Attached files
| file | filename |
|---|---|
| 8-K - 8-K - AstroNova, Inc. | d233161d8k.htm |
Exhibit 99.1
|
News Release |
Contact:
Scott Solomon
Senior Vice President
Sharon Merrill Associates
(617) 542-5300
ALOT@investorrelations.com
AstroNova Reports Strong Financial Results for the
Second Quarter of Fiscal 2022
Commercial Air Travel’s Continued Recovery and the Product Identification Segment’s Solid Performance Drive Sequential and Year-Over-Year Growth
Second-Quarter Fiscal 2022 Summary
| • | Bookings of $30.6 million, up 18% year-over-year |
| • | Revenue of $29.8 million, up 8% year-over-year |
| • | Backlog of $24.3 million |
| • | GAAP operating income of $3.5 million |
| • | Non-GAAP operating income of $1.3 million |
| • | GAAP net income of $7.0 million, or $0.96 per diluted share, including $0.83 per diluted share in CARES Act benefits |
| • | Non-GAAP net income of $978,000, or $0.13 per diluted share, compared with break-even results in the prior year’s second quarter |
| • | Adjusted EBITDA of $9.2 million, or 30.8% of revenue |
| • | Excluding CARES Act benefits, Adjusted EBITDA of $2.6 million or 8.7% or revenue |
| • | Company anticipates sequential and year-over-year top-line growth in the second half of fiscal 2022 |
West Warwick, R.I. – September 14, 2021 – AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal 2022 second quarter ended July 31, 2021.
CEO Commentary
“We reported year-over-year and sequential revenue growth in the second quarter in both the Test & Measurement and Product Identification segments, as we capitalized on an improved demand picture across the business,” said Gregory A. Woods, President and Chief Executive Officer of AstroNova. “In the Test & Measurement segment, revenue from hardware, supplies, and parts and repairs all increased as air passenger traffic continued to rebound. We also saw solid contributions across the Product Identification product line, with another strong quarter from the T3-OPX wide-format durable direct-to-package printing system. We performed particularly well given the ongoing global supply chain constraints and continuing COVID-19 headwinds.”
Business Outlook
“We expect to report year-over-year and sequential top-line growth for the second half of fiscal 2022,” continued Woods. “The aerospace market is recovering a bit more quickly than we had anticipated, and we expect continued improved demand in the Product Identification segment. At the same time, we recognize the uncertainty caused by supply chain constraints and the continuing pandemic. Looking further ahead, we believe that we are well positioned to capitalize on many growth opportunities across both our Test & Measurement and Product Identification segments when markets fully recover.”
CARES Act Benefits
During the second quarter of this fiscal year, the principal and interest were forgiven on the Paycheck Protection Program (PPP) loan AstroNova received last year. In addition, the Company became eligible for an Employee Retention Credit (ERC) authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In total for the second quarter, these two items (the CARES Act benefits) benefited net income by $6.0 million and earnings per diluted share by $0.83.
Q2 FY 2022 Operating Segment Results
Product Identification segment revenue in the second quarter of fiscal 2022 increased 8.6% to $23.5 million, with gains in both hardware and supplies, versus $21.6 million in the prior-year period. GAAP segment operating income was $4.4 million, or 18.8% of revenue, compared with $3.1 million, or 14.5% of revenue, in the prior year. On a non-GAAP basis, excluding the CARES Act benefits, segment operating income in the second quarter of fiscal 2022 was $3.0 million, or 12.7% of revenue.
Test & Measurement segment revenue in the second quarter of fiscal 2022 was $6.4 million, compared with $6.0 million in the same period of fiscal 2021. The Test & Measurement segment recorded GAAP operating income of $1.7 million, or 26.9% of revenue, compared with a segment operating loss of $0.4 million, or negative 6.8% of revenue, in the comparable period of fiscal 2021. Non-GAAP segment operating income in the second quarter of fiscal 2022, excluding the CARES Act benefits, was $908,000, or 14.3% of sales, helped by lower manufacturing costs and operating expenses versus the year-earlier period, as well as a change in amortization for aerospace-related intangibles that resulted in an additional $587,000 in operating profit. This is the best result since the second half of fiscal 2020, when revenue was significantly higher.
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Q2 FY 2022 Results Summary
Revenue for the second quarter of fiscal 2022 totaled $29.8 million, up 8% compared with $27.7 million in the year-earlier period.
