AstroNova Announces Third-Quarter Fiscal 2023 Financial Results

December 7, 2022
  • Record Quarterly Revenue of $39.4 Million, Up 36.6% on Acquisition of Astro Machine and Base Business Growth in Both Segments
  • GAAP Operating Income of $1.3 Million, Margin Up 240 Basis Points; Adjusted Operating Income of $2.1 Million, Margin Up 420 Basis Points
  • GAAP Earnings Per Diluted Share Improves to $0.04, Non-GAAP EPS Increases to $0.11
  • Company to Host Earnings Call at 9:00 a.m. ET Today

AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualizationtechnologies, today announced financial results for its fiscal 2023 third quarter ended October 29, 2022.

“We posted solid results in the third quarter, generating record revenue that reflected a better-than-expected contribution from our August acquisition of Astro Machine coupled with growth across our base business,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “While the macroeconomic environment has remained difficult, marked by ongoing supply chain disruptions and continued inflationary pressures, we navigated those challenges to deliver improved profitability in the quarter.

“Product Identification revenue grew more than 36 percent in the quarter, contributing to a 160 basis-point increase in segment product margin,” Woods said. “The Astro Machine integration is proceeding smoothly, with strong performance that was already modestly accretive in Q3 after $1 million in transaction costs and incremental interest expense. While much integration remains to be done, we are excited about the many synergistic benefits of this acquisition.

“Additionally, we have maintained a steady pace of new product innovation, highlighted by the launch of our entry-level QL-E100 full-color tabletop label printer, as well as several technology innovations. The QL-E100, which we introduced to a great customer response at PACK EXPO International in October, is purpose-built for customers just beginning to capitalize on the benefits of in-house label printing, as well as larger organizations that need multi-unit widespread distribution of their label printing.

“In the Test & Measurement segment, our third-quarter performance continued to benefit from the resurgence of commercial air travel and the production growth of key aerospace programs such as the Boeing 737 MAX and the Airbus A320,” Woods said. “Segment revenue was up nearly 38 percent in the quarter, with contributions from both the Aerospace and T&M product lines.

“With record backlog and healthy order demand exiting Q3, we are well positioned to continue executing on our growth strategy as we move through the fourth quarter of the year and into fiscal 2024,” Woods concluded.

Q3 FY 2023 Operating Segment Results

Product Identification segment revenue in the third quarter of fiscal 2023 increased 36.3% to $29.9 million from $21.9 million in the same period of fiscal 2022, primarily reflecting the acquisition of Astro Machine. Segment operating income was $3.0 million, or 9.9% of revenue, compared with $1.8 million, or 8.3% of revenue, in the year-earlier period.

Test & Measurement segment revenue in the third quarter of fiscal 2023 increased 37.5% to $9.5 million from $6.9 million in the same period of fiscal 2022. Segment operating income was $1.7 million, or 18.0% of revenue, compared with operating income of $0.8 million, or 12.2% of revenue, in the third quarter of fiscal 2022.

Q3 FY 2023 Results Summary

Revenue for the third quarter of fiscal 2023 increased 36.6% to $39.4 million from $28.9 million in the year-earlier period, driven by higher revenue in both segments.

Hardware revenue increased 56.7% to $11.9 million from $7.6 million in the prior-year period. Supplies revenue grew 27.1% to $22.9 million from $18.1 million in the fiscal 2022 third quarter. Revenue from Service/Other increased 41.9% to $4.5 million from $3.2 million a year earlier.

Gross profit for the third quarter of fiscal 2023 was $12.5 million, up 20.2% from $10.4 million in the third quarter of fiscal 2022. Gross margin of 31.7% was down from 36.0% in the year-earlier period, primarily reflecting less favorable mix in the Product Identification segment.

On a GAAP basis, operating expenses for the third quarter of fiscal 2023 totaled $11.1 million, compared with $10.1 million in the third quarter of fiscal 2022. The 2023 period included $0.7 million in operating expenses related to the Astro Machine acquisition. On a non-GAAP basis, excluding transaction costs, operating expenses for the fiscal 2023 third quarter were $10.4 million.

GAAP operating income for the third quarter of fiscal 2023 was $1.3 million, or 3.4% of revenue, compared with $0.3 million, or 1.0% of revenue, for the same period in fiscal 2022. On a non-GAAP basis, excluding transaction costs, operating income for the third quarter of fiscal 2023 was $2.1 million, or 5.2% of revenue, primarily reflecting the contribution of the Astro Machine acquisition to improved operating efficiencies.

