-6-

ASTRO-MED, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NovemberMay 1, 20032004

NOTENote 1 –- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) The accompanying condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s annual report on Form 10-K for the year ended January 31, 2003. Certain reclassifications2004.

(b)10% Stock Dividend: On April 19, 2004, the Company declared a 10% stock dividend that was distributed to shareholders on May 26, 2004. An amount equal to the fair value of the additional shares was transferred from Retained Earnings to Additional Paid in Capital and Common Stock as of the declaration date. All income per share and weighted average share amounts for all periods have been maderestated to conform toreflect the current period reporting format.impact of the 10% stock dividend.

(b)(c)Net Income Per Share: Net income (loss) per common share has been computed and presented pursuant to the provisions of Statement of Financial Accounting Standards (SFAS) No. 128, Earnings“Earnings Per Share.Share”. Net income (loss) per share is based on the weighted average number of shares outstanding during the period. Net income (loss) per share assuming dilution is based on the weighted average number of shares and, if dilutive, common equivalent shares for stock options outstanding during the period.

For the three-months ended NovemberMay 1, 2004 and May 3, 2003, all options outstanding were reflected in the per share amounts. For the three-months ended November 2, 2002, the diluted per share amounts do not reflect options outstanding of 2,053,575. These outstanding options were not included in the weighted average common shares outstanding because the exercise price of the option was greater than the average market price or their effect is anti-dilutive.

For the nine-months ended November 1, 20033,300 and November 2, 2002, respectively, the diluted per share amounts do not reflect options outstanding of 807,300 and 2,053,575,1,942,094, respectively. These outstanding options were not included in the weighted average common shares outstanding because the exercise price of the option was greater than the average market price or their effect was anti-dilutive.price.

-7--6-

ASTRO-MED, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

November 1, 2003(continued)

As permitted by Statement of Financial Accounting Standards (SFAS)SFAS No. 123, “Accounting for Stock-Based Compensation,”Compensation”, the Company accounts for its stock-based compensation under the intrinsic value method in accordance with Accounting Principles Board (APB) Opinion No. 25 “Accounting for Stock Issued to Employees”. Had compensation cost for the Company’s stock-based compensation plans been determined based on the fair value of the options at the grant dates consistent with the method set forth under SFAS No. 123, the Company’s net income (loss) and net income (loss) per share would have changed to the pro forma amounts indicated below:

The fair value of each option granted was estimated on the grant date using the Black-Scholes option-pricing model.

(c)(d) Revenue Recognition: The majority of the Company’s product sales are recorded at the time of shipment and when persuasive evidence of an arrangement exists, the seller’s price to the buyer is fixed or determinable and collectibility is reasonably assured. Provisions are made at the time the related revenue is recognized for the cost of any installation or training obligations. When a sale arrangement involves training or installation the deliverables in the arrangement are evaluated to determine whether they represent separate units of accounting. This evaluation occurs at inception of the arrangement and as each item in the arrangement is delivered. The total fee from the arrangement is allocated to each unit of accounting based on its relative fair value. Fair value for each element is established generally based on the sales price charged when the same or similar element is sold separately. Revenue is recognized when revenue recognition criteria for each unit of accounting are met. When other significant obligations remain after products are delivered, revenue is recognized only after such obligations are fulfilled.

(d) New Accounting Pronouncements:

