EX-99 2 pressrelease516.htm EXHIBIT 99.1 PRESS RELEASE

Exhibit 99.1

 

PRESS RELEASE

 


 

600 East Greenwich Avenue

West Warwick, Rhode Island 02893

 

For Immediate Release

 

Contact: 

Albert W. Ondis

 

 

Joseph P. O’Connell

May 16, 2006

 

Astro-Med, Inc.

 

 

(401) 828-4000

 

 

 

Astro-Med Reports Strong First Quarter Results;

     Directors Declare Regular Cash Dividend

 

 

West Warwick, RI, May 16, 2006 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net income of $543,000, equal to 9 cents per diluted share, on sales of $15,642,000, for the First Quarter ending April 29, 2006.  Net income for the quarter included a non-cash charge of approximately $100,000, or 1 cent per diluted share, related to the company’s adoption of SFAS No. 123(R), Share-Based Payment, which requires the expensing of stock options and other equity compensation. During the corresponding period of the previous year, the Company reported net income of $398,000, equal to 7 cents per diluted share, on sales of $14,193,000.

 

Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated:  “We are pleased with our performance in the First Quarter. Sales increased 10% over the corresponding period of the prior year while new orders increased by 12% to $16,876,000, increasing our backlog to a record level of $6,546,000 at the end of the quarter. We experienced double digit new order growth from most major products. We strengthened our balance sheet further, increasing cash and marketable securities by 11% to $16,339,000, solidified our liquidity position with a current ratio of 4:54 to 1, and increased the book value per share to $7.65. We are on track to achieve additional growth with the introduction of several new products later this year, which are now in development, and by further expanding our field sales force.”

 

On May 16, 2006, the Directors of Astro-Med declared the regular quarterly cash dividend of 5 cents per share payable on July 3, 2006 to shareholders of record on June 16, 2006.

 



 

 

 

The First Quarter conference call will be held on Wednesday, May 17, 2006, at 11:00 AM EDT.  It will be broadcast in real time on the Internet through our website at www.astro-medinc.com. We invite you to log on and listen in or access the broadcast any time for up to 5 days following the event.

 

Astro-Med, Inc. is a leading manufacturer of high tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments employed around the world in a wide range of industrial, scientific, and medical applications.

 

 

 

ASTRO-MED, INC.

 

Consolidated Condensed Statements of Operations

In Thousands Except for Per Share Data

(Unaudited)

 

 

 

Three Months Ended

April 29,

2006

Three

Months Ended

April 30, 2005

Net Sales

$15,642

$14,193

 

 

 

Gross Profit

6,276

5,688

 

40.1%

40.1%

Operating Expenses:

 

 

Selling, General & Administrative

4,511

4,219

Research & Development

    1,053

       953

 

   5,564

5,172

 

 

 

Operating Income

712

516

 

4.6%

3.6%

 

 

 

Other, Net

      150

       107

 

 

 

Income Before Taxes

862

623

 

 

 

Income Tax Benefit (Provision)

    (319)

     (225)

 

 

 

Net Income

$    543

$     398

 

 

 

Net Income Per Share - Basic

$   0.10

$    0.08

Net Income Per Share - Diluted

$   0.09

$    0.07

 

 

 

Weighted Average Number of Common Shares  - Basic

 

5,390

 

5,277

Weighted Average Number of Common Shares  - Diluted

 

5,868

 

5,712

 

 

 

Dividends Declared Per Common Share

$   0.05

$    0.04

 

 



 

 

 

 

Selected Balance Sheet Data

In Thousands Except for Per Share Data

 

 

 

 

 

As of

April 29, 2006

 

As of

January 31, 2006

Cash & Marketable Securities

$16,339

$14,724

 

 

 

Current Assets

$41,542

$39,662

 

 

 

Total Assets

$51,407

$49,647

 

 

 

Current Liabilities

$  9,150

$  8,440

 

 

 

Shareholders’ Equity

$41,322

$40,301

 

 

 

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 FY2006 annual report and its annual and quarterly filings with the Securities and Exchange Commission.