Click here to close now.




















Welcome!

News Feed Item

Astro-Med Reports Record Revenue and Improved Margins in Second-Quarter FY15; Board of Directors Declares Regular Cash Dividend

Astro-Med, Inc. (NASDAQ: ALOT), a leading manufacturer of specialty high-tech printing systems and data acquisition products, today reported net sales of $22.4 million for the three months ended August 2, 2014, an increase of 30.1% from the same period a year earlier. Net income for the three months ended August 2, 2014 was $1.4 million, or $0.18 per diluted share, compared with net income of $696,000, or $0.09 per diluted share, for the same period a year earlier.

For the six months ended August 2, 2014, Astro-Med reported net sales of $43.1 million, an increase of 32.0% over the prior year. The Company reported net income of $2.6 million equal to $0.33 per diluted share. During the Company’s six-month period of the prior year, net income on a GAAP basis was $247,000, equal to $0.03 per diluted share, which includes a reserve established to address a non-compliant component in a limited number of ToughWriter Printers. The after tax cost was equal to $0.06 per diluted share. Excluding the impact of the reserve, the Company’s net income on a non-GAAP basis was $670,000 equal to $0.09 per diluted share.

“We continued our strong growth momentum in fiscal 2015 with a solid second-quarter performance,” said Gregory A. Woods, the Company’s President and Chief Executive Officer. “We reported record quarterly revenues of $22.4 million, with both of our segments reporting record sales. We grew orders by 16.2% in Q2 and exited the quarter with a backlog of $14.7 million, up 4.6% from year end. The success of our channel expansion program was evident in our top-line growth and in our further penetration of international markets.

“QLS product sales increased 25.1% in the second quarter to $15.3 million, aided by the continued strength of our Kiaro! Series of color label printers. Our new wide format Kiaro! 200 printer is also opening up new market opportunities for large format applications and has been very well received by customers, who are impressed by the quality and performance of the product.

“Our Test & Measurement product group of ruggedized products and data acquisition systems grew 42.2% to $7.1 million in the quarter with solid contributions from our ruggedized printers and high-speed data acquisition systems, as well as our line of Miltope ruggedized aerospace printers. The response to our expanding product line from Tier One aviation manufacturers and airline companies continues to be very positive.

“We are focusing on growing our top line both organically and through strategic add-on acquisitions,” added Woods. “At the same time we are also working diligently to continue to improve our profitability. Our Lean transformation is proceeding nicely, and we are beginning to see the results of our operational excellence efforts on our financial performance.”

Operating profit for the second quarter of fiscal 2015 increased to $2.2 million, or 9.7% of net sales, compared with $887,000, or 5.2% of net sales, for the same period of fiscal 2014. The 450 basis point increase in margin reflects higher revenue, improved product mix and the ongoing success of Astro-Med’s Lean manufacturing initiatives.

At August 2, 2014, Astro-Med had cash and cash equivalents of $28.0 million, compared with $27.1 million at January 31, 2014.

Board of Directors Declares Regular Quarterly Dividend

On August 18, 2014, the Directors of Astro-Med, Inc. declared a regular quarterly cash dividend of $0.07 per share. The dividend, which represents a cash dividend of $0.28 per share on an annualized basis, is payable October 3, 2014 to shareholders of record on September 12, 2014.

Q2 Fiscal 2015 Conference Call

The second quarter fiscal 2015 financial results conference call will be held today, Wednesday, August 20, 2014 at 9:00 a.m. EDT. It will be broadcast in real time on the Internet through the “Investors” section of the Company’s website at www.Astro-MedInc.com. You also may participate in the conference call by dialing 888-516-2438 (U.S. and Canada) or 719-457-2668 (International) with passcode 570873. Following the live broadcast, an audio webcast of the call will be available on the Company’s website. A conference call replay also will be available for seven days by dialing 888-203-1112 (U.S. and Canada) or 719-457-0820 (International) with passcode 8273326.

