RHODE ISLAND
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05-0318215
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(STATE OR OTHER
JURISDICTION OF
INCORPORATION OR
ORGANIZATION)
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(IRS EMPLOYER
IDENTIFICATION NUMBER)
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99.1
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Press Release dated November 26, 2014
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DATE: November 26, 2014
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ASTRO-MED, INC.
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By: /s/ Joseph P. O'Connell
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Joseph P. O'Connell
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Senior Vice President,
Treasurer and Chief Financial Officer
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Exhibit No.
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Exhibit
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99.1
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Press Release Dated November 26, 2014
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·
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Net Sales of $23.1 Million, Up 27.3% from Q3 FY 2014
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·
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Gross Margin of 43.9%, Up 340 Basis Points from Q3 FY 2014
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·
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Operating Margin of 11.1%, Up 460 Basis Points from Q3 FY 2014
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·
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Diluted EPS of $0.20, Up from $0.14 in Q3 FY 2014
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·
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Company Completes Integration of Miltope Acquisition
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·
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New QLS Products – Astro-Med launched the industry's first full line of color digital label printers using pigment-based ink for ultra-durable labels. Three printer models – the Kiaro! D, Kiaro! 200D and Kiaro! 50D – were unveiled at PACK EXPO International 2014, the largest packaging and processing trade show in North America. The printers are designed for non-laminated industrial labels that will be exposed to sunlight, chemicals, moisture, dirt or other harsh conditions that would otherwise test their legibility and color fastness. The Company also introduced the Kiaro! 50, a narrow-format digital color label printer specifically designed for labels sized 1" to 2.16" wide.
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·
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Aircraft Printer – Hong Kong-based Cathay Pacific Airways selected Astro-Med's NP4840 network printer for its eEnabled Aircraft program.
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·
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Miltope Integration Complete – Astro-Med completed the integration of the Miltope acquisition in the third quarter as planned. Manufacturing for Miltope's aerospace printer line has been fully transitioned from Alabama to Astro-Med's manufacturing facility in West Warwick, RI.
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·
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Expansion of Direct Sales in Asia – Tapping into what is considered a significant area for growth, Astro-Med achieved its goal of expanding into Southeast Asia with the opening of a Malaysia office in the third quarter. Further expansion in the Asia Pacific region is planned for the fourth quarter of fiscal 2015.
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ASTRO-MED, INC.
Consolidated Statements of Operations In Thousands Except for Per Share Data
(Unaudited)
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||||||||||||||||
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Three-Months Ended
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Nine-Months Ended
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||||||||||||||
November 1, 2014
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November 2, 2013
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November 1, 2014
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November 2, 2013
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|||||||||||||
Net Sales
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$
|
23,137
|
$
|
18,179
|
$
|
66,277
|
$
|
50,858
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||||||||
Cost of Sales
|
12,985
|
10,816
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37,901
|
30,796
|
||||||||||||
Product Replacement Related Costs
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-
|
-
|
-
|
672
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||||||||||||
Gross Profit
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10,152
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7,363
|
28,376
|
19,390
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||||||||||||
43.9
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%
|
40.5
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%
|
42.8
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%
|
38.1
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%
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|||||||||
Operating Expenses:
|
||||||||||||||||
Selling and Marketing
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4,606
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3,727
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13,483
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10,680
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||||||||||||
Research and Development
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1,564
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1,230
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4,414
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3,617
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||||||||||||
General and Administration
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1,407
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1,223
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4,041
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3,745
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||||||||||||
7,577
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6,180
|
21,938
|
18,042
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|||||||||||||
Operating Income
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2,575
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1,183
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6,438
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1,348
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||||||||||||
11.1
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%
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6.5
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%
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9.7
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%
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2.7
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%
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|||||||||
Other Expense, Net
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(46
|
)
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(2
|
)
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(85
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)
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(64
|
)
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||||||||
Income from Continuing Operations Before Taxes
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2,529
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1,181
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6,353
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1,284
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||||||||||||
Income Tax Provision for Continuing Operations
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974
|
436
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2,235
|
446
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||||||||||||
Income from Continuing Operations
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1,555
|
745
|
4,118
|
838
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||||||||||||
Income from Discontinued Operations, Net of Taxes
|
-
|
363
|
-
|
517
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||||||||||||
Net Income
|
$
|
1,555
|
$
|
1,108
|
$
|
4,118
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$
|
1,355
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||||||||
Earnings Per Share – Basic:
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||||||||||||||||
Net Income per share from Continuing Operations
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$
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0.20
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$
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0.10
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$
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0.54
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$
|
0.11
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||||||||
Net Income per share from Discontinued Operations
|
-
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0.05
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-
|
0.07
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||||||||||||
Net Income per share - Basic
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$
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0.20
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$
|
0.15
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$
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0.54
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$
|
0.18
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||||||||
Earnings Per Share – Diluted:
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||||||||||||||||
Net Income per share from Continuing Operations
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$
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0.20
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$
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0.10
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$
|
0.52
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$
|
0.11
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||||||||
Net Income from Discontinued Operations
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-
|
0.04
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-
|
0.07
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||||||||||||
Net Income per share - Diluted
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$
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0.20
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$
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0.14
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$
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0.52
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$
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0.18
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||||||||
Weighted Avg Number of Common Shares - Basic
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7,730
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7,490
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7,678
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7,449
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||||||||||||
Weighted Avg Number of Common Shares - Diluted
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7,926
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7,716
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7,897
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7,650
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||||||||||||
Dividends Declared Per Common Share
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$
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0.07
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$
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0.07
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$
|
0.21
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$
|
0.21
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||||||||
Selected Balance Sheet Data
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||||||||
in Thousands
|
||||||||
(Unaudited)
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||||||||
As of
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As of
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|||||||
November 1, 2014
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January 31, 2014
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|||||||
Cash & Marketable Securities
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$
|
30,903
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$
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27,107
|
||||
Current Assets
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$
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69,010
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$
|
65,034
|
||||
Total Assets
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$
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81,753
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$
|
77,964
|
||||
Current Liabilities
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$
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10,569
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$
|
9,892
|
||||
Shareholders' Equity
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$
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70,095
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$
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66,614
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||||
Reconciliation of Non-GAAP Adjustments in Thousands
(Unaudited)
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||||||||||||||||
Three-Months Ended
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Nine-Months Ended
|
|||||||||||||||
November 1, 2014
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November 2, 2013
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November 1, 2014
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November 2, 2013
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|||||||||||||
GAAP based results as reported:
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||||||||||||||||
Net Income
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$
|
1,555
|
$
|
1,108
|
$
|
4,118
|
$
|
1,355
|
||||||||
Non-GAAP adjustments:
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||||||||||||||||
Product Replacement Costs
|
-
|
-
|
-
|
423
|
||||||||||||
Non-GAAP Net Income
|
$
|
1,555
|
$
|
1,108
|
$
|
4,118
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$
|
1,778
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||||||||
GAAP based results as reported:
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||||||||||||||||
EPS -diluted
|
$
|
0.20
|
$
|
0.14
|
$
|
0.52
|
$
|
0.18
|
||||||||
Non-GAAP adjustments:
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||||||||||||||||
Product Replacement Costs
|
-
|
-
|
-
|
0.06
|
||||||||||||
Non-GAAP EPS - diluted
|
$
|
0.20
|
$
|
0.14
|
$
|
0.52
|
$
|
0.24
|