Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

News Feed Item

Astro-Med Reports Record Revenue and Improved Margins in Second-Quarter FY15; Board of Directors Declares Regular Cash Dividend

Astro-Med, Inc. (NASDAQ: ALOT), a leading manufacturer of specialty high-tech printing systems and data acquisition products, today reported net sales of $22.4 million for the three months ended August 2, 2014, an increase of 30.1% from the same period a year earlier. Net income for the three months ended August 2, 2014 was $1.4 million, or $0.18 per diluted share, compared with net income of $696,000, or $0.09 per diluted share, for the same period a year earlier.

For the six months ended August 2, 2014, Astro-Med reported net sales of $43.1 million, an increase of 32.0% over the prior year. The Company reported net income of $2.6 million equal to $0.33 per diluted share. During the Company’s six-month period of the prior year, net income on a GAAP basis was $247,000, equal to $0.03 per diluted share, which includes a reserve established to address a non-compliant component in a limited number of ToughWriter Printers. The after tax cost was equal to $0.06 per diluted share. Excluding the impact of the reserve, the Company’s net income on a non-GAAP basis was $670,000 equal to $0.09 per diluted share.

“We continued our strong growth momentum in fiscal 2015 with a solid second-quarter performance,” said Gregory A. Woods, the Company’s President and Chief Executive Officer. “We reported record quarterly revenues of $22.4 million, with both of our segments reporting record sales. We grew orders by 16.2% in Q2 and exited the quarter with a backlog of $14.7 million, up 4.6% from year end. The success of our channel expansion program was evident in our top-line growth and in our further penetration of international markets.

“QLS product sales increased 25.1% in the second quarter to $15.3 million, aided by the continued strength of our Kiaro! Series of color label printers. Our new wide format Kiaro! 200 printer is also opening up new market opportunities for large format applications and has been very well received by customers, who are impressed by the quality and performance of the product.

“Our Test & Measurement product group of ruggedized products and data acquisition systems grew 42.2% to $7.1 million in the quarter with solid contributions from our ruggedized printers and high-speed data acquisition systems, as well as our line of Miltope ruggedized aerospace printers. The response to our expanding product line from Tier One aviation manufacturers and airline companies continues to be very positive.

“We are focusing on growing our top line both organically and through strategic add-on acquisitions,” added Woods. “At the same time we are also working diligently to continue to improve our profitability. Our Lean transformation is proceeding nicely, and we are beginning to see the results of our operational excellence efforts on our financial performance.”

Operating profit for the second quarter of fiscal 2015 increased to $2.2 million, or 9.7% of net sales, compared with $887,000, or 5.2% of net sales, for the same period of fiscal 2014. The 450 basis point increase in margin reflects higher revenue, improved product mix and the ongoing success of Astro-Med’s Lean manufacturing initiatives.

At August 2, 2014, Astro-Med had cash and cash equivalents of $28.0 million, compared with $27.1 million at January 31, 2014.

Board of Directors Declares Regular Quarterly Dividend

On August 18, 2014, the Directors of Astro-Med, Inc. declared a regular quarterly cash dividend of $0.07 per share. The dividend, which represents a cash dividend of $0.28 per share on an annualized basis, is payable October 3, 2014 to shareholders of record on September 12, 2014.

Q2 Fiscal 2015 Conference Call

The second quarter fiscal 2015 financial results conference call will be held today, Wednesday, August 20, 2014 at 9:00 a.m. EDT. It will be broadcast in real time on the Internet through the “Investors” section of the Company’s website at www.Astro-MedInc.com. You also may participate in the conference call by dialing 888-516-2438 (U.S. and Canada) or 719-457-2668 (International) with passcode 570873. Following the live broadcast, an audio webcast of the call will be available on the Company’s website. A conference call replay also will be available for seven days by dialing 888-203-1112 (U.S. and Canada) or 719-457-0820 (International) with passcode 8273326.