GAAP net income for the third quarter of fiscal 2023 was $0.3 million, or $0.04 per diluted share, compared with a net loss of $0.4 million, or $0.06 per share, in the year-earlier period. On a non-GAAP basis, excluding transaction costs, net income for the third quarter of fiscal 2023 was $0.8 million, or $0.11 per diluted share. This compared with non-GAAP net income of $0.1 million, or $0.01 per diluted share, in the comparable period of fiscal 2022, which excluded after-tax costs of $0.5 million associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $2.0 million for the third quarter of fiscal 2023, compared with $0.3 million for the same period in fiscal 2022. Excluding transaction costs, EBITDA for the third quarter of fiscal 2023 was $2.7 million. This compared with EBITDA for the comparable period of 2022 of $1.0 million, which excludes the ERP write-off.

Adjusted earnings before interest, taxes, depreciation, amortization, and share-based compensation (Adjusted EBITDA) for the third quarter of 2023 was $2.4 million, and $3.1 million excluding transaction costs. For the comparable period of fiscal 2022, Adjusted EBITDA was $0.7 million and $1.4 million excluding ERP write-off costs.

Non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share, EBITDA, EBITDA excluding transaction costs, ERP write-off costs, impact of employee retention credit and PPP loan forgiveness, net of tax, Adjusted EBITDA, which AstroNova defines as earnings before interest, taxes, depreciation, amortization, and share-based compensation, Adjusted EBITDA excluding transaction costs, ERP write-off costs, impact of employee retention credit and PPP loan forgiveness, net of tax, non-GAAP gross profit, and non-GAAP segment operating profit are non-GAAP financial measures explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to the financial reconciliation tables in this news release for a reconciliation of non-GAAP measures to the closest comparable GAAP measures for the three and nine months ended October 29, 2022, and October 30, 2021.

Bookings for the third quarter of fiscal 2023 increased 8.4% to $35.0 million from $32.3 million in the third quarter of fiscal 2022.

Backlog as of October 29, 2022 increased 46.6% to $39.3 million from $26.8 million as of October 30, 2021.

Q3 FY 2023 Conference Call Details

AstroNova will discuss its third-quarter fiscal 2023 results in an investor conference call at 9:00 a.m. ET today. To participate in the conference call, please dial (844) 200-6205 (U.S. and Canada) or (929) 526-1599 (International) approximately 10 minutes prior to the start time and enter access code 816175.

A real-time and archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the non-GAAP financial measures non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share, EBITDA, EBITDA excluding transaction costs, ERP write-off costs, impact of employee retention credit and PPP loan forgiveness, net of tax, Adjusted EBITDA, which AstroNova defines as earnings before interest, taxes, depreciation, amortization, and share-based compensation, Adjusted EBITDA excluding transaction costs, ERP write-off costs, impact of employee retention credit and PPP loan forgiveness, net of tax, non-GAAP gross profit, and non-GAAP segment operating profit. AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company’s core operating results and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova’s management uses these non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also used by the Company’s management to assist with their financial and operating decision-making.

About AstroNova

AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes, and services a broad range of products that acquire, store, analyze, and present data in multiple formats.

The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Test and Measurement segment provides products designed for airborne printing solutions, avionics, and data acquisition. Our aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Our data acquisition systems are used in research and development, flight testing, missile, and rocket telemetry production monitoring, power, and maintenance applications.

AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting www.astronovainc.com. 

Forward-Looking Statements

Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, and the benefits expected to be realized from the acquisition of Astro Machine, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, the risk that we may not successfully integrate Astro Machine or otherwise realize the expected benefits of that transaction, as well as those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2022, and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.

 
ASTRONOVA, INC.
Condensed Consolidated Statements of Income
In Thousands Except for Per Share Data
(Unaudited)
   

Three Months Ended

 

Nine Months Ended

October 29, 2022

 

October 30, 2021

 

October 29, 2022

 

October 30, 2021

Revenue

$

39,405

 

$

28,857

 

 

$

102,674

 

$

87,780

 

Cost of Revenue

 

26,923

 

 

18,472

 

 

 

68,080

 

 

53,792

 

Gross Profit

 

12,482

 

 

10,385

 

 

 

34,594

 

 

33,988

 

Total Gross Profit Margin

 

31.7

%

 

36.0

%

 

 

33.7

%

 

38.7

%

Operating Expenses:  
Selling & Marketing

 

5,908

 

 

5,777

 

 

 

17,771

 

 

16,931

 

Research & Development

 

1,903

 

 

1,948

 

 

 

5,021

 

 

5,203

 

General & Administrative

 

3,325

 

 

2,364

 

 

 

8,456

 

 

7,372

 

Total Operating Expenses

 

11,136

 

 

10,089

 

