|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
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 2, 2015 11:15 AM EDT Reads: 344
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 1, 2015 04:45 PM EDT Reads: 497
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 331
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 @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,417
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 131
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,073
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 30, 2015 09:00 AM EDT Reads: 2,173
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 29, 2015 03:00 PM EDT Reads: 1,295
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 29, 2015 02:00 PM EDT Reads: 1,199
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 28, 2015 04:30 PM EDT Reads: 1,775
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,049
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jul. 27, 2015 10:00 AM EDT Reads: 2,043
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 333
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,910
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,584
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 402
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,970
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 484
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,548
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,499