our largest customer relationship , at & t , a tier 1 cellular carrier purchasing phone accessories , accounted for approximately 36 % of our total revenues during fiscal year 2012. in april 2012 , we were notified by at & t that they intend to transition their retail store supply chain business away from tessco beginning in the second quarter of our fiscal 2013 and for this business to be fully terminated at some point during our third quarter of fiscal 2013 , resulting in a significant reduction in revenues and a lesser relative impact on overall profits . during and after the transition , tessco expects to continue to supply product to this customer 's other programs and supply proprietary ventev ® products to at & t retail stores . sales of products purchased from our largest vendor , otter products , llc ( otter ) generated approximately 17 % of our total revenues . much of this concentration , however , is attributable to our mobile device accessory sales to at & t , which are expected to be fully transitioned from tessco to a third party logistics provider in the third quarter of our fiscal 2013. the terms of our current business relationship with otter are set to expire in march 2013 and as such , we have been engaged in discussions with them regarding revised terms of our relationship . between now and march 2013 we plan to continue our aggressive marketing and selling of otter products as a key part of our multi-brand offering and also plan to continue our dialogue with otter related to future business terms . the wireless communications distribution industry is competitive and fragmented , and is comprised of several national distributors . in addition , many manufacturers sell direct . barriers to entry for distributors are relatively low , particularly in the mobile devices and accessory market , and the risk of new competitors entering the market is high . consolidation of larger wireless carriers has and will most likely continue to impact our current and potential customer base . in addition , the agreements or arrangements with our customers or vendors looking to us for product and supply chain solutions are typically of limited duration and are terminable by either party upon several months ' or otherwise short notice . our ability to maintain these relationships is subject to competitive pressures and challenges . we believe , however , that our strength in service , the breadth and depth of our product offering , our information technology system , our large customer base and our purchasing relationships with approximately 390 manufacturers provide us with a significant competitive advantage over new entrants to the market . -23- results of operations the following tables summarize the results of our operations for fiscal years 2012 , 2011 and 2010 : replace_table_token_4_th ( 1 ) all earnings per share numbers prior to march 27 , 2011 have been retroactively restated for all periods presented to reflect the may 26 , 2010 stock dividend in order to effect a 3-for-2 stock split . -24- fiscal year 2012 compared to fiscal year 2011 revenues . revenues for fiscal year 2012 increased 21.2 % as compared to fiscal year 2011 , due to a 38.5 % increase in retail segment revenues and a 5.0 % increase in commercial segment revenues . the retail sales growth was largely a result of a 57.4 % increase in sales to our tier 1 carrier customers , primarily at & t , which had expanded their relationship with us during the third quarter of fiscal 2012 , but also due to a 7.1 % increase in sales to our non-tier 1 customers . as noted above , at & t has subsequently informed us of their intent to transition this business beginning in our second quarter of fiscal year 2013. the increase in commercial segment revenues was due to a significant increase in our private and government system operators market , a smaller increase in our commercial dealers and resellers market , and was partially offset by a decline in sales to our public carrier , contractor and program manager market . during fiscal year 2012 , sales of our proprietary products increased 4.2 % , as compared to the prior year . however , due to the significant increase in overall sales , and the fact that proprietary product sales represented only a small percentage of the increased at & t sales on a dollar basis , proprietary product sales decreased to 8.6 % of total sales compared to 10.0 % of total sales in the prior year . because our proprietary products generally carry higher gross margins than our other non-proprietary third party products , the increased sales of proprietary products on a dollar basis contributed to the margin growth we experienced during the year in sales to other than our tier 1 carrier customers ( see detailed explanation below ) . gross profit . gross profit increased 11.5 % in fiscal year 2012 compared to fiscal year 2011 , due to a 15.0 % increase in our retail segment and 9.3 % increase in our commercial segment . within the retail segment , our tier 1 carrier market showed a considerable increase in sales , but the impact on overall gross profit was lessened by the lower margins we experienced in sales to at & t resulting from the business relationship expansion . the increase in our commercial segment was driven by increases in our private and government market and our commercial dealers and resellers , and was partially offset by a decline from our public carrier , contractor and program manager market . overall gross profit margin decreased to 20.3 % , compared to 22.0 % in fiscal year 2011 , driven by the expanded lower margin at & t business . story_separator_special_tag on march 31 , 2009 , we entered into a term loan with the baltimore county economic development revolving loan fund for an aggregate principal amount of $ 250,000. the term loan is payable in equal monthly installments of principal and interest of $ 2,300 , with the balance due at maturity on april 1 , 2019. the term loan bears interest at 2.00 % per annum and is secured by a subordinate position on our hunt valley , maryland facility . at april 1 , 2012 , the principal balance of this term loan was approximately $ 182,200. we were also party to a note payable outstanding to the maryland economic development corporation , which was payable in equal quarterly installments of principal and interest of $ 37,400 , with the balance due at maturity on october 10 , 2011. the note was paid in full during fiscal year 2012. the note bore interest at 3.00 % per annum and was secured by a subordinate position on company-owned real property location in hunt valley , maryland . working capital ( current assets less current liabilities ) increased to $ 65.8 million as of april 1 , 2012 , from $ 49.4 million as of march 27 , 2011 , primarily due to the increase in accounts receivable and inventory partially offset by increased accounts payable , all of which were primarily due to the expansion of our relationship with at & t during the third and fourth quarters of fiscal year 2012. shareholders ' equity increased to $ 93.7 million as of april 1 , 2012 , from $ 78.9 million as of march 27 , 2011 , primarily due to increased retained earnings due to fiscal year 2012 net income , partially offset by cash dividends paid and net increases in additional paid-in-capital . we believe that our existing cash , payments from customers , and availability under our revolving line of credit facility will be sufficient to support our operations for at least the next twelve months . to minimize interest expense , our policy is to use excess available cash to pay down any balance on our revolving line of credit facility . we expect to meet short-term and long-term liquidity needs through operating cash flow , supplemented by our revolving credit facility . in doing so , the balance on our revolving credit facility could increase depending on our working capital and other cash needs . if we were to undertake an acquisition or other major capital purchases that require funds in excess of its existing sources of liquidity , we would look to sources of funding from additional credit facilities , debt and or equity issuances . there can be no assurances that such additional future sources of funding would be available on terms acceptable to us , if at all . as of april 1 , 2012 , we do not have any material capital expenditure commitments . in addition , our liquidity could be negatively impacted by decreasing revenues and profits resulting from a decrease in demand for our products or a reduction in capital expenditures by our customers , or by the weakened financial conditions of our customers or suppliers , in each case as a result of the downturn in the global economy , among other factors . in fiscal year 2011 , our cash inflow from operating activities was driven by net income ( net of depreciation and amortization and non-cash stock compensation expense ) , as well as an increase in trade accounts payable , partially offset by an increase in trade accounts receivables and a decrease in accrued payroll , benefits and taxes . the increase in trade accounts payable was largely due to the timing and credit terms of inventory receipts . the increase in trade accounts receivable was primarily due to the timing of sales and collections , as well as the fact that we have granted extended payment terms to certain large customers . the decrease in accrued payroll , benefits and taxes was primarily due to the decline in bonuses accrued for fiscal year 2011 as compared to 2010. in fiscal year 2010 , our cash inflow from operating activities was driven by net income , net of depreciation and amortization and non-cash stock compensation expense , as well as a significant increase in trade accounts payable and an increase in accrued payroll , benefits and taxes , partially offset by significant increases in trade accounts receivables and product inventory . the increase in trade accounts payable was largely due to the timing and credit terms of inventory receipts . the accrual for payroll , benefits and taxes increased primarily due to an increase in accruals for our bonus programs in fiscal year 2010 as compared to fiscal year 2009. the increase in trade accounts receivable was primarily due to the timing of sales and collections largely related to our largest customer , at & t