EX-99 2 pressrelease327.htm EXHIBIT 99 PRESS RELEASE

PRESS RELEASE

 


 

600 East Greenwich Avenue

West Warwick, Rhode Island 02893

 

For Immediate Release

 

Contact: Albert W. Ondis

March 27, 2007

 

Joseph P. O’Connell

 

Astro-Med, Inc.

 

(401) 828-4000

 

www.astro-medinc.com

 

Astro-Med Reports Record Fourth Quarter and Annual Sales;

Directors Declare Regular Cash Dividend

 

West Warwick, RI, March 27, 2007 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net income of $799,000, equal to 11 cents per diluted share, on record sales of $17,568,000 for the Fourth Quarter ended January 31, 2007. Net income in the quarter includes an expense of approximately $92,000 after tax, equal to 1 cent per diluted share for stock-based compensation. During the corresponding period of the previous year, the Company reported net income of $856,000, equal to 12 cents per diluted share, on sales of $16,005,000.

 

During the Twelve-Month Period of the fiscal year, net income was $6,059,000, equal to 82 cents per diluted share, on sales of $65,519,000. Net income for the twelve-month period includes an expense of approximately $358,000, after tax, equal to 5 cents per diluted share, for stock-based compensation, as well as $231,000, or 3 cents per diluted share, related to favorable adjustments identified in the filing of the prior year tax return. For the corresponding period last year, the Company reported net income of $2,551,000, equal to 35 cents per diluted share, on sales of $59,301,000. Net income in the prior fiscal year includes $361,000, equal to 5 cents per diluted share, for a tax related benefit associated with the favorable resolution of certain income tax examinations reported in the FY 2006 Third Quarter.

 

Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: “We are very pleased with the Company’s Fourth Quarter and annual financial results for FY 2007. Sales in the Quarter were at a record level of $17,568,000, up 9.8% from the prior year, while sales for the year also reached record levels of $65,519,000, up 10.5% from the previous year.”

 

Ondis noted, “All the Company’s product groups reported growth over the previous year. Domestic sales were especially strong at $47,504,000, up 14.7%. Export sales amounted to $18,015,000, up 1.0% from the prior year and favorable foreign currency exchange contributed $304,000 to export revenue for the year. New orders in the Fourth Quarter totaled $16,460,000 which raised our orders received for the year to $66,768,000, an increase of 7.9%.” Ondis continued, “Our balance sheet remains solid with a current ratio of 4.5 to 1, $20,130,000 in cash and marketable securities, no debt, and a current year 22.0% return on shareholders equity excluding cash and marketable securities.”

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Looking ahead, Ondis said, “with some exciting new products about to be introduced, and with strong, positive signals from our international customer base, we are very optimistic that we will realize our planned growth and profitability goals for FY08.”

 

On March 7, 2007, the Directors of Astro-Med declared a quarterly cash dividend of 5 cents per share payable on April 2, 2007 to shareholders of record on March 23, 2007.

 

Astro-Med’s Fourth Quarter conference call will be held on Wednesday, March 28, 2007 at 11:00 AM EDT. It will be broadcast in real time on the Internet through the Investor Relations portion of our website at www.astro-medinc.com. We invite you to log on and listen in on March 28, 2007, 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 Statement of Operations

In Thousands Except for Per Share Data

 

 

Three-Months Ended

Twelve-Months Ended

 

January 31, 2007

 

January 31, 2006

January 31, 2007

 

January 31, 2006

 

Net Sales

$17,568

 

$16,005

$65,519

 

$59,301

 

 

 

 

 

 

 

 

 

Gross Profit

7,299

 

6,855

26,997

 

24,658

 

 

41.5%

 

42.8%

41.2%

 

41.6%

 

Operating Expenses:

 

 

 

 

 

 

 

Selling, General & Administrative

4,956

 

4,489

19,321

 

17,460

 

Research & Development

1,210

 

1,111

4,187

 

4,043

 

 

6,166

 

5,600

23,508

 

21,503

 

 

Gain on Sale of Real Estate, Net

 

___--

 

 

___--

 

5,252

 

 

___--

 

Operating Income

1,133

 

1,255

8,741

 

3,155

 

 

6.4%

 

7.8%

13.3%

 

5.3%

 

 

 

 

 

 

 

 

 

Other, Net

194

 

31

884

 

247

 

 

 

 

 

 

 

 

 

Income Before Taxes

1,327

 

1,286

9,625

 

3,402

 

 

 

 

 

 

 

 

 

Income Tax (Provision)

(528)

 

(430)

(3,566)

 

(851)

 

 

 

 

 

 

 

 

 

Net income

$ 799

 

$ 856

$ 6,059

 

$ 2,551

 

 

 

 

 

 

 

 

 

Net income Per Share - Basic

$ 0.12

 

$ 0.13

$ 0.90

 

$ 0.39

 

Net income Per Share - Diluted

$ 0.11

 

$ 0.12

$ 0.82

 

$ 0.35

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares - Basic

 

6,748

 

 

6,642

 

6,721

 

 

6,614

 

Weighted Average Number of Common Shares - Diluted

 

7,418

 

 

7,295

 

7,389

 

 

7,233

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

 

$ 0.05

 

 

$ 0.03

 

$ 0.20

 

 

$ 0.13

 

 

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Selected Balance Sheet Data

In Thousands

 

 

 

 

As of

January 31, 2007

 

As of

January 31,  

2006

Cash & Marketable Securities

$20,130

$14,724

 

 

 

Current Assets

44,168

39,662

 

 

 

Total Assets

58,001

49,647

 

 

 

Current Liabilities

9,874

8,440

 

 

 

Shareholders’ Equity

$45,958

$40,302

 

 

 

 

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.