Astro-Med, Inc. Reports Second Quarter Fiscal 2014 Financial Results; Directors Declare Regular Cash Dividend

Astro-Med, Inc. Reports Second Quarter Fiscal 2014 Financial Results; Directors 
Declare Regular Cash Dividend 
WEST WARWICK, RI -- (Marketwired) -- 08/29/13 --  Astro-Med, Inc.
(NASDAQ: ALOT) reports Net Sales for the Second Quarter of
$17,194,000, an increase of 17.3% over the Second Quarter of the
prior fiscal year. Second Quarter Bookings were $18,241,000, an
increase of 20.5% over the Bookings in the Second Quarter of the
prior fiscal year.  
The Company reported Net Income of $696,000, equal to $0.09 per
diluted share. For the corresponding period of the prior year, the
Company reported Net Income of $987,000, equal to $0.13 per diluted
share. 
For the six months ended August 3, 2013, Astro-Med reported Net Sales
of $32,679,000, an increase of 12.7% over the prior year. On a GAAP
basis, the Company reported Net Income of $247,000, equal to $0.03
per diluted share. The six month results include a reserve
established to address a non-compliant component, previously reported
in the first quarter of this year. The after tax reserve was equal to
$0.06 per diluted share. Excluding the impact of the reserve, the
Company reported, on a Non-GAAP basis, Net Income of $670,000, equal
to $0.09 per diluted share. 
During the Company's six-month period of the prior year, Net Income
was $1,824,000, equal to $0.24 per diluted share. The prior year's
Net Income includes a tax benefit of $269,000 or $0.03 per diluted
share due to a favorable resolution of a previously uncertain tax
position. 
CEO Commentary 
Commenting on Second Quarter FY 2014 results, Everett V. Pizzuti,
CEO, stated: "We continue to be pleased with the Company's progress
in implementing its strategic plan for growth and profitability.
Customer demand rose 20.5% during the Quarter as both the Test &
Measurement and QuickLabel Systems Product Groups reported
double-digit increases in new orders. We were especially pleased with
the strong demand for Ruggedized ToughWriter printers and QuickLabel
Systems' new Kiaro! inkjet color printer. Both domestic and
international channels saw double digit growth at 23.3% and 13.5%
respectively.  
"We were equally pleased with the volume of shipments during the
Second Quarter as Net Sales exceeded the prior year's Net Sales by
17.3%. Similar to orders recei
ved, we saw double-digit Net Sales
growth across the board. Net Sales for the Test & Measurement Product
Group were up 29.6%, and QuickLabel System's Net Sales were up 12.9%.
The sales growth was shared between domestic customers, up 11.7% from
the prior year, and international shipments up 33.0%.  
"Progress was also made in improving our profit margins, with the
Gross Profit Margin at 40.3% as compared to 37.9% reported in the
prior year. Our Operating Margin improved as well at 5.2% ahead of
the prior year's Operating Margin of 3.8%. 
"We continued the Company's expansion initiatives during the Quarter
by adding sales personnel and manufacturer's representatives in both
our domestic and international markets. We reaffirmed our commitment
to organic growth with Research & Development funding at $1,274,000
in concert with the expectations of introducing multiple new products
during the second half of FY 2014. 
"We manage the Company's Balance Sheet diligently with Cash and
Marketable Securities at $32,583,000, Accounts Receivable with a
turnover of 52 Days Sales Outstanding, and the inventory investment
at 113 Days On Hand.  
"We feel quite confident in Astro-Med's prospects for the balance of
FY 2014 and are very enthusiastic about the strategic processes put
in place to ensure the Company achieves its growth and profitability
objectives for the current fiscal year and beyond." 
Astro-Med, Inc. Directors Declare Regular Cash Dividend 
On August 28, 2013, the Directors of Astro-Med, Inc. declared the
regular quarterly cash dividend of $0.07 per share, payable on
October 4, 2013 to shareholders of record as of September 13, 2013. 
Second Quarter Conference Call on Friday, August 30 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 877-941-8609 with
passcode 4631976.  
Following the live broadcast, an audio webcast of the 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 4631976.  
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.  