mobility . the increased inventory levels were to improve our inventory availability for our customers . capital expenditures totaled $ 4.8 million and $ 3.1 million in fiscal years 2011 and 2010 , respectively . in both fiscal years , capital expenditures primarily related to investments in information technology . -29- contractual obligations the following tables reflect a summary of our contractual cash obligations and other commercial commitments as of april 1 , 2012 : replace_table_token_6_th ( 1 ) other long-term liabilities reflected on the consolidated balance sheet include amounts owed under a supplemental executive retirement plan . interest payments include amounts owed on notes payable at their stated contractual rate , as well as interest payments on our note with a bank at a variable rate of libor plus 2.00 % . ( 2 ) we are unable to make a reasonably reliable estimate of the period of the cash settlement with the respective taxing authorities for the $ 0.6 million balance of its tax contingency

liquidity and capital resources in summary , our cash flows were as follows : replace_table_token_5_th we generated $ 21.7 million of net cash from operating activities in fiscal year 2012. our cash inflow from operating activities was driven by a significant increase in net income ( net of depreciation and amortization and non-cash stock compensation expense ) , as well as an increase in trade accounts payable , partially offset by an increase in trade accounts receivables and inventory . the increase in trade accounts payable is largely due to the timing and credit terms of inventory receipts , including those related to an expansion of our at & t relationship during the third and fourth quarters of fiscal year 2012. the increase in trade accounts receivable is primarily due to the increase in sales and the timing of collections , as well as the fact that we have granted extended payment terms to certain large customers . the increased inventory levels are to support growing sales , including the significant increase in sales to at & t during the third and fourth quarters of fiscal year 2012 , and to improve our inventory availability for our other customers . we do not believe the transition of the at & t business that we expect to begin in the second quarter of fiscal year 2013 will have a significant impact on our overall short-term cash position . we expect to see a decrease in accounts receivable and inventory , but also a corresponding decrease in accounts payable , including the payout to at & t of accrued market development funds and other related liabilities which amounted to $ 7.1 million as of april 1 , 2012. capital expenditures of $ 6.5 million in fiscal year 2012 were up from expenditures of $ 4.8 million in fiscal year 2011. in fiscal year 2012 , capital expenditure were largely comprised of $ 2.3 million for leasehold improvement and $ 1.4 million for furniture and fixtures expenditures related to a build-out and reorganization of our administrative offices and $ 2.0 million for investments in information technology .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources in summary , our cash flows were as follows : replace_table_token_5_th we generated $ 21.7 million of net cash from operating activities in fiscal year 2012. our cash inflow from operating activities was driven by a significant increase in net income ( net of depreciation and amortization and non-cash stock compensation expense ) , as well as an increase in trade accounts payable , partially offset by an increase in trade accounts receivables and inventory . the increase in trade accounts payable is largely due to the timing and credit terms of inventory receipts , including those related to an expansion of our at & t relationship during the third and fourth quarters of fiscal year 2012. the increase in trade accounts receivable is primarily due to the increase in sales and the timing of collections , as well as the fact that we have granted extended payment terms to certain large customers . the increased inventory levels are to support growing sales , including the significant increase in sales to at & t during the third and fourth quarters of fiscal year 2012 , and to improve our inventory availability for our other customers . we do not believe the transition of the at & t business that we expect to begin in the second quarter of fiscal year 2013 will have a significant impact on our overall short-term cash position . we expect to see a decrease in accounts receivable and inventory , but also a corresponding decrease in accounts payable , including the payout to at & t of accrued market development funds and other related liabilities which amounted to $ 7.1 million as of april 1 , 2012. capital expenditures of $ 6.5 million in fiscal year 2012 were up from expenditures of $ 4.8 million in fiscal year 2011. in fiscal year 2012 , capital expenditure were largely comprised of $ 2.3 million for leasehold improvement and $ 1.4 million for furniture and fixtures expenditures related to a build-out and reorganization of our administrative offices and $ 2.0 million for investments in information technology .
