Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AstroNova, Inc. | form8k111709.htm |
| PRESS RELEASE |
600 East
Greenwich Avenue
West
Warwick, Rhode Island 02893 USA
For
Immediate Release
Contact: Albert
W. Ondis,
CEO November 17,
2009
Joseph
P. O’Connell, CFO
Tel:
800-343-4039
www.Astro-MedInc.com
Astro-Med,
Inc. Reports Improved Earnings Trend for the Third Quarter;
Directors
Declare Regular Cash Dividend
WEST
WARWICK, RI, November 17, 2009 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net
income of $683,000, equal to 9 cents per diluted share, on sales of $16,658,000
for the Third Quarter ended October 31, 2009. For the corresponding period of
the prior year, Astro-Med reported net income of $649,000, equal to 9 cents per
diluted share, on sales of $17,681,000.
For the
nine-month period ended October 31, 2009, Astro-Med reported net income of
$1,037,000, equal to 14 cents per diluted share on sales of $47,751,000,
compared to net income of $2,701,000, equal to 36 cents per diluted share, on
sales of $56,152,000 in the comparable nine-month period of the prior fiscal
year.
Commenting
on the results, Albert W. Ondis, Chief Executive Officer, said: “We are
pleased with the measured progress the Company has made. Our revenue and our
earnings improved from the First Quarter to the Second Quarter, and now from the
Second Quarter to the Third Quarter. We foresee a continuation of this trend
during the Fourth Quarter. We are successfully pursuing the goals of the Three
Year Strategic Business Plan, which our Board approved on August 17, 2009. The
Plan highlights growth through internal development as well as by
acquisition.”
Astro-Med
Gross Profit margins held firm at 42.4% during the Third Quarter, and operating
expenses remained flat compared with the Second Quarter. Operating income rose
8.5% during the Third Quarter to $961,000, and the operating margin was 5.8%
compared with 5.4% in the Second Quarter. Net income was $683,000 in the Third
Quarter, a 16.8% improvement over the Second Quarter.
Ondis
continued, “The Company’s balance sheet remains strong. Astro-Med’s cash and
investment position reached approximately $24,000,000 at Quarter’s end. We
improved the efficiency of our working capital investments by lowering the
accounts receivable turnover to 49 days sales outstanding, and reduced our
inventories by 6.1% from the prior quarter.
"In
accordance with our Strategic Plan, we are continuing to invest heavily in
Research & Development. We will soon announce some exciting new
hardware products for the Astro-Med Test & Measurement data acquisition
product line, as well as our Ruggedized Products line of airborne printers.
These new products will be released in early 2010.”
Astro-Med,
Inc. Directors Declare Regular Cash Dividend
On
November 16, 2009, the Directors of Astro-Med, Inc. declared the regular
quarterly cash dividend of $0.06 per share, payable on January 4, 2010 to
shareholders of record as of December 11, 2009.
Third
Quarter Conference Call to be held Wednesday, November 18, 2009
The Astro-Med, Inc. Third Quarter
conference call will be held on Wednesday, November 18, 2009, at 11:00 AM EST.
It will be broadcast in real time on the Internet and will be available through
the Investing Section of our website. We invite you to log on and listen in real
time on November 18th, or to participate in the conference
call by dialing 1-888-549-7750 and referencing ID number 4169655. Following the
live broadcast, a webcast of the recorded call will be available for ten days
at www.Astro-MedInc.com.
Astro-Med,
Inc.
Consolidated
Statements of Operations
In
Thousands Except for Per Share Data
(Unaudited)
|
Three-Months
Ended
|
Nine-Months
Ended
|
|||||||||||||||
|
October
31,
2009
|
November
1,
2008
|
October
31,
2009
|
November
1,
2008
|
|||||||||||||
|
Net
Sales
|
$ | 16,658 | $ | 17,681 | $ | 47,751 | $ | 56,152 | ||||||||
|
Gross
Profit
|
7,059 | 7,647 | 19,822 | 24,516 | ||||||||||||
| 42.4 | % | 43.3 | % | 41.5 | % | 43.7 | % | |||||||||
|
Operating
Expenses:
|
||||||||||||||||
|
Marketing
& Selling
Research
& Development
|
3,8401,163 | 4,1641,254 | 11,4473,565 | 12,9283,680 | ||||||||||||
|
General
& Administrative
|
1,095 | 1,140 | 3,423 | 3,595 | ||||||||||||
| 6,098 | 6,558 | 18,435 | 20,203 | |||||||||||||
|
Operating
Income
|
961 | 1,089 | 1,387 | 4,313 | ||||||||||||
| 5.8 | % | 6.2 | % | 2.9 | % | 7.7 | % | |||||||||
|
Other
Income (Expense), Net
|
75 | (237 | ) | 194 | - | |||||||||||
|
Income
Before Taxes
|
1,036 | 852 | 1,581 | 4,313 | ||||||||||||
|
Income
Tax Provision
|
353 | 203 | 544 | 1,612 | ||||||||||||
|
Net
Income
|
$ | 683 | $ | 649 | $ | 1,037 | $ | 2,701 | ||||||||
|
Net
Income Per Share - Basic
|
$ | 0.10 | $ | 0.09 | $ | 0.15 | $ | 0.39 | ||||||||
|
Net
Income Per Share - Diluted
|
$ | 0.09 | $ | 0.09 | $ | 0.14 | $ | 0.36 | ||||||||
|
Weighted
Average Number of Common Shares - Basic
|
7,151 | 7,005 | 7,129 | 6,979 | ||||||||||||
|
Weighted
Average Number of Common Shares - Diluted
|
7,396 | 7,471 | 7,349 | 7,478 | ||||||||||||
|
Dividends
Declared Per Common Share
|
$ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 | ||||||||
Selected
Balance Sheet Data
In
Thousands
(Unaudited)
|
As
of
October
31, 2009
|
As
of
January
31,
2009
|
|||||||
|
Cash
& Marketable Securities(1)
|
$ | 23,944 | $ | 22,104 | ||||
|
Current
Assets
|
$ | 48,632 | $ | 48,023 | ||||
|
Total
Assets
|
$ | 62,565 | $ | 62,155 | ||||
|
Current
Liabilities
|
$ | 7,073 | $ | 7,904 | ||||
|
Shareholders’
Equity
|
$ | 52,465 | $ | 51,471 | ||||
(1) Includes investment
securities classified as non-current
About
Astro-Med, Inc.
Astro-Med,
Inc. is a leading manufacturer of high tech specialty printing systems,
electronic medical instrumentation, and test and measurement instruments.
Astro-Med, Inc. products are sold under the brand names Astro-Med®,
Grass®
Technologies and QuickLabel®
Systems, and are employed around the world in a wide range of aerospace,
medical, military, industrial, and packaging applications. Astro-Med, Inc. is a
member of the Russell Microcap®
Index. Additional information is available by visiting www.Astro-MedInc.com.
Safe
Harbor Statement
This news
release contains forward-looking statements, and actual results may vary from
those expressed or implied herein. Factors that could affect these results
include those mentioned in Astro-Med’s FY2009 annual report and its annual and
quarterly filings with the Securities and Exchange
Commission.
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