WEST WARWICK, RI, May 19, 2009 (MARKETWIRE via COMTEX) -- Astro-Med, Inc. (NASDAQ: ALOT) reports sales of $14,677,000 and a
net loss of $231,000 equal to $0.03 per diluted share for the First
Quarter ended May 2, 2009. During the comparable period of the prior
year, the Company reported sales of $18,688,000 and net income of
$897,000, equal to $0.12 per diluted share. Unfavorable foreign
currency exchange rates reduced First Quarter sales by approximately
$743,000 or 5.1% when compared to the prior year.
Commenting on the results, Albert W. Ondis, Chief Executive Officer,
stated: "We are disappointed but not surprised with the First Quarter
results. As was evident during the second half of our previous fiscal
year, we are experiencing the adverse effects of this global recession
in all of our markets and in all of our product lines. Although
customer interest in our advanced products is extremely high,
companies are reluctant to make capital equipment purchases.
Additionally, they are purchasing consumable products such as label
supplies in order to satisfy immediate needs only, with no provision
to stock a supply for future use. We believe these purchasing
patterns will continue until there are clear signs that the global
recession is abating. Meanwhile, we are maintaining a very high level
of marketing and sales activity, customer support, new product
development, and are poised for a fast recovery.
"The Company's balance sheet at the end of the Quarter is quite
healthy. Our cash and investment balances are $22,475,000, reflecting
an increase of $370,000 from the prior year end; we improved the
current ratio from 6.1:1 to 6.4:1; we remain free of any debt
obligation; and we retain a book value of $7.19 per share."
On May 19, 2009, the Directors of Astro-Med declared the regular
quarterly cash dividend of 6 cents per share, payable on July 1, 2009
to shareholders of record on June 12, 2009.
First Quarter Conference Call to be Held Wednesday, May 20th
The First Quarter conference call will be held on Wednesday, May 20,
2009, at 11:00 AM EDT. It will be broadcast in real time on the
Internet through the investing section of our website. We invite you
to log on and listen in real time on May 20th, or to participate in
the conference call by dialing 877-941-1466 and referencing ID number
4063299. Following the live broadcast, an audio webcast of the call
will be available for ten days at www.Astro-Medinc.com. A conference
call replay will also be available for ten days by dialing
800-406-7325 reference ID number 4063299.
About Astro-Med, Inc.
Astro-Med, Inc. is a leading manufacturer of specialty high tech
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.
ASTRO-MED, INC.
Condensed Consolidated Statements of Operations
in Thousands Except for Per Share Data
(Unaudited)
Three Months Three Months
Ended Ended
May 2, 2009 May 3, 2008
------------ ------------
Net Sales $ 14,677 $ 18,688
Gross Profit 5,813 8,188
39.6% 43.8%
Operating Expenses:
Selling and Marketing 3,883 4,421
Research & Development 1,228 1,226
General and Administrative 1,162 1,246
------------ ------------
6,273 6,893
Operating Income (Loss) (460) 1,295
(3.1%) 6.9%
Other, Net 105 176
------------ ------------
Income (Loss) Before Taxes (355) 1,471
Income Tax Provision (Credit) (124) 574
------------ ------------
Net Income (Loss) ($ 231) $ 897
------------ ------------
Net Income (Loss) Per Share - Basic ($ .03) $ 0.13
------------ ------------
Net Income (Loss) Per Share - Diluted ($ .03) $ 0.12
------------ ------------
Weighted Average Number of Common Shares -
Basic 7,087 6,936
Weighted Average Number of Common Shares -
Diluted 7,087 7,444
Dividends Declared Per Common Share $ 0.06 $ 0.06
Selected Balance Sheet Data
in Thousands
As of As of
May 2, January 31,
2009 2009
------------- -------------
(Unaudited)
Cash & Marketable Securities (1) $ 22,475 $ 22,104
Current Assets $ 47,818 $ 48,023
Total Assets $ 61,689 $ 62,155
Current Liabilities $ 7,494 $ 7,904
Shareholders' Equity $ 51,404 $ 51,471
(1) Including long term investments
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
Astro-Med, Inc.
Tel: 800-343-4039
SOURCE: Astro-Med, Inc.