WEST WARWICK, RI, Nov 17, 2009 (MARKETWIRE via COMTEX) -- 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