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

Astro-Med, Inc. Announces Record Fourth Quarter and Full FY 2013 Results 
WEST WARWICK, RI -- (Marketwire) -- 03/19/13 --  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(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
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) 828-40
00
www.Astro-Medinc.com 
 
 
Press spacebar to pause and continue. Press esc to stop.