WEST WARWICK, RI, Aug 18, 2009 (MARKETWIRE via COMTEX) -- Astro-Med, Inc. (NASDAQ: ALOT) reports net income of $585,000, equal
to 8 cents per diluted share, on sales of $16,416,000 for the Second
Quarter ended August 1, 2009. The Company reported net income of
$1,154,000, equal to 15 cents per diluted share, on sales of
$19,784,000 for the comparable period of the prior year. Unfavorable
foreign exchange currency rates lowered this year's Second Quarter
sales by approximately $446,000, or 2.7%, when compared to the
previous year.
For the six months ended August 1, 2009, Astro-Med reported net
income of $354,000, equal to 5 cents per diluted share, on sales of
$31,093,000. During the comparable six-month period of the prior year,
net income was $2,051,000, equal to 27 cents per diluted share, on
sales of $38,472,000. Unfavorable foreign exchange currency rates
reduced this year's six-month sales by approximately $1,189,000, or
3.8%, as compared to the prior year.
The Company's balance sheet remains strong with a cash and marketable
securities position of $21,955,000, a current ratio of 7.0:1, and
zero debt.
Commenting on the results, Albert W. Ondis, Chief Executive Officer,
said: "We are quite pleased with our profitable Second Quarter results
after the recession-induced loss in the First Quarter. Our strong
performance in the quarter is the result of vigorous selling and
marketing activities which raised new customer orders by 16% and
sales by 12% over the First Quarter, combined with effective expense
reduction and control.
"Although there are signs that our markets are recovering, and we
expect to report continued improvements as the year progresses, we
will continue our recession watch for the foreseeable future," Ondis
continued.
Three-Year Strategic Plan Approved
Ondis stated, "On August 17, 2009 the Astro-Med board of directors
approved the new 'Three-Year Strategic Plan,' which was developed over
a three-month period during the quarter. Astro-Med, Inc. employees
from all levels and our branches in Canada and Europe participated in
the development of the plan which was overseen by the Board at a
special meeting in June. The plan calls for growth through internal
development as well as by acquisition. Consistent with the plan, we
have maintained a high level of R&D activities and we will soon
announce some exciting new products which will contribute to our
growth. Our search for suitable acquisitions is underway and we will
make announcements as appropriate."
Astro-Med, Inc. Directors Declare Regular Cash Dividend
On August 17, 2009, the Directors of Astro-Med, Inc. declared the
regular quarterly cash dividend of $0.06 per share, payable on October
1, 2009 to shareholders of record as of September 11, 2009.
Second Quarter Conference Call to be Held Wednesday, August 19, 2009
The Second Quarter conference call will be held on Wednesday, August
19, 2009, at 11:00 AM EDT. 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 August
19th or to participate in the conference call by dialing
1-877-941-1466 and referencing ID number 4116728. 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 Six-Months Ended
August 1, August 2, August 1, August 2,
2009 2008 2009 2008
--------- --------- --------- ---------
Net Sales $ 16,416 $ 19,784 $ 31,093 $ 38,472
Gross Profit 6,951 8,681 12,763 16,868
42.3% 43.9% 41.0% 43.8%
Operating Expenses:
Selling & Marketing 3,724 4,343 7,607 8,764
Research & Development 1,175 1,199 2,402 2,425
General & Administrative 1,166 1,210 2,328 2,456
--------- --------- --------- ---------
6,065 6,752 12,337 13,645
Operating Income 886 1,929 426 3,223
5.4% 9.7% 1.4% 8.4%
Other Income, Net 14 61 119 237
--------- --------- --------- ---------
Income Before Taxes 900 1,990 545 3,460
Income Tax Provision 315 836 191 1,409
--------- --------- --------- ---------
Net Income $ 585 $ 1,154 $ 354 $ 2,051
========= ========= ========= =========
Net Income Per Share - Basic $ 0.08 $ 0.16 $ 0.05 $ 0.29
========= ========= ========= =========
Net Income Per Share - Diluted $ 0.08 $ 0.15 $ 0.05 $ 0.27
========= ========= ========= =========
Weighted Average Number of
Common Shares - Basic 7,148 6,999 7,118 6,966
Weighted Average Number of
Common Shares - Diluted 7,343 7,523 7,316 7,482
Dividends Declared Per Common
Share $ 0.06 $ 0.06 $ 0.12 $ 0.12
Selected Balance Sheet Data
In Thousands
(Unaudited)
As of As of
August 1, January 31,
2009 2009
----------- -----------
Cash & Marketable
Securities(1) $ 21,955 $ 22,104
Current Assets $ 47,832 $ 48,023
Total Assets $ 61,678 $ 62,155
Current Liabilities $ 6,840 $ 7,904
Shareholders' Equity $ 52,001 $ 51,471
(1) Includes investment securities classified as non-current
About Astro-Med, Inc.
Astro-Med, Inc. is a leading manufacturer of specialty 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
Astro-Med, Inc.
Tel: 800-343-4039
SOURCE: Astro-Med, Inc.