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Astro-Med, Inc. (ALOT) Announces Record Fourth Quarter and Full FY 2013 Results



3/20/2013 9:12:26 AM

WEST WARWICK, RI--(Marketwire - March 19, 2013) -

Astro-Med, Inc. (NASDAQ: ALOT) reports Net Income on a GAAP basis of $7,489,000, equal to $1.00 per diluted share, on sales of $16,186,000, for the Fourth Quarter ended January 31, 2013. For the corresponding period of the previous year, the Company reported Net Income of $854,000 on a GAAP basis, equal to $0.11 per diluted share, on sales of $15,810,000. Net Income in the Fourth Quarter includes the gain on the sale of the Company's Grass Technologies (GT) business segment on an after tax basis of $6,216,000 or $0.83 per diluted share.

Net Income on a GAAP basis for the twelve month period of fiscal year 2013 was $10,620,000, equal to $1.42 per diluted share on sales of $61,224,000. For the previous year the Company earned $3,132,000, equal to $0.42 per diluted share, on annual sales of $60,724,000.

GAAP requires the Company to report Grass Technologies financial results as a Discontinued Operation due to the sale of the Grass Technologies business segment during the Fourth Quarter of FY 2013. Therefore, Astro-Med's GAAP Fourth Quarter and Annual Results exclude Grass Technologies Business Segment for all periods presented. The Company has also presented its financial results for the Fourth Quarter and the Twelve Month period of FY 2013 on a Non-GAAP basis including the GT business segment, as the Company believes that the presentation of these results including GT operations provides meaningful supplemental information to both management and investors that is indicative of the Company's operating results across reporting periods. A reconciliation between the Company's results on a GAAP and Non-GAAP basis for the periods reported is included in a table at the end of this release. The non-GAAP financial results for the Fourth Quarter are as follows:

  • Sales for the Fourth Quarter achieved a record at $21,860,000. For the prior year Fourth Quarter the Company reported sales of $20,429,000.
  • Gross Profits on Fourth Quarter sales were $9,341,000 with a margin of 42.7%. For the comparable Fourth Quarter in the prior year, Gross Profits were $8,367,000, reflecting a margin of 41.0%.
  • Operating Income in the Fourth Quarter was $2,186,000, earning a margin of 10.0% on sales. Operating Income in the prior year Fourth Quarter was $1,630,000, representing a margin of 8.0% of sales.

On a Non-GAAP basis, including the sales of Grass Technologies, the Company's annual financial results are as follows:

  • Sales reached a record level of $80,419,000 for FY 2013. In the previous year, the Company reported annual sales of $79,193,000.
  • The Company achieved Gross Profit on those sales of $33,851,000, with a margin of 42.1%. In the prior year, the Company reported Gross Profit of $31,783,000, reflecting a margin of 40.1% on sales.
  • Annual Operating Income for the current year was $6,845,000, earning a margin of 8.5%, while Operating Income in the previous year was $4,598,000, representing a margin of 5.8%.

Commenting on the FY 2013 results, Everett V. Pizzuti, Chief Executive Officer, stated: "We are very pleased with the Company's financial results in the Fourth Quarter and for the Fiscal Year ended January 31, 2013. In addition to the record Non-GAAP sales and earnings, we also achieved record Bookings in FY 2013 of $82,024,000, a 9.3% increment over the prior year's Bookings, excluding the divested North Carolina label business. Each of our business segments, including Test & Measurement, QuickLabel Systems and Grass Technologies reported growth rates in FY 2013 as customer demand for our product lines was solid.

"We are especially pleased with the response to the QuickLabel Systems' new color label printer, Kiaro!, where strong demand was evident in both our domestic and international channels. QuickLabel Systems achieved double digit growth in sales during FY 2013 as revenues reached $43,588,000, a 10.4% increase over the prior year's QuickLabel Systems revenues adjusted for the divestiture of the North Carolina label business. We also realized healthy demand for the Ruggedized Products, which reported a 19.9% increase in sales during the current fiscal year. Although the GT business has been a profitable contributor to Astro-Med's earnings historically, we believe the opportunities for the Company's strategic growth and improved profitability center on the QuickLabel Systems and Test & Measurement Ruggedized product lines."

Astro-Med management will continue to focus on improved profitability of the Company's operations by continuing to implement a number of value strategies, including Lean/Sigma manufacturing practices and order processing.

The Company manages a solid Balance Sheet with a strong cash position, efficient working capital assets, an organization and capital capable of expanding successfully the business profile of Astro-Med globally."

Conference Call on Wednesday, March 20, 2013 at 11:00 am Eastern Daylight Savings Time

The Fourth Quarter conference call will be held on Wednesday, March 20, 2013 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 March 20th, or to participate in the conference call by dialing 877-941-8609 with passcode 4595050. 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 800-358-3474 with passcode 4595050.

                                                                            
                              ASTRO-MED, INC.                               
                   Consolidated Statements of Operations                    
                   In Thousands Except for Per Share Data                   
                                (Unaudited)                                 
                                                                            
                           Three-Months Ended         Twelve-Months Ended   
                        January 31,  January 31,   January 31,  January 31, 
                            2013         2012          2013         2012    
                        -----------  -----------   -----------  ----------- 
Net Sales               $    16,186  $    15,810   $    61,224  $    60,724 
                                                                            
Gross Profit                  6,187        5,821   $    23,728       22,071 
                               38.2%        36.8%         38.8%        36.3%
Operating Expenses:                                                         
  Selling                     3,169        3,016        12,412       12,777 
  General &                                                                 
   Administration             1,235        1,076         4,574        3,962 
  Research &                                                                
   Development                1,050        1,100         3,816        4,323 
                        -----------  -----------   -----------  ----------- 
                              5,454        5,192        20,802       21,062 
Divestiture of Asheboro                                                     
 Operations                       -         (681)            -         (681)
                                                                            
