WEST WARWICK, RI, Nov 22, 2011 (MARKETWIRE via
COMTEX) --
Astro-Med, Inc. (NASDAQ: ALOT) reports Net Sales of $19,569,000 and Net
Income of $800,000, equal to 11 cents per diluted share for the Third
Quarter ended October 29, 2011. For the corresponding period of the
prior year, the Company reported Net Sales of $18,329,000 and Net Income
of $792,000, equal to 11 cents per diluted share. Net Income in the
Third Quarter includes a tax benefit of approximately $113,000, or 2
cents per diluted share, due to a favorable adjustment in the filing of
the prior year tax returns. The previous year's Third Quarter Net Income
included a tax benefit of approximately $400,000 or 5 cents per diluted
share, due to a favorable resolution of a previously uncertain tax
position and a favorable adjustment in the filing of the prior year tax
returns. On a Non-GAAP basis, the Company earned 9 cents per diluted
share in the Third Quarter, compared with earnings of 6 cents per
diluted share in the Third Quarter of the prior year.
For the nine months ended October 29, 2011, Astro-Med reports Net
Sales of $58,764,000 and Net Income of $2,277,000, equal to 31 cents per
diluted share. For the corresponding nine-month period last year, the
Company reported Net Sales of $53,159,000 and Net Income of $1,545,000,
equal to 21 cents per diluted share. Net Income in the current year
includes income of $300,000 equal to 4 cents per diluted share, related
to the disposition on an insurance policy, as well as a tax benefit of
approximately $113,000 or 2 cents per diluted share, from a favorable
adjustment in the filing of the prior year tax returns. The prior year's
Net Income included the effect of favorable tax benefits of
approximately $400,000, or 5 cents per diluted share, related to the
favorable resolution of a previously uncertain tax position and a
favorable adjustment in the filing of the prior year tax returns. On a
Non-GAAP basis, Astro-Med has earned 25 cents per diluted share during
the current nine-month period of Fiscal Year 2012, compared with
earnings of 16 cents per diluted share during the same period of the
prior year.
CEO Commentary
Commenting on the results, Everett V. Pizzuti, Astro-Med Inc.
President and Chief Executive Officer, said: "I am pleased and
encouraged by the continued improvement in Astro-Med's sales and
operating income. Our Third Quarter sales revenue grew 6.8% from the
prior year, and once again all three product brands experienced revenue
growth over the previous year's levels. Our Grass Technologies brand of
life sciences products reached sales of $4,892,000 in the quarter,
reflecting a 12.7% growth rate from the previous year; the QuickLabel
Systems brand of color and monochrome label printers and consumables
achieved sales of $10,352,000 in the quarter, a 5.1% improvement from
last year; and finally, our Test & Measurement brand of data
acquisition systems and ruggedized products achieved sales of $4,325,000
in the quarter, a 4.5% increase over the prior year. Both domestic and
international sales channels experienced growth, with domestic sales up
5.9% and international sales up 9.0% over the comparable nine-month
period of the prior year. Management's ongoing focus on expense and cost
controls has facilitated increased operating yields, reaching a 6.1%
return on sales in the quarter, up from the previous year's 3.9% return.
"The Company's Balance Sheet remains healthy, with an increase in
cash and marketable securities to $22 million, improved working capital
efficiency with a Days Sales Outstanding at 51 days and Inventory Days
at 106, as well as lower capital expenditures investments.
"We are cautiously optimistic Astro-Med will sustain its sales growth
and improved profitability during the Fourth Quarter of FY2012. Our
financial expectations for the current fiscal year are for sales to
reach between $78.0 and $79.5 million, and Earnings per Diluted Share to
reach between 37 and 39 cents, excluding income of 4 cents per diluted
share from the insurance proceeds."
Astro-Med, Inc. Directors Declare Regular Cash Dividend
On November 21, 2011, the Directors of Astro-Med, Inc. declared the
regular quarterly cash dividend of $0.07 per share, payable on January
3, 2012 to shareholders of record as of December 9, 2011.
Third Quarter Conference Call to be held Wednesday, November 23, 2011
The Astro-Med, Inc. Third Quarter conference call will be held on
Wednesday, November 23, 2011, at 11:00 AM EST (10:00 AM CST). 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 or participate in real time by dialing 1-800-762-8779 and
referencing ID number 4484718.
