Astro-Med, Inc. Reports Improved Earnings Trend for the Third Quarter; Directors Declare Regular Cash Dividend
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, November 1, October 31, November 1,
2009 2008 2009 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 3,840 4,164 11,447 12,928
Research &
Development 1,163 1,254 3,565 3,680
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 As of
October 31, January 31,
2009 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
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(R), Grass(R) Technologies and QuickLabel(R) 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(R) 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.
Contact:
Albert W. Ondis
CEO
Joseph P. O’Connell
CFO
Tel: 800-343-4039
www.Astro-MedInc.com
SOURCE: Astro-Med, Inc.
http://www.Astro-MedInc.com