 
                                                                            
                              ASTRO-MED, INC.                               
                   Consolidated Statements of Operations                    
                   In Thousands Except for Per Share Data                   
                                (Unaudited)                                 
                                                                            
                            Three-Months Ended         Six-Months Ended     
                          August 3,     July 28,    August 3,     July 28,  
                             2013         2012         2013         2012    
                         -----------  -----------  -----------  ----------- 
Net Sales                $    17,194  $    14,663  $    32,679  $    29,000 
Cost of Sales                 10,271        9,106       19,980       17,944 
Product Replacement                                                         
 Related Costs                     -            -          672            - 
                                                                            
Gross Profit                   6,923        5,557       12,027       11,056 
                                40.3%        37.9%        36.8%        38.1%
Operating Expenses:                                                         
  Selling                      3,382        2,993        6,954        6,043 
  General &                                                                 
   Administration              1,380        1,115        2,521        2,151 
  Research & Development       1,274          885        2,387        1,870 
                         -----------  -----------  -----------  ----------- 
                               6,036        4,993       11,862       10,064 
                                                                            
Operating Income                 887          564          165          992 
                                 5.2%         3.8%         0.1%         3.4%
                                                                            
Other Expense, Net               (25)         (89)         (62)        (102)
                                                                            
                         -----------  -----------  -----------  ----------- 
Income from Continuing                                                      
 Operations Before Taxes         862          475          103          890 
                                                                            
Income Tax Provision for                                                    
 Continuing Operations       
    331          187           11           43 
                                                                            
                         -----------  -----------  -----------  ----------- 
Income from Continuing                                                      
 Operations                      531          288           92          847 
                                                                            
Income from Discontinued                                                    
 Operations, net of                                                         
 taxes                           165          699          155          977 
                         -----------  -----------  -----------  ----------- 
                                                                            
Net Income               $       696  $       987  $       247  $     1,824 
                         ===========  ===========  ===========  =========== 
                                                                            
Earnings Per Share -                                                        
 Basic:                                                                     
  Net Income per share                                                      
   from Continuing                                                          
   Operations                  $0.07        $0.04        $0.01        $0.12 
  Net Income per share                                                      
   from Discontinued                                                        
   Operations                   0.02         0.09         0.02         0.13 
                         -----------  -----------  -----------  ----------- 
  Net Income per share -                                                    
   Basic                 $      0.09  $      0.13  $      0.03  $      0.25 
                         ===========  ===========  ===========  =========== 
                                                                            
Earnings Per Share -                                                        
 Diluted:                                                                   
  Net Income per share                                                      
   from Continuing                                                          
   Operations                  $0.07        $0.04        $0.01        $0.11 
  Net Income from                                                           
   Discontinued                                                             
   Operations                   0.02         0.09         0.02         0.13 
                         -----------  -----------  -----------  ----------- 
  Net Income per share -                                                    
   Diluted               $      0.09  $      0.13  $      0.03  $      0.24 
                         ===========  ===========  ===========  =========== 
                                                                            
Weighted Average Number                                                     
 of Common Shares -                                                         
 Basic                         7,458        7,439        7,429        7,432 
Weighted Average Number                                                     
 of Common Shares -                                                         
 Diluted                       7,655        7,491        7,617        7,489 
                                                                            
Dividends Declared Per                                                      
 Common Share                  $0.07        $0.07        $0.14        $0.14 
                                                                            
                                                                            
                                                                            
                         Selected Balance Sheet Data                        
                                In Thousands                                
                                 (Unaudited)                                
                                                 As of            As of     
                                            August 3, 2013  January 31, 2013
                                           ---------------- ----------------
Cash & Marketable Securities               $         32,583 $         39,508
Current Assets                             $         66,474 $         70,122
Total Assets                               $         75,782 $         79,913
Current Liabilities                        $          9,543 $         13,525
Shareholders' Equity                       $         63,610 $         63,837
                                                                            
                                                                            
                                                                            
                   Reconciliation of Non-GAAP Adjustments                   
                                In Thousands                                
                                (Unaudited)                                 
                                                                            
                               Three-Months Ended       Six-Months Ended    
                             August 3,    July 28,   August 3,    July 28,  
                                2013        2012        2013        2012    
                            ----------- ----------- ----------- ----------- 
GAAP based results as                                                       
 reported:                                                                  
Net Income                  $       696 $       987 $       247 $     1,824 
                                                                            
Non-GAAP adjustments:                                                       
Product Replacement Costs             -           -         423           - 
Favorable resolution of a                                                   
 previously uncertain tax                                                   
 position                             -           -           -        (269)
                            ----------- ----------- ----------- ----------- 
Non-GAAP Net Income         $       696 $       987 $       670 $     1,555 
                            =========== =========== =========== =========== 
                                                                            
GAAP based results as                                                       
 reported:                                                                  
EPS -diluted                $      0.09 $      0.13 $      0.03 $      0.24 
Non-GAAP adjustments:                                                       
Product Replacement Costs             -           -        0.06           - 
Favorable resolution of a                                                   
 previously uncertain tax                                                   
 position                             -           -           -       (0.03)
                            ----------- ----------- ----------- ----------- 
Non-GAAP EPS - diluted      $      0.09 $      0.13 $      0.
09 $      0.21 
                            =========== =========== =========== =========== 

 
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
FY2013 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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