|By Marketwired .||
|November 20, 2012 04:00 PM EST||
WEST WARWICK, RI -- (Marketwire) -- 11/20/12 -- Rhode Island-based electronics manufacturer Astro-Med, Inc. (NASDAQ: ALOT) reports Net Sales of $20,562,000 and Net Income of $1,308,000, equal to 18 cents per diluted share for the Third Quarter ended October 27, 2012. Unfavorable foreign exchange rates decreased this year's Third Quarter Sales by approximately $204,000, or 1.0%. For the corresponding period of the prior year, the Company reported Net Sales of $19,569,000 and Net Income of $800,000, equal to 11 cents per diluted share. The previous year's Third Quarter Net Income includes a tax benefit of approximately $113,000, or 2 cents per diluted share, due to a favorable adjustment in the filing of the prior year's tax returns.
For the nine months ended October 27, 2012, Astro-Med reports Net Sales of $58,559,000 and Net Income of $3,131,000, equal to 42 cents per diluted share. Unfavorable foreign exchange rates decreased this year's nine-month sales by approximately $872,000, or 1.5% when compared to the previous year. For the corresponding nine-month period last year, the Company reported Net Sales of $58,764,000 and Net Income of $2,277,000, equal to 31 cents per diluted share. The current year's Net Income includes a tax benefit of $302,000, or 4 cents per diluted share, due to a favorable resolution of a previously uncertain tax position. The prior year's Net Income included income of $300,000, equal to 4 cents per diluted share, related to the disposition on an insurance policy, as well as a tax benefit of approximately $113,000, or 2 cents per diluted share, from a favorable adjustment in the filing of the prior year's tax returns.
On a Non-GAAP basis, Astro-Med has earned 38 cents per diluted share during the current nine-month period of Fiscal Year 2013, compared with earnings of 25 cents per diluted share during the same period of the prior year.
Commenting on the results, Everett V. Pizzuti, Astro-Med Inc. President and Chief Executive Officer, said: "We are very pleased with the Company's financial results for the Fiscal Third Quarter. Astro-Med achieved a new record in the volume of new customer orders with Bookings reaching $21,253,000 for the Quarter. This level of new business reflects a 17.2% increase in Orders Received over the previous year's Orders Received after excluding the divested North Carolina label business. Sales Revenue during the Quarter reached record levels with billings at $20,562,000, reflecting a growth rate of 10.4% over the Prior Year's Third Quarter Sales, after excluding the divested NC label business. We experienced growth in both our Domestic and International channels with domestic sales at $14,642,000, increasing by 10.5% over last year after excluding the divested NC label business; while international shipments of $5,920,000 increased 8.8% over the previous year. We also made good progress improving the profitability of the Company's operations with Gross Profit Margins at 43.0% for the Quarter and our Operating Margins at 10.2%. We anticipate this trend to continue.
"Our Balance Sheet remains solid with cash and marketable securities at $22,963,000, an efficient working capital position with Accounts Receivable at 46 Days Sales Outstanding and Inventory levels at 111 Days On Hand; we are debt free and our Book Value per share has risen to $7.74.
"Notwithstanding the uncertainty in today's domestic and international markets, we are cautiously optimistic with Astro-Med's prospects for the 4th Quarter and FY 2013 as a whole. We will continue to drive sales growth and improved profitability from a combination of strategic initiatives, product innovations, selective acquisitions and productivity improvements."
Astro-Med, Inc. Directors Declare Regular Cash Dividend
On November 19, 2012, the Directors of Astro-Med, Inc. declared the regular quarterly cash dividend of $0.07 per share, payable on December 27, 2012 to shareholders of record as of December 7, 2012.
Third Quarter Conference Call to be held Wednesday, November 21, 2012
The Astro-Med, Inc. Third Quarter conference call will be held on Wednesday, November 21, 2012, 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 4568960.
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 4568960.