 

 

31,248

 

 

29,506

 

Operating Income

 

1,346

 

 

296

 

 

 

3,346

 

 

4,482

 

Total Operating Margin

 

3.4

%

 

1.0

%

 

 

3.3

%

 

5.1

%

Other Income (Expense), net:  
Extinguishment of Debt - PPP Loan

 

-

 

 

-

 

 

 

-

 

 

4,466

 

Loss on Disposal of Assets

 

-

 

 

(696

)

 

 

-

 

 

(696

)

Interest Expense

 

(701

)

 

(135

)

 

 

(1,086

)

 

(526

)

Gain (Loss) on Foreign Currency Transactions

 

(237

)

 

(117

)

 

 

(614

)

 

(231

)

Other, net

 

(17

)

 

53

 

 

 

35

 

 

(11

)

 

(955

)

 

(895

)

 

 

(1,665

)

 

3,002

 

   
Income (Loss) Before Taxes

 

391

 

 

(599

)

 

 

1,681

 

 

7,484

 

Income Tax (Benefit) Provision

 

102

 

 

(174

)

 

 

383

 

 

297

 

Net Income (Loss)

$

289

 

$

(425

)

 

$

1,298

 

$

7,187

 

Net Income (Loss) per Common Share - Basic

$

0.04

 

$

(0.06

)

 

$

0.18

 

$

1.00

 

Net Income (Loss) per Common Share - Diluted

$

0.04

 

$

(0.06

)

 

$

0.18

 

$

0.98

 

Weighted Average Number of Common Shares - Basic

 

7,324

 

 

7,234

 

 

 

7,299

 

 

7,196

 

Weighted Average Number of Common Shares - Diluted

 

7,379

 

 

7,234

 

 

 

7,363

 

 

7,325

 

 
ASTRONOVA, INC.
Balance Sheet
In Thousands
(Unaudited)
 

October 29, 2022

January 31, 2022

 
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents

$

4,496

 

$

5,276

 

Accounts Receivable, net

 

21,919

 

 

17,124

 

Inventories, net

 

49,992

 

 

34,609

 

Employee Retention Credit Receivable

 

-

 

 

3,135

 

Prepaid Expenses and Other Current Assets

 

4,682

 

 

3,634

 

Total Current Assets

 

81,089

 

 

63,778

 

PROPERTY, PLANT AND EQUIPMENT

 

57,221

 

 

50,821

 

Less Accumulated Depreciation

 

(43,180

)

 

(39,380

)

Property, Plant and Equipment, net

 

14,041

 

 

11,441

 

OTHER ASSETS
Intangible Assets, net

 

18,866

 

 

19,200

 

Goodwill

 

17,885

 

 

12,156

 

Deferred Tax Assets

 

5,567

 

 

5,591

 

Right of Use Asset

 

800

 

 

1,094

 

Other Assets

 

1,581

 

 

1,695

 

TOTAL ASSETS

$

139,829

 

$

114,955

 

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable

$

9,644

 

$

8,590

 

Accrued Compensation

 

2,814

 

 

3,512

 

Other Liabilities and Accrued Expenses

 

4,006

 

 

4,113

 

Revolving Line of Credit

 

19,900

 

 

-

 

Current Portion of Royalty Obligation

 

1,750

 

 

2,000

 

Current Portion of Long-Term Debt

 

1,800

 

 

1,000

 

Current Liability – Excess Royalty Payment Due

 

255

 

 

235

 

Income Taxes Payable

 

912

 

 

323

 

Deferred Revenue

 

362

 

 

262

 

Total Current Liabilities

 

41,443

 

 

20,035

 

NON-CURRENT LIABILITIES
Long-Term Debt, net of current portion

 

12,732

 

 

8,154

 

Royalty Obligation, net of current portion

 

3,298

 

 

4,361

 

Lease Liability, net of current portion

 

550

 

 

808

 

Income Taxes Payable

 

399

 

 

399

 

Deferred Tax Liabilities

 

79

 

 

186

 

TOTAL LIABILITIES

 

58,501

 

 

33,943

 

SHAREHOLDERS’ EQUITY
Common Stock

 

534

 

 

528

 

Additional Paid-in Capital

 

60,774

 

 

59,692

 

Retained Earnings

 

57,812

 

 

56,514

 

Treasury Stock

 

(34,227

)

 

(33,974

)

Accumulated Other Comprehensive Loss, net of tax

 

(3,565

)

 

(1,748

)

TOTAL SHAREHOLDERS’ EQUITY

 

81,328

 

 

81,012

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

139,829

 

$

114,955

 

