WEST WARWICK, RI, Aug 23, 2011 (MARKETWIRE via COMTEX) --
Astro-Med, Inc. (NASDAQ: ALOT) reports Net Income of $1,046,000,
equal to 14 cents per diluted share, on record sales of $20,336,000
for the Second Quarter ended July 30, 2011.
The Company reported Net Income of $323,000, equal to 4 cents per
diluted share, on sales of $17,753,000 for the comparable period of
the prior year. Favorable foreign exchange currency rates increased
this year's Second Quarter sales by approximately $450,000, or 2.5%,
when compared to the previous year. Net Income in the Second Quarter
includes income of $300,000 equal to 4 cents per diluted share
related to the disposition on an insurance policy.
For the six months ended July 30, 2011, Astro-Med reported Net Income
of $1,477,000, equal to 20 cents per diluted share, on sales of
$39,196,000. During the comparable six-month period of the prior
year, Net Income was $753,000, equal to 10 cents per diluted share,
on sales of $34,830,000.
Commenting on the results, Everett V. Pizzuti, President and CEO
stated, "We are very pleased to have achieved record-breaking sales
in the Second Quarter. Beating $20 million is a milestone for us. We
are especially encouraged to see the sales growth experienced across
all three Product Groups. The Test & Measurement, QuickLabel(R)
Systems, and Grass(R) Technologies Product Groups all reported double
digit sales growth ranging from 23.7% for T&M, including sales of
Ruggedized products, 14.6% for Grass, including sales of the TREA
ambulatory EEG system, and 11.2% for QuickLabel, including sales of
the new Vivo! Touch digital color label printer.
"Our success was equally evident among the Company's multiple
channels of distribution. Specifically, sales through our domestic
markets rose 13.3% from the prior year, while international shipments
grew 17.6% from the previous year.
"We are also pleased with the Company's improved profitability in the
Second Quarter, with operating margins nearly doubling to 6.0% of
sales from the prior year's operating margins of 3.1% of sales.
"Our Balance Sheet remains strong with cash and marketable securities
at $20,229,000; a solid Working Capital position reflecting Accounts
Receivable turnover at 53 days; inventories turns at 3.6 times or 101
days on hand; and an improved current ratio of 6.8:1.
"Notwithstanding the current uncertainty in the global economies, we
are cautiously optimistic that Astro-Med will continue its growth and
profitability path during the second half of FY 2012. Hence, we are
affirming guidance for the full year to have annual sales be $78.0
million to $79.5 million and earnings per share to be 35 cents to 38
cents per diluted share." Earnings Per Share forecast excludes the
one time benefit of 4 cents per diluted share related to the life
insurance proceeds recognized in the Second Quarter.
Astro-Med, Inc. Directors Declare Regular Cash Dividend
On August 22, 2011, the Directors of Astro-Med, Inc. declared the
regular quarterly cash dividend of $0.07 per share, payable on
October 3, 2011 to shareholders of record as of September 16, 2011.
Second Quarter Conference Call on Wednesday, August 24, 2011 at 11:00
am EDT
This call can be accessed at Astro-Med, Inc.'s web site at
www.Astro-MedInc.com and is being webcast by Thomson Financial. You
can participate in the conference call by dialing
1-800-762-8779
with passcode 4461605.
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
1-800-406-7325 with passcode 4461605.
Astro-Med, Inc
Consolidated Statements of Operations
In Thousands Except for Per Share Data
(Unaudited)
Three-Months Ended Six-Months Ended
July 30, July 31, July 30, July 31,
2011 2010 2011 2010
---------- ---------- ---------- ----------
Net Sales $ 20,336 $ 17,753 $ 39,196 $ 34,830
Gross Profit 7,901 7,024 15,402 13,889
38.9% 39.6% 39.3% 39.9%
Operating Expenses:
Selling & Marketing 4,526 4,277 9,092 8,117
Research & Development 1,187 1,135 2,655 2,354
General & Administrative 965 1,064 1,875 2,248
---------- ---------- ---------- ----------
6,678 6,476 13,622 12,719
Operating Income 1,223 548 1,780 1,170
6.0% 3.1% 4.5% 3.4%
Other Income (Expense), Net 297 (1) 448 106
---------- ---------- ---------- ----------
Income Before Taxes 1,520 547 2,228 1,276
Income Tax Provision 474 224 751 523
---------- ---------- ---------- ----------
Net Income $ 1,046 $ 323 $ 1,477 $ 753
========== ========== ========== ==========
Net Income Per Share - Basic $ 0.14 $ 0.04 $ 0.20 $ 0.10
========== ========== ========== ==========
Net Income Per Share -
Diluted $ 0.14 $ 0.04 $ 0.20 $ 0.10
========== ========== ========== ==========
Weighted Average Number of
Common Shares - Basic 7,293 7,301 7,280 7,248
Weighted Average Number of
Common Shares - Diluted 7,446 7,505 7,424 7,488
Dividends Declared Per
Common Share $0.07 $ 0.07 $0.14 $ 0.14
Selected Balance Sheet Data
In Thousands
(Unaudited)
As of As of
July 30, 2011 January 31, 2011
Cash & Marketable Securities $ 20,229 $ 20,630
Current Assets $ 50,472 $ 49,700
Total Assets $ 65,659 $ 64,999
Current Liabilities $ 7,414 $ 7,503
Shareholders' Equity $ 55,023 $ 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, 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/