GAAP gross profit for the second quarter of fiscal 2022 was $12.7 million, or 42.6% of revenue, compared with $9.8 million, or 35.4% of revenue, in the same period of fiscal 2021. Non-GAAP gross profit in the second quarter of fiscal 2022, excluding the CARES Act benefits, was $11.1 million, or 37.1% of revenue, up 170 basis points from the gross profit in the same period of the prior year. The increase compared with the same quarter last year reflects higher revenue and the impact of favorable product mix.
GAAP operating expenses for the second quarter of fiscal 2022 totaled $9.3 million, down approximately 3.3% compared with $9.6 million in the second quarter fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, operating expenses for the second quarter of fiscal 2022 were $9.8 million, primarily due to higher wages and benefits compared with the prior-year second quarter, when COVID-related furloughs and work-share programs were in effect.
Other income of $4.3 million included a $4.5 million gain, related to the forgiveness indebtedness income related to the PPP loan.
GAAP net income for the second quarter of fiscal 2022 was $7.0 million, or $0.96 per diluted share, compared with net income of $3,000, or $0.00 per diluted share, in the second quarter of fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, net income for the second quarter of fiscal 2022 was $978,000, or $0.13 per diluted share.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $8.7 million, compared with $2.4 million in the second quarter of fiscal 2021. Second-quarter fiscal 2022 EBITDA, excluding the CARES Act benefits, was $2.1 million, or 7.2% of revenue. Adjusted EBITDA was $9.2 million, or 30.8% of revenue, and $2.6 million, or 8.7% of revenue, excluding the effect of the CARES Act benefits. This compares with Adjusted EBITDA of $3.0 million, or 10.7% of revenue, for the comparable period of fiscal 2021.
Non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP segment operating income, EBITDA, EBITDA excluding the effect of the CARES Act benefits, Adjusted EBITDA and Adjusted EBITDA excluding the CARES Act benefits are non-GAAP financial measures explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to the financial reconciliation table included in this news release for a reconciliation of non-GAAP measures to the closest comparable GAAP measures for the fiscal second quarters ended July 31, 2021 and August 1, 2020.
Bookings for the second quarter of fiscal 2022 were $30.6 million, compared with $25.3 million in the second quarter of fiscal 2021.
Backlog at July 31, 2021 was $24.4 million versus $23.7 million on August 1, 2020.
3
Second-Quarter Fiscal 2022 Conference Call
AstroNova will discuss its second-quarter fiscal 2022 financial results in an investor conference call at 9:00 a.m. ET today. To participate on the conference call, please dial (800) 437-2398 (U.S. and Canada) or (929) 477-0577 (International) approximately 10 minutes prior to the start time and enter confirmation code 1881865.
You can hear a replay of the conference call from 12:00 p.m. ET Tuesday, September 14, 2021 until 12:00 p.m. ET on Tuesday, September 21, 2021 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The passcode is 1881865. A real-time and an archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the non-GAAP financial measures: non-GAAP net income, non-GAAP net income per diluted share, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP segment operating income, earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA excluding the CARES Act benefits, and Adjusted EBITDA and Adjusted EBITDA excluding the CARES Act benefits. AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company’s core operating results, and also can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova’s management uses these measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures also are used by the Company’s management to assist with their financial and operating decision-making.
About AstroNova
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies since 1969, is focused on designing, manufacturing, distributing and servicing a broad range of products that acquire, store, analyze and present data in multiple formats. The Company’s Product Identification segment offers a complete line-up of label and direct-to-package printing hardware and supplies, allowing customers to mark, track and enhance their products’ appearance. Supported by AstroNova’s customer application experts and technology leadership in printing, material science and high-speed data processing, customers benefit from an optimized, “total solution” approach. The Test and Measurement segment includes the AstroNova Aerospace business unit. This segment designs and manufactures flight deck printers, networking hardware and related accessories serving the world’s aerospace and defense industries with proven advanced airborne technology solutions for the cockpit, the cabin and so much more. AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting www.astronovainc.com.
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Forward-Looking Statements
Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.
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ASTRONOVA, INC.