In January 2003 Financial Accounting Standards Board (FASB) Interpretation No. 46, “Consolidation of Variable Interest Entities” was issued. This interpretation requires a company to consolidate variable interest entities (“VIE”) if the enterprise is a primary beneficiary (holds a majority of the variable interest) of the VIE and the VIE has specific characteristics. It also requires additional disclosures for parties involved with VIEs. In October 2003, the FASB deferred the effective date of this interpretation for all VIEs to the first reporting period after December 15, 2003. The adoption of this interpretation will not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In April 2003, SFAS No. 149, “Amendment of Statement 133 on Derivative Instruments and Hedging Activities” was issued. The standard amends and clarifies financial reporting for derivative instruments and for hedging activities accounted for under SFAS No. 133 and is effective for contracts entered into or modified, and for hedges designated, after June 30, 2003. Adoption of the standard did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In May 2003, SFAS No. 150, “Accounting for Certain Instruments with Characteristics of Both Liabilities and Equity” was issued. The standard establishes how an issuer classifies and measures certain freestanding financial instruments with characteristics of liabilities and equity and requires that such instruments be classified as liabilities. The standard is effective for financial instruments entered into or modified after May 31, 2003 and is otherwise effective at the beginning of the first interim period beginning after June 15, 2003. The adoption of the standard did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In May 2003 the Emerging Issues Task Force reached a consensus on Issue No. 00-21, “Revenue Arrangements with Multiple Deliverables” (EITF 00-21) which became effective for revenue arrangements entered into in the third quarter of 2003. In an arrangement with multiple deliverables, EITF 00-21 provides guidance to determine (a) how the arrangement consideration should be measured, (b) whether the arrangement should be divided into separate units of accounting, and (c) how the arrangement consideration should be allocated among the separate units of accounting. The Company adopted EITF 00-21 in the third quarter. The adoption of the standard did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

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ASTRO-MED, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

November 1, 2003

NOTENote 2 –- COMPREHENSIVE INCOME

The Company’s total comprehensive income (loss) is as follows:follows.

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ASTRO-MED, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTENote 3 –- INVENTORIES

Inventories net of reserves are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories were as follows:

NOTENote 4 –- INCOME TAXES

An income tax benefit of $567,000 was recorded in the current year as compared to an income tax expense of $32,000 in the first quarter of the prior year. The current year income tax benefit includes 1) an income tax expense on the current quarter’s income of $372,000 which is equal to an effective rate of 36% and 2) a $939,000 one-time non-cash tax benefit related to the release of the valuation allowance on the net deferred tax asset that was established in fiscal year 2003. In fiscal year 2003, as required by SFAS 109 “Accounting for Income Taxes”, the Company established a full valuation allowance on its net deferred tax asset as a result of the uncertainty as to whether these deferred tax assets would “more likely than not” be realized in the future. Based on the facts and circumstances at that time, it was determined that a full valuation allowance was required and it was stated that until an appropriate level of profitability could be sustained no tax benefits would be realized. As of the first quarter of fiscal year 2005, Management believes that an appropriate level of profitability has been established and maintained and it is more likely than not the deferred tax assets will be realized in the future. Management made this determination based on a review of the facts and circumstances as of May 1, 2004. This review consisted of an analysis of the Company’s performance, the market environment in which the Company currently operates, the length of carryforward periods, the existing sales backlog and the future sales projections. The effective income tax raterates used in the interim condensed financial statements are estimates of the full year’s rates. The November 1, 2003 effective tax rate reflects the favorable impact of the net operating loss carryforward and the anticipated utilization of certain other deferred tax assets which were fully reserved for in fiscal year ending January 31, 2003.

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ASTRO-MED, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

November 1, 2003

NOTENote 5 –- SEGMENT INFORMATION

The Company reports three reporting segments consistent with its sales product groups: Test & Measurement (T&M); QuickLabel Systems (QLS)(QuickLabel) and Grass-Telefactor (G-T). The Company evaluates segment performance based on the segment profit (loss) before corporate and financial administration expenses.

Summarized below are the sales and segment operating profit (loss) for each reporting segment for three-months ended November 1, 2003 and November 2, 2003:-8-

ASTRO-MED, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Summarized below are the sales and segment operating profit (loss) for each reporting segment for the nine-monthsthree-months ended NovemberMay 1, 20032004 and November 2, 2002:May 3, 2003:

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ASTRO-MED, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

November 1, 2003

NOTE 6 – RESTRUCTURING AND IMPAIRMENT CHARGES

In the fourth quarter of fiscal year 2003, the Company implemented an organizational restructuring in an effort to reduce costs and streamline operations. In fiscal year 2003, the Company recorded $490,225 of restructuring and impairment charges. These charges included $364,313 of severance and related termination benefits that were accounted for in accordance with SFAS No. 146 “Accounting for Costs Associated with Exit or Disposal Activities” and $125,912 of long-lived asset impairment which was accounted for in accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”. An analysis of the activity in the accrual for the nine-months ending November 1, 2003 is summarized below:

NOTE 7Note 6 – PRODUCT WARRANTY LIABILITY

Changes in the Company’s product warranty liability during the quarter ending NovemberMay 1, 20032004 and November 2, 2002,May 3, 2003, respectively are as follows:

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ASTRO-MED, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Business Overview

This section should be read in conjunction with the Condensed Consolidated Financial Statements of the Company included elsewhere herein and the Company’s January 31, 2004 Form 10-K.

