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Astro-Med, Inc. Reports Strong Sales and Earnings for the Fiscal Third Quarter; Directors Declare Regular Cash Dividend

Astro-Med, Inc. Reports Strong Sales and Earnings for the Fiscal Third Quarter; 
Directors Declare Regular Cash Dividend 
WEST WARWICK, RI -- (Marketwired) -- 11/26/13 --  Astro-Med, Inc.
(NASDAQ: ALOT) reports Net Sales of $18,179,000 and Net Income of
$1,108,000, equal to $0.14 per diluted share for the Third Quarter
ended November 2, 2013. For the corresponding period of the prior
year, the Company reported Net Sales of $16,039,000 and Net Income of
$1,307,000, equal to $0.18 per diluted share. Net Income in the Third
Quarter includes a tax benefit of $187,000 or $0.02 per diluted
share, due to a favorable adjustment in the filing of the prior
year's tax return.  
For the nine months ended November 2, 2013, Astro-Med reports Net
Sales of $50,858,000 and Net Income of $1,355,000, equal to $0.18 per
diluted share. The nine-month results include a $672,000 reserve
established to address a non-compliant component previously reported
in the First Quarter of this year, equal to $0.06 per diluted share.
For the corresponding nine-month period last year, the Company
reported Net Sales of $45,038,000 and Net Income of $3,131,000, equal
to $0.42 per diluted share. The prior year's Net Income included a
tax benefit of $302,000, or $0.04 per diluted share, due to a
favorable resolution of a previously uncertain tax position.  
On a Non-GAAP basis, Astro-Med has earned $0.22 per diluted share
during the current nine-month period of Fiscal Year 2014, compared
with earnings of $0.38 per diluted share during the same period of
the prior year. 
CEO Commentary
 Commenting on the Third Quarter results, Everett V.
Pizzuti, CEO, stated: "We continue to be very pleased with the
Company's quarterly, double-digit sales growth and improved profit
margins this year. Sales in the Third Quarter reached $18,179,000, a
13.3% increase over the prior year's Third Quarter sales and a 5.7%
improvement over the current year's Second Quarter net sales. We had
solid demand in both our domestic and international channels.
Domestic Net Sales in the quarter were $13,198,000, a 11.3% increase
over the prior year while international shipments of $4,981,000, were
19.2% greater than the previous year. Similar growth rates were
reported by the Company's QuickLabel Systems and Test & Measurement
business units, with QuickLabel color label printers and monochrome
label printers reporting a 17.1% sales increase over the prior year,
and our Test & Measurement Ruggedized Products and Data Acquisition
Recorders realizing a 5.8% increase in Net Sales over the previous
year.  
"The sales growth profile is also seen in our three main product
categories of hardware, consumables and service support. The hardware
component of Third Quarter net sales of $7,762,000 increased 7.2%
over the previous year, while consumable sales volume, representing
52% of total sales, grew 19.0% from the previous year. Service
support revenue increased 13.2% over the prior year's Third Quarter
sales volume. 
"This year's strong customer demand is also reflected in the increase
seen in the company's Backlog, which has risen 23.4% from the prior
year end and stands at $7,586,000 at the end of the Third Quarter. 
"The positive trend in profit margins continued during the Third
Quarter with the Company achieving a Gross Profit Margin of 40.5%
versus the prior year's 40.4% and the Second Quarter Gross Profit
Margin of 40.3%. Our improved profitability was also reflected in the
Company's Third Quarter Operating Margins with a margin of 6.5% of
sales as contrasted with the Second Quarter's margin of 5.2% of
sales. 
"Management will continue to strategically drive Astro-Med's sales
growth and improved profitability via new product introductions,
expanded field sales personnel, brand marketing initiatives, lean
manufacturing processes and select accretive acquisitions. We are
ever mindful of our fiduciary responsibility in managing the
Company's Balance Sheet and capital resources effectively.
Specifically, we retain a solid cash and marketable securities
balance of $32,628,000; we manage the working capital assets of
accounts receivables currently at 53 Days Sales Outstanding and
current inventories at 99 Days on Hand; we maintain a current ratio
above 5.9:1 and continue to keep Astro-Med debt free. 
"We are quite optimistic of the Company's prospects for the Fourth
Quarter as well as the opportunities in the fiscal years ahead. We
will continue to invest in Research & Development for new product
offerings; expand our footprint in Latin America, Asia and Europe;
drive productivity and profitability by improvements in the
factories, and acquire information technology tools to ensure our
employees are capable of delivering timely knowledge-based
customer-specific solutions." 
Astro-Med, Inc. Directors Declare Regular Cash Dividend
 On November
25, 2013, the Directors of Astro-Med, Inc. declared the regular
quarterly cash dividend of $0.07 per share, payable on January 2,
2014 to shareholders of record as of December 13, 2013. 
Third Quarter Conference Call to be held Wednesday, November 27,
2013
 The Astro-Med, Inc. Third Quarter conference call will be held
on Wednesday, November 27, 2013, 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 4648141. 
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 4648141.  