Astro-Med, Inc. Consolidated Statements of Operations In Thousands Except for Per Share Data (Unaudited) Three-Months Ended Nine-Months Ended October 27, October 29, October 27, October 29, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Net Sales $ 20,562 $ 19,569 $ 58,559 $ 58,764 Gross Profit 8,838 8,014 24,508 23,416 43.0% 41.0% 41.9% 39.8% Operating Expenses: Marketing & Selling 4,431 4,555 12,973 13,647 Research & Development 1,126 1,262 3,538 3,917 General & Administrative 1,188 1,009 3,339 2,884 ----------- ----------- ----------- ----------- 6,745 6,826 19,850 20,448 Operating Income 2,093 1,188 4,658 2,968 10.2% 6.1% 8.0% 5.1% Other (Expense)/Income Net 47 (69) (56) 379 ----------- ----------- ----------- ----------- Income Before Taxes 2,140 1,119 4,602 3,347 Income Tax Provision (Benefit) 832 319 1,471 1,070 ----------- ----------- ----------- ----------- Net Income $ 1,308 $ 800 $ 3,131 $ 2,277 =========== =========== =========== =========== Net Income Per Share - Basic $ 0.18 $ 0.11 $ 0.42 $ 0.31 =========== =========== =========== =========== Net Income Per Share - Diluted $ 0.18 $ 0.11 $ 0.42 $ 0.31 =========== =========== =========== =========== Weighted Average Number of Common Shares - Basic 7,379 7,340 7,414 7,300 Weighted Average Number of Common Shares - Diluted 7,462 7,421 7,487 7,423 Dividends Declared Per Common Share $ 0.07 $ 0.07 $ 0.21 $ 0.21 Reconciliation of Non-GAAP Adjustments (Unaudited) Three-Months Ended Nine-Months Ended October 27, October 29, October 27, October 29, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- GAAP based results: Net Income Per Share - Diluted $ 0.18 $ 0.11 $ 0.42 $ 0.31 Non-GAAP adjustments: Favorable adjustment in the filing of prior year tax returns (0.02) (0.02) Disposition of an insurance policy - - (0.04) Favorable resolution of a previously uncertain tax position - - $ (0.04) - ----------- ----------- ----------- ----------- Non-GAAP Net Income Per Share - Diluted $ 0.18 $ 0.09 $ 0.38 $ 0.25 =========== =========== =========== =========== Selected Balance Sheet Data In Thousands (Unaudited) As of As of October 27, January 31, 2012 2012 ------------- ------------- Cash & Marketable Securities $ 22,963 $ 23,040 Current Assets $ 52,949 $ 52,478 Total Assets $ 66,937 $ 67,062 Current Liabilities $ 7,530 $ 8,272 Shareholders' Equity $ 56,757 $ 55,663
About Astro-Med, Inc.
Astro-Med, Inc. is a leading manufacturer of specialty high tech printing systems, electronic medical instrumentation, and test and measurement data acquisition systems. Astro-Med, Inc. products are sold under the brand names Astro-Med®, Grass® Technologies and QuickLabel® Systems, and are employed around the world in a wide range of aerospace, medical, military, industrial, labeling and packaging applications. 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.
Everett V. Pizzuti
Joseph P. O'Connell
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Nov. 22, 2014 10:00 PM EST Reads: 1,101
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
Nov. 22, 2014 05:30 PM EST Reads: 1,307
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
Nov. 22, 2014 05:30 PM EST Reads: 1,114
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Nov. 22, 2014 05:30 PM EST Reads: 1,385
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Nov. 22, 2014 07:00 AM EST Reads: 1,347
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Nov. 21, 2014 09:15 PM EST Reads: 1,271
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Nov. 21, 2014 08:00 PM EST Reads: 1,289
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Nov. 21, 2014 08:00 PM EST Reads: 1,345
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 21, 2014 07:00 PM EST Reads: 1,226
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
Nov. 20, 2014 09:15 PM EST Reads: 1,322
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 20, 2014 07:30 PM EST Reads: 1,509
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Nov. 20, 2014 06:00 PM EST Reads: 1,277
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
Nov. 20, 2014 04:45 PM EST Reads: 1,056
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
Nov. 20, 2014 01:00 PM EST Reads: 1,515
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Nov. 20, 2014 12:30 PM EST Reads: 1,753
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Nov. 18, 2014 09:00 PM EST Reads: 1,990
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Nov. 18, 2014 08:15 PM EST Reads: 1,566
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Nov. 18, 2014 08:15 PM EST Reads: 1,515
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Nov. 18, 2014 01:30 PM EST Reads: 1,986
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.
Nov. 13, 2014 05:00 AM EST Reads: 3,527