Astro-Med, Inc. is a multi-national enterprise, which designs, develops, manufactures, distributes and services a broad range of products that acquire, store, analyze and present data in multiple formats. The Company organizes its structure around a core set of competencies, including research and development, manufacturing, service, marketing and distribution. It markets and sells its products and services through three business segments including:

Test and Measurement Product Group (T&M) represents a suite of telemetry recorder products sold to the aerospace and defense industries; as well as portable data acquisition recorders, which offer diagnostic and test functions to a wide range of manufacturers including paper, energy, automotive and steel fabrication.

QuickLabel Systems Product Group (QuickLabel) offers hardware, software and media products that create digital images, store the images and produce the images in color or non-color formats on a broad range of media substrates.

Grass-Telefactor Product Group (G-T) encompasses diagnostic and monitoring products that serve the clinical neurophysiology markets as well as a range of biomedical instrumentation products and supplies focused on the life sciences markets.

The Company markets and sells its products and services globally through a diverse distribution structure of sales personnel, manufacturing representatives and dealers that deliver a full complement of branded products and services to customers in our several markets.

In the first quarter of fiscal year 2005, the Company realized double-digit sales growth in both its QuickLabel and T&M product groups. Unfortunately, the G-T product group experienced a double-digit sales decline as compared to the record sales level in the first quarter of the prior year. QuickLabel’s customers continued to respond positively to the 4100Xe and 8100Xe color printer systems as an effective solutions to product identification, product control (barcode) and product promotion (color) needs. The T&M product group’s strong sales performance is a result of the increased demand from both domestic and international aerospace customers for the Everest Telemetry Workstation and increased sales of the new Dash 8x Portable Data Recorder. The Grass-Telefactor product group sales were negatively impacted by the cyclical Long-term Epilepsy Monitoring (LTM) sales and lower research instrumentation product sales.

Results of Operations:Operations

For the Three-Months Ending NovemberMay 1, 20032004 vs. November 2, 2002Three-Months Ending May 3, 2003

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ASTRO-MED, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Results of Operations (Continued)

Three-Months Ending May 1, 2004 vs. Three-Months Ending May 3, 2003

Sales in the thirdfirst quarter were $14,386,000,$14,242,000, an 8% increase of 22% from the prior year’s thirdfirst quarter sales of $11,789,000. $13,214,000. Hardware and software system sales increased 7% over the prior year’s first quarter. Supplies and media sales increased 8% over the prior year.

Domestic sales were $10,719,000,$9,880,000 up 17%6% from the $9,124,000 reported$9,362,000 for the thirdfirst quarter of the prior fiscal year. Sales through the Company’s international channels were $3,667,000, 38% higher than the$4,362,000 up 13% over previous year’s thirdfirst quarter sales of $2,665,000. This increase in international sales can be attributed to a 39% increase in QLS’s international sales and a 65% increase in G-T’s international sales over the prior year’s third quarter. Excluding$3,852,000. However, excluding the favorable impact of foreign exchange rates, international sales increased 26% in the current quarter.only 3%.

Gross profit dollars were $5,926,000 in the quarter. The gross profit$5,794,000, which generated a margin realized inyield of 40.7% for the quarter was 41.2%, an increase fromas compared to a margin yield last year’s marginyear of 37.2%38.2%. The improvement in the gross profit margin percentage can be attributed to the higher sales volume and the favorable change in sales mix.mix and better manufacturing overhead absorption resulting from the higher sales level.