 
                                                                            
                              ASTRO-MED, INC.                               
                   Consolidated Statements of Operations                    
                   In Thousands Except for Per Share Data                   
                                (Unaudited)                                 
                                                                            
                           Three-Months Ended         Nine-Months Ended     
                       Nov 2, 2013  Oct 27, 2012  Nov 2, 2013  Oct 27, 2012 
                       -----------  ------------  -----------  ------------ 
Net Sales              $    18,179  $     16,039  $    50,858  $     45,038 
Cost of Sales               10,816         9,555       30,796        27,497 
Product Replacement                                                         
 Related Costs                   -             -          672             - 
                                                                            
Gross Profit                 7,363         6,484       19,390        17,541 
                              40.5%         40.4%        38.1%         38.9%
Operating Expenses:                                                         
  Selling                    3,727         3,199       10,680         9,242 
  Research &                                                                
   Development               1,230           897        3,617         2,766 
  General &                                                                 
   Administration            1,223         1,187        3,745         3,339 
                       -----------  ------------  -----------  ------------ 
                             6,180         5,283       18,042        15,347 
                                                                            
Operating Income             1,183         1,201        1,348         2,194 
                               6.5%          7.5%         2.7%          4.9%
                                                                            
Other Income                                                                
 (Expense), Net                 (2)           47          (64)          (56)
                                                                            
Income from Continuing                                                      
 Operations Before                                                          
 Taxes                       1,181         1,248        1,284         2,138 
                                                                            
Income Tax Provision                                                        
 for Continuing                                                             
 Operations                    436           499          446           542 
                                                                            
Income from Continuing                                                      
 Operations                    745           749          838         1,596 
                                                                            
Income from                                                                 
 Discontinued                                                               
 Operations, net of                                                         
 taxes                         363           558          517         1,535 
                                                                            
Net Income             $     1,108  $      1,307  $     1,355  $      3,131 
                                                                            
Earnings Per Share -                                                        
 Basic:                                                                     
  Net Income per share                                                      
   from Continuing                                                          
   Operations          $      0.10  $       0.10  $      0.11  $       0.22 
  Net Income per share                                                      
   from Discontinued                                                        
   Operations                 0.05          0.08         0.07          0.20 
  Net Income per share                                                      
   - Basic             $      0.15  $       0.18  $      0.18  $       0.42 
                       -----------  ------------  -----------  ------------ 
                                                                            
Earnings Per Share -                                                        
 Diluted:                                                                   
  Net Income per share                                                      
   from Continuing                                                          
   Operations          $      0.10  $       0.10  $      0.11  $       0.21 
  Net Income from                                                           
   Discontinued                                                             
   Operations                 0.04          0.08         0.07          0.21 
  Net Income per share                                                      
   - Diluted           $      0.14  $       0.18  $      0.18  $       0.42 
                       -----------  ------------  -----------  ------------ 
                                                                            
Weighted Average                                                            
 Number of Common                                                           
 Shares - Basic              7,490         7,379        7,449         7,414 
Weighted Average                                                            
 Number of Common                                                           
 Shares - Diluted            7,716         7,462        7,650         7,487 
                                                                            
Dividends Declared Per                                                      
 Common Share          $      0.07  $       0.07  $      0.21  $       0.21 
                                                                            
                                                                            
                                                                            
                         Selected Balance Sheet Data                        
                                In Thousands                                
                                 (Unaudited)                                
                                                As of             As of     
                                          November 2, 2013  January 31, 2013
            Cash & Marketable Securities  $         32,628  $         39,508
                          Current Assets  $         68,583  $         70,122
                            Total Assets  $         77,768  $         79,557
                     Current Liabilities  $         11,699  $         14,219
                    Shareholders' Equity  $         64,555  $         63,837
                                                                            
                                                                            
                                                                            
                   Reconciliation of Non-GAAP Adjustments                   
                                In Thousands                                
                                (Unaudited)                                 
                                                                            
                            Three-Months Ended    Nine-Months Ended         
                        Nov 2, 2013  Oct 27, 2012 Nov 2, 2013  Oct 27, 2012 
                        -----------  ------------ -----------  ------------ 
  GAAP based results as                                                     
              reported:                                                     
             Net Income $     1,108  $      1,307 $     1,355  $      3,131 
  Non-GAAP adjustments:                                                     
    Product Replacement                                                     
                  Costs           -             -         423             - 
Favorable resolution of                                                     
 a previously uncertain                                                     
       tax position and                                                     
    filing of the prior                                                     
      year's Tax Return        (187)            -        (187)        
 (302)
                        -----------  ------------ -----------  ------------ 
    Non-GAAP Net Income $       921  $      1,307 $     1,591  $      2,829 
                        ===========  ============ ===========  ============ 
  GAAP based results as                                                     
              reported:                                                     
                                                                            
           EPS -diluted $      0.14  $       0.18 $      0.18  $       0.42 
  Non-GAAP adjustments:                                                     
    Product Replacement                                                     
                  Costs           -             -        0.06             - 
Favorable resolution of                                                     
 a previously uncertain                                                     
       tax position and                                                     
    filing of the prior                                                     
      year's Tax Return       (0.02)            -       (0.02)        (0.04)
                        -----------  ------------ -----------  ------------ 
 Non-GAAP EPS - diluted $      0.12  $       0.18 $      0.22  $       0.38 
                        ===========  ============ ===========  ============ 

 
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
Tel: 800-343-4039 
www.Astro-MedInc.com
 
 
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