                       
 
ASTRO-MED, INC.
Consolidated Statements of Operations In Thousands Except for Per Share Data
(Unaudited)
 
Three-Months Ended Six-Months Ended
August 2, 2014 August 3, 2013 August 2, 2014 August 3, 2013
 
Net Sales $ 22,366 $ 17,194 $ 43,140 $ 32,679
Cost of Sales 12,777 10,271 24,915 19,980
Product Replacement Related Costs - - - 672
 
Gross Profit 9,589 6,923 18,225 12,027
42.9 % 40.3 % 42.2 % 36.8 %
Operating Expenses:
Selling and Marketing 4,503 3,382 8,878 6,954
Research and Development 1,479 1,274 2,850 2,387
General and Administration   1,443     1,380     2,634     2,521  
7,425 6,036 14,362 11,862
 
Operating Income 2,164 887 3,863 165
9.7 % 5.2 % 9.0 % 0.5 %
 
Other Income (Expense), Net 83 (25 ) (38 ) (62 )
       
Income from Continuing Operations Before Taxes 2,247 862 3,825 103
 
Income Tax Provision for Continuing Operations 812 331 1,261 11
       
Income from Continuing Operations 1,435 531 2,564 92
 
Income from Discontinued Operations, Net of Taxes   -     165     -     155  
 
Net Income   1,435     696     2,564     247  
 
Earnings Per Share – Basic:
Net Income per share from Continuing Operations $ 0.19 $ 0.07 $ 0.34 $ 0.01

Net Income per share from Discontinued Operations

  -     0.02     -     0.02  
Net Income per share - Basic $ 0.19   $ 0.09   $ 0.34   $ 0.03  
 
Earnings Per Share – Diluted:
Net Income per share from Continuing Operations $ 0.18 $ 0.07 $ 0.33 $ 0.01

Net Income per share from Discontinued Operations

  -     0.02     -     0.02  
Net Income per share - Diluted $ 0.18   $ 0.09   $ 0.33   $ 0.03  
 
Weighted Avg Number of Common Shares - Basic 7,704 7,458 7,652 7,429
Weighted Avg Number of Common Shares - Diluted 7,916 7,655 7,883 7,617
 
Dividends Declared Per Common Share $ 0.07 $ 0.07 $ 0.14 $ 0.14
 
 
 
 
Selected Balance Sheet Data
in Thousands
(Unaudited)
           

As of
August 2, 2014

As of
January 31, 2014

Cash & Marketable Securities $ 28,007 $ 27,107
Current Assets $ 66,557 $ 65,034
Total Assets $ 79,058 $ 77,964
Current Liabilities $ 8,617 $ 9,892
Shareholders’ Equity $ 69,221 $ 66,614
 
 
       
 
Reconciliation of Non-GAAP Adjustments in Thousands
(Unaudited)
 
Three-Months Ended     Six-Months Ended
August 2, 2014       August 3, 2013     August 2, 2014       August 3, 2013
GAAP based results as reported:
 
Net Income $ 1,435 $ 696 $ 2,564 $ 247
 
Non-GAAP adjustments:
Product Replacement Costs   -   -   -   423
Non-GAAP Net Income $ 1,435 $ 696 $ 2,564 $ 670
 
 
GAAP based results as reported:
EPS -diluted $ 0.18 $ 0.09 $ 0.33 $ 0.03
Non-GAAP adjustments:
Product Replacement Costs   -   -   -   0.06
Non-GAAP EPS - diluted $ 0.18 $ 0.09 $ 0.33 $ 0.09
 
 

About Astro-Med, Inc.

Astro-Med, Inc. is a leading manufacturer of specialty high tech printing systems and data acquisition systems. Products include color label printers and consumables sold under the QuickLabel Systems brand as well as rugged printers for aerospace and defense applications and data acquisition products sold under the Astro-Med brand. Astro-Med, Inc. is a member of the Russell Microcap® Index. Additional information is available by visiting www.Astro-MedInc.com

Forward-Looking Statements

Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results. These statements may include the use the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning growth through acquisitions, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties, and factors include, but are not limited to, those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014 and subsequent filings Astro-Med makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.

Use of Non-GAAP Financial Measure

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains the Non-GAAP financial measures, Non-GAAP net income and diluted EPS. The Company believes that the inclusion of these non-GAAP financial measures in this press release helps investors to gain a meaningful understanding of changes in the Company's core operating results, and also can help investors who wish to make comparisons between Astro-Med and other companies on both a GAAP and a non-GAAP basis. Astro-Med’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also used by the Company’s management to assist with their financial and operating decision making.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. 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 devic...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.