of non-cash financing activity in future
filings.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-Q for the Quarterly Period Ended December&nbsp;23, 2006</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Notes to Consolidated Financial Statements, page 7</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Note 3. Stock-Based Compensation, page 8</U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please revise your future filings to remove the 2006 pro forma net income and
related per share disclosures and to only include the pro forma disclosures required
under paragraph 45 of SFAS 123 for those prior periods during which awards were
accounted for under the intrinsic value method pursuant to APB 25. Refer to the
guidance in paragraph 84 of SFAS 123(R).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In future filings, we will provide the required disclosures, as requested.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;8-K dated January&nbsp;17, 2007</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibit&nbsp;99.1</U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note that you present certain non-GAAP measures, including but not limited
to, operating income and net income excluding the recognition of the deferred gain
related to the TPG operating unit. In future filings, when presenting non-GAAP
measures, please provide all disclosures required by Regulation&nbsp;G.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">In future filings, when presenting non-GAAP measures, we will provide all disclosures
required by Regulation&nbsp;G. In addition, where applicable, we will be sure to include the
disclosures required by Item 10(e) of Regulation&nbsp;S-K (Use of Non-GAAP Financial Measures in
Commission Filings).</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further, we acknowledge that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is responsible for the adequacy and accuracy of the disclosure in the
filings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may not assert staff comments as a defense in any proceeding initiated by
the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions regarding this letter, please contact me at (585)&nbsp;352-7777 ext. 236.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ John
J. Zimmer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John J. Zimmer<BR>
Vice President &#151; Finance, Chief Financial Officer

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jim Jenkins, Harter, Secrest &#038; Emery LLP<BR>
Larry Hochman, BDO Seidman, LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