                       
 
ASTRO-MED, INC.
Consolidated Statements of Operations In Thousands Except for Per Share Data
(Unaudited)
 
Three-Months Ended Six-Months Ended
August 2, 2014 August 3, 2013 August 2, 2014 August 3, 2013
 
Net Sales $ 22,366 $ 17,194 $ 43,140 $ 32,679
Cost of Sales 12,777 10,271 24,915 19,980
Product Replacement Related Costs - - - 672
 
Gross Profit 9,589 6,923 18,225 12,027
42.9 % 40.3 % 42.2 % 36.8 %
Operating Expenses:
Selling and Marketing 4,503 3,382 8,878 6,954
Research and Development 1,479 1,274 2,850 2,387
General and Administration   1,443     1,380     2,634     2,521  
7,425 6,036 14,362 11,862
 
Operating Income 2,164 887 3,863 165
9.7 % 5.2 % 9.0 % 0.5 %
 
Other Income (Expense), Net 83 (25 ) (38 ) (62 )
       
Income from Continuing Operations Before Taxes 2,247 862 3,825 103
 
Income Tax Provision for Continuing Operations 812 331 1,261 11
       
Income from Continuing Operations 1,435 531 2,564 92
 
Income from Discontinued Operations, Net of Taxes   -     165     -     155  
 
Net Income   1,435     696     2,564     247  
 
Earnings Per Share – Basic:
Net Income per share from Continuing Operations $ 0.19 $ 0.07 $ 0.34 $ 0.01

Net Income per share from Discontinued Operations

  -     0.02     -     0.02  
Net Income per share - Basic $ 0.19   $ 0.09   $ 0.34   $ 0.03  
 
Earnings Per Share – Diluted:
Net Income per share from Continuing Operations $ 0.18 $ 0.07 $ 0.33 $ 0.01

Net Income per share from Discontinued Operations

  -     0.02     -     0.02  
Net Income per share - Diluted $ 0.18   $ 0.09   $ 0.33   $ 0.03  
 
Weighted Avg Number of Common Shares - Basic 7,704 7,458 7,652 7,429
Weighted Avg Number of Common Shares - Diluted 7,916 7,655 7,883 7,617
 
Dividends Declared Per Common Share $ 0.07 $ 0.07 $ 0.14 $ 0.14
 
 
 
 
Selected Balance Sheet Data
in Thousands
(Unaudited)
           

As of
August 2, 2014

As of
January 31, 2014

Cash & Marketable Securities $ 28,007 $ 27,107
Current Assets $ 66,557 $ 65,034
Total Assets $ 79,058 $ 77,964
Current Liabilities $ 8,617 $ 9,892
Shareholders’ Equity $ 69,221 $ 66,614
 
 
       
 
Reconciliation of Non-GAAP Adjustments in Thousands
(Unaudited)
 
Three-Months Ended     Six-Months Ended
August 2, 2014       August 3, 2013     August 2, 2014       August 3, 2013
GAAP based results as reported:
 
Net Income $ 1,435 $ 696 $ 2,564 $ 247
 
Non-GAAP adjustments:
Product Replacement Costs   -   -   -   423
Non-GAAP Net Income $ 1,435 $ 696 $ 2,564 $ 670
 
 
GAAP based results as reported:
EPS -diluted $ 0.18 $ 0.09 $ 0.33 $ 0.03
Non-GAAP adjustments:
Product Replacement Costs   -   -   -   0.06
Non-GAAP EPS - diluted $ 0.18 $ 0.09 $ 0.33 $ 0.09
 
 

About Astro-Med, Inc.

Astro-Med, Inc. is a leading manufacturer of specialty high tech printing systems and data acquisition systems. Products include color label printers and consumables sold under the QuickLabel Systems brand as well as rugged printers for aerospace and defense applications and data acquisition products sold under the Astro-Med brand. Astro-Med, Inc. is a member of the Russell Microcap® Index. Additional information is available by visiting www.Astro-MedInc.com

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 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 growth through acquisitions, 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, 2014 and subsequent filings Astro-Med 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.

Use of Non-GAAP Financial Measure

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains the Non-GAAP financial measures, Non-GAAP net income and diluted EPS. The Company believes that the inclusion of these non-GAAP financial measures in this press release helps investors to gain a meaningful understanding of changes in the Company's core operating results, and also can help investors who wish to make comparisons between Astro-Med and other companies on both a GAAP and a non-GAAP basis. Astro-Med’s management uses these non-GAAP 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 are also used by the Company’s management to assist with their financial and operating decision making.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...