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 Suspicious Activity Report : our largest customer relationship , at & t , a tier 1 cellular carrier purchasing phone accessories , accounted for approximately 36 % of our total revenues during fiscal year 2012. in april 2012 , we were notified by at & t that they intend to transition their retail store supply chain business away from tessco beginning in the second quarter of our fiscal 2013 and for this business to be fully terminated at some point during our third quarter of fiscal 2013 , resulting in a significant reduction in revenues and a lesser relative impact on overall profits . during and after the transition , tessco expects to continue to supply product to this customer 's other programs and supply proprietary ventev ® products to at & t retail stores . sales of products purchased from our largest vendor , otter products , llc ( otter ) generated approximately 17 % of our total revenues . much of this concentration , however , is attributable to our mobile device accessory sales to at & t , which are expected to be fully transitioned from tessco to a third party logistics provider in the third quarter of our fiscal 2013. the terms of our current business relationship with otter are set to expire in march 2013 and as such , we have been engaged in discussions with them regarding revised terms of our relationship . between now and march 2013 we plan to continue our aggressive marketing and selling of otter products as a key part of our multi-brand offering and also plan to continue our dialogue with otter related to future business terms . the wireless communications distribution industry is competitive and fragmented , and is comprised of several national distributors . in addition , many manufacturers sell direct . barriers to entry for distributors are relatively low , particularly in the mobile devices and accessory market , and the risk of new competitors entering the market is high . consolidation of larger wireless carriers has and will most likely continue to impact our current and potential customer base . in addition , the agreements or arrangements with our customers or vendors looking to us for product and supply chain solutions are typically of limited duration and are terminable by either party upon several months ' or otherwise short notice . our ability to maintain these relationships is subject to competitive pressures and challenges . we believe , however , that our strength in service , the breadth and depth of our product offering , our information technology system , our large customer base and our purchasing relationships with approximately 390 manufacturers provide us with a significant competitive advantage over new entrants to the market . -23- results of operations the following tables summarize the results of our operations for fiscal years 2012 , 2011 and 2010 : replace_table_token_4_th ( 1 ) all earnings per share numbers prior to march 27 , 2011 have been retroactively restated for all periods presented to reflect the may 26 , 2010 stock dividend in order to effect a 3-for-2 stock split . -24- fiscal year 2012 compared to fiscal year 2011 revenues . revenues for fiscal year 2012 increased 21.2 % as compared to fiscal year 2011 , due to a 38.5 % increase in retail segment revenues and a 5.0 % increase in commercial segment revenues . the retail sales growth was largely a result of a 57.4 % increase in sales to our tier 1 carrier customers , primarily at & t , which had expanded their relationship with us during the third quarter of fiscal 2012 , but also due to a 7.1 % increase in sales to our non-tier 1 customers . as noted above , at & t has subsequently informed us of their intent to transition this business beginning in our second quarter of fiscal year 2013. the increase in commercial segment revenues was due to a significant increase in our private and government system operators market , a smaller increase in our commercial dealers and resellers market , and was partially offset by a decline in sales to our public carrier , contractor and program manager market . during fiscal year 2012 , sales of our proprietary products increased 4.2 % , as compared to the prior year . however , due to the significant increase in overall sales , and the fact that proprietary product sales represented only a small percentage of the increased at & t sales on a dollar basis , proprietary product sales decreased to 8.6 % of total sales compared to 10.0 % of total sales in the prior year . because our proprietary products generally carry higher gross margins than our other non-proprietary third party products , the increased sales of proprietary products on a dollar basis contributed to the margin growth we experienced during the year in sales to other than our tier 1 carrier customers ( see detailed explanation below ) . gross profit . gross profit increased 11.5 % in fiscal year 2012 compared to fiscal year 2011 , due to a 15.0 % increase in our retail segment and 9.3 % increase in our commercial segment . within the retail segment , our tier 1 carrier market showed a considerable increase in sales , but the impact on overall gross profit was lessened by the lower margins we experienced in sales to at & t resulting from the business relationship expansion . the increase in our commercial segment was driven by increases in our private and government market and our commercial dealers and resellers , and was partially offset by a decline from our public carrier , contractor and program manager market . overall gross profit margin decreased to 20.3 % , compared to 22.0 % in fiscal year 2011 , driven by the expanded lower margin at & t business . story_separator_special_tag