Condensed Consolidated Statements of Income
In Thousands Except for Per Share Data
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Revenue |
$ | 29,845 | $ | 27,658 | $ | 58,923 | $ | 58,578 | ||||||||
| Cost of Revenue |
17,129 | 17,871 | 35,320 | 37,935 | ||||||||||||
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| Gross Profit |
12,716 | 9,787 | 23,603 | 20,643 | ||||||||||||
| Total Gross Profit Margin |
42.6 | % | 35.4 | % | 40.1 | % | 35.2 | % | ||||||||
| Operating Expenses: |
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| Selling & Marketing |
5,061 | 5,555 | 11,154 | 11,481 | ||||||||||||
| Research & Development |
1,539 | 1,493 | 3,255 | 3,433 | ||||||||||||
| General & Administrative |
2,664 | 2,535 | 5,008 | 4,861 | ||||||||||||
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| Total Operating Expenses |
9,264 | 9,583 | 19,417 | 19,775 | ||||||||||||
| Operating Income |
3,452 | 204 | 4,186 | 868 | ||||||||||||
| Total Operating Margin |
11.6 | % | 0.7 | % | 7.1 | % | 1.5 | % | ||||||||
| Other Income (Expense), net: |
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| Extinguishment of Debt - PPP Loan |
4,466 | — | 4,466 | — | ||||||||||||
| Interest Expense |
(171 | ) | (259 | ) | (392 | ) | (490 | ) | ||||||||
| Gain (Loss) on Foreign Currency Transactions |
50 | 553 | (114 | ) | 399 | |||||||||||
| Other, net |
(79 | ) | 34 | (63 | ) | 68 | ||||||||||
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| 4,266 | 328 | 3,897 | (23 | ) | ||||||||||||
| Income Before Taxes |
7,718 | 532 | 8,083 | 845 | ||||||||||||
| Income Tax (Benefit) Provision |
699 | 529 | 471 | 411 | ||||||||||||
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| Net Income |
$ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||
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| Net Income per Common Share - Basic |
$ | 0.97 | $ | 0.00 | $ | 1.06 | $ | 0.06 | ||||||||
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| Net Income per Common Share - Diluted |
$ | 0.96 | $ | 0.00 | $ | 1.04 | $ | 0.06 | ||||||||
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| Weighted Average Number of Common Shares - Basic |
7,209 | 7,105 | 7,177 | 7,089 | ||||||||||||
| Weighted Average Number of Common Shares - Diluted |
7,329 | 7,123 | 7,297 | 7,114 | ||||||||||||
ASTRONOVA, INC.
Balance Sheet
In Thousands
(Unaudited)
| July 31, 2021 | January 31, 2021 | |||||||
| ASSETS |
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| CURRENT ASSETS |
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| Cash and Cash Equivalents |
$ | 11,389 | $ | 11,439 | ||||
| Accounts Receivable, net |
15,603 | 17,415 | ||||||
| Inventories, net |
29,090 | 30,060 | ||||||
| Prepaid Expenses and Other Current Assets |
5,317 | 1,807 | ||||||
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| Total Current Assets |
61,399 | 60,721 | ||||||
| PROPERTY, PLANT AND EQUIPMENT |
51,963 | 50,839 | ||||||
| Less Accumulated Depreciation |
(39,656 | ) | (38,828 | ) | ||||
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| Property, Plant and Equipment, net |
12,307 | 12,011 | ||||||
| OTHER ASSETS |
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| Intangible Assets, net |
20,074 | 21,502 | ||||||
| Goodwill |
12,623 | 12,806 | ||||||
| Deferred Tax Assets |
5,942 | 5,941 | ||||||
| Right of Use Asset |
1,209 | 1,389 | ||||||
| Other Assets |
1,680 | 1,103 | ||||||
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| TOTAL ASSETS |
$ | 115,234 | $ | 115,473 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| CURRENT LIABILITIES |
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| Accounts Payable |
$ | 6,131 | $ | 5,734 | ||||
| Accrued Compensation |
3,917 | 2,852 | ||||||
| Other Liabilities and Accrued Expenses |
3,666 | 3,939 | ||||||
| Current Portion of Long-Term Debt |
875 | 5,326 | ||||||
| Current Portion of Royalty Obligation |
2,000 | 2,000 | ||||||
| Current Liability – Excess Royalty Payment Due |
24 | 177 | ||||||
| Deferred Revenue |
324 | 285 | ||||||
| Income Taxes Payable |
— | 655 | ||||||
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| Total Current Liabilities |
16,937 | 20,968 | ||||||
| NON-CURRENT LIABILITIES |
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| Long-Term Debt, net of current portion |
8,641 | 7,109 | ||||||
| Royalty Obligation, net of current portion |
5,261 | 6,161 | ||||||
| Long-Term Debt - PPP Loan |
— | 4,422 | ||||||
| Lease Liability, net of current portion |
907 | 1,065 | ||||||
| Other Long-Term Liabilities |
557 | 681 | ||||||
| Deferred Tax Liabilities |
354 | 384 | ||||||
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| TOTAL LIABILITIES |
32,657 | 40,790 | ||||||
| SHAREHOLDERS’ EQUITY |
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| Common Stock |
526 | 521 | ||||||
| Additional Paid-in Capital |
59,078 | 58,049 | ||||||
| Retained Earnings |
57,697 | 50,085 | ||||||
| Treasury Stock |
(33,942 | ) | (33,588 | ) | ||||
| Accumulated Other Comprehensive Loss, net of tax |
(782 | ) | (384 | ) | ||||
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| TOTAL SHAREHOLDERS’ EQUITY |
82,577 | 74,683 | ||||||
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| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 115,234 | $ | 115,473 | ||||
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ASTRONOVA, INC.