Operating Income                                                            
 (Expense)                      733          (52)        2,926          328 
                                4.5%        (0.3%)         4.8%         0.5%
                                                                            
Other Income (Expense),                                                     
 Net                             16          (64)          (41)         316 
                                                                            
                        -----------  -----------   -----------  ----------- 
Income (Loss) from                                                          
 Continuing Operations                                                      
 Before Taxes                   749         (116)        2,885          644 
                                                                            
Income Tax Provision                                                        
 (Benefit) for                                                              
 Continuing Operations          143         (169)          844          (98)
                                                                            
                        -----------  -----------   -----------  ----------- 
Income from Continuing                                                      
 Operations                     606           53         2,041          742 
                                                                            
Income from                                                                 
 Discontinued                                                               
 Operations, net of                                                         
 taxes                          667          801         2,363        2,390 
                                                                            
Gain on Sale of                                                             
 Discontinued                                                               
 Operations, net of                                                         
 taxes                        6,216            -         6,216           -- 
                        -----------  -----------   -----------  ----------- 
                                                                            
Income from                                                                 
 Discontinued                                                               
 Operations                   6,883          801         8,579        2,390 
                        -----------  -----------   -----------  ----------- 
                                                                            
Net Income              $     7,489  $       854   $    10,620  $     3,132 
                        ===========  ===========   ===========  =========== 
                                                                            
Earnings Per Share -                                                        
 Basic:                                                                     
  Net Income per share                                                      
   from Continuing                                                          
   Operations           $      0.08  $      0.01   $      0.28  $      0.10 
  Net Income per share                                                      
   from Discontinued                                                        
   Operations           $      0.94  $      0.11   $      1.16  $      0.33 
                        -----------  -----------   -----------  ----------- 
  Net Income per share                                                      
   - Basic              $      1.02  $      0.12   $      1.44  $      0.43 
                        ===========  ===========   ===========  =========== 
                                                                            
Earnings Per Share -                                                        
 Diluted:                                                                   
  Net Income per share                                                      
   from Continuing                                                          
   Operations           $      0.08  $      0.01   $      0.27  $      0.10 
  Net Income from                                                           
   Discontinued                                                             
   Operations           $      0.92  $      0.10   $      1.15  $      0.32 
                        -----------  -----------   -----------  ----------- 
  Net Income per share                                                      
   - Diluted            $      1.00  $      0.11   $      1.42  $      0.42 
                        ===========  ===========   ===========  =========== 
                                                                            
Weighted Average Number                                                     
 of Common Shares -                                                         
 Basic                        7,345        7,395         7,396        7,325 
Weighted Average Number                                                     
 of Common Shares -                                                         
 Diluted                      7,485        7,447         7,483        7,429 
                                                                            
                                                                            
Dividends Declared Per                                                      
 Common Share           $      0.14  $      0.07   $      0.35  $      0.28 
                                                                            
                                                                            
                                                                            
                         Selected Balance Sheet Data                        
                                In Thousands                                
                                 (Unaudited)                                
                                                                            
                                                        As of       As of   
                                                     January 31, January 31,
                                                         2013        2012   
                                                     ----------- -----------
                        Cash & Marketable Securities $    39,508 $    23,040
                                      Current Assets $    70,460 $    55,436
                                        Total Assets $    79,895 $    67,062
                                 Current Liabilities $    13,765 $     8,272
                                Shareholders' Equity $    63,690 $    55,663
                                                                            
                                                                            
                   Reconciliation of Non-GAAP Adjustments                   
                                In Thousands                                
                                 (Unaudited)                                
                                                                            
                             Three-Months Ended        Twelve-Months Ended  
                          January 31,  January 31,  January 31,  January 31,
                              2013         2012         2013         2012   
                          -----------  -----------  -----------  -----------
      GAAP based results:                                                   
                    Sales $    16,186  $    15,810  $    61,224  $    60,724
                                                                            
    Non-GAAP adjustments:                                                   
 Grass Technologies Sales       5,674        4,619       19,195       18,469
                          -----------  -----------  -----------  -----------
                                                                            
           Non-GAAP Sales $    21,860  $    20,429  $    80,419  $    79,193
                          ===========  ===========  ===========  ===========
                                                                            
      GAAP based results:                                                   
             Gross Profit $     6,187  $     5,821  $    23,728  $    22,071
                                                                            
    Non-GAAP adjustments:                                                   
 Grass Technologies-Gross                                                   
                   Profit       3,154        2,546       10,123        9,712
                          -----------  -----------  -----------  -----------
                                                                            
    Non-GAAP Gross Profit $     9,341  $     8,367  $    33,851  $    31,783
                          ===========  ===========  ===========  ===========
                                                                            
      GAAP based results:                                                   
  Operating Income (Loss) $       733  $       (52) $     2,926  $       328
                                                                            
    Non-GAAP adjustments:                                                   
      Grass Technologies-                                                   
         Operating Income       1,453        1,001        3,919        3,589
                                                                            
 Loss on Sale of Asheboro           -          681            -          681
                          -----------  -----------  -----------  -----------
                                                                            
Non-GAAP Operating Income $     2,186  $     1,630  $     6,845  $     4,598
                          ===========  ===========  ===========  ===========
                                                                            
                                                                            

About Astro-Med, Inc.

Astro-Med, Inc. is a leading manufacturer of specialty high tech printing systems and data acquisition products. The products include color label printers and consumables sold under the QuickLabel Systems brand as well as rugged printers for avionics applications and data acquisition recorders sold under the Astro-Med brand. 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
Astro-Med, Inc.
(401) 828-4000
www.Astro-Medinc.com



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