Operating Expensesexpenses in the quarter were $4,868,000.$4,859,000. Selling and general and administrative (SG&A) spending increased 5%6% from last year to $3,913,000.$3,901,000. The increase in SG&A can be attributed to higher selling expenses related toand the higher sales volume.unfavorable foreign exchange rate impact on our foreign office expenses.

Research and development funding decreased 16%increased 10% from the prior year to $955,000. In$957,000. This increase can be traced to higher personnel costs.

An income tax benefit of $567,000 was recorded in the current year as compared to an income tax expense of $32,000 in the first quarter R & D spending was 6.6% of sales down from last year’sthe prior year. The current year income tax benefit includes 1) an income tax expense on the current quarter’s income of $372,000 which is equal to an effective rate of 9.6%. This decrease can be attributed36% and 2) a $939,000 one-time non-cash tax benefit related to the savings achieved fromrelease of the workforce reductionvaluation allowance on the net deferred tax asset that took placewas established in Januaryfiscal year 2003. In fiscal year 2003, as required by SFAS 109 “Accounting for Income Taxes”, the Company established a full valuation allowance on its net deferred tax assets as a result of 2003.the uncertainty as to whether these deferred tax asset would “more likely than not” be realized in the future. Based on the facts and circumstances at that time, it was determined that a full valuation allowance was required and it was stated that until an appropriate level of profitability could be sustained no tax benefits would be realized. As of the first quarter of fiscal year 2005, Management believes that an appropriate level of profitability has been established and maintained and it is more likely than not the deferred tax assets will be realized in the future. Management made this determination based on a review of the facts and circumstances as of May 1, 2004. This review consisted of an analysis of the Company’s performance, the market environment in which the Company currently operates, the length of carryforward periods, the existing sales backlog and the future sales projections. The effective income tax rates used in the interim condensed financial statements are estimates of the full year’s rates.

The Company reports three reporting segments consistent with its sales product groups: Test & Measurement (T&M); QuickLabel Systems (QLS) and Grass-Telefactor (G-T). The Company evaluates segment performance based on the segment profit (loss) before corporate and financial administration expenses.

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ASTRO-MED, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Results of Operations (Continued)

Three-Months Ending May 1, 2004 vs. Three-Months Ending May 3, 2003

Summarized below are the sales and segment operating profit (loss) for each reporting segment for three-months ended November 1, 2003 and November 2, 2003:segment:

T&M’s product sales were $3,380,000, down 1%$2,942,000 up 52% from the $3,427,000$1,941,000 of the previous year. This slight decreaseThe increase is attributed to higher Everest Telemetry Workstation sales and an increase in the new Dash 8X Data Recorder sales. T&M’s segment profit margin increased to 3.2% in the quarter from a segment loss margin of (19.7)% in the previous year. The increase in T&M’s sales can bemargin is attributed to the higher Everest, Dash 18sales volume.

QuickLabel’s sales increased to $6,931,000, a 15% increase over the $6,013,000 of sales reported in the first quarter of the previous year. The increase is primarily attributed to the 24% sales growth in color printer systems and Dash 8Xthe 13% media sales being offset by lower cockpit printer shipments. T&M’sgrowth over the prior year’s first quarter. QuickLabel’s first quarter segment profit margin improved to 15%11.9% up from 10.4% in the previous year. The improvement in margin is attributed to the higher volume and better margins on the 4100Xe and 8100Xe color printer systems and related media.

G-T sales in the quarter were $4,369,000 down 17% from 13%$5,260,000 reported in the first quarter of the previous year. The lower sales are traceable to the lower Long-term Epilepsy Monitoring (LTM) and research instrumentation product sales. The G-T segment operating profit margin declined to 17.0% in the first quarter from 18.5% in the previous year. The decline in margin is attributed to the lower sales volume.

Financial Condition

The Company expects to finance its future working capital needs, capital expenditures and acquisition requirements through internal funds. To the extent the Company’s capital and liquidity requirements are not satisfied internally, the Company may utilize a $3.5 million unsecured bank line of credit, all of which is currently available. Borrowings under this line of credit bear interest at the bank’s prime rate.