 
ASTRONOVA, INC.
Revenue and Segment Operating Profit (Loss)
In Thousands
(Unaudited)
 

Revenue

 

Segment Operating
Profit (Loss)

 

Revenue

 

Segment Operating
Profit (Loss)

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

Nine Months Ended

October 29,
2022

 

October 30,
2021

 

October 29,
2022

 

October 30,
2021

 

October 29,
2022

 

October 30,
2021

 

October 29,
2022

 

October 30,
2021

Product Identification

$

29,879

$

21,928

$

2,960

 

$

1,818

 

$

74,985

$

68,519

$

6,019

 

$

8,952

Test & Measurement

 

9,526

 

6,929

 

1,711

 

 

842

 

 

27,689

 

19,261

 

5,783

 

 

2,902

Total

$

39,405

$

28,857

 

4,671

 

 

2,660

 

$

102,674

$

87,780

 

11,802

 

 

11,854

Corporate Expenses

 

3,325

 

 

2,364

 

 

8,456

 

 

7,372

Operating Income

 

1,346

 

 

296

 

 

3,346

 

 

4,482

Other Income (Expense), net

 

(955

)

 

(895

)

 

(1,665

)

 

3,002

Income (Loss) Before Income Taxes

 

391

 

 

(599

)

 

1,681

 

 

7,484

Income Tax (Benefit) Provision

 

102

 

 

(174

)

 

383

 

 

297

Net Income (Loss)

$

289

 

$

(425

)

$

1,298

 

$

7,187

 
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Gross Profit
Amounts in Thousands
(Unaudited)
 
Three Months Ended Nine Months Ended
October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021
Gross Profit − GAAP

$

12,482

$

10,385

$

34,594

$

33,988

 

 
Employee Retention Credit, net

 

-

 

-

 

-

 

(1,641

)

 
Gross Profit − Non-GAAP

$

12,482

$

10,385

$

34,594

$

32,347

 

 
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Operating Expenses
Amounts in Thousands
(Unaudited)
 
Three Months Ended Nine Months Ended
October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021
Operating Expenses − GAAP

$

11,136

 

$

10,089

$

31,248

 

$

29,506

 
Transaction Costs

 

(717

)

 

-

 

(717

)

 

-

 
Employee Retention Credit, net

 

-

 

 

-

 

-

 

 

489

 
Operating Expenses − Non-GAAP

$

10,419

 

$

10,089

$

30,531

 

$

29,995

 
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Operating Income
Amounts in Thousands
(Unaudited)
 
Three Months Ended Nine Months Ended
October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021
Operating Income − GAAP

$

1,346

$

296

$

3,346

$

4,482

 

 
Transaction Costs

 

717

 

-

 

717

 

-

 

 
Employee Retention Credit, net

 

-

 

-

 

-

 

(2,130

)

 
Operating Income − Non-GAAP

$

2,063

$

296

$

4,063

$

2,352

 

 
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Net Income (Loss)
Amounts in Thousands
(Unaudited)
 
Three Months Ended Nine Months Ended
October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021
Net Income (Loss) − GAAP

$

289

$

(425

)

$

1,298

$

7,187

 

 
Transaction Costs

 

540

 

-

 

 

540

 

-

 

 
Oracle EnterpriseOne ERP Write-off

 

-

 

528

 

 

-

 

528

 

 
Employee Retention Credit, net

 

-

 

-

 

 

-

 

(1,615

)

 
PPP Loan Forgiveness

 

-

 

-

 

 

-

 

(4,426

)

 
Net Income (Loss) − Non-GAAP

$

829

$

103

 

$

1,838

$

1,674

 

 
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Diluted Earnings Per Share
(Unaudited)
 
Three Months Ended Nine Months Ended
October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021
Diluted Earnings Per Share − GAAP

$

0.04

$

(0.06

)

$

0.18

$

0.98

 

 
Transaction Costs

 

0.07

 

0.07

 
Oracle EnterpriseOne ERP Write-off

 

-

 

0.07

 

 

-

 

0.07

 

 
Employee Retention Credit, net

 

-

 

-

 

 

-

 

(0.22

)

 
PPP Loan Forgiveness

 

-

 

-

 

 

-

 

(0.60

)

 
Diluted Earnings Per Share − Non-GAAP

$

0.11

$

0.01

 

$

0.25

$

0.23

 

 
ASTRONOVA, INC.
Reconciliation of Net Income (Loss) to EBITDA
Amounts in Thousands
(Unaudited)
 
Three Months Ended Nine Months Ended

October 29, 2022

 

October 30, 2021

 

October 29, 2022

 

October 30, 2021

Net Income (Loss) − GAAP

$

289

$

(425

)