on march 31 , 2009 , we entered into a term loan with the baltimore county economic development revolving loan fund for an aggregate principal amount of $ 250,000. the term loan is payable in equal monthly installments of principal and interest of $ 2,300 , with the balance due at maturity on april 1 , 2019. the term loan bears interest at 2.00 % per annum and is secured by a subordinate position on our hunt valley , maryland facility . at april 1 , 2012 , the principal balance of this term loan was approximately $ 182,200. we were also party to a note payable outstanding to the maryland economic development corporation , which was payable in equal quarterly installments of principal and interest of $ 37,400 , with the balance due at maturity on october 10 , 2011. the note was paid in full during fiscal year 2012. the note bore interest at 3.00 % per annum and was secured by a subordinate position on company-owned real property location in hunt valley , maryland . working capital ( current assets less current liabilities ) increased to $ 65.8 million as of april 1 , 2012 , from $ 49.4 million as of march 27 , 2011 , primarily due to the increase in accounts receivable and inventory partially offset by increased accounts payable , all of which were primarily due to the expansion of our relationship with at & t during the third and fourth quarters of fiscal year 2012. shareholders ' equity increased to $ 93.7 million as of april 1 , 2012 , from $ 78.9 million as of march 27 , 2011 , primarily due to increased retained earnings due to fiscal year 2012 net income , partially offset by cash dividends paid and net increases in additional paid-in-capital . we believe that our existing cash , payments from customers , and availability under our revolving line of credit facility will be sufficient to support our operations for at least the next twelve months . to minimize interest expense , our policy is to use excess available cash to pay down any balance on our revolving line of credit facility . we expect to meet short-term and long-term liquidity needs through operating cash flow , supplemented by our revolving credit facility . in doing so , the balance on our revolving credit facility could increase depending on our working capital and other cash needs . if we were to undertake an acquisition or other major capital purchases that require funds in excess of its existing sources of liquidity , we would look to sources of funding from additional credit facilities , debt and or equity issuances . there can be no assurances that such additional future sources of funding would be available on terms acceptable to us , if at all . as of april 1 , 2012 , we do not have any material capital expenditure commitments . in addition , our liquidity could be negatively impacted by decreasing revenues and profits resulting from a decrease in demand for our products or a reduction in capital expenditures by our customers , or by the weakened financial conditions of our customers or suppliers , in each case as a result of the downturn in the global economy , among other factors . in fiscal year 2011 , our cash inflow from operating activities was driven by net income ( net of depreciation and amortization and non-cash stock compensation expense ) , as well as an increase in trade accounts payable , partially offset by an increase in trade accounts receivables and a decrease in accrued payroll , benefits and taxes . the increase in trade accounts payable was largely due to the timing and credit terms of inventory receipts . the increase in trade accounts receivable was primarily due to the timing of sales and collections , as well as the fact that we have granted extended payment terms to certain large customers . the decrease in accrued payroll , benefits and taxes was primarily due to the decline in bonuses accrued for fiscal year 2011 as compared to 2010. in fiscal year 2010 , our cash inflow from operating activities was driven by net income , net of depreciation and amortization and non-cash stock compensation expense , as well as a significant increase in trade accounts payable and an increase in accrued payroll , benefits and taxes , partially offset by significant increases in trade accounts receivables and product inventory . the increase in trade accounts payable was largely due to the timing and credit terms of inventory receipts . the accrual for payroll , benefits and taxes increased primarily due to an increase in accruals for our bonus programs in fiscal year 2010 as compared to fiscal year 2009. the increase in trade accounts receivable was primarily due to the timing of sales and collections largely related to our largest customer , at & t mobility . the increased inventory levels were to improve our inventory availability for our customers . capital expenditures totaled $ 4.8 million and $ 3.1 million in fiscal years 2011 and 2010 , respectively . in both fiscal years , capital expenditures primarily related to investments in information technology . -29- contractual obligations the following tables reflect a summary of our contractual cash obligations and other commercial commitments as of april 1 , 2012 : replace_table_token_6_th ( 1 ) other long-term liabilities reflected on the consolidated balance sheet include amounts owed under a supplemental executive retirement plan . interest payments include amounts owed on notes payable at their stated contractual rate , as well as interest payments on our note with a bank at a variable rate of libor plus 2.00 % . ( 2 ) we are unable to make a reasonably reliable estimate of the period of the cash settlement with the respective taxing authorities for the $ 0.6 million balance of its tax contingency