The Company’s Statements of Cash Flows for the three-months ending May 1, 2004 and May 3, 2003 are included on page 5. Net cash flow used in operating activities for the current quarter were $383,000 versus net cash flow provided by operations of $783,000 in the first quarter of the previous year. The decline in the current quarter cash flow can be primarily attributed to the payment of bonuses and commissions that pertain to fiscal year 2004 and a higher accounts receivable balance. The accounts receivable balance increased 6% to $10,431,000, up from $9,815,000 at year-end. The cash collection cycle also slowed to 60 days net sales outstanding at the end of the quarter as compared to the 57 net days sales outstanding at year-end.

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ASTRO-MED, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Results of Operations (continued):

For the Three-Months Ending November 1, 2003 vs. November 2, 2002Financial Condition (Continued)

QLS’s sales increased to $6,210,000, a 27% increase over the $4,885,000 of sales reported in the third quarter of the previous year. Printer sales increased 82% while Media sales increased 9%. The increase in Printer sales can be attributed to higher shipments of all printer models. QLS’s third quarter segment profit (loss) margin improved to a profit margin of 9% up from a loss margin of (4%) in the previous year. The increase in margin is attributed to higher level of sales and higher media margins.

G-T sales in the quarter were $4,796,000, up 38% from $3,477,000 reported in the third quarter of the previous year. The increase in sales can be attributed to higher sales in the long-term monitoring product line and the incremental sales of the newly introduced PSG (Sleep) and EEG Comet Systems. The G-T segment operating profit (loss) margin increased to a profit margin of 15% in the third quarter from a loss margin of (2%) in the previous year. The improvement in margin is attributed to the higher sales volume and lower operating expenses resulting from the workforce reduction.

For the Nine-Months Ending November 1, 2003 vs. November 2, 2002

Sales for the nine-month period were $41,623,000, up 15% from the prior year’s sales of $36,201,000. Domestic sales were $29,809,000, up 10% from $26,984,000 for the nine-months in the prior fiscal year. Sales through the Company’s international channels were $11,814,000, up 28% from the previous year’s sales of $9,217,000. This increase in international sales is driven primarily by higher G-T sales. Excluding the favorable impact of foreign exchange, international sales were up 13%.

Gross profit dollars were $16,792,000, which generated a margin yield of 40.3% for the nine-months of the current year as compared to a margin yield last year of 36.1%. The higher margin percentage for the nine-months of this year can be attributed to the change in sales mix and better manufacturing overhead absorption on the higher sales level.

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ASTRO-MED, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the Nine-Months Ending November 1, 2003 vs. November 2, 2002 (Continued)

Operating expenses for the nine-months were $14,269,000. Selling and general administrative spending increased 2% from last year to $11,538,000. The increase can be attributed to higher selling expenses related to tradeshows, advertising and other marketing.

Research and development funding declined 8% from the prior year to $2,731,000. This decrease can be attributed primarily to the workforce reduction, which took place in January of 2003.

Other income (expense) decreased primarily as a result of $100,000 of foreign exchange gains in the prior year versus $17,000 of foreign exchange losses for the nine-months of the current year.

T&M’s product sales were $8,443,000, down 11% from the $9,441,000 of the previous year. This decrease in T&M’s sales can be attributed to a decline in Dash 18 Recorder sales offset by an increase in Everest Recorder, Cockpit Printer and the new Dash 8X Recorder sales. T&M’s segment profit margin decreased to 6% from 7% in the previous year. The decrease in T&M’s margin is attributed to the change in the product sales mix.

QLS’s sales increased to $18,325,000, a 16% increase over the $15,773,000 of sales reported in the nine-months of the previous year. This increase is attributed to a 38% growth in printer sales. The increase in printer sales can be attributed primarily to the increased sales of the new 4100Xe and 8100Xe printers. QLS’s segment profit margin increased to 10% in the nine-months of this year, up from a margin loss of (1%) from the previous year. The increase in margin is primarily attributed to the higher sales volume and the change in sales mix within the group, as well as, better media margins resulting from lower material costs.