Revenue and Segment Operating Profit
In Thousands
(Unaudited)
| Revenue | Segment Operating Profit (Loss) | Revenue | Segment Operating Profit (Loss) | |||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||||||||||||||
| Product Identification |
$ | 23,492 | $ | 21,629 | $ | 4,406 | $ | 3,146 | $ | 46,590 | $ | 44,009 | $ | 7,134 | $ | 6,292 | ||||||||||||||||
| Test & Measurement |
6,353 | 6,029 | 1,710 | (407 | ) | 12,333 | 14,569 | 2,060 | (563 | ) | ||||||||||||||||||||||
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| Total |
$ | 29,845 | $ | 27,658 | 6,116 | 2,739 | $ | 58,923 | $ | 58,578 | 9,194 | 5,729 | ||||||||||||||||||||
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| Corporate Expenses |
2,664 | 2,535 | 5,008 | 4,861 | ||||||||||||||||||||||||||||
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| Operating Income |
3,452 | 204 | 4,186 | 868 | ||||||||||||||||||||||||||||
| Other Income (Expense), net |
4,266 | 328 | 3,897 | (23 | ) | |||||||||||||||||||||||||||
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| Income Before Income Taxes |
7,718 | 532 | 8,083 | 845 | ||||||||||||||||||||||||||||
| Income Tax Provision |
699 | 529 | 471 | 411 | ||||||||||||||||||||||||||||
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| Net Income |
$ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||||||||||||||||||
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ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Gross Profit
Amounts in Thousands
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Gross Profit – GAAP |
$ | 12,716 | $ | 9,787 | $ | 23,603 | $ | 20,643 | ||||||||
| Employee Retention Credit |
$ | (1,641 | ) | $ | — | $ | (1,641 | ) | $ | — | ||||||
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| Gross Profit – Non-GAAP |
$ | 11,075 | $ | 9,787 | $ | 21,962 | $ | 20,643 | ||||||||
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ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Operating Expenses
Amounts in Thousands
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Operating Expenses – GAAP |
$ | 9,264 | $ | 9,583 | $ | 19,417 | $ | 19,775 | ||||||||
| Employee Retention Credit |
$ | 489 | $ | — | $ | 489 | $ | — | ||||||||
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| Operating Expenses – Non-GAAP |
$ | 9,753 | $ | 9,583 | $ | 19,906 | $ | 19,775 | ||||||||
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ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Operating Income
Amounts in Thousands
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Operating Income – GAAP |
$ | 3,452 | $ | 204 | $ | 4,186 | $ | 868 | ||||||||
| Employee Retention Credit |
$ | (2,130 | ) | $ | — | $ | (2,130 | ) | $ | — | ||||||
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| Operating Income – Non-GAAP |
$ | 1,322 | $ | 204 | $ | 2,056 | $ | 868 | ||||||||
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ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Net Income
Amounts in Thousands
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Net Income – GAAP |
$ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||
| Employee Retention Credit |
$ | (1,615 | ) | $ | — | $ | (1,615 | ) | $ | — | ||||||
| PPP Loan Forgiveness |
$ | (4,426 | ) | $ | — | $ | (4,426 | ) | $ | — | ||||||
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| Net Income – Non-GAAP |
$ | 978 | $ | 3 | $ | 1,571 | $ | 434 | ||||||||
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ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Diluted Earnings Per Share
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Diluted Earnings Per Share - GAAP |
$ | 0.96 | $ | — | $ | 1.04 | $ | 0.06 | ||||||||
| Employee Retention Credit |
$ | (0.22 | ) | $ | — | $ | (0.22 | ) | $ | — | ||||||
| PPP Loan Forgiveness |
$ | (0.60 | ) | $ | — | $ | (0.60 | ) | $ | — | ||||||
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| Diluted Earnings Per Share - Non-GAAP |
$ | 0.13 | $ | — | $ | 0.22 | $ | 0.06 | ||||||||
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ASTRONOVA, INC.
