Click here to close now.


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 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.

Consolidated Statements of Operations In Thousands Except for Per Share Data
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

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
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

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
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.