Nov 20, 2012 (Marketwire via COMTEX) --Rhode Island-based electronics manufacturer Astro-Med, Inc. (NASDAQ: ALOT)
reports Net Sales of $20,562,000 and Net Income of $1,308,000, equal to
18 cents per diluted share for the Third Quarter ended October 27,
2012. Unfavorable foreign exchange rates decreased this year's Third
Quarter Sales by approximately $204,000, or 1.0%. For the corresponding
period of the prior year, the Company reported Net Sales of $19,569,000
and Net Income of $800,000, equal to 11 cents per diluted share. The
previous year's Third Quarter Net Income 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's tax returns.
For the nine months ended October 27, 2012, Astro-Med reports Net
Sales of $58,559,000 and Net Income of $3,131,000, equal to 42 cents per
diluted share. Unfavorable foreign exchange rates decreased this year's
nine-month sales by approximately $872,000, or 1.5% when compared to
the previous year. For the corresponding nine-month period last year,
the Company reported Net Sales of $58,764,000 and Net Income of
$2,277,000, equal to 31 cents per diluted share. The current year's Net
Income includes a tax benefit of $302,000, or 4 cents per diluted share,
due to a favorable resolution of a previously uncertain tax
position. The prior year's Net Income included 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's tax returns.
On a Non-GAAP basis, Astro-Med has earned 38 cents per diluted share
during the current nine-month period of Fiscal Year 2013, compared with
earnings of 25 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: "We are very pleased with
the Company's financial results for the Fiscal Third Quarter. Astro-Med
achieved a new record in the volume of new customer orders with Bookings
reaching $21,253,000 for the Quarter. This level of new business
reflects a 17.2% increase in Orders Received over the previous year's
Orders Received after excluding the divested North Carolina label
business. Sales Revenue during the Quarter reached record levels with
billings at $20,562,000, reflecting a growth rate of 10.4% over the
Prior Year's Third Quarter Sales, after excluding the divested NC label
business. We experienced growth in both our Domestic and International
channels with domestic sales at $14,642,000, increasing by 10.5% over
last year after excluding the divested NC label business; while
international shipments of $5,920,000 increased 8.8% over the previous
year. We also made good progress improving the profitability of the
Company's operations with Gross Profit Margins at 43.0% for the Quarter
and our Operating Margins at 10.2%. We anticipate this trend to
continue.
"Our Balance Sheet remains solid with cash and marketable securities
at $22,963,000, an efficient working capital position with Accounts
Receivable at 46 Days Sales Outstanding and Inventory levels at 111 Days
On Hand; we are debt free and our Book Value per share has risen to
$7.74.
"Notwithstanding the uncertainty in today's domestic and
international markets, we are cautiously optimistic with Astro-Med's
prospects for the 4th Quarter and FY 2013 as a whole. We will
continue to drive sales growth and improved profitability from a
combination of strategic initiatives, product innovations, selective
acquisitions and productivity improvements."
Astro-Med, Inc. Directors Declare Regular Cash Dividend
On November 19, 2012, the Directors of Astro-Med, Inc. declared the
regular quarterly cash dividend of $0.07 per share, payable on December
27, 2012 to shareholders of record as of December 7, 2012.
Third Quarter Conference Call to be held Wednesday, November 21, 2012
The Astro-Med, Inc. Third Quarter conference call will be held on
Wednesday, November 21, 2012, 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 or
participate in real time by dialing 1-877-941-0844 with passcode 4568960.
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 passcode 4568960.
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Astro-Med, Inc. |
Consolidated Statements of Operations |
In Thousands Except for Per Share Data |
(Unaudited) |
|
|
|
Three-Months Ended |
|
|
Nine-Months Ended |
|
|
|
October 27, 2012 |
|
|
October 29, 2011 |
|
|
October 27, 2012 |
|
|
October 29, 2011 |
|
Net Sales |
|
$ |
20,562 |
|
|
$ |
19,569 |
|
|
$ |
58,559 |
|
|
$ |
58,764 |
|
Gross Profit |
|
|
8,838 |
|
|
|
8,014 |
|
|
|
24,508 |
|
|
|
23,416 |
|
|
|
|
43.0% |
|
|
|
41.0% |
|
|
|
41.9% |
|
|
|
39.8% |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing & Selling |
|
|
4,431 |
|
|
|
4,555 |
|
|
|
12,973 |
|
|
|
13,647 |
|
|
Research & Development |
|
|
1,126 |
|
|
|
1,262 |
|
|
|
3,538 |
|
|
|
3,917 |
|
|
General & Administrative |
|
|
1,188 |
|
|
|
1,009 |
|
|
|
3,339 |
|
|
|
2,884 |
|
|
|
|
6,745 |
|
|
|
6,826 |
|
|
|
19,850 |
|
|
|
20,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
2,093 |
|
|
|
1,188 |
|
|
|
4,658 |
|
|
|
2,968 |
|
|
|
|
10.2% |
|
|
|
6.1% |
|
|
|
8.0% |
|
|
|
5.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Expense)/Income Net |
|
|
47 |
|
|
|
(69) |
|
|
|
(56) |
|
|
|
379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Taxes |
|
|
2,140 |
|
|
|
1,119 |
|
|
|
4,602 |
|
|
|
3,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision (Benefit) |
|
|
832 |
|
|
|
319 |
|
|
|
1,471 |
|
|
|
1,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
1,308 |
|
|
$ |
800 |
|
|
$ |
3,131 |
|
|
$ |
2,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share - Basic |
|
$ |
0.18 |
|
|
$ |
0.11 |
|
|
$ |
0.42 |
|
|
$ |
0.31 |
|
Net Income Per Share - Diluted |
|
$ |
0.18 |
|
|
$ |
0.11 |
|
|
$ |
0.42 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Common Shares - Basic |
|
|
7,379 |
|
|
|
7,340 |
|
|
|
7,414 |
|
|
|
7,300 |
|
Weighted Average Number of Common Shares - Diluted |
|
|
7,462 |
|
|
|
7,421 |
|
|
|
7,487 |
|
|
|
7,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 27, 2012 |
|
October 29, 2011 |
|
|
October 27, 2012 |
|
|
October 29, 2011 |
|
GAAP based results: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Share - Diluted |
|
$ |
0.18 |
|
$ |
0.11 |
|
|
$ |
0.42 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Favorable adjustment in the filing of prior year tax returns |
|
|
|
|
|
(0.02) |
|
|
|
|
|
|
|
(0.02) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposition of an insurance policy |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
(0.04) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Favorable resolution of a previously uncertain tax position |
|
|
- |
|
|
- |
|
|
$ |
(0.04) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income Per Share - Diluted |
|
$ |
0.18 |
|
$ |
0.09 |
|
|
$ |
0.38 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Data |
In Thousands |
(Unaudited) |
|
|
|
As of October 27, 2012 |
|
As of January 31, 2012 |
Cash & Marketable Securities |
|
$ |
22,963 |
|
$ |
23,040 |
Current Assets |
|
$ |
52,949 |
|
$ |
52,478 |
Total Assets |
|
$ |
66,937 |
|
$ |
67,062 |
Current Liabilities |
|
$ |
7,530 |
|
$ |
8,272 |
Shareholders' Equity |
|
$ |
56,757 |
|
$ |
55,663 |
|
|
|
|
|
|
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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®, Grass® Technologies and QuickLabel® 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® 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 FY2012
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