The Astro-Med, Inc. webcast is also being distributed through the
Thomson StreetEvents Network. Individual investors can listen to the
call at www.earnings.com, Thomson's individual investor portal, powered
by StreetEvents. Institutional investors can access the call via Thomson
StreetEvents (www.streetevents.com), a password-protected event
management site.
Following the live broadcast, a webcast of the recorded call will be
available for ten days at www.Astro-MedInc.com. A telephone replay of
the conference call will also be available for seven days by dialing
800-406-7325 with conference ID # 4484718.
Astro-Med, Inc.
Consolidated Statements of Operations
In Thousands Except for Per Share Data
(Unaudited)
Three-Months Ended Nine-Months Ended
October 29, October 30, October 29, October 30,
2011 2010 2011 2010
------------ ------------ ------------ ------------
Net Sales $ 19,569 $ 18,329 $ 58,764 $ 53,159
Gross Profit 8,014 7,401 23,416 21,290
41.0% 40.4% 39.8% 40.0%
Operating Expenses:
Marketing &
Selling 4,555 4,232 13,647 12,349
Research &
Development 1,262 1,383 3,917 3,737
General &
Administrative 1,009 1,079 2,884 3,327
------------ ------------ ------------ ------------
6,826 6,694 20,448 19,413
Operating Income 1,188 707 2,968 1,877
6.1% 3.9% 5.1% 3.5%
Other
(Expense)/Income
Net (69) 24 379 130
------------ ------------ ------------ ------------
Income Before Taxes 1,119 731 3,347 2,007
Income Tax Provision
(Benefit) 319 (61) 1,070 462
------------ ------------ ------------ ------------
Net Income $ 800 $ 792 $ 2,277 $ 1,545
============ ============ ============ ============
Net Income Per Share
- Basic $ 0.11 $ 0.11 $ 0.31 $ 0.21
============ ============ ============ ============
Net Income Per Share
- Diluted $ 0.11 $ 0.11 $ 0.31 $ 0.21
============ ============ ============ ============
Weighted Average
Number of Common
Shares - Basic 7,340 7,335 7,300 7,277
Weighted Average
Number of Common
Shares - Diluted 7,421 7,492 7,423 7,488
Dividends Declared
Per Common Share $ 0.07 $ 0.07 $ 0.21 $ 0.21
Reconciliation of Non-GAAP Adjustments
(Unaudited)
Three-Months Ended Nine-Months Ended
October 29, October 30, October 29, October 30,
2011 2010 2011 2010
----------- ----------- ----------- -----------
GAAP based results:
Net Income Per Share -
Diluted $ 0.11 $ 0.11 $ 0.31 $ 0.21
Non-GAAP adjustments:
Favorable adjustment in
the filing of prior year
tax returns (0.02) (0.02) (0.02) (0.02)
Disposition of an
insurance policy - - (0.04) -
Favorable resolution of a
previously uncertain tax
position - (0.03) - (0.03)
----------- ----------- ----------- -----------
Non-GAAP Net Income Per
Share - Diluted $0.09 $0.06 $0.25 $0.16
=========== =========== =========== ===========
Selected Balance Sheet Data
In Thousands
(Unaudited)
As of As of
October 29, January 31,
2011 2011
-------------- --------------
Cash & Marketable Securities $ 22,032 $ 20,630
Current Assets $ 51,054 $ 49,700
Total Assets $ 66,172 $ 64,999
Current Liabilities $ 7,471 $ 7,503
Shareholders' Equity $ 55,161 $ 54,289
About Astro-Med, Inc. Astro-Med, Inc. is a leading manufacturer of
specialty high tech printing systems, electronic medical
instrumentation, and test and measurement data acquisition systems.
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,
labeling 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 FY2011 annual report and its annual and quarterly filings
with the Securities and Exchange Commission.
Contact:
Everett V. Pizzuti
CEO
Joseph P. O'Connell
CFO
Tel: 800-343-4039
www.Astro-MedInc.com
SOURCE: Astro-Med, Inc.
http://www.astro-medinc.com/