$

1,298

$

7,187

 

Interest Expense

 

701

 

135

 

 

1,086

 

526

 

Income Tax Expense (Provision)

 

102

 

(174

)

 

383

 

297

 

Depreciation/Amortization

 

915

 

796

 

 

2,737

 

3,070

 

EBITDA

$

2,007

$

332

 

$

5,504

$

11,080

 

Net Income - Transaction Costs

 

540

 

-

 

 

540

 

-

 

Net Income - Employee Retention Credit

 

-

 

-

 

 

-

 

(1,615

)

Net Income - PPP Loan Forgiveness

 

-

 

-

 

 

-

 

(4,426

)

Net Income - Oracle EnterpriseOne ERP Write-off

 

-

 

528

 

 

-

 

528

 

Income Tax Expense - Transaction Costs

 

176

 

-

 

 

176

 

-

 

Income Tax Expense - Employee Retention Credit

 

-

 

-

 

 

-

 

(515

)

Income Tax Expense - PPP Loan Forgiveness

 

-

 

-

 

 

-

 

(40

)

Income Tax Expense - Oracle EnterpriseOne ERP Write-off

 

-

 

168

 

 

-

 

168

 

EBITDA Excluding Transaction Costs, ERP Write-off Costs, Impact of Employee Retention Credit and PPP Loan Forgiveness, net of tax

$

2,723

$

1,028

 

$

6,220

$

5,180

 

 
ASTRONOVA, INC.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Amounts in Thousands
(Unaudited)
 
Three Months Ended Nine Months Ended

October 29, 2022

 

October 30, 2021

 

October 29, 2022

 

October 30, 2021

Net Income (Loss) − GAAP

$

289

$

(425

)

$

1,298

$

7,187

 

Interest Expense

 

701

 

135

 

 

1,086

 

526

 

Income Tax (Provision) Expense

 

102

 

(174

)

 

383

 

297

 

Depreciation/Amortization

 

915

 

796

 

 

2,737

 

3,070

 

Share-Based Compensation

 

405

 

398

 

 

977

 

1,345

 

Adjusted EBITDA

$

2,412

$

730

 

$

6,481

$

12,425

 

Net Income - Transaction Costs

 

540

 

-

 

 

540

 

-

 

Net Income - Employee Retention Credit

 

-

 

-

 

 

-

 

(1,615

)

Net Income - PPP Loan Forgiveness

 

-

 

-

 

 

-

 

(4,426

)

Net Income - Oracle EnterpriseOne ERP Write-off

 

-

 

528

 

 

-

 

528

 

Income Tax Expense - Transaction Costs

 

176

 

-

 

 

176

 

-

 

Income Tax Expense - Employee Retention Credit

 

-

 

-

 

 

-

 

(515

)

Income Tax Expense - PPP Loan Forgiveness

 

-

 

-

 

 

-

 

(40

)

Income Tax Expense - Oracle EnterpriseOne ERP Write-off

 

-

 

168

 

 

-

 

168

 

Adjusted EBITDA Excluding Transaction Costs, ERP Write-off Costs, Impact of Employee Retention Credit and PPP Loan Forgiveness, net of tax

$

3,128

$

1,426

 

$

7,197

$

6,525

 

 
ASTRONOVA, INC.
Reconciliation of Segment GAAP to Non-GAAP Operating Income (Loss)
Amounts in Thousands
(Unaudited)
 
Three Months Ended Nine Months Ended
October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021
Product
Identification
Test &
Measurement
Total Product
Identification
Test &
Measurement
Total Product
Identification
Test &
Measurement
Total Product
Identification
Test &
Measurement
Total
Segment Operating Profit (Loss) - GAAP

$

2,960

$

1,711

$

4,671

$

1,818

$

842

$

2,660

$

6,019

$

5,783

$

11,802

$

8,952

 

$

2,902

 

$

11,854

 

 
Employee Retention Credit, net

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(1,430

)

 

(802

)

 

(2,232

)

 
Segment Operating Profit - Non-GAAP

$

2,960

$

1,711

$

4,671

$

1,818

$

842

$

2,660

$

6,019

$

5,783

$

11,802

$

7,522

 

$

2,100

 

$

9,622

 

 

Scott Solomon
Senior Vice President
Sharon Merrill Associates, Inc.
(857) 383-2409
ALOT@investorrelations.com

Source: AstroNova

IR Contact

AstroNova, Inc.
Investor Relations Department
600 East Greenwich Avenue
West Warwick, RI 02893
Scott Solomon
Senior Vice President Sharon Merrill
Phone: (617) 542-5300
Email: ALOT@investorrelations.com

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