Reconciliation of Net Income to EBITDA and EBITDA Excluding the CARES Act Benefits
Amounts in Thousands
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Net Income – GAAP |
$ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||
| Interest Expense |
171 | 259 | 392 | 490 | ||||||||||||
| Income Tax Expense |
699 | 529 | 471 | 411 | ||||||||||||
| Depreciation/Amortization |
849 | 1,565 | 2,276 | 3,133 | ||||||||||||
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| EBITDA |
$ | 8,738 | $ | 2,356 | $ | 10,751 | $ | 4,468 | ||||||||
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| Net Income - Employee Retention Credit |
(1,615 | ) | — | (1,615 | ) | — | ||||||||||
| Net Income - PPP Loan Forgiveness |
(4,426 | ) | — | (4,426 | ) | — | ||||||||||
| Income Tax Expense - Employee Retention Credit |
(515 | ) | — | (515 | ) | — | ||||||||||
| Income Tax Expense - PPP Loan Forgiveness |
(40 | ) | — | (40 | ) | — | ||||||||||
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| EBITDA Excluding the CARES Act Benefits |
$ | 2,142 | $ | 2,356 | $ | 4,155 | $ | 4,468 | ||||||||
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ASTRONOVA, INC.
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Excluding the CARES Act Benefits
Amounts in Thousands
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
| Net Income – GAAP |
$ | 7,019 | $ | 3 | $ | 7,612 | $ | 434 | ||||||||
| Interest Expense |
171 | 259 | 392 | 490 | ||||||||||||
| Income Tax Expense |
699 | 529 | 471 | 411 | ||||||||||||
| Depreciation/Amortization |
849 | 1,565 | 2,276 | 3,133 | ||||||||||||
| Share-Based Compensation |
469 | 601 | 947 | 1,096 | ||||||||||||
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| Adjusted EBITDA |
$ | 9,207 | $ | 2,957 | $ | 11,698 | $ | 5,564 | ||||||||
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| Net Income - Employee Retention Credit |
(1,615 | ) | — | (1,615 | ) | — | ||||||||||
| Net Income - PPP Loan Forgiveness |
(4,426 | ) | — | (4,426 | ) | — | ||||||||||
| Income Tax Expense - Employee Retention Credit |
(515 | ) | — | (515 | ) | — | ||||||||||
| Income Tax Expense - PPP Loan Forgiveness |
(40 | ) | — | (40 | ) | — | ||||||||||
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| Adjusted EBITDA Excluding the CARES Act Benefits |
$ | 2,611 | $ | 2,957 | $ | 5,102 | $ | 5,564 | ||||||||
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ASTRONOVA, INC.
Reconciliation of GAAP Segment Operating Profit to Non-GAAP Segment Operating Profit
Amounts in Thousands
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
| Product Identification |
Test & Measurement |
Total | Product Identification |
Test & Measurement |
Total | Product Identification |
Test & Measurement |
Total | Product Identification |
Test & Measurement |
Total | |||||||||||||||||||||||||||||||||||||
| Segment Operating Profit - GAAP |
$ | 4,406 | $ | 1,710 | $ | 6,116 | $ | 3,146 | $ | (407 | ) | $ | 2,739 | $ | 7,134 | $ | 2,060 | $ | 9,194 | $ | 6,292 | $ | (563 | ) | $ | 5,729 | ||||||||||||||||||||||
| Employee Retention Credit |
$ | (1,430 | ) | $ | (802 | ) | $ | (2,232 | ) | $ | — | $ | — | $ | — | $ | (1,430 | ) | $ | (802 | ) | $ | (2,232 | ) | $ | — | $ | — | $ | — | ||||||||||||||||||
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| Segment Operating Profit - Non-GAAP |
$ | 2,976 | $ | 908 | $ | 3,884 | $ | 3,146 | $ | (407 | ) | $ | 2,739 | $ | 5,705 | $ | 1,258 | $ | 6,963 | $ | 6,292 | $ | (563 | ) | $ | 5,729 | ||||||||||||||||||||||
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