G-T sales increased to $14,855,000, up 35% from $10,987,000 reported in the nine-months of the previous year. The increase in sales can be attributed to higher sales in the long-term monitoring product line and the incremental sales of the newly introduced PSG (Sleep) and EEG Comet Systems. The G-T segment operating profit margin increased to 15% for the nine-months of this year from 3% in the previous year. The improvement in margin is attributed to the higher sales volume and the lower personnel costs resulting from the workforce reduction that took place at the end of fiscal year 2003.

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ASTRO-MED, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Financial Condition:

The Company’s Statements of Cash Flows for the nine-months ending November 1, 2003 and November 2, 2002 are included on page 6. Net cash flow provided by operating activities for the nine-months ending November 1, 2003 and November 2, 2002 were $2,041,000 versus $2,071,000 of the previous year. Cash and securities available for sale at the end of the thirdfirst quarter totaled $10,059,000, up$12,009,000, down from $7,335,000$12,677,000 at year-end. This balance increasedThe decline in cash and securities available for sale can be attributed to the additional cash used in operations in the first quarter of this year and the $499,000 of capital expenditures made in the quarter ended May 1, 2004. Capital expenditures consisted primarily as a result of the $1,884,000 the Company receivedpurchase of machinery and equipment that will be used to increase capacity and efficiency.

Inventory decreased to $8,775,000 from the exerciseyear-end level of stock options. The accounts receivable collection cycle slowed to 61 net days sales outstanding at the end of the quarter as compared to the 53 net days outstanding at year-end. Inventory increased to $9,212,000 from $8,900,000 at year-end.$9,110,000. Inventory turns improved to 3.13.2 times from 2.83.0 times at year-end.

Capital expenditures were $416,000 for the nine-months ended November 1, 2003 as the Company purchased machinery and equipment, information technology hardware and software and tools and dies.

In the second quarter, the Company increased its unsecured bank line of credit by $1.5 million. The total available under this line of credit is $3.5 million, all of which is currently available.

The Company paid cash dividends forin the nine-months ending November 1, 2003quarter of $517,000$190,000 or $0.12$0.04 per common share. On April 19, 2004, the Company declared a 10% stock dividend to shareholders and distributed the shares on May 26, 2004.

In the first quarter ending May 1, 2004, the Company received $402,000 of proceeds from the exercise of employee stock options.

Critical Accounting Policies, Commitments and Certain Other Matters:Matters

In the Company’s Form 10-K for the year ended January 31, 20032004, the Company’s most critical accounting policies and estimates upon which our financial status depends were identified as those relating to revenue recognition, warranty claims, bad debt, customer returns, inventories and long-lived assets. We considered the disclosure requirements of Financial Release (“FR”) 60 (“FR-60”) regarding critical accounting policies and FR-61 regarding liquidity and capital resources, certain trading activities and related party/certain other disclosures, and concluded that nothing materially changed during the quarter that would warrant further disclosure under these releases.

Safe Harbor Statement

This document contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Factors which could cause actual results to differ materially from those anticipated include, but are not limited to, general economic, financial and business conditions; declining demand in the test and measurement markets, especially defense and aerospace; competition in the specialty printer industry; ability to develop market acceptance of the QLSQuickLabel color printer products and effective design of customer required features; competition in the data acquisition industry; competition in the neurophysiology industry; the impact of changes in foreign currency exchange rates on the results of operations; the ability to successfully integrate acquisitions; the business abilities and judgment of personnel and changes in business strategy.

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Astro-Med, Inc.’s exposure to market risk has not changed materially from its exposure at January 31, 20032004 as set forth in Item 7A in Astro-Med, Inc.’s Form 10K for the fiscal year ended January 31, 2003.2004.

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PART II. OTHER INFORMATION

Item 4. Disclosure Controls and Procedures

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the Exchange Act), the Company conducted an evaluation under the supervision and with the participation of the Company’s management, including the Chairman of the Board (serving as the principal executive officer) and the Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chairman of the Board and the Chief Financial Officer concluded that the disclosure controls and procedures are effective in ensuring that all information required to be disclosed in reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported with in the time periods specified in the Securities and Exchange Commission rules and forms. There was no significant change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K

The following exhibits are filed as part of this report on Form 10-Q: