EX-99 2 ex99press520.htm EXHIBIT 99.1 PRESS RELEASE

Exhibit 99.1 


 

 

 


 

600 East Greenwich Avenue

West Warwick, Rhode Island 02893

 

For Immediate Release

 

Contact: Albert Ondis, CEO

May 20, 2008

Joseph P. O’Connell, CFO

Astro-Med, Inc.

Tel: 800-343-4039

 

Astro-Med Reports Record First Quarter Sales and Strong Financial Results

• Net Income up 71.8% on a 13.9% Increase in Sales

 

WEST WARWICK, RI -- May 20, 2008 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net income of $897,000, equal to $0.12 per diluted share, on sales of $18,688,000 for the Fiscal 2009 First Quarter ended May 3, 2008. During the corresponding period of the previous year, the Company reported net income of $522,000, equal to $0.07 per diluted share, on sales of $16,407,000. Favorable foreign currency exchange rates added approximately $473,000 to this year’s First Quarter sales.

 

Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: “We are pleased with our First Quarter results and gratified that all product families participated in this 13.9% sales increase. Certainly, we are in a tough business environment but we are confident that the current fiscal year will be another successful one for Astro-Med -- probably the best yet.”

 

The Company’s QuickLabel Systems brand reported sales of $9,749,000, a 9.3% increase over the prior year; its Grass Technologies brand reported sales of $4,979,000, a 23.7% increase over the prior year; and its Astro-Med brand, comprised of test and measurement devices and ruggedized products, reported sales of $3,960,000, a 14.3% increase over the previous year.

 

Astro-Med’s domestic sales increased by 9.1%, and its export sales, which represent 30.2% of total sales, rose 26.7 %. The Company’s Gross Profit Margin in the Quarter was 43.8%, compared to 41.7% in the prior year.

 

Ondis continued his remarks, saying “We are especially optimistic about our growing export sales due to the favorable currency exchange rates. Our balance sheet remains

2

 

 

strong with a cash and marketable securities position of $19,193,000, a current ratio of 6.03 to 1 and no debt.”

 

On May 19, 2008, the Directors of Astro-Med declared the regular quarterly cash dividend of 6 cents per share, payable on July 1, 2008 to shareholders of record on June 13, 2008.

 

First Quarter Conference Call to be Held Wednesday, May 21

 

The First Quarter conference call will be held on Wednesday, May 21, 2008, at 11:00 AM EDT. It will be broadcast in real time on the Internet. We invite investors and analysts in North America to participate in the conference call by dialing in to 800-218-8862 or to listen by logging on to www.astro-medinc.com. The broadcast will be accessible for up to five days following the event.

 

About Astro-Med, Inc.

Astro-Med, Inc. is a leading manufacturer of high tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments sold under the brand names Astro-Med®, Grass® Technologies and QuickLabel® Systems. Astro-Med, Inc. products are employed around the world in a wide range of industrial, scientific, and medical applications. Additional information about Astro-Med, Inc. is available by visiting www.astro-medinc.com.

 

 

 

 

ASTRO-MED, INC.

 

Consolidated Condensed Statements of Operations

In Thousands Except for Per Share Data

(Unaudited)

 

 

 

Three Months Ended

May 3, 2008

 

Three Months Ended

May 5, 2007

Net Sales

$18,688

$16,407

 

 

 

Gross Profit

8,188

6,846

 

43.8%

41.7%

Operating Expenses:

 

 

Selling, General &

Administrative

5,667

5,127

 

Research & Development

1,226

1,098

 

6,893

6,225

 

 

 

Operating Income

1,295

621

 

6.9%

3.8%

 

 

 

Other, Net

176

249

 

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Income Before Taxes

1,471

870

 

 

 

Income Tax Provision

574

348

 

 

 

Net Income

$    897

$    522

 

 

 

Net Income Per Share - Basic

$   0.13

$   0.08

Net Income Per Share - Diluted

$   0.12

$   0.07

 

 

 

Weighted Average Number of Common Shares  - Basic

 

6,936

 

 

6,832

 

Weighted Average Number of Common Shares  - Diluted

 

7,444

 

7,570

 

Dividends Declared Per Common Share

$   0.06

$   0.05

 

 

Selected Balance Sheet Data

In Thousands

 

 

 

 

 

As of

May 3, 2008

(Unaudited)

As of

January 31, 2008

Cash & Marketable Securities

$19,193

$17,556

 

 

 

Current Assets

$48,922

$48,384

 

 

 

Total Assets

$62,352

$61,699

 

 

 

Current Liabilities

$8,118

$8,973

 

 

 

Shareholders’ Equity

$50,809

$49,355

 

.

 

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 FY2008 annual report and its annual and quarterly filings with the Securities and Exchange Commission.

 

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